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Amy Silverman

Managing Director, Royal Bank of Canada

Search every verified Amy Silverman interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Amy Silverman, head of derivatives strategy at RBC Capital Markets, has made several media appearances in the past two months to discuss market conditions, election risks, and volatility. In early November 2026, she said on Bloomberg Open Interest that the US midterm elections could serve as a "clearing event" for markets, citing options term structure as suggesting this, but noted that a contested election could induce volatility. She also commented on a "violent rotation" in markets, describing a "paddling duck market" where index levels appear calm but underlying stocks experience multi-standard-deviation moves, with sectors such as software and semis zigging and zagging to offset each other. Silverman has also discussed the relationship between bond and equity volatility, noting that Treasury implied volatility relative to equity implied volatility has been elevated. In October 2026, she told CNBC's Squawk Box that volatility from other asset classes would eventually "bleed into equity markets," and used a flood insurance analogy to illustrate how low-probability risks, such as existential threats from AI, may be underpriced. She also addressed the K-shaped economy in a September 2026 appearance, saying that weak consumer confidence reflects lower-income households, while high earners continue spending, which supports hard economic data and equity markets. Throughout these appearances, she has highlighted election-related risks, high dispersion among stocks, and the potential for correlation to rise as macro concerns take hold.

Recent appearances

Verified interview transcripts

Notable quotes

“I think the narrative in the market right now is that we will know, we just need to get through midterms. It'll be a clearing event, and then we can kind of go back to the party. I've heard several investors say that and my concern is fine, midterms finishes. You know, right now we're kind of predicting, I think around 60% that it's going to be a Democratic sweep. We'll see if that occurs. If it isn't, if it's split,”

“I'm being a little hyperbolic, but I'll give you a more straightforward example. So the flood example. You know, look, if I told you there was like a 0.5% chance that your house is going to flood, are you going to do anything about it? Are you going to buy flood insurance? Maybe not. Most people would say that's a small risk. I can tolerate it. But if I said, look, that risk is actually like 20%, does that mean it's ”

“Yeah, that's a really good question. And whenever we see those differentials in ratios being very high, I would say it makes everyone quite nervous because when you look across assets, so you take something like a simple ratio like move over VIX. Just looking at the Treasury, implied volatility is relative to the equity implied volatility. If essentially seen that trading at all time highs. And typically that's not a”

“Look, one thing that we've had in the options market that's been a benefit to volatility is very high dispersion. Simply what I mean by that is you've had AI beneficiaries. You've had some that are not AI beneficiaries in the past something like software, but they sort of zig zag and they've cancelled each other out. And that's kept volatility fairly muted. You can see that in a VIX handle that's still below 20. Howe”

“One warning signal for me is that both credit, both fixed income, both rates, they haven't been flagging the same awesomeness that you've seen in equity. You really see that in CDS spreads against equity, and that always makes me nervous as an ex-fixed income person.”

“What if anti-AI sentiment becomes more than just an election story. It becomes a market story. That's something to me that can really reflate correlation in the market because it touches all aspects of the market. It's the surge protector plugged into itself, right? Like we know a lot of these things have tentacles.”

Other executives at Royal Bank of Canada

  • Helima Croft, Managing Director & Global Head of Commodity Strategy, RBC Capital Markets

The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →