> Their actions are what you'd expect any firm to do to hedge their exposure
No, their actions were the opposite.
They were pushing the price in the same direction as their derivatives holding. A hedge would push it in the opposite direction. (Eg: If you're long calls, you would hedge by selling the underlying, bringing its price down.)
No, their actions were the opposite.
They were pushing the price in the same direction as their derivatives holding. A hedge would push it in the opposite direction. (Eg: If you're long calls, you would hedge by selling the underlying, bringing its price down.)