The return of volatility: Asphyxiation or new breath?


You can watch the conference on the YouTube page of Université Paris-Dauphine here.



It is an honor for Stratefi 203, the students and alumni association of the Master, to introduce you to its annual conference on the subject of volatility, entitled “The return of volatility: Asphyxiation or new breath?”. We are counting on your presence at this event which will be followed by the traditional cocktail.

The Master 203 Conference will take place on Thursday 21st of March from 7:00 PM.

Please click on the following link if you want to attend the conference: here.

Here is a summary of the themes that will be approached during the event (which will be held in French):
The year 2018 saw significant volatility jumps. For some, this high volatility is a reflection of investors’ fears. For others, it is the signal for future opportunities.
The objective of the 2019 Master 203 conference is to gather experts’ opinion on these current movements of volatility and to question their nature: is this return of volatility an epiphenomenon, a change of regime? Or a return to normal? Is this market situation a harbinger of a future crisis? What is the impact of economic fundamentals and policy decisions on volatility? Finally, what are the consequences for investors?

L’année 2018 a connu d’importants sauts de volatilité. Pour certains, cette forte volatilité est le reflet de craintes des investisseurs. Pour d’autres, elle est le signal d’opportunités à venir.
L’objectif de la conférence 2019 du Master 203 est de recueillir l’avis d’experts sur ces mouvements actuels de la volatilité et de s’interroger sur leur nature : ce retour de la volatilité est-il un épiphénomène, un changement de régime ou un retour à la normale ? Cette situation de marché est-elle un signe avant-coureur d’une prochaine crise ? Quel est l’impact des fondamentaux économiques et des décisions politiques sur la volatilité ? Enfin, quelles sont les conséquences pour les investisseurs ?

Our Moderator:

Journalist, Les Echos
Sophie Rolland is currently journalist at the financial newspaper Les Échos. Prior to that, she spent many years working as a journalist for the newspapers L’Agefi and La Tribune.

She also worked 2 years at Barclays in Paris and London in DCM Origination.

Sophie Rolland graduated from the Institut d’Études Politiques of Paris. She also holds a DEA in Economics and International Finance from the Paris-Dauphine University and a DEUG in Economics from the Paris X Nanterre University.


Our Speakers:

CEO, Trajectoire Capital

Arié Assayag founded Trajectoire Capital in 2015. From 2012 to 2015, he was the CEO of UBP Alternative Investments, where he ran $10+bn assets. In 2009, he founded Nexar Capital Group. Prior to that, Mr. Assayag was CEO of the Hedge Funds Unit at Société Générale AM for 10 years, where he launched and grew the business to $12.4bn assets and was awarded “Best Alternative Institutional House”.

Before that, he worked in the FX derivatives business at Commerzbank and Société Générale.

Arié Assayag graduated from Ecole Centrale de Paris.

Chief Economist, Goldman Sachs France
Alain Durré is Executive Director and “Economiste en chef” of the French office of Goldman Sachs in Paris. He joined Goldman Sachs in 2014.
Prior to joining Goldman Sachs, Alain was Principal Economist in the Monetary Policy Strategy Division of the Directorate General Economics of the European Central Bank and was also a member of the Centre National de la Recherche Scientifique in France (LEM-CNRS). From 2007-2014 he also acted as monetary policy advisor for the International Monetary Fund.
In 2005 he was awarded the Josseph de la Vega Prize for his work on the microstructure analysis of the Euronext Stock Exchange focusing on volatility regimes and the provision of liquidity in order book markets.

Alain Durré earned a BA, MA and PhD in Economics from the Université Catholique de Louvain. He was also educated at the University of Mannheim (Germany) and at the London School of Economics (United Kingdom) during his PhD.

Executive Director, Fonds de Réserves pour les Retraites (FRR)
Olivier ROUSSEAU was appointed as executive director of the FRR in November 2011. He is currently Member of the Executive Board of the French reserve fund, The Fonds de Réserves pour les Retraites (FRR) and Chairman of the Asset Manager Selection Committee.
Prior to FRR, he spent many years in senior roles at BNP Paribas in Corporate Banking, Asset Management and Financial Markets.
He also worked for the French treasury for 7 years, the European Bank for Reconstruction and Development and for the French embassy in Stockholm for 5 years.

Olivier Rousseau graduated from the French National School of Administration (ENA). He also holds a master degree in law and economics from the University of Aix-en-Provence.

Matthew YANDLE
Global Head of Structuring, BNP Paribas CIB
Matthew Yandle is currently leading a 250-person-team within BNP Paribas Global Markets in charge of creating and executing products and solutions for all types of client in all types of asset classes.
Previously, he ran the Equity Derivatives Structuring team for the bank, covering Investment and Risk Management tailor-made solutions for Institutional clients, with a special focus on THEAM, the BNP Paribas asset manager.
Before that, he also held positions in quantitative research and investment strategist within Global Equities & Commodity Derivatives of BNP Paribas.

Matthew Yandle graduated from Ecole Normale Supérieure.

For more information please send an email to:
We look forward to seeing you there!