Top of the Swaps

In this World Cup edition of Top of the Swaps, Jack Roberts, fund manager and Ganchi Zhang, Quantitative Researcher, explain the volatility surface: what it is, who's driving it, and what it reveals about investor behaviour across the options market. From zero days to expiry options (0DTEs) to long-dated puts, they explore the structural forces shaping implied volatility today.   This episode was...

In this special edition episode of Top of the Swaps, recorded live from the Atlantic House Annual Investment Conference, our keynote speaker, James Crabtree, explores the shifting geopolitical landscape with Albemarle Street Partner's Head of Investment Research, Frank Talbot, covering US-China relations, the Gulf tensions, Taiwan scenarios, and the rising importance of AI in economics and nationa...

With oil above $100 and Iran closing the Strait of Hormuz, are we heading for another 2022-style crisis? In this Inflation Whisperer episode of Top of the Swaps, Mark Greenwood and Delia Villiers break down why this time looks different, what US inflation and the Fed leadership change mean for markets, and how UK investors should position their portfolios.   This episode was recorded 21 April 2026...

In this episode of Top of the Swaps, Fund manager Tom Boyle joins Alex Hale, Atlantic House Solutions, to discuss how the US-Iran war has rattled fixed income markets, and why interest rate volatility has been one of the few places to hide. They cover long-dated vol positions, a structured gilt trade offering a 15% annual coupon, and why the MOVE index doesn't always tell the full story. Whether y...

In this episode of Top of the Swaps, Nick Johal and Benard Muja review five years of structured product issuance (2020–2025), examining why issuance sizes have grown, the enduring popularity of autocalls, and the broadening landscape into access products like dispersion, fixed income strategies, and commodity linked investments. They discuss drivers behind pricing and demand (higher interest rates...

In this episode of Top of the Swaps, Benard Muja is joined by fund manager Jack Roberts to discuss tail risk and why downside protection is increasingly important for investors. They explore what tail events look like in practice, how put options can be used as portfolio insurance, and the challenges of holding hedging strategies through calm markets. The conversation also covers how Atlantic Hous...

In this latest episode of Top of the Swaps, Katie Furniss-Brown and Benard Muja explain defensive autocalls: how defined return structured products function, the role of annual observations and step-down barriers, and the possible outcomes at maturity. They cover why six-year terms are common, how investors use these products in portfolios (equity replacement or an alternatives sleeve), regional a...

In the latest episode of Top of the Swaps, Delia Villiers, Head of UK Discretionary Sales, is joined by Deputy CIO and “Inflation Whisperer” Mark Greenwood to explore what’s driving the renewed focus on inflation and why it might not be as transitory as central banks suggest. Together, they delve into the rise of the so-called “debasement trade” and what it signals for investors, discuss whether g...

In this episode, Delia Villiers, Head of UK Discretionary Sales, and Nick Johal, Head of Solutions, discuss Atlantic House’s new trend report on structured investments, highlighting a sharp rise in issuance, especially defensive autocalls, and growing demand for income and synthetic payoffs driven by higher interest rates and changing equity valuations. They discuss geographic shifts (FTSE EURO ST...

In this episode, Freddie Blackwell speaks with Tom Boyle, Senior Fund Manager and Lead Manager of the Uncorrelated Strategies Fund, to explore how dispersion strategies help investors navigate volatile markets. Tom breaks down how this relative value volatility approach capitalises on differences between single stock and index volatility, especially amid global tensions, shifting commodities, and...

In this episode of 'Top of the Swaps', hosts Delia Villiers and Deputy CIO Mark Greenwood unpack the disconnect between economic forecasts and real-world market behaviour. Known as the "Inflation Whisperer," Mark offers his take on why recent US tariffs and global tensions haven’t triggered the inflation surge many expected. The conversation also delves into the inflation derivatives market as a u...

This episode of 'Top of the Swaps' features Charlotte Donaldson, part of the distribution team at Atlantic House, and Nick Johal, Managing Director and Senior Structured Product Specialist. Together, they delve into the world of structured products, challenging common myths and misconceptions. Join Charlotte and Nick as they explore the essence of structured products, from defining what they are t...

In the latest episode of "Top of the Swaps,"  Tom Boyle, fund manager of the Uncorrelated Strategies Fund, discusses market volatility in conversation with Andrew Madigan, Head of Client Investment Strategy. Together, they delve into the dynamics of volatility markets and look at why the last month has been so challenging for investors.  The episode provides an explanation of the rule of 16, a cru...

In this episode of "Top of the Swaps," Andrew Madigan, Head of Client Investment Strategy at Atlantic House, and Mark Greenwood, Fund Manager of Dynamic Duration and Balanced Return Funds, delve into the complexities of inflation, interest rates, and market volatility. As geopolitical tensions and economic uncertainties continue to create a volatile environment, they explore the implications for t...

In this episode of Top of the Swaps, Andrew Madigan, Head of Client Investment Strategy at Atlantic House, and Jack Roberts, Fund Manager of the Dynamic Duration Fund and Balanced Return, delve into the topic of stagflation. They explore whether stagflation is already here or looming on the horizon, discussing its potential impacts on private client portfolios and strategies to mitigate its effect...

Welcome to "Top of the Swaps," the Atlantic House derivatives podcast. In this episode, we delve into the current market atmosphere as we kick-off 2025, touching on the resurgence of equities to all-time highs and the market's reaction to Donald Trump's inauguration. As investors brace for unpredictable markets, we explore the strategic importance of building diversified portfolios that include li...

Welcome back to Top of the Swaps with Charlie Parker and Mark Greenwood from Atlantic House Investments. In this episode, we delve into what the derivatives market suggests about the year ahead, offering a unique perspective on how political events and economic trends could shape the future. We explore rising inflation, the global economic situation, and the impact of elections on market stability...

Hot take:  How are derivatives reacting to shifts in US election polls? For professional investor use only. Capital at risk. Uncorrelated Strategies fund manager Tom Boyle talks through the market reaction to a recent shift in US election polls and how much volatility derivatives are suggesting could come around election day. Website  To learn more about Atlantic House Investments, visit  atlantic...

Uncovering the market codes on future prices For professional investor use only. Capital at risk. In this episode Managing Director, Charlie Parker, is joined by Deputy CIO & Head of Investment Risk, Mark Greenwood. Mark unravels the clues the markets offer about the future inflation picture, the key indicators he closely monitors, and hints about what they are currently revealing about the ma...

For professional investor use only. Capital at risk. If you like derivative-based puns, this is the place for you. Introducing 'Top of the Swaps', a podcast aiming to help multi-asset investors use derivatives to improve client outcomes, brought to you by people from across our team.    Website  To learn more about Atlantic House Investments, visit atlantichousegroup.com .    Important information...

Can the market provide the predictability anxious investors seek? For professional investor use only. Capital at risk. In the first podcast of the series, CEO & CIO Tom May is joined by Managing Director Charlie Parker to discuss the impact of anxiety, World Cup wins, and everyday events on investment outcomes, and what anxious investors can do to find predictability in an uncertain world.   ...