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Delta Hedging Explained: How Traders Stay Market Neutral

by
Abel ARAYA

In this article, Abel ARAYA (ESSEC Business School, Master in Finance, 2025) takes a detailed and practical look at delta hedging, a core concept in options trading. Far from being just a mathematical tool, delta hedging is a real-world technique that allows traders to manage market risk dynamically and stay focused on what they actually want to trade: volatility and relative value.

Understanding the challenge of options trading

When a trader buys or sells options, they are taking a view not only on the direction of the market but also on how much the market might move. The value of an option changes constantly, influenced by multiple factors such as the price of the underlying asset, time decay, volatility, and interest rates. Without active management, these continuous changes can make an options book risky and unpredictable.

Delta hedging addresses this by adjusting the position in the underlying asset to neutralize the impact of small price movements. The trader aims for a portfolio that reacts as little as possible to minor changes in the underlying price so that risk is concentrated on the variables they intend to trade, such as volatility.

What exactly is delta?

Delta is one of the key Greeks that measure how the price of an option responds to changes in market variables. It tracks the sensitivity of the option value to the underlying price.

Δ = ∂V / ∂S

Here, V is the option value and S is the price of the underlying asset. For example, if a call option has a delta of 0.60, a rise of 1 euro in the underlying increases the option value by about 0.60 euro. A delta close to 1 behaves like the underlying, while a delta near 0 barely reacts to price moves.

The principle of delta neutrality

Suppose a trader has sold call options on a stock. If the stock rises, the calls gain value and the short position loses money. To offset this exposure, the trader buys shares of the underlying. The goal is to hold a number of shares that compensates the option’s delta so that small moves in the stock price do not change the portfolio value.

Δportfolio = Δoption + Δhedge = 0

The trader dynamically buys or sells the underlying to keep the combined delta close to zero.

The dynamic nature of delta

Delta changes as markets evolve, time passes, or volatility shifts. The speed of this change is captured by gamma, which measures the curvature of the option value with respect to the underlying price.

Γ = ∂²V / ∂S²

A high gamma means delta changes quickly, which forces more frequent rebalancing. Large options books can require several adjustments per day during volatile periods. In episodes of market stress, hedging flows can increase significantly as deltas move rapidly.

Hedging a single option versus a book of options

So far we have described delta hedging for a single option, but a trader on a derivatives desk rarely manages one position in isolation. In practice, the desk holds a book of hundreds or thousands of options across many underlyings, strikes and maturities. Hedging each one separately would be inefficient and very costly in transaction fees.

Instead, the trader looks at the net risk of the entire book. All the individual deltas are aggregated into a single net delta for the portfolio, and only that net exposure is hedged in the underlying. Long and short positions offset each other, so the desk usually needs far fewer hedging trades than the number of options it holds. The same logic applies to the other Greeks: the book is managed at the level of its net delta, gamma and vega rather than option by option. This portfolio approach is what makes running a large options book possible, and it is one of the core skills of a derivatives trader.

Re-hedging and trading costs

Each rebalancing operation generates transaction costs, including bid-ask spreads and slippage. Skilled traders balance precision and efficiency, deciding when to rebalance and when to tolerate a small residual exposure. Frequent re-hedging reduces risk but can erode profits through costs. The optimal approach depends on liquidity, volatility, and position size.

Why delta hedging matters

Delta hedging allows traders to isolate the risks they want to trade. By neutralizing directional exposure, they can focus on volatility, time decay or interest rate sensitivity. For instance, a volatility trader may be long options but delta-hedged, seeking to profit if realized volatility exceeds implied volatility rather than from market direction.

Securing the bank’s margin

For a bank acting as a market-maker, delta hedging is not only a risk-management tool: it is also what allows the desk to secure its margin. When the bank sells an option to a client, it charges a price that is slightly above the option’s theoretical, or fair, value given by its pricing models. That difference between the price paid by the client and the theoretical value is the bank’s margin.

By delta hedging the position dynamically, the bank replicates the payoff of the option at a cost close to its theoretical value while neutralizing the impact of market direction. If the hedging is done well, the bank is no longer betting on whether the underlying goes up or down: it has locked in that initial margin regardless of how the market moves. In other words, delta hedging turns a directional exposure into a controlled activity whose objective is to capture and protect the spread between the price sold to the client and the theoretical value of the option.

