On February 5, 2018, the world turned upside down. After years of low volatility and chiefly risk-on trading in the equity derivatives market, a sudden, sharp sell-off in stock markets appeared to have given violent birth to a new era. Four months on, that day still casts a long shadow over the market. Certainly the February sell-off was spectacular enough. The Dow Jones Industrial Average lost 1175 points on the day, and at one stage was down 1500 points, while the Chicago Board Options Exchange (CBOE) Volatility Index, the VIX, surged by more than 100% to 35.2 - the highest point seen since August 2015.
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