Elie Ayache was born in Lebanon in 1966. Trained as an engineer at l’École Polytechnique of Paris, he pursued a career of option market-maker on the floor of MATIF (1987-1990) and LIFFE (1990-1995). He then turned to the philosophy of probability (DEA at la Sorbonne) and to derivative pricing, and co-founded ITO 33, a financial software company, in 1999. Today ITO 33 is the leading specialist in the pricing of convertible bonds, in the equity-to-credit problem, and more generally in the calibration and recalibration of volatility surfaces. Ayache has published numerous articles on the philosophy of contingent claims, and is the author of the influential book The Blank Swan: The End of Probability (2010).