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>The Nikkei 225 dividend curve flattened 2025, 2026 down vs. 2027, 2028 up.                           </li>
<li>Average volumes mostly in 2025 and 2026 dividend future.</li>
<li>Nikkei 225 dividend calendars at historical lows.</li>
</ul>


The Nikkei 225 dividend curve flattened 2025, 2026 down vs. 2027, 2028 up.                           
Average volumes mostly in 2025 and 2026 dividend future.
Nikkei 225 dividend calendars at historical lows.


Nikkei Dividends Update (May 16th – May 23rd)

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 rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.</li>
<li>USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.</li>
<li>Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.</li>
</ul>


Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.
USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.
Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.


Nikkei Index Options Weekly (Apr 14 – 18):  Vol Unwinds, Nikkei Rebounds and USD Cracks

<ul><li>High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62.</li><li>Realized volatility vs. Implied volatility at 6M historical highs.</li><li>Nikkei 225 options’ volumes spiked with a lot of interests from 36,000 to 39,000.</li></ul>

High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62.Realized volatility vs. Implied volatility at 6M historical highs.Nikkei 225 options’ volumes spiked with a lot of interests from 36,000 to 39,000.

Nikkei Volatility Update (Apr 4th – Apr 11th)

<ul><li>The Nikkei 225 dividend curve shifted lower again this week.            </li><li>Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.</li><li>Nikkei 225 dividend calendars at historical lows.</li></ul>

The Nikkei 225 dividend curve shifted lower again this week.            Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.Nikkei 225 dividend calendars at historical lows.

Nikkei Dividends Update (Apr 4th – Apr 11th)

<ul>
<li>Both Nikkei and USD/JPY re-tested levels last seen in early August, with Nikkei implied vols surging.</li>
<li>Beyond tariffs, we explore what may become the dominant driver of market movements in the weeks ahead.</li>
<li>Skew steepened materially; we examine how open interest at current spot levels could shape the spot-vol relationship going forward.</li>
</ul>


Both Nikkei and USD/JPY re-tested levels last seen in early August, with Nikkei implied vols surging.
Beyond tariffs, we explore what may become the dominant driver of market movements in the weeks ahead.
Skew steepened materially; we examine how open interest at current spot levels could shape the spot-vol relationship going forward.


Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold

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)

Nikkei Dividends Update (May 16th – May 23rd)

The Nikkei 225 dividend curve flattened 2025, 2026 down vs. 2027, 2028 up. Average volumes mostly in 2025 and 2026 dividend future.

Vantage Capital Markets Japan

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

John Ley

Nikkei Volatility Update (Apr 4th – Apr 11th)

High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62. Realized volatility vs. Implied volatility at 6M...

Vantage Capital Markets Japan

Nikkei Dividends Update (Apr 4th – Apr 11th)

The Nikkei 225 dividend curve shifted lower again this week. Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.

Vantage Capital Markets Japan

Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold

Nikkei and USD/JPY re-test August levels, with implied vols surging. Market movements may be driven by factors beyond tariffs, as open interest at...

John Ley

Nikkei Dividends Update (May 16th – May 23rd)

The Nikkei 225 dividend curve flattened 2025, 2026 down vs. 2027, 2028 up. Average volumes mostly in 2025 and 2026 dividend future.

Vantage Capital Markets Japan

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

​Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

John Ley

Nikkei Volatility Update (Apr 4th – Apr 11th)

High volatility of volatility with 1M implied volatility from 35.58 to 44.36 with maximum at 62. Realized volatility vs. Implied volatility at 6M...

Vantage Capital Markets Japan

Nikkei Dividends Update (Apr 4th – Apr 11th)

The Nikkei 225 dividend curve shifted lower again this week. Increase in volumes mostly in 2025 and 2026 dividend futures in a volatile market.

Vantage Capital Markets Japan

Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold

​Nikkei and USD/JPY re-test August levels, with implied vols surging. Market movements may be driven by factors beyond tariffs, as open interest at...

John Ley

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

Nikkei and USD/JPY re-test August levels, with implied vols surging. Market movements may be driven by factors beyond tariffs, as open interest at...