Wiley buys Hindawi -- a $298 million acquisition for GBP 25 million in annual APC revenues -- in bid to expand open-access platforms @pbasken
Does publishing platform Phenom get rolled into Atypon at some stage? > \u201cThe US-based academic publisher Wiley has agreed to acquire London-based Hindawi in what it described as a push to improve its delivery of open-access options.\u201d https://t.co/J3TQpgu809 pic.twitter.com/ZoLydLjMYj
— lorcan dempsey (@lorcanD) January 5, 2021
This is a perfect example of the "ecosystem shrink" that I'm concerned about during and post-Plan S. Obvs there are loads of business reasons beyond eliminating another pure-OA stand-alone publisher but the risk remains: How many will there be in 2 years? #AnotherOneBitesTheDust https://t.co/DaLpe3AY8F
— Sara Rouhi (@RouhiRoo) January 5, 2021
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In a high IV environment or when the market is very volatile
— Subhadip Nandy (@SubhadipNandy16) January 21, 2022
" OTM options will behave like ATM options", one will get almost the same delta movement
Say we have two options, one 50 delta ATM options and another 30 delta OTM option. Normally for a 100 point move, the ATM option will move 50 points and the OTM option will move 30 points. But in a high volatile environment, the OTM option will also move nearly 50 points
To understand why this happens, first understand why an ATM option is 50 delta. An ATM option has the probability of 50% of expiring as ITM. The price just has to close a rupee above the strike for the CE to be ITM and vice versa for PEs
Now think of a highly volatile day like today. If someone is asked where the BNF will close for the day or expiry, no one can answer. BNF can close freakin anywhere, That makes every option of an equal probability of being ITM. So all options have a 50% probability of being ITM
Hence, when a huge volatile move starts, all OTM options behave like ATM options. This phenomenon was first observed in the Black Monday crash of 1987 at Wall Street, which also gave rise to the volatility skew/smirk