Research

Gold exhibits three dominant volatility states across major macroeconomic cycles. We map regime transitions using realized vol, term structure, and cross-asset correlations — with implications for momentum and mean-reversion overlays.

• Three distinct volatility regimes identified (low, transitional, crisis)

Cross-sectional momentum in frontier African equity markets shows shorter decay horizons than developed markets, with liquidity constraints as the primary capacity limiter.

• 6-month momentum factor shows positive IC in NSE-listed equities

Spread widening and slippage patterns around major macro releases create predictable microstructure opportunities — and risks — for systematic FX strategies.

• EUR/USD spreads widen 3–5× in the 30s before NFP releases

A practical framework for researchers and small teams to build verifiable performance history through transparent deployment on third-party platforms.

• Third-party verification builds credibility faster than self-reported returns
• Paper trading periods should be minimum 6 months before live capital
• Document every strategy change with dated changelog entries