A practical example

Consider a trader who sells 5 million euros of call options on the EuroStoxx 50 with an average delta of 0.4. To stay neutral, the trader buys 2 million euros of EuroStoxx 50 futures, which offsets the option delta. If the index rises and delta increases, the trader buys more futures. If it falls, they reduce the hedge. The objective is to end the day with minimal unhedged exposure despite continuous fluctuations.

Although the mechanics look simple, judgment matters. On quiet days, fewer adjustments are needed. In unsettled markets, hedging becomes more frequent. Delta hedging therefore blends quantitative discipline with trader intuition.

Common misconceptions

Delta hedging does not eliminate all risk. It removes first-order sensitivity to small price moves. Sudden jumps in price or volatility introduce residual risks captured by higher-order Greeks such as gamma and vega. Effective options risk management considers these dimensions together.

Conclusion

Delta hedging is a practical cornerstone of modern options trading. By continuously adjusting exposure, traders can focus on pricing, volatility and liquidity rather than guessing direction. Understanding delta hedging provides a clearer view of market neutrality in practice.

Why should I be interested in this post?

If you are a student in finance interested in derivatives, trading, or risk management, delta hedging is one of the most fundamental concepts you will encounter in practice. It bridges the gap between option pricing theory and what traders actually do every day on the floor. Understanding delta hedging will give you a concrete language for discussing risk with traders and structurers in interviews, and it directly underpins roles in equity derivatives, rates options, and exotic products desks.

More broadly, the logic of delta hedging, isolating a risk you want to trade from one you do not, applies far beyond options. It is central to how banks and hedge funds manage their books across all asset classes. Whether you are targeting a front-office internship, a quant role, or a risk management position, mastering this concept will give you a genuine edge.

Related posts on the SimTrade blog

   ▶ Jayati WALIA Black-Scholes-Merton option pricing model

   ▶ Akshit GUPTA Option Greeks: Delta

   ▶ Akshit GUPTA Option Greeks: Gamma

   ▶ Akshit GUPTA Option Greeks: Vega

   ▶ Jayati WALIA Implied Volatility

   ▶ Saral BINDAL Implied Volatility and Option Prices

Useful resources

Hull J.C. (2022) Options, Futures, and Other Derivatives, Pearson, 11th Edition.

Black F. and Scholes M. (1973) The Pricing of Options and Corporate Liabilities”, Journal of Political Economy, 81(3), 637-654.

Merton R.C. (1973) Theory of Rational Option Pricing Bell Journal of Economics, 4, 141–183.

Bank for International Settlements — OTC Derivatives Statistics

About the author

The article was written in July 2026 by Abel ARAYA (ESSEC Business School, Master in Finance, 2025).

   ▶ Discover all articles by Abel ARAYA

Inside the Markets COO Office at HSBC: Understanding How Trading Floors Are Managed

by
Abel ARAYA

In this article, Abel ARAYA (ESSEC Business School, Master in Finance, 2025) offers an inside look at the Markets COO Office at HSBC Continental Europe. Through his one-year apprenticeship, he shares how this central function coordinates trading activities, manages budgets and risks, and ensures that the Markets division operates with efficiency and strategic discipline.

About the company

HSBC was founded in 1865 as the Hongkong and Shanghai Banking Corporation to finance trade between Europe and Asia, and has since grown into one of the world’s leading financial institutions. Headquartered in London and listed in London, Hong Kong, New York, Paris and Bermuda, it held around 3.2 trillion US dollars in assets at the end of 2025, employed roughly 211,000 people across some 56 countries and territories, and served more than 40 million customers.

On the wholesale side, its corporate and institutional clients are covered by the Corporate and Institutional Banking (CIB) division, which generated around 27.6 billion US dollars in revenue in 2025. Within CIB, the Markets and Securities Services teams provide liquidity, financing and risk-management solutions across fixed income, credit, FX, equities and securities services to large corporates, financial institutions, asset managers, hedge funds and governments. In this business HSBC competes with the other major global markets houses, such as JPMorgan, Citi, Bank of America and Goldman Sachs in the United States, and Deutsche Bank, Barclays, BNP Paribas and Société Générale in Europe, differentiating itself through its international network and its historical strength in Asia.

I worked at HSBC Continental Europe, the group’s Paris-headquartered subsidiary covering continental Europe. Since the sale of its French retail banking business on 1 January 2024, it has refocused on corporate and institutional clients, with a consolidated balance sheet of 251 billion euros in total assets at the end of 2025.

