The Senior Risk Manager Profile Banner
The Senior Risk Manager Profile
The Senior Risk Manager

@salr_nyc

7,571
Followers
2,174
Following
2,246
Media
27,050
Statuses

I trade options and other volatility products across several underlying asset classes. I don't give investment advice, just my personal opinions. DMs open.

NYC
Joined August 2011
Don't wanna be here? Send us removal request.
Pinned Tweet
@salr_nyc
The Senior Risk Manager
3 years
I just had another DM asking for rec'd sources in the FICC space, so I am going to put this here for reference: FX: Jewitt, FX Derivatives Trader School; Clark, FX Option Pricing (both Wiley) Rates: Tuckman, Fixed Income Securities (Wiley) Darbyshire, Pricing IR Derivatives
11
44
288
@salr_nyc
The Senior Risk Manager
4 years
Tweet media one
3
20
994
@salr_nyc
The Senior Risk Manager
3 years
1/n As a so called "financial professional" and options trader both on market making and PM side, I want to give what will be the only advice I will give to those who want to be a "trader." If you're not sitting in a bank, broker -dealer, HF or real money investment house...
36
86
562
@salr_nyc
The Senior Risk Manager
3 years
Would anyone be interested in a Twitter Spaces where professional vol traders talk about what they do, common strategies, and how it's just *not" what retail thinks it is? Please retweet if you can. Thanks
28
84
424
@salr_nyc
The Senior Risk Manager
9 days
R.I.P. Fausto, aka The Senior Risk Manager. July 21, 2020 - July 1, 2024 The best friend I ever had. See you on the other side, buddy.
Tweet media one
93
2
436
@salr_nyc
The Senior Risk Manager
7 months
@Chris_arnade @ChewyYorkie @andreavhowe 4:30 AM in NYC is when the *real" rush hour begins. All the folks that earn $15-$20/hr making your coffee and baking your muffins or slicing your deli meat are traveling from Christ knows where and deserve a decent and safe ride.
5
12
250
@salr_nyc
The Senior Risk Manager
3 years
Whoops, I missed my anniversary of being a professional options trader again. December 12 was 33 years.
26
1
211
@salr_nyc
The Senior Risk Manager
2 years
@nope_its_lily You'd be outstanding in your field
8
4
201
@salr_nyc
The Senior Risk Manager
2 years
Twitter is amazing. One can go back and read through years of someone's tweets, and in many cases, witness the disintegration of their personalities. Overall, the tragedy of the pandemic is not only physical but also psychological.
21
6
188
@salr_nyc
The Senior Risk Manager
3 years
So a few hours ago, I spoke to my father, 87 years old. Tomorrow I am obligated by decency and law to put him in a home or mental institution for the rest of his days. May God forgive me for what I am about to do. Ad maiorem Dei gloriam. Peace be with you.
22
1
171
@salr_nyc
The Senior Risk Manager
1 year
Salvatore J. Rubino February 15, 1934 - February 28, 2023. Requiem aeternam dona eis Domine, et lux perpetua luceat eis.
82
1
167
@salr_nyc
The Senior Risk Manager
2 years
A close friend and semi-retired derivatives trader, FX and macro, well into 8 figures net worth, entirely made by trading (ex IB and HFs) and I had a long conversation on Sunday after I posted my thoughts about futures open and the events of the coming week.
4
10
153
@salr_nyc
The Senior Risk Manager
3 years
than the MFin type programs. I could very well be wrong, but they seem optimized for a business environment of 2017, not 2027. So you wanna be a trader? Great, but whatever that job is now, it's not going to look anything like what it is now in 5 years time.
21
1
156
@salr_nyc
The Senior Risk Manager
3 years
3/n ... sitting around in the yard and talking about stocks and drinking beer after work. But it can also lead to isolation, pain and unhappiness. People think they're "traders," becoming delusional to varying degrees. It's hard to reach them, because they don't want to listen.
4
0
140
@salr_nyc
The Senior Risk Manager
2 years
@martiniposting 😂😂😂 If he were a gentleman, he'd have apologized profusely and bought you a replacement straight away.🤷‍♂️🤦‍♂️
1
1
136
@salr_nyc
The Senior Risk Manager
2 years
Quality meme in search of a caption!
Tweet media one
8
13
129
@salr_nyc
The Senior Risk Manager
3 years
Trading is still a business, but let's face the fact that the Golden Age of Markets ended in 2008. Setting aside crypto for the moment. How many new, innovative products have been invented and successfully sold since then? Like almost none. How many new ...
9
0
125
@salr_nyc
The Senior Risk Manager
9 days
I'm sorry. His birth year was 2010. He would have been 14 later this month. He has a good run.
@salr_nyc
The Senior Risk Manager
9 days
R.I.P. Fausto, aka The Senior Risk Manager. July 21, 2020 - July 1, 2024 The best friend I ever had. See you on the other side, buddy.
Tweet media one
93
2
436
10
1
130
@salr_nyc
The Senior Risk Manager
3 years
2/n ...you will very likely never find it financially worthwhile. It can be fun, an interesting hobby, like playing poker or bridge, it doing puzzles. You can join an investment club, like older guys did back in the 70s when I remember the engineers and assembly line workers...
6
2
121
@salr_nyc
The Senior Risk Manager
1 year
I'd love to credit the person who did this, but I don't know who they are. Top class work here
Tweet media one
1
18
128
@salr_nyc
The Senior Risk Manager
9 days
When I posted this he was on his walk with my mom. He came home, drank some water, an then passed away before he could walk out of the kitchen. Unexpected.
@salr_nyc
The Senior Risk Manager
9 days
Here you go @elonmusk
Tweet media one
2
0
44
38
0
127
@salr_nyc
The Senior Risk Manager
2 years
@therobotjames @nope_its_lily @Galois_Capital Alrighty then. This might turn out to be a hash but let's see. There are two problems you have here. The first has to do with what you need to do as a market maker at expiration. Let's say that options market makers run delta neutral books, at least to the first local approx.
4
14
115
@salr_nyc
The Senior Risk Manager
3 years
...your way into blowing your whole load than making it big. The good news for the youngs is that the Boomers are going to start croaking in droves, and that wealth has to end up with someone.
7
1
113
@salr_nyc
The Senior Risk Manager
8 days
My post of my late bff generated almost 400 likes and any many, many very kind offers of condolences. You've all meant the world to me. Thank you, thank you so much! It's made all the difference in the world.
8
1
121
@salr_nyc
The Senior Risk Manager
2 years
They tell him is lying. He is either a fraud, or he is keeping his tricks secret because retail traders will steal them to make fortunes, and -- the best part -- they know this from Reddit The capacity for self-delusion is staggering.
12
0
109
@salr_nyc
The Senior Risk Manager
3 years
There was a book written called, I think, "Where are all the clients yachts." Nothing really changes, ever. Maybe it would be a better investment strategy to use a robo advisor to help you pick a mix of stuff...like $VTI and just settle down a bit.
2
1
102
@salr_nyc
The Senior Risk Manager
2 years
I just calculated that I've quoted between 3 to 5 million option prices in my career. (1) it's no wonder I'm so tired (2) what a waste of life 😂
16
1
106
@salr_nyc
The Senior Risk Manager
2 years
@nope_its_lily Don't cry because it's over. Smile because it happened.
Tweet media one
1
6
99
@salr_nyc
The Senior Risk Manager
3 years
innovations have there been in derivatives pricing and risk management? Almost none. Why? My theory is that there is no real appetite for them. That should tell us something. Last points. My peers and I grew up in a time when the astronauts were heros. My nerdy friends..
5
1
98
@salr_nyc
The Senior Risk Manager
1 year
My BFF, his first hsrvut after COVID lockdown.3 years ago today. He will be 13 years old in less than two weeks. I get sad thinking about the inevitable😭
Tweet media one
19
1
103
@salr_nyc
The Senior Risk Manager
3 years
I know that a lot of young people feel like they got a bad deal, and think if they don't YOLO they're "ngmi" as they say. Having been around long enough and being close enough to khow the sausage is made in the Financial Services industry, IMO you are more likely to YOLO...
