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Moving short and long simultaneously. It appears the volatility in GBPUSD will eventually outstrip the premiums paid to join the hedge. These people that are conducting this hedge fund are mentioned as Risk Manager of the Year with a prevalent commodities magazine.
. . .and you can bet your ass that the exchanges are re-adjusting the prices on new GBPUSD options to increase the premium. Finding volatility arbitrage in options (when actual price volatility is less or greater than indied volatility) is not anything new... you just got to get the right options to play until people ch on.