Capstone delivers volatility and options-based strategies and solutions that can be accretive to institutional investment portfolios by developing and maintaining a variety of volatility analytics across global asset classes. Capstone’s approach is model-driven with a qualitative overlay and consists of specialists in each asset class understanding and navigating the nuances of the evolving global markets.

Genesis of Capstone

Paul Britton is the founder and CEO of Capstone. Mr. Britton has over 20 years of derivatives trading experience. Capstone was launched in 2004 out of the U.S. arm of Mako Global Derivatives and Capstone’s principals traded proprietary capital from 2004 to 2007. Subsequently, Capstone opened to institutional client capital in March 2007.

Capstone is the founding member of the Global Volatility Summit which aims to educate investors on the use of volatility strategies within institutional investment portfolios.

Investor Partners

Capstone has an institutional investor base. The firm partners and maintains close relationships with sophisticated institutional investors to target value-added strategies across their portfolios.

We aim not just to deliver performance across our portfolios to Capstone’s investors, but also to add value by providing market research and insight that enables our investors to make better informed investment decisions across their portfolios. We view our investors as partners and aim to contribute to their success.

Strategy Details

Capstone believes in taking a diversified approach to investing across asset classes, geographic regions, trading strategies and uses a wide range of instruments primarily within the options and volatility space. The firm’s volatility trading strategies span equities, fixed income, commodities, foreign exchange, credit, and convertible bonds globally.


Firm Inception


Employees across offices New York, Los Angeles, London, and Amsterdam

Team of 40+

Investment professionals trade volatility across global asset classes, with experienced specialists in each strategy

Approximately 80%

Of assets managed directly on behalf of pensions, endowments, foundations