Monier: Markets feel structural shift
He said not only has volatility risen since the subprime crisis but the volga - the volatility of the volatility - of global markets has also increased.
Using the equities markets as an example, Monier pointed out that the volatility of the VIX Index, which measures the implied volatility of the Standard & Poor's 500, has spiked above 1.5 only seven times in its 18-year history. "Each of those spikes corresponds with a financial crisis," he said.
He noted four of the seven spikes have occurred in
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