CAD appreciated by about 40 basis points, while ES declined by about 75 basis points, but the performance of ZSP was as if there was no foreign exchange hedge at all. Market makers clearly used outdated or incorrectly applied exchange rate data for pricing, causing this product to behave during trading hours like an unhedged SPX tracking instrument, until the hedge positions finally took effect at the close — which was only reflected in the intraday fund NAV. It seems to be an old issue related to data synchronization and pricing logic.
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ContractBugHunter
· 11h ago
Market makers are coming up with new tricks again. The exchange rate data can lag for so long—who can stand this?
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DegenRecoveryGroup
· 11h ago
Market makers are playing the old tricks again, with data synchronization being a complete mess, making it impossible to trust.
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TommyTeacher
· 11h ago
Oh no, it's another data delay issue. MM really should check the system thoroughly.
I see... The problem lies here.
CAD appreciated by about 40 basis points, while ES declined by about 75 basis points, but the performance of ZSP was as if there was no foreign exchange hedge at all. Market makers clearly used outdated or incorrectly applied exchange rate data for pricing, causing this product to behave during trading hours like an unhedged SPX tracking instrument, until the hedge positions finally took effect at the close — which was only reflected in the intraday fund NAV. It seems to be an old issue related to data synchronization and pricing logic.