Options trading volumes took eight years to recover from the 1987 crash.

Evidence

Nor were all the effects of the crash short-lived; it was 1995 before stock options trading on the Chicago Board Options Exchange recovered to pre-crash volumes (CBOE/OCC 1998a, p. 12). It is this collective trauma, I conjecture, that sustains the skew It is, for example, noteworthy that the skew in index options appears initially to have been largely an American phenomenon. — Donald MacKenzie, An Engine, Not a Camera, 920

Categorization

• QUESTION: The claim that collective trauma sustains the volatility skew is the analytic payoff here — the paragraph cuts off mid-sentence, worth returning to the book for the completed argument.