In this episode I speak with Harel Jacobson, an FX volatility trader. There is a lot that makes the FX volatility market unique. For starters, the end users are more focused on hedging cash-flow and liquidity than wealth. Since the underlying is currency pairs, volatility surface arbitrage conditions become multi-dimensional. And then there is the global geopolitical event calendar to consider. Did I mention that trades are performed, almost exclusively, OTC? So even something like price discovery, which we take for granted on listed exchanges, is non-trivial. Especially if you want to backtest a new research idea. This is a fascinating conversation into a fairly niche, but important global market. I hope you enjoy my conversation with Harel Jacobson.