Practical and Moral Values

  • Nicolas Bouleau


In practice the three areas of speculation are clearly not to be considered separately. They are not exclusive. There is also a fourth field — the legal field. The disparity of regulations concerning the taxation of derivatives in each country is substantial and allows a route liable to more or less tax according to the methods chosen. However, this is more about fiscal optimisation than speculation.


Financial Market Implied Volatility Fibonacci Number Derivative Market Real Volatility 


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Copyright information

© Springer-Verlag London 1998

Authors and Affiliations

  • Nicolas Bouleau
    • 1
  1. 1.École des PontsParisFrance

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