The first quarter of 2018 proved to be another firecracker in financial markets.

After a storming rally in equity markets in January, February proved to be a bigger challenge for investors globally. Equity markets and, in particular, equity volatility markets, experienced significant distress with several short volatility strategies experiencing very large losses. Interestingly, the mayhem was by and large limited to equity markets. Fixed income, currency and credit markets experienced increased volatility but remained overall well-behaved…