An international conference promoted by the School last week highlighted advances in machine learning, volatility, risk, and the convergence between theory and market practice, attracting academic researchers and professionals from the financial world.
FGV EMAp hosted RiO 2025 and brought together approximately 100 participants, including researchers and financial market professionals | Photo: FGV EMAp
The School of Applied Mathematics of the Getulio Vargas Foundation (FGV EMAp), in partnership with the Brazilian Society of Finance (SBFin), held from December 3 to 7 the 20th edition of Research in Options (RiO 2025), one of the most traditional and relevant international meetings dedicated to the interface between Applied Mathematics and Quantitative Finance.
Held in two stages — from December 3 to 5 at the Hotel Pedra da Laguna in Búzios, and on December 6 and 7 at FGV’s headquarters in Rio de Janeiro — the event brought together around 100 participants, including academic researchers and financial market professionals, maintaining RiO’s historic hallmark of balancing scientific rigor with practical applicability.
The meeting was sponsored by Bloomberg and the University of Toronto and, over two decades, has consolidated itself as a global reference space for discussion of core topics in Quantitative Finance. RiO has been successful in maintaining an exceptional academic standard and in creating a strong core of researchers who return year after year. This continuous scientific community is one of the main reasons behind its identity and longevity.
Emerging themes and a return to the field’s foundations
According to Yuri Saporito, a member of the Event’s Organizing and Scientific Committee, RiO 2025 highlighted both the advancement of new approaches and the strengthening of classic themes in Quantitative Finance.
Member of the Organizing Committee, Yuri Saporito believes RiO’s longevity is linked to scientific consistency and the sense of community built over 20 years | Photo: FGV EMAp
“Applications of machine learning in Finance continue to advance rapidly — from generative models for financial time series to deep hedging techniques and reinforcement learning,” emphasized the FGV EMAp researcher.
Another axis that gained prominence was the use of the Signatures method, originating from Rough Paths theory, which has been consolidating itself as a central tool for nonparametric modeling of financial time series. At the same time, debates on cryptoassets, DeFi, and new market structures reflected concrete transformations in the global financial industry.
Despite the innovations, the event also reaffirmed its historical identity. “There was a strong return to the classic themes that consolidated RiO throughout its history, such as volatility modeling, portfolio allocation, and risk. RiO 2025 managed to bring these fronts together, demonstrating maturity and scientific diversity,” evaluated the researcher, a specialist in topics such as stochastic volatility models within Quantitative Finance.
Academic excellence and dialogue with the market
Upon completing 20 editions, RiO reinforced its position as one of the leading international forums in the field. For Saporito, the event’s longevity is tied to scientific consistency and the sense of community built over time.
In addition to the conference, RiO 2025 offered two days of short courses at FGV’s headquarters in Rio de Janeiro, highlighting the variety of activities offered by the organization | Photo: FGV EMAp
“RiO began in 2006 with names that shaped the modern field of Quantitative Finance and has maintained an exceptional academic standard ever since,” he stated. According to him, the institutional strengthening promoted by FGV EMAp, especially since 2022, has expanded the event’s impact and ensured continuity with excellence.
This solidity is also reflected in the permanent dialogue between academia and the market, one of the event’s defining features. The 2025 edition included presentations by practitioners, real case studies, and research motivated by concrete challenges faced by the financial industry.
“Many of the studies presented arose directly from problems faced by market professionals. This permanent dialogue between theory and practice is one of the reasons why RiO is so highly valued by both universities and industry,” Saporito emphasized.
Training and international projection
In addition to the conference, RiO 2025 offered short courses on December 6 and 7, taught by Igor Cialenco from the Illinois Institute of Technology (United States), Carolina Hoffmann-Becking from Bloomberg, Jorge Zubelli from Khalifa University (Abu Dhabi), Bruno Dupire from New York University (NYU, United States), and Sergio Maffra from King’s College London (United Kingdom). According to Saporito, this initiative is directly aligned with FGV EMAp’s academic mission.
“The short courses serve as a gateway to advanced topics and an opportunity for direct interaction with renowned international researchers,” noted the RiO organizer.
Researcher Igor Cialenco, from the Illinois Institute of Technology (USA), was one of the short course instructors at RiO 2025 | Photo: FGV EMAp
This year’s edition also featured the presence of internationally renowned researchers, such as Terry Lyons from the University of Oxford, who was the keynote speaker, as well as guests from leading institutions in Europe, North America, and South America.
Terry Lyons, from the University of Oxford (UK), was also a highlight in lectures on Quantitative Finance and Applied Mathematics | Photo: FGV EMAp
Future perspectives
Looking ahead to future editions, Saporito emphasized the challenge of preserving scientific quality while expanding RiO’s institutional impact. “The event plays an important role in FGV EMAp’s international projection and in consolidating Brazil as a hub for research in quantitative finance,” he stated.
For the mathematician, who first participated in the event in 2007, the meeting represents more than a scientific gathering. “RiO changed my career, opened doors, and generated long-lasting collaborations. I hope it continues to play this role for new generations.”
With its 20th edition, RiO further consolidates FGV EMAp as a hub for discussion in Quantitative Finance, articulating cutting-edge research, methodological innovation, and dialogue with the market | Photo: FGV EMAp
By celebrating its 20th edition, RiO 2025 reaffirms its commitment to scientific excellence, talent development, and the strengthening of global connections between Applied Mathematics and Quantitative Finance.
In this context, FGV EMAp consolidates itself as one of the centers of this discussion in Brazil and on the international stage, acting strategically in the articulation between cutting-edge research, methodological innovation, and dialogue with the market — pillars that continue to guide the future of the event.