vanna
C2CEFR level
97/100Rarity: very rare
TechnicalRegister
A second-order measure of how an option's delta shifts as the volatility of the underlying changes.
The structured-products desk watched vanna closely because a jump in volatility would quietly unbalance their hedges.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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