Logo of HSBC.
Logo of HSBC
Source: the company.

During my apprenticeship, the Markets division was in the process of being integrated into the broader Corporate and Institutional Banking (CIB) structure. This reorganization involved significant changes to how the division was managed, reported, and resourced, which made my experience at the COO Office particularly rich in terms of exposure to strategic and operational transformation.

My internship

My missions

As a Business Manager Assistant within the Markets COO team, my work covered a wide range of financial and operational responsibilities. I contributed to the production of internal reports and presentations for senior management, summarizing the performance, expenses, and headcount of the Markets division. These documents were used in management meetings, financial steering committees, and due diligence reviews conducted during the restructuring process.

I was closely involved in cost forecasting and budget follow-up, helping the team anticipate upcoming expenses and identify deviations from plan. One of my key projects was the annual broker review, which required consolidating trading flow data across all asset classes to assess the efficiency, transparency, and compliance of relationships with external counterparties. This involved close coordination with traders, operations, and compliance teams across Paris, Germany, and India.

I also supported the preparation of headcount reports and organizational charts used by senior management to steer the restructuring of the division. These deliverables required precision and a thorough understanding of how each desk contributed to the overall structure of the Markets business.

Required skills and knowledge

This role required a combination of analytical and interpersonal skills. On the technical side, strong proficiency in Excel was essential for building budget models, consolidating large datasets, and producing financial summaries. Familiarity with the structure of a markets division, including the roles of front office, operations, compliance, and finance, was also important to contextualize the data I was working with.

Soft skills mattered just as much. Coordinating with stakeholders across multiple countries and hierarchies required clear written and oral communication, the ability to manage competing priorities, and a high level of attention to detail. The pace of the environment also demanded adaptability: priorities shifted quickly, and producing reliable output under time pressure was a daily reality.

What I learned

This experience gave me a deep understanding of how financial institutions manage their operations behind the scenes. I learned how budgets are built, how costs are tracked and challenged, and how strategic decisions made at senior level translate into concrete actions on the trading floor. I also developed a much clearer picture of how risk is monitored and how compliance frameworks shape the day-to-day behaviour of a markets division.

Working across teams in Paris, Frankfurt, and India gave me direct exposure to how global coordination works in practice. I learned the importance of data quality and rigour: a single inconsistency in a report could lead to misunderstandings or delayed decisions at the highest level. This reinforced my attention to detail and my commitment to producing work that is both accurate and clearly communicated.

Financial concepts related to my internship

I present below three financial concepts related to my internship: cost and budget management, change management, and due diligence.

Cost and Budget Management

Cost and budget management refers to the process by which an organization plans, monitors, and controls its financial resources to ensure that spending remains aligned with strategic objectives. In a markets division, this involves tracking a wide range of costs: staff compensation, technology infrastructure, external service providers, and regulatory compliance expenses. The budget is typically set at the beginning of the year based on business forecasts and strategic priorities, and then monitored on a monthly basis against actual expenditure.

In my role at the Markets COO team, cost and budget management was one of my primary responsibilities. I contributed to the monthly budget follow-up by consolidating cost data from different desks and entities, identifying variances between forecasts and actual figures, and preparing summary reports for senior management. When a desk was running significantly above or below budget, the COO team would investigate the drivers and, if necessary, escalate to management for a decision. I learned that in a large institution like HSBC, even small deviations in cost forecasts can have a significant impact on the division’s overall financial performance, particularly during a period of restructuring where cost targets were closely scrutinized.

Change Management

Change management is the structured approach through which an organization transitions from its current state to a desired future state while minimizing disruption to operations and people. In the context of financial institutions, it often involves reorganizations, mergers of business lines, technology migrations, or regulatory-driven transformations. Effective change management requires clear communication, stakeholder alignment, and careful sequencing of decisions to ensure continuity of service during the transition.

During my apprenticeship, HSBC’s Markets division was undergoing a major strategic restructuring: the Markets and Securities Services unit was being integrated into the broader Corporate and Institutional Banking (CIB) structure. This was not a minor adjustment, but a fundamental reorganization of how the division was governed, resourced, and reported. I observed the effects of this transformation directly through my work: headcount reports were being revised regularly, cost allocation frameworks were changing, and the responsibilities of the COO team were evolving to reflect the new organizational model. I worked closely with the COO based in Germany, who was managing part of this transition, and I saw first-hand how much coordination and precision are required to keep a large division functioning smoothly while simultaneously reshaping it. Change management, in that context, was not an abstract concept: it was a daily operational reality.

