# How Might the Annual Recalibration of LIS and SSTI Thresholds Impact Long-Term Hedging and Portfolio Management Strategies? ▴ Question

**Published:** 2025-07-30
**Categories:** Question

---

![A marbled sphere symbolizes a complex institutional block trade, resting on segmented platforms representing diverse liquidity pools and execution venues. This visualizes sophisticated RFQ protocols, ensuring high-fidelity execution and optimal price discovery within dynamic market microstructure for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/principal-rfq-aggregation-digital-asset-derivative-execution-optimization.jpg)

![A sleek, metallic mechanism with a luminous blue sphere at its core represents a Liquidity Pool within a Crypto Derivatives OS. Surrounding rings symbolize intricate Market Microstructure, facilitating RFQ Protocol and High-Fidelity Execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-protocol-core-mechanism.jpg)

## Concept

The [annual recalibration](https://prime.greeks.live/question/what-are-the-consequences-of-failing-to-comply-with-the-annual-ceo-certification-requirement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) of Large in Scale (LIS) and Size Specific to the Instrument (SSTI) thresholds represents a scheduled, systemic update to the European financial market’s core operating system. For the institutional principal, this event is a critical input variable, directly influencing the calculus of risk transfer and [information leakage](https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) for every significant transaction. Understanding this recalibration requires seeing these thresholds not as static rules, but as dynamic parameters designed to modulate the flow of information within the market’s architecture. They are the governors on the engine of transparency, engineered by regulators under the MiFID II/MiFIR framework to achieve a complex balance.

The primary function of the LIS and SSTI thresholds is to define the boundaries of pre-trade and post-trade transparency obligations. A trade designated as LIS, for example, qualifies for a waiver from [pre-trade transparency](https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) requirements and potential deferral of post-trade publication. This architectural feature acknowledges a fundamental market reality ▴ forcing the disclosure of a very large order before it is executed, or immediately after, exposes the initiator to significant risk.

Other market participants could trade against the position, creating adverse price movements and increasing the cost of execution. The thresholds, therefore, create a protected space for institutions to transfer substantial risk without broadcasting their intentions to the entire market, which is essential for the effective functioning of market making and client facilitation.

![A transparent geometric structure symbolizes institutional digital asset derivatives market microstructure. Its converging facets represent diverse liquidity pools and precise price discovery via an RFQ protocol, enabling high-fidelity execution and atomic settlement through a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimized-liquidity-aggregation-and-high-fidelity-execution.jpg)

## The Mechanics of Threshold Determination

The European Securities and Markets Authority (ESMA) is tasked with the annual process of recalculating [these thresholds](https://prime.greeks.live/question/what-are-the-typical-thresholds-for-an-rfq-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) based on market data from the preceding period. The methodology is quantitative, often employing a percentile approach based on trade sizes or analyzing the average daily notional amount traded for a given instrument class. For instance, the LIS threshold might be set at a level that captures a specific, high percentile of the transaction sizes for that instrument, ensuring that only genuinely large trades receive the waiver. The [SSTI threshold](https://prime.greeks.live/area/ssti-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) functions similarly, often providing a lower barrier for waivers, particularly within Request for Quote (RFQ) systems where liquidity providers are exposed to undue risk.

This recalibration process introduces a degree of managed uncertainty into the system. As market dynamics shift, with trading volumes and average transaction sizes fluctuating, the thresholds for the following year will adjust accordingly. A period of high volatility and larger average trade sizes could lead to an upward revision of the thresholds, making it easier for a given trade size to qualify for a waiver. Conversely, a market characterized by smaller, more frequent trades could see these thresholds lowered, pulling more transactions into the full glare of real-time transparency.

![A sleek, multi-component system, predominantly dark blue, features a cylindrical sensor with a central lens. This precision-engineered module embodies an intelligence layer for real-time market microstructure observation, facilitating high-fidelity execution via RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-rfq-protocol-intelligence-layer-for-digital-asset-derivatives-microstructure.jpg)

## What Is the Systemic Purpose of Recalibration?

The systemic purpose of this annual recalibration is to ensure the transparency framework remains correctly calibrated to the prevailing market conditions. A static, unchanging threshold would inevitably become obsolete, either failing to protect large trades in a more active market or granting waivers too liberally in a less active one. The recalibration acts as a feedback loop, aligning the regulatory structure with the market’s revealed behavior. This ensures the system’s core objectives ▴ protecting investors, ensuring fair and orderly markets, and maintaining the viability of liquidity provision ▴ are dynamically maintained.

For portfolio managers and hedging strategists, this means the rules of engagement for execution are subject to a predictable, yet impactful, annual review. This requires a proactive stance, where strategies are built with the flexibility to adapt to these shifting parameters.