1
0
97
@salr_nyc
The Senior Risk Manager
3 years
I heard a lot of stories about people using their stimulus checks to ape into calls and crypto? I have been wondering what the real success ratio is. It's hard to say, since people who lose money don't like to admit it, but it's probably pretty low.
6
2
99
@salr_nyc
The Senior Risk Manager
3 years
There were literally no jobs for Physics PhDs for while in the 80s. But the society went thought a realignment. The zeitgeist changed. I think this has been happening over the last decade. Core STEM, the general MBA, seem to me to be more valuable in the future...
2
2
96
@salr_nyc
The Senior Risk Manager
2 years
1
0
102
@salr_nyc
The Senior Risk Manager
2 years
The view from my desk. Canary Wharf, London. October , 2011.
Tweet media one
8
0
100
@salr_nyc
The Senior Risk Manager
3 years
@bennpeifert "Hey, my husband and I saw you across the bar and dig your vibe. Can we buy you a glass of wine? "
Tweet media one
5
0
94
@salr_nyc
The Senior Risk Manager
6 months
Pro tip for those Americans living in the Midwest. Get an EV, throw some solar panels up on the roof, and replace your gas stove and furnace. This will lower your carbon footprint. You will die in the next storm and you will no longer produce any CO2.
10
1
97
@salr_nyc
The Senior Risk Manager
3 months
FX options trader. FX exotics trader. FX spot broker.
Tweet media one
7
6
99
@salr_nyc
The Senior Risk Manager
6 months
I just came back from a funeral today. Last Thursday, my cousin's husband was crushed to death in an industrial accident. He was an industrial electrician, and his career for decades was repairing large electro-mechanical machines.
14
1
94
@salr_nyc
The Senior Risk Manager
3 years
and I didn't want to be Steve Austin in "The Six Million Dollar Man" but Oscar Goldman, the guy who engineered him. All the boomer quants cane out of programs in science and engineering funded by the DOD and the DOE. But when all that dried up, they ended up on Wall St.
1
2
86
@salr_nyc
The Senior Risk Manager
2 years
This is Ralphie, currently of London. He is the SRM's bff. He can't believe I am 58 years old today. Nor can my mom, who is still well at nearly 86 years old I am truly blessed.
Tweet media one
31
0
87
@salr_nyc
The Senior Risk Manager
2 years
@FiSurgi The job of a market maker is to supply demand and demand supply.
1
8
85
@salr_nyc
The Senior Risk Manager
1 year
This platform is really broken. I don't see as many Tweets from many people I have followed for years and I question if mine are reaching many at all☹️
20
0
85
@salr_nyc
The Senior Risk Manager
2 years
@peer_rich Maybe we like it here, and the rigid class structure of the UK and most of the EU is unappealing and limits individual potential. Or the widespread anti-American sentiment. Besides if I wanted either of those, I'd just move to Canada.
6
0
75
@salr_nyc
The Senior Risk Manager
2 years
My views on FX, for what they're worth, just my opinions. Not trading advice. The BoJ has a history of success in FX intervention, especially when they coordinate with the other CBs. Many times, it's not the abosulute level they target, but the *rate* of change of the JPY.
2
7
79
@salr_nyc
The Senior Risk Manager
6 months
So live your life, and love your family the way they love you. We don't know when we are going to go, but make that whole as big as you can. Grief is just love that can't find it's way to where you want it to go
6
2
75
@salr_nyc
The Senior Risk Manager
3 years
(The following is not advice) I am notoriously bad with direction, buy my old trader's intuition tells me something is wrong out there. So boldy I will proclaim SPX prints 3000, maybe 2700 by end of Q1. Vol here is really cheap IMO....
