Introducing the Market

  • Elie Ayache


I had the fortune to start my trading career in 1987 — more exactly, on 19 October, the day the market crashed.1 The bank had hired me in September after my graduation from engineering school, but 19 October was the first day I had set foot on the floor, owing to my boss’s intuition that there would be something worth watching and learning in there that day. I remember a distinct feeling which I would later recognize as philosophically-charged and which spontaneously imposed itself on me as I stood by the pit and watched the fast trading activity. (I couldn’t trade myself as I was still an apprentice — I could only watch.) Simply, I became convinced that there was more going on, in producing the events and their succession, than the mere chain of causes and effects that unfolded in chronological time.


Market Price Option Price Stochastic Volatility Random Generator Implied Volatility 
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© Elie Ayache 2015

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  • Elie Ayache

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