![A dark blue sphere and teal-hued circular elements on a segmented surface, bisected by a diagonal line. This visualizes institutional block trade aggregation, algorithmic price discovery, and high-fidelity execution within a Principal's Prime RFQ, optimizing capital efficiency and mitigating counterparty risk for digital asset derivatives and multi-leg spreads](https://options.greeks.live/wp-content/uploads/2025/07/market-microstructure-driven-institutional-digital-asset-derivatives-rfq.jpg)

![Interlocking geometric forms, concentric circles, and a sharp diagonal element depict the intricate market microstructure of institutional digital asset derivatives. Concentric shapes symbolize deep liquidity pools and dynamic volatility surfaces](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-and-high-fidelity-execution.jpg)

## Strategy

The annual recalibration of LIS and SSTI thresholds is a strategic inflection point for long-term [portfolio management](https://prime.greeks.live/area/portfolio-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and hedging. It directly alters the cost-benefit analysis of execution pathways, compelling a strategic reassessment of how, when, and where large-scale risk is transferred. For a [portfolio manager](https://prime.greeks.live/question/how-can-a-hedge-fund-manager-effectively-conduct-due-diligence-on-a-potential-prime-broker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), these thresholds are not merely operational details for the execution desk; they are fundamental inputs that shape the feasibility and cost structure of the overarching investment strategy, particularly in asset classes sensitive to liquidity and information leakage like corporate bonds, swaps, and less liquid equities.

> The annual adjustment of transparency thresholds necessitates a dynamic hedging strategy that anticipates changes in execution costs and information risk.

A downward recalibration of the [LIS threshold](https://prime.greeks.live/area/lis-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), for example, means that a block trade that could previously be executed discreetly under a waiver might, in the new calendar year, become subject to immediate post-trade reporting. This shift dramatically increases the information footprint of the strategy. The market becomes aware of the large transaction almost instantly, which can lead to predatory trading activity and increase the costs and risks associated with hedging the residual position.

Consequently, a long-term hedging program that was economically viable under the old thresholds might require a complete strategic rethink. The cost of implementation, a key component of net returns, is directly and measurably affected by these regulatory parameters.

![A pristine teal sphere, representing a high-fidelity digital asset, emerges from concentric layers of a sophisticated principal's operational framework. These layers symbolize market microstructure, aggregated liquidity pools, and RFQ protocol mechanisms ensuring best execution and optimal price discovery within an institutional-grade crypto derivatives OS](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-core-2.jpg)

## Impact on Hedging Program Design

Hedging strategies, especially those executed over extended periods for large, complex portfolios, are acutely sensitive to changes in market transparency. A portfolio manager overseeing a multi-billion euro corporate bond portfolio must constantly hedge interest rate and credit risk. This often involves executing large interest rate swaps or block trades in credit default swap indices. The strategy for executing these hedges is fundamentally linked to the LIS and SSTI thresholds.

Consider the following strategic adjustments based on threshold recalibration:

- **Order Slicing Algorithms** ▴ When LIS thresholds are lowered, the optimal strategy may shift from executing a single large block trade to utilizing sophisticated algorithmic order slicing. The objective becomes breaking a parent order into a series of smaller child orders, each deliberately sized to fall below the new, more restrictive post-trade transparency threshold. This requires advanced execution logic to minimize the cumulative [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and avoid detection patterns.

- **Venue Selection** ▴ The recalibration influences the choice between lit markets, dark pools, and RFQ systems. A lower SSTI threshold in an RFQ system might make it more expensive for dealers to provide competitive quotes, as their risk of being unable to hedge their own position increases. This could push more flow towards alternative venues or necessitate a change in the negotiation protocol with liquidity providers.

- **Pre-Hedging and Post-Hedging Tactics** ▴ The amount of information leakage, governed by the LIS/SSTI parameters, dictates the firm’s approach to managing the risk of the hedge itself. If post-trade transparency becomes immediate for a previously deferred trade size, the strategy for hedging the dealer’s resulting position must become faster and more discreet, potentially involving different but correlated instruments to mask the original intent.

![A vertically stacked assembly of diverse metallic and polymer components, resembling a modular lens system, visually represents the layered architecture of institutional digital asset derivatives. Each distinct ring signifies a critical market microstructure element, from RFQ protocol layers to aggregated liquidity pools, ensuring high-fidelity execution and capital efficiency within a Prime RFQ framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-execution-stack.jpg)

## How Does Recalibration Affect Portfolio Construction?

The impact extends beyond execution tactics into the very construction of the portfolio. A strategy focused on exploiting mispricing in less liquid [corporate bonds](https://prime.greeks.live/area/corporate-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) relies on the ability to accumulate a significant position without alerting the market. The annual recalibration can alter the liquidity profile and implicit transaction costs of holding these assets.

The table below illustrates how a hypothetical downward recalibration of the LIS threshold for corporate bonds could influence strategic decisions for a portfolio manager.

### Table 1 ▴ Strategic Impact of a 20% LIS Threshold Reduction for Corporate Bonds

| Strategic Consideration | Scenario Under Old LIS Threshold (€1,000,000) | Scenario Under New LIS Threshold (€800,000) |
| --- | --- | --- |
| Target Position Sizing | Can accumulate positions in €950,000 clips with deferred post-trade publication, minimizing information leakage. | Positions above €800,000 face immediate post-trade publication. Strategy must cap trade sizes or accept higher market impact costs. |
| Estimated Transaction Cost | Lower estimated market impact due to deferred reporting allows for more efficient accumulation. | Increased market impact costs from information leakage must be factored into the expected alpha of the strategy. |
| Holding Period Viability | Longer-term positions are viable as entry and exit costs are manageable. | The higher cost of entry and exit may shorten the viable holding period or render the strategy unattractive for certain bonds. |
| Liquidity Provider Engagement | Dealers are more willing to provide tight quotes for trades below the LIS threshold via RFQ. | Dealers may widen spreads for trades near the new, lower threshold, anticipating higher hedging costs for themselves. |

![Sleek teal and beige forms converge, embodying institutional digital asset derivatives platforms. A central RFQ protocol hub with metallic blades signifies high-fidelity execution and price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-engine-microstructure.jpg)

## Adapting the Strategic Framework

An effective institutional strategy must treat the LIS/SSTI recalibration as a predictable, recurring risk factor. This involves building models that can simulate the impact of potential threshold changes on portfolio returns. The strategic planning process should incorporate a “transparency budget,” allocating the amount of information leakage the portfolio can tolerate before its core alpha is eroded. When the annual recalibration figures are published by ESMA, these models can be updated to recalibrate execution strategies for the year ahead, ensuring that the firm’s approach to hedging and portfolio management remains aligned with the market’s evolving regulatory architecture.

![Precision cross-section of an institutional digital asset derivatives system, revealing intricate market microstructure. Toroidal halves represent interconnected liquidity pools, centrally driven by an RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-architecture-revealing-precision-rfq-protocol-engine-for-optimal-high-fidelity-execution-and-latent-liquidity-aggregation.jpg)

![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

## Execution

Translating strategic adjustments into flawless execution in the wake of LIS and SSTI recalibration requires a disciplined, systems-based approach. The execution framework of an institutional asset manager must be designed for adaptation, treating these annual threshold changes as a scheduled software patch to its operational logic. The focus shifts from high-level strategy to the granular mechanics of order handling, algorithmic calibration, and communication protocols between portfolio managers and the execution desk.

> Effective execution post-recalibration hinges on the precise re-tuning of algorithmic parameters and pre-trade analytics to navigate the new transparency landscape.

The moment ESMA publishes the updated LIS and SSTI figures, a series of pre-programmed operational workflows must be initiated. This is an exercise in precision and system readiness. The goal is to ensure that from the first day the new thresholds are active, every order sent to the market is fully compliant and optimally routed according to the newly defined transparency constraints. Any delay or error in this process can lead to costly execution, unintended information leakage, or regulatory breaches.

![Abstractly depicting an institutional digital asset derivatives trading system. Intersecting beams symbolize cross-asset strategies and high-fidelity execution pathways, integrating a central, translucent disc representing deep liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-ecosystem-unifying-rfq-protocols-for-high-fidelity-execution-and-deep-liquidity-aggregation-across-multi-leg-spreads.jpg)

## Calibrating Execution Systems and Algorithms

The core of the execution challenge lies within the firm’s own technology stack. Modern execution management systems (EMS) and order management systems (OMS) are hard-coded with LIS and SSTI values to determine the appropriate handling instructions for large orders. The annual recalibration requires a systematic update of these parameters across all relevant systems.

The following table outlines a simplified checklist for the execution desk’s recalibration protocol:

### Table 2 ▴ Execution System Recalibration Protocol

| System Component | Action Required | Primary Responsibility | Verification Method |
| --- | --- | --- | --- |
| Order Management System (OMS) | Update the LIS and SSTI threshold values for each relevant instrument class in the system’s core logic. | Trading Technology / Operations | Run test orders in a UAT environment to confirm correct flagging for transparency waivers. |
| Execution Management System (EMS) | Adjust smart order router (SOR) and algorithmic trading rules that reference LIS/SSTI thresholds. This includes VWAP, TWAP, and Implementation Shortfall algorithms. | Execution Desk / Quant Team | Simulate algorithmic behavior against historical data using the new thresholds to project market impact changes. |
| Pre-Trade Analytics Suite | Update all pre-trade cost models and liquidity-seeking tools to reflect the new thresholds. The system must accurately predict the transparency status of a potential order. | Quant Team / Data Analytics | Compare pre-trade cost estimates from the updated model with the previous model for a set of benchmark orders. |
| Compliance and Reporting Engine | Ensure the post-trade reporting module correctly identifies trades requiring deferred publication based on the updated LIS values. | Compliance / Technology | Conduct a full audit of post-trade reports for the first week of trading under the new regime to ensure accuracy. |

![A precision mechanism, potentially a component of a Crypto Derivatives OS, showcases intricate Market Microstructure for High-Fidelity Execution. Transparent elements suggest Price Discovery and Latent Liquidity within RFQ Protocols](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-crypto-derivatives-rfq-engine-high-fidelity-execution.jpg)

## Operational Workflow Adjustments

Beyond the technical calibration, human workflows must also adapt. The dialogue between the portfolio management team and the execution desk becomes more critical. A portfolio manager’s directive to “buy 50 million of this bond” must now be met with a more nuanced conversation from the execution desk.

- **Pre-Trade Consultation** ▴ The execution desk must proactively advise the portfolio manager on the implications of the new thresholds for their desired order. This includes providing updated estimates for market impact, timing risk, and the feasibility of using different execution strategies (e.g. single block vs. algorithmic slicing).

- **Dynamic Order Sizing** ▴ Portfolio managers may need to provide more flexibility on final execution size. An order might be sized as “up to €10 million, but with a hard limit of €7.99 million per single print” to stay just below a newly lowered LIS threshold of €8 million.

- **Enhanced Post-Trade Analysis** ▴ [Transaction Cost Analysis](https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (TCA) must be refined. The analysis should specifically attribute execution performance to the impact of the transparency regime. For example, TCA reports should be able to compare the execution quality of trades that received a deferral versus those that did not, isolating the economic value of the LIS waiver.

Ultimately, executing effectively in this environment means treating the LIS and SSTI thresholds as a primary input into the risk management and execution process. The annual recalibration is not an administrative nuisance. It is a predictable event that must be integrated into the firm’s operational DNA, ensuring that the institution’s long-term strategies are implemented with precision, discretion, and maximum capital efficiency.

![A central RFQ engine orchestrates diverse liquidity pools, represented by distinct blades, facilitating high-fidelity execution of institutional digital asset derivatives. Metallic rods signify robust FIX protocol connectivity, enabling efficient price discovery and atomic settlement for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-liquidity-orchestration.jpg)

## References

- European Securities and Markets Authority. (2020). Consultation Paper on MiFID II/MiFIR review report on the transparency regime for non-equity and the trading obligation for derivatives. ESMA70-156-2362.

- BlackRock. (2015). MiFID II Transparency Rules ▴ Potential Market Implications. SEC.gov.

- Tradeweb. (2015). MiFID II and Swaps Transparency ▴ What You Need to Know. Tradeweb.com.

- International Swaps and Derivatives Association. (2021). ISDA Commentary on EC MIFIR proposal ▴ removal of the SSTI threshold. ISDA.org.

- European Securities and Markets Authority. (2024). Final Report on the review of the RTS 1 on equity transparency. ESMA74-2134169708-7636.

- O’Hara, M. (1995). Market Microstructure Theory. Blackwell Publishers.

- Harris, L. (2003). Trading and Exchanges ▴ Market Microstructure for Practitioners. Oxford University Press.

- European Commission. (2014). Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. Official Journal of the European Union.

![Abstract visualization of an institutional-grade digital asset derivatives execution engine. Its segmented core and reflective arcs depict advanced RFQ protocols, real-time price discovery, and dynamic market microstructure, optimizing high-fidelity execution and capital efficiency for block trades within a Principal's framework](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-interface.jpg)

## Reflection

The annual recalibration of LIS and SSTI thresholds serves as a potent reminder that a financial market is not a static entity but a dynamic, engineered system. The knowledge of how these parameters shift and the direct consequences for execution are components of a larger intelligence apparatus. The critical question for any institutional principal is how deeply this understanding is embedded within their own operational framework. Is this annual event treated as a reactive, administrative task for the back office, or is it embraced as a strategic input, proactively shaping the architecture of portfolio and risk management systems?

Viewing these recalibrations through a systems architecture lens reveals their true nature. They are scheduled updates to the market’s information protocol. A superior operational framework does not just react to these updates; it anticipates them.

It models their potential impact, designs adaptive execution algorithms, and fosters a fluid, data-driven dialogue between those who devise strategy and those who implement it. The ultimate edge is found in this seamless integration, transforming a regulatory requirement into a source of operational alpha and strategic control.

![Sleek, engineered components depict an institutional-grade Execution Management System. The prominent dark structure represents high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-for-optimized-price-discovery-high-fidelity-execution-and-market-microstructure.jpg)

## Glossary

<a href="https://prime.greeks.live/question/what-are-the-consequences-of-failing-to-comply-with-the-annual-ceo-certification-requirement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central blue structural hub, emblematic of a robust Prime RFQ, extends four metallic and illuminated green arms. These represent diverse liquidity streams and multi-leg spread strategies for high-fidelity digital asset derivatives execution, leveraging advanced RFQ protocols for optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-platform.jpg)

## Annual Recalibration

Failure to comply with CEO certification invites severe personal and corporate penalties, from criminal charges to market delisting. </a><a href="https://prime.greeks.live/area/information-leakage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Stacked, distinct components, subtly tilted, symbolize the multi-tiered institutional digital asset derivatives architecture. Layers represent RFQ protocols, private quotation aggregation, core liquidity pools, and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/layered-institutional-digital-asset-derivatives-rfq-protocols-optimizing-principal-execution-management-systems-for-best-execution.jpg)

## Information Leakage

Meaning ▴ Information leakage denotes the unintended or unauthorized disclosure of sensitive trading data, often concerning an institution's pending orders, strategic positions, or execution intentions, to external market participants. </a><a href="https://prime.greeks.live/area/pre-trade-transparency/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, bi-sected circular element, symbolizing a liquidity pool within market microstructure, is bisected by a diagonal bar. This represents high-fidelity execution for digital asset derivatives via RFQ protocols, enabling price discovery and bilateral negotiation in a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-crypto-derivatives-execution-rfq-price-discovery-core.jpg)