Due Diligence

Due diligence refers to the comprehensive process of investigating and verifying information before making a significant business decision. In investment banking and financial services, it is most associated with mergers and acquisitions, where a buyer conducts a thorough review of the target company’s finances, legal situation, and operations. However, the concept applies equally to other contexts, including the assessment of external service providers, the validation of financial data before it is presented to management, and the review of counterparty relationships.

In my role, due diligence took the form of the annual broker review process. This involved systematically reviewing the trading flows directed to each external broker, verifying the accuracy of the data, and assessing whether the allocation of business to each counterparty was justified by objective performance criteria. The process required gathering data from multiple sources, reconciling inconsistencies, and presenting findings to senior management with clear supporting evidence. I also contributed to due diligence exercises conducted during the restructuring process, where the COO team was asked to validate headcount and cost data before it was presented to the executive committee. These experiences taught me that rigorous due diligence is not just about finding problems: it is about building the trust and confidence that allow organizations to make well-informed decisions.

Why should I be interested in this post?

If you are a student in business and finance considering a career in financial markets, this post offers a perspective that is rarely covered in mainstream discussions about finance careers: the operational and strategic backbone of a trading floor. Most students aspire to front-office roles in trading or sales, and rightly so. But understanding how a markets division is actually run, how its costs are managed, how its risks are monitored, and how major transformations are navigated, is an invaluable foundation for any finance career.

A role in a Markets COO or Business Management team is particularly well-suited for students who want to develop a transversal understanding of markets while building strong analytical and organizational skills. It is also increasingly recognized as a credible path toward front-office positions: many senior traders and sales managers have spent time in COO or control functions early in their careers, and this experience gives them a level of business awareness that pure front-office profiles often lack. Whether you are targeting trading, sales, risk, or corporate finance, the skills and perspective gained in this type of role will give you a genuine advantage.

Related posts on the SimTrade blog

   ▶ Tanguy TONEL My experience as a trading floor intern at CIC Market Solutions

   ▶ David GONZALEZ Discovering the Secrets of a Bank Trading Room

   ▶ Louis DETALLE A quick review of an Analyst in Transaction Services’ job

   ▶ Mickael RUFFIN My Internship Experience as a Structured Finance Analyst at Société Générale

Useful resources

HSBC — Corporate and Institutional Banking

ESMA — MiFID II and MiFIR

Basel Committee on Banking Supervision — Sound Practices for Operational Risk Management

About the author

The article was written in July 2026 by Abel ARAYA (ESSEC Business School, Master in Finance, 2025).

   ▶ Discover all articles by Abel ARAYA

What I Learned on a Trading Floor at HSBC: Understanding Markets from the Inside

by
Abel ARAYA

In this article, Abel ARAYA (ESSEC Business School, Master in Finance, 2025) shares his experience on HSBC’s trading floor in Paris. He explains how this opportunity helped him understand how a global markets division operates, how teams interact, and what makes the environment of a trading floor so unique.

From private banking to markets

Before joining HSBC, I was working in private banking at Milleis Banque Privée. It was a good introduction to finance, but I wanted to understand how the markets worked behind the scenes. Joining HSBC Continental Europe as a Business Manager Assistant within the Markets COO (Chief Operating Officer) team gave me the chance to discover that world for the first time. The COO function within a markets division is responsible for the operational and financial oversight of the trading floor: it sits at the intersection of strategy, finance, and day-to-day management, supporting the front office without being directly involved in trading itself.

About the company

HSBC was founded in 1865 as the Hongkong and Shanghai Banking Corporation, created to finance trade between Europe and Asia. More than a century and a half later, it has become one of the largest banking and financial services groups in the world. Headquartered in London and listed in London, Hong Kong, New York, Paris and Bermuda, the group held around 3.2 trillion US dollars in assets at the end of 2025, employed roughly 211,000 people across some 56 countries and territories, and served more than 40 million customers.

