A Yacht Was Spotted In Chicago With A Name That Only Traders Could Appreciate
Julia La RocheMay 27, 2014, 06.28 PM
"Theta" refers to time decay on an option, or collecting premium from selling options. It represents the time variable in the Black Scholes option pricing model. Generally speaking, the larger the theta, the higher the option premium.
UPDATE: Our source initially thought he saw Ken Griffin, who runs options market-making firm/hedge fund Citadel, on board. It wasn't him.
The yacht is actually registered to J. Brian Schaer, records from the Coast Guard show. Schaer, who is from Miami, is a derivatives portfolio manager at well-known Chicago-based proprietary trading firm Ronin Capital, his LinkedIn profile shows.
We're also told that Schaer was a "legend on the floor" at the CBOT.
**We reported earlier that hedge
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