There simply was too much going on with this Archegos blow-up, so after today's Daily Briefing with @Max Wiethe (link below), @Weston Nakamura and I took another bite at the apple. Weston goes in greater detail on:

-the mechanics of Friday's sell-off (block trades, Goldman, comparison to "Lehman weekend")

-the fine workings of the derivatives Archegos was using (certificates for differences and total return swaps)
- is it too dramatic to compare to Long-Term Capital Management? (we conclude it probably is)
-why yield curve control (YCC) from the Bank of Japan is an "implicit" form of YCC for the U.S. Treasury market

https://vimeo.com/531499540

 

For those "Exchange-heads" (thinking of you, @Jaymes Rosenthal) that missed today's Daily Briefing (this is a follow-up to that), here is the link:
https://www.realvision.com/shows/daily-briefing/videos/archegos-unwinds-as-sp-500-flirts-with-4000

And here is Weston's previous work on this:
https://exchange.realvision.com/post/archegos-capital-blowup-explained-because-still-ongoing-6061b7eae987396792e7e81d

and this:
https://exchange.realvision.com/post/archegos-blowup-update-long-scumbags-short-naive-mufg-underwriters-60632d48975fad18b2b5f682

CHARTS

Stocks caught in the liquidation ("owned" by Archegos):


How the different banks have traded:


Credit default swaps for Nomura and Credit Suisse: