Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Equity Derivatives

<ul><li>Another sharp increase in the dividend curve despite a weak equity return</li><li>Increase from 2025 to 2027: 2025 +13.6 2026 +9.4 and 2027 +3.8</li><li>Large volumes in the dividend future market especially on 2025, 2026 and 2025 dividend future vs. MAR/DEC25 future rolls.</li></ul>

Another sharp increase in the dividend curve despite a weak equity returnIncrease from 2025 to 2027: 2025 +13.6 2026 +9.4 and 2027 +3.8Large volumes in the dividend future market especially on 2025, 2026 and 2025 dividend future vs. MAR/DEC25 future rolls.

EQD: Nikkei Dividends Update (Jan 31st – Jan 7th)

<ul><li>Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500.</li><li>NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.</li><li>Low volumes and new open interests despite a higher realized volatility.</li></ul>

Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500.NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.Low volumes and new open interests despite a higher realized volatility.

EQD: Weekly Nikkei Volatility Update (Jan 31st – Jan 7th)

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

<ul>
<li>Nikkei down 2.66% on Monday with Implied vol very reactive to the move jumping almost 3 points.</li>
<li>USD/JPY dropped 2.35% for the week, Nikkei fared better only losing 1.96%.</li>
<li>Open interest in the Nikkei dominated by Puts with 2 outstanding for every 1 Call.</li>
</ul>


Nikkei down 2.66% on Monday with Implied vol very reactive to the move jumping almost 3 points.
USD/JPY dropped 2.35% for the week, Nikkei fared better only losing 1.96%.
Open interest in the Nikkei dominated by Puts with 2 outstanding for every 1 Call.


EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot

<ul>
<li>This week we add in some additional graphs and commentary highlighting USD/JPY vs Nikkei 225.</li>
<li>Implied vols were very reactive to spot to open the week with Nikkei dropping almost 1% on Monday.</li>
<li>Heavier volume on the down days with Puts making up 57.8% of the total weekly volume.</li>
</ul>


This week we add in some additional graphs and commentary highlighting USD/JPY vs Nikkei 225.
Implied vols were very reactive to spot to open the week with Nikkei dropping almost 1% on Monday.
Heavier volume on the down days with Puts making up 57.8% of the total weekly volume.


EQD | Nikkei Index Options Weekly (January 27 – 31): USD/JPY and Nikkei at a Stalemate

<ul>
<li>NKY dividends moved up sharply this week despite a weak equity market.</li>
<li>An increase across the curve: 2025 +21.6, 2026 +8.40, 2027 +11.3 and 2028 +4.</li>
<li>Large volumes around the month end in 2025, 2026 and 2026/2027 spreads.</li>
</ul>


NKY dividends moved up sharply this week despite a weak equity market.
An increase across the curve: 2025 +21.6, 2026 +8.40, 2027 +11.3 and 2028 +4.
Large volumes around the month end in 2025, 2026 and 2026/2027 spreads.


EQD: Nikkei Dividends Update (Jan 24th – Jan 31st)

Japan

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

Nikkei 225 (NKY INDEX)

EQD: Nikkei Dividends Update (Jan 31st – Jan 7th)

Another sharp increase in the dividend curve despite a weak equity return. Increase from 2025 to 2027: 2025 +13.6 2026 +9.4 and 2027 +3.8

Vantage Capital Markets Japan

EQD: Weekly Nikkei Volatility Update (Jan 31st – Jan 7th)

Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500. NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot

Nikkei drops 1.96% as USD/JPY falls 2.35%. Big jump in Nikkei implied vols on Monnday but most of the gains given back by Friday.

John Ley

EQD | Nikkei Index Options Weekly (January 27 – 31): USD/JPY and Nikkei at a Stalemate

This Insight discusses the relationship between USD/JPY and Nikkei 225, noting the reactive nature of implied vols and heavier volume on down...

John Ley

EQD: Nikkei Dividends Update (Jan 24th – Jan 31st)

NKY dividends moved up sharply this week despite a weak equity market. An increase across the curve: 2025 +21.6, 2026 +8.40, 2027 +11.3 and 2028...

Vantage Capital Markets Japan

EQD: Nikkei Dividends Update (Jan 31st – Jan 7th)

Another sharp increase in the dividend curve despite a weak equity return. Increase from 2025 to 2027: 2025 +13.6 2026 +9.4 and 2027 +3.8

Vantage Capital Markets Japan

EQD: Weekly Nikkei Volatility Update (Jan 31st – Jan 7th)

Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500. NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot

​Nikkei drops 1.96% as USD/JPY falls 2.35%. Big jump in Nikkei implied vols on Monnday but most of the gains given back by Friday.

John Ley

EQD | Nikkei Index Options Weekly (January 27 – 31): USD/JPY and Nikkei at a Stalemate

​This Insight discusses the relationship between USD/JPY and Nikkei 225, noting the reactive nature of implied vols and heavier volume on down...

John Ley

EQD: Nikkei Dividends Update (Jan 24th – Jan 31st)

NKY dividends moved up sharply this week despite a weak equity market. An increase across the curve: 2025 +21.6, 2026 +8.40, 2027 +11.3 and 2028...

Vantage Capital Markets Japan

Nikkei drops 1.96% as USD/JPY falls 2.35%. Big jump in Nikkei implied vols on Monnday but most of the gains given back by Friday.

This Insight discusses the relationship between USD/JPY and Nikkei 225, noting the reactive nature of implied vols and heavier volume on down...