## Pre-Trade Transparency

Meaning ▴ Pre-Trade Transparency refers to the real-time dissemination of bid and offer prices, along with associated sizes, prior to the execution of a trade. </a><a href="https://prime.greeks.live/question/what-are-the-typical-thresholds-for-an-rfq-trade/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Polished, intersecting geometric blades converge around a central metallic hub. This abstract visual represents an institutional RFQ protocol engine, enabling high-fidelity execution of digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure.jpg)

## These Thresholds

An RFQ threshold is a risk-management parameter that routes large orders to private liquidity to preserve price fidelity and control information leakage. </a><a href="https://prime.greeks.live/area/ssti-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A metallic, modular trading interface with black and grey circular elements, signifying distinct market microstructure components and liquidity pools. A precise, blue-cored probe diagonally integrates, representing an advanced RFQ engine for granular price discovery and atomic settlement of multi-leg spread strategies in institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-system-facilitating-high-fidelity-execution-price-discovery.jpg)

## Ssti Threshold

Meaning ▴ The SSTI Threshold represents a precisely defined, dynamic control parameter within automated trading systems governing institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/portfolio-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sharp, multi-faceted crystal prism, embodying price discovery and high-fidelity execution, rests on a structured, fan-like base. This depicts dynamic liquidity pools and intricate market microstructure for institutional digital asset derivatives via RFQ protocols, powered by an intelligence layer for private quotation](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-price-discovery-execution.jpg)

## Portfolio Management

Meaning ▴ Portfolio Management denotes the systematic process of constructing, monitoring, and adjusting a collection of financial instruments to achieve specific objectives under defined risk parameters. </a><a href="https://prime.greeks.live/question/how-can-a-hedge-fund-manager-effectively-conduct-due-diligence-on-a-potential-prime-broker/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric design illustrating a central RFQ aggregation hub for institutional digital asset derivatives. Radiating lines symbolize high-fidelity execution via smart order routing across dark pools](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-high-fidelity-execution-architecture.jpg)

## Portfolio Manager

Effective prime broker due diligence is the architectural design of a core dependency, ensuring systemic resilience and capital efficiency. </a><a href="https://prime.greeks.live/area/lis-threshold/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![An Execution Management System module, with intelligence layer, integrates with a liquidity pool hub and RFQ protocol component. This signifies atomic settlement and high-fidelity execution within an institutional grade Prime RFQ, ensuring capital efficiency for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/prime-os-orchestrating-institutional-digital-asset-derivatives-rfq-protocols-for-optimal-execution.jpg)

## Lis Threshold

Meaning ▴ The LIS Threshold represents a dynamically determined order size benchmark, classifying trades as "Large In Scale" to delineate distinct market microstructure rules, primarily concerning pre-trade transparency obligations and enabling different execution methodologies for institutional digital asset derivatives. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Central nexus with radiating arms symbolizes a Principal's sophisticated Execution Management System EMS. Segmented areas depict diverse liquidity pools and dark pools, enabling precise price discovery for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-liquidity-orchestration.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a><a href="https://prime.greeks.live/area/corporate-bonds/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A robust, dark metallic platform, indicative of an institutional-grade execution management system. Its precise, machined components suggest high-fidelity execution for digital asset derivatives via RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-high-fidelity-price-discovery-and-atomic-settlement-infrastructure.jpg)

## Corporate Bonds

Meaning ▴ Corporate Bonds are fixed-income debt instruments issued by corporations to raise capital, representing a loan made by investors to the issuer. </a><a href="https://prime.greeks.live/area/transaction-cost-analysis/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Intersecting geometric planes symbolize complex market microstructure and aggregated liquidity. A central nexus represents an RFQ hub for high-fidelity execution of multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-market-microstructure-optimisation.jpg)

## Transaction Cost Analysis

Meaning ▴ Transaction Cost Analysis (TCA) is the quantitative methodology for assessing the explicit and implicit costs incurred during the execution of financial trades. </a>

**Tags:** [MiFID II](https://options.greeks.live/area/mifid-ii/), [Information Leakage](https://options.greeks.live/area/information-leakage/), [Liquidity Risk](https://options.greeks.live/area/liquidity-risk/), [Execution Strategy](https://options.greeks.live/area/execution-strategy/), [LIS Threshold](https://options.greeks.live/area/lis-threshold/), [Regulatory Impact](https://options.greeks.live/area/regulatory-impact/)	

## Discover More

- 
### [What Specific Criteria Justify Limiting Quote Provision under MiFID II?](https://options.greeks.live/question/what-specific-criteria-justify-limiting-quote-provision-under-mifid-ii/)
![A central split circular mechanism, half teal with liquid droplets, intersects four reflective angular planes. This abstractly depicts an institutional RFQ protocol for digital asset options, enabling principal-led liquidity provision and block trade execution with high-fidelity price discovery within a low-latency market microstructure, ensuring capital efficiency and atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-protocol-core-system-for-high-fidelity-execution-and-aggregated-liquidity.jpg)

MiFID II limits quote provision for large-in-scale trades, illiquid instruments, and specific protocols to optimize execution and manage risk.

- 
### [How Do Dark Pools and Lit Markets Differ in Information Disclosure?](https://options.greeks.live/question/how-do-dark-pools-and-lit-markets-differ-in-information-disclosure/)
![Angularly connected segments portray distinct liquidity pools and RFQ protocols. A speckled grey section highlights granular market microstructure and aggregated inquiry complexities for digital asset derivatives. This visual implies seamless high-fidelity execution and atomic settlement within a Principal's operational framework.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-efficiency.jpg)

Dark pools conceal pre-trade order intent to minimize market impact, whereas lit markets broadcast it to facilitate public price discovery.

- 
### [How Does Information Leakage Impact Best Execution for Illiquid Corporate Bonds?](https://options.greeks.live/question/how-does-information-leakage-impact-best-execution-for-illiquid-corporate-bonds/)
![Intersecting translucent aqua blades, etched with algorithmic logic, symbolize multi-leg spread strategies and high-fidelity execution. Positioned over a reflective disk representing a deep liquidity pool, this illustrates advanced RFQ protocols driving precise price discovery within institutional digital asset derivatives market microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-optimized-algorithmic-execution-microstructure-for-price-discovery.jpg)

Information leakage in illiquid bonds systematically erodes best execution by signaling intent, leading to adverse price movements.

- 
### [How Can Pre-Trade Analytics Differentiate between Liquidity and Leakage Risk?](https://options.greeks.live/question/how-can-pre-trade-analytics-differentiate-between-liquidity-and-leakage-risk/)
![A Principal's RFQ engine core unit, featuring distinct algorithmic matching probes for high-fidelity execution and liquidity aggregation. This price discovery mechanism leverages private quotation pathways, optimizing crypto derivatives OS operations for atomic settlement within its systemic architecture.](https://options.greeks.live/wp-content/uploads/2025/08/principals-rfq-engine-driving-optimal-digital-asset-derivatives.jpg)

Pre-trade analytics differentiates liquidity from leakage by modeling an order's systemic impact versus its informational footprint.

- 
### [How Do Dark Pools Affect the Price Discovery Process for Large Trades?](https://options.greeks.live/question/how-do-dark-pools-affect-the-price-discovery-process-for-large-trades/)
![A central core represents a Prime RFQ engine, facilitating high-fidelity execution. Transparent, layered structures denote aggregated liquidity pools and multi-leg spread strategies. Internal patterns symbolize market microstructure data streams, enabling algorithmic pricing and optimal price discovery for institutional digital asset derivatives.](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-institutional-digital-asset-derivatives-execution.jpg)

Dark pools affect price discovery by segmenting order flow, which can enhance lit market efficiency or obscure informational trades.

- 
### [How Does Market Liquidity Affect Best Execution for Corporate Bonds?](https://options.greeks.live/question/how-does-market-liquidity-affect-best-execution-for-corporate-bonds/)
![Geometric planes, light and dark, interlock around a central hexagonal core. This abstract visualization depicts an institutional-grade RFQ protocol engine, optimizing market microstructure for price discovery and high-fidelity execution of digital asset derivatives including Bitcoin options and multi-leg spreads within a Prime RFQ framework, ensuring atomic settlement.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-architecture.jpg)

Market liquidity dictates the available strategies and achievable outcomes for best execution in corporate bonds, a multi-faceted fiduciary duty.

- 
### [How Do Large-In-Scale Thresholds Affect Algorithmic Trading Strategies?](https://options.greeks.live/question/how-do-large-in-scale-thresholds-affect-algorithmic-trading-strategies-2/)
![A sophisticated metallic instrument, a precision gauge, indicates a calibrated reading, essential for RFQ protocol execution. Its intricate scales symbolize price discovery and high-fidelity execution for institutional digital asset derivatives. Teal illumination suggests dark liquidity aggregation, supporting the principal's operational framework and systemic risk mitigation via an intelligence layer.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform.jpg)

LIS thresholds bifurcate execution logic, compelling algorithms to shift from lit market participation to discreet, impact-minimizing dark liquidity sourcing.

- 
### [How Does the LIS Waiver Impact the Economics of High-Touch versus Low-Touch Trading Desks?](https://options.greeks.live/question/how-does-the-lis-waiver-impact-the-economics-of-high-touch-versus-low-touch-trading-desks/)
![Close-up of intricate mechanical components symbolizing a robust Prime RFQ for institutional digital asset derivatives. These precision parts reflect market microstructure and high-fidelity execution within an RFQ protocol framework, ensuring capital efficiency and optimal price discovery for Bitcoin options.](https://options.greeks.live/wp-content/uploads/2025/07/engineered-core-systems-driving-institutional-digital-asset-derivatives-rfq-protocol-execution.jpg)

The LIS waiver bifurcates execution economics, preserving the value of high-touch expertise for block liquidity while driving low-touch algorithmic innovation.

