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>On January 20th, Nikkei announced a revision to the Nikkei VI Index Guidebook slightly changing the computation of the volatility index.</li><li>The change will be effective from January 27th, 2025.</li><li>The aim of the change is to “increase the number of price adoption and improve the stability of the index.”</li></ul>

On January 20th, Nikkei announced a revision to the Nikkei VI Index Guidebook slightly changing the computation of the volatility index.The change will be effective from January 27th, 2025.The aim of the change is to “increase the number of price adoption and improve the stability of the index.”

EQD: Change to the Index Guidebook of Nikkei 225 VI

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 has spent 55 trading days with 1M historic vol less than 1M implied vol, averaging about 4 points less.</li>
<li>The trading range since October looks similar to the trading range the market went through from May to July with similar volatility characteristics. </li>
<li>Big move on Monday didn’t spark volatility with market settling into a very narrow range to finish the week down 1.89%.</li>
</ul>


Nikkei has spent 55 trading days with 1M historic vol less than 1M implied vol, averaging about 4 points less.
The trading range since October looks similar to the trading range the market went through from May to July with similar volatility characteristics. 
Big move on Monday didn’t spark volatility with market settling into a very narrow range to finish the week down 1.89%.


EQD | Nikkei Index Options Weekly (January 14 – 17): Volatility Needs a Break from the Range

<ul>
<li>Nikkei volatility went up this week with spot going lower despite an expensive carry.</li>
<li>Nikkei volatility is currently one of the most expensive volatilities to carry.</li>
<li>Interests started on the downside in the sell off and switched to the upside as the spot stabilized above the 38,000-level resistance.</li>
</ul>


Nikkei volatility went up this week with spot going lower despite an expensive carry.
Nikkei volatility is currently one of the most expensive volatilities to carry.
Interests started on the downside in the sell off and switched to the upside as the spot stabilized above the 38,000-level resistance.


EQD | Weekly Nikkei Volatility Update (Jan 10th – Jan 17th)

<ul>
<li>Weak price action to start the year for the Nikkei with little direction from USD/JPY which was grinding higher throughout the week.</li>
<li>Volatility at the start of the week helped push short term historic vol higher with at-the-money implied vol up about 1 point.</li>
<li>Volumes picked up substantially over year-end levels with Puts making up 53.5% of all contracts traded.</li>
</ul>


Weak price action to start the year for the Nikkei with little direction from USD/JPY which was grinding higher throughout the week.
Volatility at the start of the week helped push short term historic vol higher with at-the-money implied vol up about 1 point.
Volumes picked up substantially over year-end levels with Puts making up 53.5% of all contracts traded.


EQD | Nikkei Index Options Weekly - January 06 - 10

<ul>
<li>NKY looks to be playing catch-up with USD/JPY, rising 4.03% on the week and breaking out of recent range after not moving much in the first half of the month.</li>
<li>Implied volatility continues to slide lower with 1M implied vol down 2.5 points on the week.</li>
<li>Call volumes larger than Put volumes for the first time in a while on Fridays 1.80% price surge.</li>
</ul>


NKY looks to be playing catch-up with USD/JPY, rising 4.03% on the week and breaking out of recent range after not moving much in the first half of the month.
Implied volatility continues to slide lower with 1M implied vol down 2.5 points on the week.
Call volumes larger than Put volumes for the first time in a while on Fridays 1.80% price surge.


EQD | Nikkei Index Options Weekly - December 23 - 27

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: Change to the Index Guidebook of Nikkei 225 VI

On January 20th, Nikkei announced a revision to the Nikkei VI Index Guidebook slightly changing the computation of the volatility index.

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly (January 14 – 17): Volatility Needs a Break from the Range

Nikkei's recent trading patterns show historical volatility consistently lower than implied volatility over the last 55 trading days.

John Ley

EQD | Weekly Nikkei Volatility Update (Jan 10th – Jan 17th)

Nikkei volatility went up this week with spot going lower despite an expensive carry. Nikkei volatility is currently one of the most expensive...

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly - January 06 - 10

Weak price action for Nikkei at start of year, little direction from USD/JPY. Volatility increased, volumes were up with Puts dominating trades....

John Ley

EQD | Nikkei Index Options Weekly - December 23 - 27

NKY appears to be catching up to USD/JPY, with a 4.03% rise breaking out of recent range. Implied volatility is down and call volumes surpass put...

John Ley

EQD: Change to the Index Guidebook of Nikkei 225 VI

On January 20th, Nikkei announced a revision to the Nikkei VI Index Guidebook slightly changing the computation of the volatility index.

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly (January 14 – 17): Volatility Needs a Break from the Range

​Nikkei's recent trading patterns show historical volatility consistently lower than implied volatility over the last 55 trading days.

John Ley

EQD | Weekly Nikkei Volatility Update (Jan 10th – Jan 17th)

Nikkei volatility went up this week with spot going lower despite an expensive carry. Nikkei volatility is currently one of the most expensive...

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly - January 06 - 10

​Weak price action for Nikkei at start of year, little direction from USD/JPY. Volatility increased, volumes were up with Puts dominating trades....

John Ley

EQD | Nikkei Index Options Weekly - December 23 - 27

​NKY appears to be catching up to USD/JPY, with a 4.03% rise breaking out of recent range. Implied volatility is down and call volumes surpass put...

John Ley

Nikkei's recent trading patterns show historical volatility consistently lower than implied volatility over the last 55 trading days.

Weak price action for Nikkei at start of year, little direction from USD/JPY. Volatility increased, volumes were up with Puts dominating trades....

NKY appears to be catching up to USD/JPY, with a 4.03% rise breaking out of recent range. Implied volatility is down and call volumes surpass put...