On the wholesale side, where I worked, HSBC brings together its corporate and institutional clients under the Corporate and Institutional Banking (CIB) division, which generated around 27.6 billion US dollars in revenue in 2025. CIB was created on 1 January 2025 by combining the former Global Banking and Markets business with commercial banking activities outside the UK and Hong Kong, with the ambition of ranking among the top three global wholesale banks. Within CIB, the Markets and Securities Services teams provide liquidity, financing and risk-management solutions across fixed income, credit, foreign exchange, equities and securities services.

Its clients are large corporates, financial institutions, asset managers, hedge funds and governments that rely on the bank to trade, hedge and finance their activities across the world. In this space HSBC competes with the other large global markets houses, such as JPMorgan, Citi, Bank of America and Goldman Sachs in the United States, and Deutsche Bank, Barclays, BNP Paribas and Société Générale in Europe. Its main differentiator remains its international network and its historical strength across Asia and emerging markets.

My apprenticeship took place at HSBC Continental Europe, the group’s Paris-headquartered subsidiary covering continental Europe. Since the sale of its French retail banking business on 1 January 2024, HSBC Continental Europe has refocused on corporate and institutional clients, with a consolidated balance sheet of 251 billion euros in total assets at the end of 2025.

During my apprenticeship, this reorganization was still under way, which made it a particularly interesting time to observe how such a large organization adapts its structure while continuing to run its business day to day.

Logo of HSBC.
Logo of HSBC
Source: the company.

My apprenticeship

Within the Markets COO team, my work focused on the financial and organizational aspects of the trading floor. I contributed to budget monitoring, forecasts of upcoming expenses, and internal reports related to costs and resources. I was involved in the broker review process and in the preparation of financial summaries presented to management.

This position gave me a transversal view of the Markets division and helped me understand how each team contributes to the overall structure. I interacted with many different stakeholders: the COO in Germany, who was managing a restructuring process, teams in India working on operational data, and senior managers in Paris overseeing the desks. These collaborations taught me how coordination and communication are essential to keep such a large platform running efficiently.

Life on the trading floor

Working so close to the trading floor was one of the most rewarding parts of my experience. Even though my role was on the management side, I was constantly in contact with the desks. I often visited traders, salespeople, and structurers to better understand their activities and the financial implications of their operations. One moment that stayed with me was a conversation with a rates trader during a period of elevated volatility in the European bond market. He explained how the sudden widening of spreads between Italian BTPs and German Bunds was forcing him to adjust his hedging positions in real time, something I had only ever read about in textbooks. These interactions helped me connect the numbers I was analysing to the real market dynamics they represented.

The atmosphere on the floor was intense and collaborative at the same time. Information flowed constantly between desks, from rates to credit to repo, and decisions were made quickly. Observing this rhythm every day helped me understand how interconnected market teams are, and how much relies on clear communication and mutual trust.

What I learned

This experience gave me a real understanding of how a trading floor operates, both economically and humanly. I learned how a large institution like HSBC manages its costs, allocates resources, and balances strategic priorities with budget realities. I also saw how economic pressures, regulatory changes, and internal dynamics influence decisions at every level of the organization.

Spending time close to the Fixed Income desks gave me a concrete sense of how sales, traders, and support teams work together. I realized that beyond products and numbers, markets are built on relationships, coordination, and constant adaptation.

Most importantly, this experience taught me the value of curiosity and initiative. By going to speak directly with teams, asking questions, and trying to understand their world, I gained insights that no spreadsheet could have given me. It made me appreciate both the complexity and the humanity of financial markets.

This one-year apprenticeship was a very strong first step into the world of markets. It helped me confirm that the natural next step for me would be a front-office internship as a Sales in Fixed Income, where I could build on what I learned and continue to grow within a trading environment.

Financial concepts related to my professional experience at HSBC

I present below three financial concepts related to my internship: market liquidity, collusion risk, and profit and loss (P&L).

Market Liquidity

Market liquidity refers to the ease with which a financial instrument can be bought or sold in the market without significantly moving its price. A liquid market has many buyers and sellers, tight bid-ask spreads, and the ability to execute large transactions quickly. An illiquid market, by contrast, forces participants to accept worse prices or wait, which can turn a theoretically profitable position into a loss once execution costs are taken into account.

In fixed income markets, liquidity is not uniform: it varies by product, by maturity, and by the time of day. Sovereign bonds such as French OATs or German Bunds are among the most liquid instruments in the world, with spreads of just a few basis points. Corporate bonds, by contrast, trade far less frequently and can see spreads widen dramatically in periods of stress. Structured products and exotic rates instruments can be even harder to unwind quickly.

