NO.PZ2018113001000086
问题如下：
In foreign exchange markets, volatility is
neither constant nor completely random. Instead, volatility is determined by a
variety of underlying factors, both fundamental and technical, on which traders
can comment. Volatility swings are cyclical, usually subject to long-term
relative stability, and spikes when markets come under stress.
Therefore, when trading volatility, many
hedge fund managers usually divide into two groups, one is speculative trading
volatility, and the other is hedging trading volatility.
Compare the two trading methods.
选项：
解释：
Answer:
Speculative volatility traders among hedge
fund managers typically want to be net short volatility because most options
can expire in an OTM state and not be exercised, allowing the option seller to
collect the option fee without delivering the underlying asset.
By contrast, most hedgers typically hold
options positions on net long volatility because they are buying protection
against unpredictable price movements.
中文解析：
对冲基金经理中的投机性波动率交易员通常希望净做空波动率，因为大多数期权到期时可以处在OTM状态，不被行权，期权卖方就可以在不交付标的的情况下获得期权费。
相比之下，大多数对冲者通常持有净多头波动率的期权头寸，因为他们是在对无法预测的价格波动购买保护。
Speculative volatility traders typically take a net short volatility because they want to earn option premium based on the belief that most option expire in an OTM state.
By contrast, most hedgers typically take a net long volatility because they want to buy protection on underlying.
