{
  "abstract": "Borrowed from non-equilibrium statistical mechanics, the generalized Langevin equation (GLE) is imported as a framework for stochastic volatility to address the structural limitations of fractional Brownian motion (fBm), the standard engine of rough volatility. The fBm forces a single parameter to set two logically independent properties at once: how volatility scales and how it remembers. The GLE separates them using a memory kernel $K$, a potential $U$, and a noise covariance $C$. Memory becomes a measurable object, and an asymmetric potential supplies a lever on variance skew that the price-variance correlation cannot reach. Physical-measure tests on public datasets decisively reject two constrained corners of the class, a memoryless leverage effect and time-reversal symmetry, while the central rough scaling constraint is left identification-limited rather than refuted. The paper reports these limits honestly, and validation on industry-grade data remains a valuable direction. The risk-neutral construction and the joint SPX--VIX calibration will be developed in a companion paper.",
  "abstract_shown": true,
  "affiliations": [],
  "article_type": null,
  "arxiv": "2609.20293",
  "author_total": 1,
  "authors": [
    {
      "name": "Andrey Itkin"
    }
  ],
  "bibtex": "https://research.draconitic.com/paper/70rznkvt27zkq.bib",
  "cited_by": 0,
  "doi": "10.48550/arxiv.2609.20293",
  "fulltext_url": null,
  "id": "70rznkvt27zkq",
  "issns": [],
  "landing_url": "https://arxiv.org/abs/2609.20293",
  "language": null,
  "licence": "LicenseRef-arXiv-nonexclusive-1.0",
  "licence_label": "arXiv licence",
  "licence_source": "article",
  "licence_url": "http://arxiv.org/licenses/nonexclusive-distrib/1.0/",
  "metadata_licence": "CC0-1.0",
  "native_subjects": [
    [
      "arxiv",
      "physics.data-an"
    ],
    [
      "arxiv",
      "q-fin.CP"
    ],
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      "arxiv",
      "q-fin.MF"
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      "arxiv",
      "q-fin.PR"
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  "openalex": null,
  "pdf_url": "https://arxiv.org/pdf/2609.20293",
  "pmcid": null,
  "pmid": null,
  "published": "2026-09-01",
  "publisher": null,
  "ris": "https://research.draconitic.com/paper/70rznkvt27zkq.ris",
  "sources": [
    {
      "first_seen": "2026-10-30T12:22:19Z",
      "native_id": "2609.20293",
      "source": "arxiv",
      "url": "https://arxiv.org/abs/2609.20293"
    }
  ],
  "subjects": [
    {
      "field": "physics",
      "origin": "arxiv:physics.data-an",
      "subfield": "computational"
    }
  ],
  "title": "Beyond Rough Volatility: Decoupling Memory and Scaling via a Generalized Langevin Equation",
  "title_text": "Beyond Rough Volatility: Decoupling Memory and Scaling via a Generalized Langevin Equation",
  "type": "preprint",
  "updated_at": "2026-10-30T12:22:19Z",
  "url": "https://research.draconitic.com/paper/70rznkvt27zkq",
  "venue": "arXiv",
  "versions": []
}