One of the things I discovered at HSBC is the central role brokers play in providing liquidity. Not all brokers are equal: some are specialists on particular products or market segments. For example, inter-dealer brokers such as TP ICAP or Tradition are well known for their activity in rates and repo markets, where they connect banks anonymously to facilitate large transactions. During the annual broker review process that I participated in, traders would assess which brokers had provided the best liquidity, the most reliable pricing, and the fastest execution across different products. This review directly influenced how trading flows were allocated across brokers the following year. It made me understand that liquidity is not just a market property: it is also a relationship, built and maintained between institutions over time.

Collusion Risk

In financial markets, collusion risk between traders and brokers refers to a specific form of conflict of interest: a trader systematically routing a disproportionate volume of transactions to a particular broker, not because that broker offers the best execution, but because of a personal relationship, reciprocal favours, or informal arrangements. This behaviour is harmful to clients, who are entitled under regulation to receive the best available price and execution, a principle known as best execution, enshrined in the MiFID II directive in Europe.

The risk is subtle and not always easy to detect. A trader may genuinely believe that their preferred broker is the best, when in reality they are simply more comfortable with them. Over time, this can result in a concentration of flows toward one or two brokers that is not justified by objective performance criteria such as pricing quality, speed of execution, or market access. In the worst cases, the relationship can involve gifts, entertainment, or the sharing of confidential information, all of which are strictly regulated.

This is exactly what the annual broker review process at HSBC was designed to monitor and prevent. As part of my role in the Markets COO team, I contributed to this review, which involved analysing the distribution of trading flows across brokers and comparing it against objective performance metrics. If a trader was sending a significantly higher share of their volume to one broker without a clear justification, that anomaly would be flagged and discussed. The process ensured that broker relationships remained grounded in performance rather than personal preference, protecting both the bank and its clients. Working on this review gave me a direct understanding of how compliance and governance function in practice on a trading floor, and why they matter.

Profit and Loss (P&L)

Profit and Loss (P&L) is the daily measure of how much money a trading desk has made or lost. It captures the combined effect of market movements, trading activity, and fees. In my role within the Markets COO team, the P&L was one of the most important indicators I worked with. Each morning, the desks produced a flash P&L report, and my team consolidated these figures to produce management summaries that were reviewed by senior leadership. I also contributed to the analysis of P&L trends over time, identifying which desks were performing above or below forecast and understanding the drivers behind deviations. I learned that P&L is not just a financial result: it is a real-time signal of how well a desk is managing its positions, its risks, and its client relationships. Monitoring P&L every day gave me a concrete and dynamic view of how financial markets translate into business performance.

Why should I be interested in this post?

If you are a student in business or finance thinking about a career in financial markets, this post can help you understand what to expect from a first experience on a trading floor. Many students have a strong theoretical background in finance but are uncertain about how these concepts translate into day-to-day work. Through my experience at HSBC, I discovered that even a non-front-office role offers an exceptional vantage point: by working within the Markets COO team, I was exposed to P&L reporting, liquidity management, broker reviews, and budget processes that are central to how a bank manages its markets activities.

This post is also relevant if you are considering roles in Markets COO, Business Management, or Finance Control within a bank. These positions are often overlooked by students who focus exclusively on trading or sales, yet they offer direct exposure to the full scope of a markets division and are increasingly valued as a stepping stone toward front-office responsibilities. Whatever your target role, understanding how a trading floor operates, its rhythms, its pressures, and its culture, will give you a real advantage in interviews and on the job.

Related posts on the SimTrade blog

   ▶ Max ODEN Leveraged Finance: My Experience as an Analyst Intern at Haitong Bank

   ▶ Praduman AGRAWAL My Professional Experience as a Quantitative Analyst Intern at Findoc Financial Services

   ▶ Michel Henry VERHASSELT Trading strategies based on market profiles and volume profiles

   ▶ Mickael RUFFIN My Internship Experience as a Structured Finance Analyst at Société Générale

Useful resources

HSBC — Corporate and Institutional Banking (including Markets and Securities Services)

ESMA — European Securities and Markets Authority

BIS — OTC Derivatives Statistics

About the author

The article was written in July 2026 by Abel ARAYA (ESSEC Business School, Master in Finance, 2025).

   ▶ Discover all articles by Abel ARAYA