Navnoor Bawa Research
Home
Notes
Fund Teardowns
Strategy Playbooks
Options & Volatility
Macro & Commodities
Credit & Event-Driven
Market Structure
Quant Methods
Prediction Markets
Industry & Careers
Archive
Leaderboard
About

Navnoor Bawa Research

ISDA Warns JSCC Merger Could Force a 95% Bond Fund to Cover Commodity Defaults
A pro rata draw across all six qualifications, a fund already over 95% financial futures, and the overlap number JSCC hasn't published
 • Navnoor Bawa
Citadel and Schonfeld Are Betting the Euribor-€STR Spread Widens Before Year End
A regulatory balance-sheet effect at calendar year end, not reserve scarcity, is the case the ECB's own economists never made
 • Navnoor Bawa
JPMorgan, Citi, BofA and Goldman Hold 79% of a $296 Trillion Derivatives Book. A Year Ago It Was 87%.
The OCC's own numbers say the club widened this quarter, and a bank's derivatives revenue mix just swung harder than at any point since the report…
 • Navnoor Bawa
Coinbase and CME Both Just Reopened a Product a 2020 Margin Rule Killed
OneChicago died on capital cost, not on demand. Coinbase filed the day after regulators quietly reopened the question of whether that cost is about to…
 • Navnoor Bawa
MSCI's $310 Million Bid Broke on Adani Energy While Reliance Absorbed a Bigger One
MSCI's rebalance, priced to $310m. India's new 20-minute auction, priced to nothing.
 • Navnoor Bawa
Dealer Vanna Just Hit a Two Year Extreme. The BOJ Meets September 18. Here's the Level Where It Flips
The Black Scholes flip level for September 18, worked from six live inputs
 • Navnoor Bawa
Deutsche Telekom's German Business Trades at 4.7x. Elliott Just Bought the Stub.
The popular arithmetic sets a 54% equity claim against 100% of consolidated debt. Correcting that halves the gap, and then a harder problem shows up…
 • Navnoor Bawa
Two Sigma's 2023 SEC Warning Just Became Overdeck's $4.9B Divorce Problem
Inside the Ownership Trust built to survive any one founder's life event, and the SEC filing showing it hasn't
 • Navnoor Bawa
ExodusPoint Filed 'Atlas Capital' With the SEC Two Weeks Before Its $1 Billion Pod Made the Trade Press
How a federal filing deadline nobody watches ran fifteen days ahead of Bloomberg's own scoop.
 • Navnoor Bawa
Two Sigma's Co-CEO Collapse Hit Bloomberg in a Day. New Mexico's Pension Still Took Nine Weeks.
Public disclosure and institutional redemption run on two different clocks, and only one of them is fast.
 • Navnoor Bawa
Jain Global Made $1.8 Billion. Millennium Is Buying Out the Investors Who Funded It.
A $250 million sovereign redemption, an uncapped pass-through fee structure, and the option Millennium has now exercised three times.
 • Navnoor Bawa
The CFTC Delayed the Hedge Fund Leverage Form to 2027. Its Own File Already Shows $823 Billion Short.
The five public dials that separate a duration repricing from a basis trade unwind, and where every one of them sits while the 30-year prints 5.25%.
 • Navnoor Bawa
© 2026 Navnoor Bawa · Privacy ∙ Terms ∙ Collection notice
Start your SubstackGet the app
Substack is the home for great culture