13
1
73
@salr_nyc
The Senior Risk Manager
3 years
Credit Suisse screwed the pooch when they hired John Mack. And then let Alan Howard, and about another half dozen guys walk away. It took them 20 years and countless billions, but, congratulations for building a bank even UBS won't buy. Mazel Tov.
4
4
72
@salr_nyc
The Senior Risk Manager
1 year
The whole fiaso of $SIVB has led me to the realization that I will never, ever again be depositing funds into any financial institution *not* deemed "systemically inportant (SIFI)" There is no reason for you to do so either. The regulation below the SIFI level is shocking.
7
3
74
@salr_nyc
The Senior Risk Manager
2 years
December 12, 1988 was my first day in the FX market. I found the toilets and went to the company Christmas party, so overall it was a great success! Below👇, note the HFT operatooors of the day, hard at work.😉 (It's the Harlow Meyer Savage spot USDJPY desk at 2 WTC).
@TickerHistory
Ticker History 🗞
2 years
New York trading floor (1988)
36
108
865
9
4
73
@salr_nyc
The Senior Risk Manager
2 years
His experience meeting people IRL parallels the kind of feedfack I have seen on this website. When they find out what he did, they want him to teach them the secret sauce, esp how it applies to cryto. When he says it's hard...
3
1
67
@salr_nyc
The Senior Risk Manager
3 years
For those who quote VIX in % moves: you wouldn't make in swaptions trading, where they make you get a PhD in Astrophysics to quote vol in daily bps breakevens 😂
5
0
68
@salr_nyc
The Senior Risk Manager
1 year
Don't sell options because "you want to own it at that level" or buy OTM calls because "it's going there." As market maker maker, I loved both of those types of trades because I set the price of the leverage I provide
4
1
69
@salr_nyc
The Senior Risk Manager
10 months
In Memoriam
Tweet media one
1
3
68
@salr_nyc
The Senior Risk Manager
2 years
@nope_its_lily @Galois_Capital It's not that straightforward, especially OTC. I can explain later if there is demand....
3
0
68
@salr_nyc
The Senior Risk Manager
3 years
Feeling a bit blue. There is so much pig piling and self-destructive behavior on this site. And it's actively encouraged, anonymously. I like financial markets, specifically vol markets, and a good laugh. I find most pepole good heated and generous, do WTF is up here?
15
0
66
@salr_nyc
The Senior Risk Manager
8 days
Marco is out. SPX going to be down 20-30 percent later today his year. Probably October (Not investment advice)
8
3
72
@salr_nyc
The Senior Risk Manager
1 year
Very rare to see this level of tailoring nowadays, even on the wealthy. So let's talk about some of the reasons why it's great. 🧵
Tweet media one
6
2
65
@salr_nyc
The Senior Risk Manager
13 days
I am saddened and deeply concerned for all of us, everywhere. Is this the best we can do?
18
4
65
@salr_nyc
The Senior Risk Manager
2 years
@WifeyAlpha Lol. I learned very young, but way too late, what "a few beers and a curry after work" means 😂😂😂😂
6
1
65
@salr_nyc
The Senior Risk Manager
9 days
"One day, we will see our animals again in the eternity of Christ. Paradise is open to all of God's creatures".  -- Pope Francis See you on the other side, Fau. A.M.D.G.
4
0
65
@salr_nyc
The Senior Risk Manager
9 months
I've just cooked the worst thing I've ever eaten. I'm proud to have produced a lrft tail 11 sigma event. Going to the emergency room now.
9
0
64
@salr_nyc
The Senior Risk Manager
2 years
I am very surprised more than two people were interested in this. Are there any other obscure topics in the world of obscure shit that maybe 100 people on Earth trade that you'd like to know about? I happy to blather on.
@salr_nyc
The Senior Risk Manager
2 years
@therobotjames @nope_its_lily @Galois_Capital Alrighty then. This might turn out to be a hash but let's see. There are two problems you have here. The first has to do with what you need to do as a market maker at expiration. Let's say that options market makers run delta neutral books, at least to the first local approx.
4
14
115
15
0
63
@salr_nyc
The Senior Risk Manager
1 year
I want software that gives me the other side of all her trades.
@GRDecter
Genevieve Roch-Decter, CFA
1 year
The US dollar is losing its reserve currency status Here’s what you should know 🧵
1K
6K
28K
9
3
62
@salr_nyc
The Senior Risk Manager
2 years
The olde days of USDJPY. Tulket & Tokyo brokers, probably early 90s. They knew where it was.
Tweet media one
7
0
60
@salr_nyc
The Senior Risk Manager
3 years
Some idiot tried to hit the Senior Risk Manager with a big stick when he tried to say "hello" and was on a leash. There was almost blood. Nobody hurts my doggie. I will *die* on this hill.
2
1
60
@salr_nyc
The Senior Risk Manager
2 years
Happy Halloween, again, but this time especially for options traders! (Source: Australasian Journal of Philosophy)
Tweet media one
6
4
61
@salr_nyc
The Senior Risk Manager
3 years
Suddenly I have 4377 followers. Please Tweet me tips on how I can alienate the lot of them.
15
0
57
@salr_nyc
The Senior Risk Manager
1 year
My Senior Risk Manager and his pack. London 2012. I think he is the only one of them who hasn't crossed over the rainbow bridge.☮️
Tweet media one
3
0
60
@salr_nyc
The Senior Risk Manager
8 months
This is the best thing on the Internet
2
6
60
@salr_nyc
The Senior Risk Manager
3 years
I just want to publically apologize to @quantian1 for being an obnoxious horse's ass. I was totally out of line. I'm sure Q. couldn't care less, but here it is: I am sorry.
7
0
59
@salr_nyc
The Senior Risk Manager
4 months
The life of a trader is a shit sandwich, in which every day, you get up to take another bite.
@GRoditiD
the ghost of groditi’s future 👹
4 months
lily officially joins team “the life of a risk taker is not a good life”
3
0
49
7
3
58
@salr_nyc
The Senior Risk Manager
3 years
A Portrait of the Risk Manager as a young Analyst, July, 21, 2013. He is 11 today. Happy Birthday and congrats on your promotion to MD!(Major Dog in rrrrrrrrrisk) :)
Tweet media one
4
0
59
@salr_nyc
The Senior Risk Manager
2 years
Because, when the bid- offer is 10+ vols wide, none of this matters. Not even a little.
@genesisvol
AD Derivatives (formerly GVol)
2 years
CHARM? VANNA? Second Order Option Greeks?? ∂Greeks! How are they useful in trading? Why do they matter? Check out our new educational video and LEARN!🤜🤛😎 @CanteringClark @DeribitExchange @smbcapital @ZetaMarkets @friktion_labs @lyrafinance @CBOE
3
10
37
7
1
57
@salr_nyc
The Senior Risk Manager
3 years
Let me tell you, friends, aging and seeing other age is difficult. Seeing your family and friends reduce in numbers is difficult. But seeing your family and friends rejuvenating and making new life is affirming. A. M. D. G.
2
0
57
@salr_nyc
The Senior Risk Manager
2 years
@rachdele Why do grad students wear such horrible shoes when they spend all their time staring at them while socializing? This has been bothering for decades
2
1
56
@salr_nyc
The Senior Risk Manager
8 months
The Senior Risk manager as a 4 month-old pup. 13 years ago today.
Tweet media one
5
0
57
@salr_nyc
The Senior Risk Manager
3 years
Behold the laziest man in Canada. (He's a politician. Surprised.Not surprised.)
@jonreyes204
Jon Reyes
3 years
Even after a 12 hour night shift at the hospital last night, my wife still has the energy to shovel the driveway. God bless her and all our frontliners. Time to make her some breakfast. 🙏🏽
Tweet media one
16K
5K
42K
4
3
56
@salr_nyc
The Senior Risk Manager
3 years
This is nearly the dumbest thing ever.
@DeItaone
*Walter Bloomberg
3 years
*Cboe to Extend Global Trading Hours for VIX and SPX Options to Nearly 24 Hours, Beginning Nov 21, 2021
54
186
775
7
1
55
@salr_nyc
The Senior Risk Manager
3 years
@Lowes @MiloVentimiglia Looking for Milo's recommendation on Crock Pots!
5
0
55
@salr_nyc
The Senior Risk Manager
7 months
R.I.P. Hiker😪 Pour one out for a neighborhood lege and a very sweet boy.
Tweet media one
2
0
53
@salr_nyc
The Senior Risk Manager
1 month
Tweet media one
4
3
54
@salr_nyc
The Senior Risk Manager
2 years
Happy Holidays!
Tweet media one
7
0
53
@salr_nyc
The Senior Risk Manager
3 years
The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists. -- Ernest Hemingway
0
7
50
@salr_nyc
The Senior Risk Manager
2 years
Next spring, in Tuscany
Tweet media one
8
1
52
@salr_nyc
The Senior Risk Manager
1 month
Meanwhile at CitSec
Tweet media one
4
1
52
@salr_nyc
The Senior Risk Manager
2 years
@KMthegr8 @WifeyAlpha @mablum @KeithMcCullough @Hedgeye @HedgeyeRJM @HedgeyeREITs @WifeyAlpha seems like a good dude. Twitter is free, so you can take it or leave it. What do y'all do over there, again?
3
0
48
@salr_nyc
The Senior Risk Manager
5 months
@risk_biscuits
Risk Biscuits
5 months
🔥Interview #13 - Sal Rubino I interview Sal Rubino @salr_nyc - former FX options market maker and current FX vol trader. We talk all things options, long and short vol, and stories from the floor. 🙏 Check it out.👇
9
14
112
6
0
49
@salr_nyc
The Senior Risk Manager
3 years
How hard is it to get a ban on Twitter. Thinking of pushing the envelope tonigt night. I am outraged.
13
0
44
@salr_nyc
The Senior Risk Manager
3 years
"Sal, did you buy enough gamma to get us through the holidays?" -- The Senior Risk Manager
Tweet media one
5
2
45
@salr_nyc
The Senior Risk Manager
4 months
Why is this even an article? Entirely unremarkable, barely worthy of bid-offer conversation in some bar in Boat Quay. Millennium Trader Scored $40 Million Windfall in Egypt FX Plunge
13
0
45
@salr_nyc
The Senior Risk Manager
1 year
Happy International Puppy Day! The Senior Risk Manager as an intern, 2010.🥰
Tweet media one
5
0
47
@salr_nyc
The Senior Risk Manager
2 years
@therobotjames @nope_its_lily @Galois_Capital .. negotiated the final form of the with the client. So, yes, huge OTC trades with clients can be very complicated to settle, given there are bilateral agreements in place as well as liquidity constraints in the underlying markets... Finis.
2
0
46
@salr_nyc
The Senior Risk Manager
11 months
@davidbelle_ My dad checking my urine sample for weed circa 1981.
2
1
44
@salr_nyc
The Senior Risk Manager
2 years
@INArteCarloDoss @joerogan When 30 yr friends, Academics with Physics PhDs tell me earnestly that the WaPo has full journalistic independence, I rethink all my priors. All of them. If intelligent people are so compartmentalized, psychologically, truly any outlandish thery has some possiblity of being true
9
0
45
@salr_nyc
The Senior Risk Manager
6 months
This 👇 If you wanna trade FX out of the US, you need to get up early. Very early.
10
2
46
@salr_nyc
The Senior Risk Manager
1 year
This is my quant. And Senior Risk Manager.
Tweet media one
@volatilitysmile
Volatility Smile
1 year
This is my quant.
Tweet media one
4
0
24
3
0
44
@salr_nyc
The Senior Risk Manager
1 year
Hiya
Tweet media one
6
0
46
@salr_nyc
The Senior Risk Manager
2 years
@ONAN_OUS Delta is the speed at which you walk to the bar get another beer. Gamma is now much you speed up when you hear the next one is on the house.
4
3
47