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


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:

And here is Weston's previous work on this:

and this:


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

How the different banks have traded:

Credit default swaps for Nomura and Credit Suisse: