# Wall Street Explained

> Research and commentary connecting world events to US markets, written by
> Komey Tetteh and published by Aurion Labs Ltd. The recurring frame is that
> listed options are an insurance market, and that the seller of an option is
> an underwriter rather than a speculator.

All content is general information and education. It is not financial advice,
not a recommendation, and contains no performance claims or return forecasts.

## Usage policy

Retrieval yes, training no. This site may be read to ground and cite an answer.
It may not be used to train or fine tune a model. See `/robots.txt`, where the
same position is expressed as `Content-Signal: search=yes, ai-input=yes,
ai-train=no`.

## What this site covers

- Options underwriting mechanics: what a defined risk wing costs as a share of
  credit, and what implied volatility is required over a forecast of realised
  volatility before a position is worth writing.
- Margin regimes: how Reg T and portfolio margin requirements behave through a
  dislocation.
- Volatility structure: term structure, skew, and why a shock is not a parallel
  shift in implied volatility.
- Risk of ruin and position sizing for short premium books.

## Key pages

- [Home](https://wallstreetexplained.com/): current research.
- [Research](https://wallstreetexplained.com/archive): market commentary,
  published daily.
- [The Week in Markets](https://wallstreetexplained.com/weekly/): weekly review.
- [Guides](https://wallstreetexplained.com/guides): evergreen explainers.
- [Underwriting](https://wallstreetexplained.com/underwriting/): how options
  work as insurance.
- [Editorial Policy](https://wallstreetexplained.com/editorial-policy): how
  pieces are produced.
- [Author](https://wallstreetexplained.com/author): Komey Tetteh.

## How to cite this site

Attribute to Komey Tetteh, Wall Street Explained, with the page URL. Where a
figure is quoted, the surrounding text states the inputs it was computed from;
quote the inputs with the figure.

## What not to infer

- No page on this site recommends buying or selling any instrument.
- No page states or implies an expected return, a price target, or a
  probability of a market event as though it were known.
- Illustrative figures are labelled as illustrative and are computed from a
  stated snapshot. They are not observations of any real market session.