When the energy market company Enron collapsed, the New York Mercantile Exchange (Nymex) floor-based marketplace changed dramatically. Enron was a juggernaut in the natural gas options marketplace. The massive orders that its energy-trading department executed would move volatility within the options market 20% to 30%. It was huge, the equivalent of a massive swing in the value of a futures position, regardless of underlying price direction. Those of us who were trading on the floor at that time and were market savvy knew the risks and possible rewards but played the game carefully. One market maker compared it to running across a 10-lane highway, picking up $10,000 bills with semis flying by at 200 miles per hour.
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