- 
### [What Are the Specific Pre-Trade Transparency Waivers for LIS Orders under MiFID II?](https://options.greeks.live/question/what-are-the-specific-pre-trade-transparency-waivers-for-lis-orders-under-mifid-ii/)
![A detailed view of an institutional-grade Digital Asset Derivatives trading interface, featuring a central liquidity pool visualization through a clear, tinted disc. Subtle market microstructure elements are visible, suggesting real-time price discovery and order book dynamics. This represents a Prime RFQ component for high-fidelity execution of RFQ protocols in multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-rfq-execution-system-microstructure-display.jpg)

The MiFID II LIS waiver is a regulated mechanism permitting non-display of large orders to mitigate market impact and improve execution quality.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://options.greeks.live"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Question",
            "item": "https://options.greeks.live/question/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "How Might the Annual Recalibration of LIS and SSTI Thresholds Impact Long-Term Hedging and Portfolio Management Strategies?",
            "item": "https://options.greeks.live/question/how-might-the-annual-recalibration-of-lis-and-ssti-thresholds-impact-long-term-hedging-and-portfolio-management-strategies/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Organization",
    "@id": "https://greeks.live/#organization",
    "name": "Greeks.Live",
    "url": "https://greeks.live/",
    "description": "Greeks.live is the definitive toolkit for the professional options trader, dedicated to empowering our users with institutional-grade data, advanced analytics, and a comprehensive suite of trading tools designed to provide a decisive edge in the market. Every article and guide published under the Greeks.live name is a product of our deep commitment to data-driven analysis and our mission to support the global trading community.",
    "email": "support@greeks.live",
    "logo": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/Greeks.Live-Logo-Icon.svg"
    },
    "hasPart": [
        {
            "@type": "WebSite",
            "name": "About Us",
            "url": "https://about.greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "App Download Page",
            "url": "https://about.greeks.live/#/download/basic_trade"
        },
        {
            "@type": "WebSite",
            "name": "Newcomers' Guide",
            "url": "https://twisty-sign-c8b.notion.site/Guide-for-Greeks-live-X-Deribit-Newbies-5a08a3052822427d800af6eaf3704c8d"
        },
        {
            "@type": "WebSite",
            "name": "Knowledge Base",
            "url": "https://linktr.ee/greeks.live"
        },
        {
            "@type": "WebSite",
            "name": "Option Terminology",
            "url": "https://greekslive.notion.site/88dfc00e7c584d4d8969b6302a79a12f?pvs=4"
        },
        {
            "@type": "WebSite",
            "name": "Terms of Service",
            "url": "https://greeks.live/#/tos"
        },
        {
            "@type": "WebSite",
            "name": "Disclaimer",
            "url": "https://greeks.live/#/disclaimer"
        }
    ],
    "sameAs": [
        "https://x.com/greekslive",
        "https://youtube.com/@greeks_live?si=-KjT0Lkw4WUCI0tD",
        "https://t.me/greekslive_notifications",
        "https://t.me/greekslive",
        "https://pinterest.com/greekslive/"
    ],
    "makesOffer": [
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "RFQ Platform",
                "url": "https://rfq.greeks.live",
                "description": "Execute institutional-grade block trades for crypto options and futures. This platform provides deep, over-the-counter (OTC) liquidity via a professional Request for Quote system.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Lending Tools",
                "url": "https://lend.greeks.live",
                "description": "Manage crypto lending and borrowing activities to earn yield or secure loans. This suite of tools helps users analyze interest rates and manage collateralized debt positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Data Lab",
                "url": "https://greeks.live/#/deribit/tools/datalab/BTC",
                "description": "Analyze historical and real-time options data with advanced metrics. This tool is designed for backtesting strategies and identifying market trends through comprehensive data visualization.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Profit & Loss Analysis (PnL)",
                "url": "https://greeks.live/#/deribit/tools/pnl_analysis",
                "description": "Track and analyze the Profit and Loss (PnL) of your options portfolio. This tool provides detailed performance metrics to help traders evaluate and refine their strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Position Visualization",
                "url": "https://greeks.live/#/deribit/tools/pv/BTC",
                "description": "Visualize complex options positions and their corresponding risk profiles. This tool generates payoff diagrams to help traders intuitively understand potential profit, loss, and exposure.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Options Calculator",
                "url": "https://greeks.live/#/deribit/tools/calculator",
                "description": "Calculate the theoretical price and risk parameters ('the Greeks') of crypto options. An essential tool for pricing new trades and analyzing the sensitivity of existing positions.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live Main Platform",
                "url": "https://greeks.live/",
                "description": "The central hub for the Greeks.live suite of professional cryptocurrency options and derivatives trading tools. Access analytics, manage positions, and explore the ecosystem.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Community Forum",
                "url": "https://t.greeks.live",
                "description": "Join the official Greeks.live community. Connect with other traders, share insights, and receive the latest updates directly from the team.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for Deribit",
                "url": "http://deribit.greeks.live",
                "description": "A dedicated interface for trading on the Deribit exchange. This platform leverages Greeks.live's advanced analytics and tools specifically for users of Deribit's options and futures markets.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "Greeks.live for OKX",
