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doi: 10.3389/fbioe.2020.626882

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Expanded Trade Construction : Long: MarketAxess ( MKTX ), Tradeweb Markets ( TW ), Moodys ( MCO ), Virtu ( VIRT) Short: Interactive Brokers ( IBKR ), LPL Financial ( LPLA ), Charles Schwab ( SCHW ), State Street ( STT ) reasoning Expanded Trade Construction : Adds broader exposure to fixed income trading (TW) and volatility (VIRT) Includes potential benefits from increased credit rating activity (MCO) Expands short exposure to companies heavily reliant on interest income (SCHW, STT) STT, as the sponsor of the SPDR S&P 500 ETF Trust ( SPY ), may face additional pressure if market downturns lead to outflows in AUM from passive investments Overall, this expanded basket provides more convexity to increased bond issuance and trading activity , is better positioned for both soft and hard landing scenarios & offers increased diversification across various financial services , maintaining the original thesis while capturing a wider range of potential market outcomes Some of these trades, like Trade #3, have idiosyncratic elements that we believe makes them work long-only

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Maintaining adequate levels can help reduce the mortality risk associated with these conditions

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