Galois Kevin
Galois Kevin|Sep 22, 2025 16:27
Imagine a new DAT is created on some XYZ underlying and it’s the first and only one for XYZ. Now suppose it’s named ArbCity, telegraphing that it will aggressively pursue any arb where mNAV<1. This would disincentivize other potential DATs from picking XYZ as their underlying. Results in ArbCity maximizing its holdings with no competition.(Galois Kevin)
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