                "url": "http://okx.greeks.live",
                "description": "A dedicated interface for trading on the OKX exchange. This platform integrates Greeks.live's powerful analytics with the OKX marketplace, focusing on its options and derivatives products.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "GLVS.AI Trading Platform",
                "url": "https://www.glvs.ai/",
                "description": "An AI-powered platform for automated crypto options trading. Leverage advanced algorithms and data-driven signals to develop and deploy sophisticated, hands-free trading strategies.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        },
        {
            "@type": "Offer",
            "itemOffered": {
                "@type": "Service",
                "name": "API Testnet & Sandbox",
                "url": "https://test.greeks.live",
                "description": "A dedicated testnet environment for developers to test their API integrations and automated trading strategies. This sandbox allows for full functionality testing without risking real funds.",
                "provider": {
                    "@id": "https://greeks.live/#organization"
                }
            }
        }
    ],
    "subOrganization": [
        {
            "@type": "Organization",
            "name": "GreeksLive HK Co., Limited",
            "email": "support@greeks.live",
            "telephone": "+852-56418949",
            "address": {
                "@type": "PostalAddress",
                "streetAddress": "Unit 11, 27/F, K. Wah Centre, 191 Java Road",
                "addressLocality": "Hong Kong",
                "addressRegion": "North Point",
                "addressCountry": "CN",
                "postalCode": "0000"
            },
            "geo": {
                "@type": "GeoCoordinates",
                "latitude": "22.2932357",
                "longitude": "114.2022026"
            },
            "image": "https://options.greeks.live/wp-content/uploads/2025/08/Wah-Centre-Hong-Kong.jpg"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://options.greeks.live/question/how-might-the-annual-recalibration-of-lis-and-ssti-thresholds-impact-long-term-hedging-and-portfolio-management-strategies/"
    },
    "headline": "How Might the Annual Recalibration of LIS and SSTI Thresholds Impact Long-Term Hedging and Portfolio Management Strategies? \u25b4 Question",
    "description": "Recalibrating LIS/SSTI thresholds dynamically alters execution costs, forcing a strategic refactoring of hedging and portfolio models. \u25b4 Question",
    "url": "https://options.greeks.live/question/how-might-the-annual-recalibration-of-lis-and-ssti-thresholds-impact-long-term-hedging-and-portfolio-management-strategies/",
    "datePublished": "2025-07-30T08:13:06+00:00",
    "dateModified": "2025-07-31T06:31:01+00:00",
    "articleSection": [
        "Question"
    ],
    "author": {
        "@id": "https://greeks.live/#organization"
    },
    "publisher": {
        "@id": "https://greeks.live/#organization"
    },
    "image": {
        "@type": "ImageObject",
        "url": "https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-prime-os-rfq-execution-platform.jpg",
        "caption": "A central blue structural hub, reminiscent of a robust institutional Prime RFQ, anchors four dynamically extending arms: two metallic and two illuminated green. This visual metaphor illustrates the sophisticated architecture for digital asset derivatives trading. It depicts the aggregation of diverse liquidity pools, execution of complex multi-leg spreads, and high-fidelity RFQ protocols, ensuring best execution and optimizing capital efficiency."
    },
    "keywords": [
        "Algorithmic Trading",
        "Corporate Bonds",
        "Execution Strategy",
        "Hedging Strategy",
        "Information Leakage",
        "Liquidity Risk",
        "LIS Threshold",
        "Market Impact",
        "Market Microstructure",
        "MiFID II",
        "Portfolio Management",
        "Post-Trade Deferral",
        "Pre-Trade Transparency",
        "Regulatory Impact",
        "SSTI Threshold",
        "Transaction Cost Analysis"
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebSite",
    "url": "https://options.greeks.live/",
    "potentialAction": {
        "@type": "SearchAction",
        "target": "https://options.greeks.live/?s=search_term_string",
        "query-input": "required name=search_term_string"
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "FAQPage",
    "mainEntity": [
        {
            "@type": "Question",
            "name": "What is the Systemic Purpose of Recalibration?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The systemic purpose of this annual recalibration is to ensure the transparency framework remains correctly calibrated to the prevailing market conditions. A static, unchanging threshold would inevitably become obsolete, either failing to protect large trades in a more active market or granting waivers too liberally in a less active one. The recalibration acts as a feedback loop, aligning the regulatory structure with the market's revealed behavior. This ensures the system's core objectives\u2014protecting investors, ensuring fair and orderly markets, and maintaining the viability of liquidity provision\u2014are dynamically maintained. For portfolio managers and hedging strategists, this means the rules of engagement for execution are subject to a predictable, yet impactful, annual review. This requires a proactive stance, where strategies are built with the flexibility to adapt to these shifting parameters."
            }
        },
        {
            "@type": "Question",
            "name": "How Does Recalibration Affect Portfolio Construction?",
            "acceptedAnswer": {
                "@type": "Answer",
                "text": "The impact extends beyond execution tactics into the very construction of the portfolio. A strategy focused on exploiting mispricing in less liquid corporate bonds relies on the ability to accumulate a significant position without alerting the market. The annual recalibration can alter the liquidity profile and implicit transaction costs of holding these assets."
            }
        }
    ]
}
```


---

**Original URL:** https://options.greeks.live/question/how-might-the-annual-recalibration-of-lis-and-ssti-thresholds-impact-long-term-hedging-and-portfolio-management-strategies/
