While I don’t know this individual personally, I know his shop and many former employees.
1) Outright 200MM notional VIX futures position is insane, perhaps if it’s hedging a 100B book or something. I know he likes to trade big but relative to the size and volatility…..
2) How do you forget expiration day with that kind of position size? Admittedly, when I first started out I screwed up an SPX expiration trade – thinking I could trade it on Friday when they actually stop trading on Thursday and price Friday morning.
3) More importantly, why would you trade a 200MM notional VIX futures front month INTO expiration?! Especially a vehicle that is known to be gamed often and easily, literally like playing roulette!