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.

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hang Seng Index (HSI INDEX)</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)</a> and <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909" rel="noopener">Nikkei 225 (NKY INDEX)</a> all have elevated implied vols vs their peers and vs historical observations for October.</li>
<li>
<a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617" rel="noopener">NIFTY Index (NIFTY INDEX)</a> , <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>  implied vols are on the low end of what is typically realized in October.</li>
<li>Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.</li>
</ul>



Hang Seng Index (HSI INDEX), Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY) and Nikkei 225 (NKY INDEX) all have elevated implied vols vs their peers and vs historical observations for October.

NIFTY Index (NIFTY INDEX) , S&amp;P 500 INDEX (SPX INDEX) and S&amp;P/ASX 200 (AS51 INDEX)  implied vols are on the low end of what is typically realized in October.
Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.


EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>The <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> appears oversold vs. world equities, but has not sustained upside momentum to warrant a broad allocation. Although dividends are nice over the long run.</li>
<li>We constructed a 12-name basket that can scale as the index trend improves. The basket holds a mix of cyclical and defensive stocks.</li>
<li>A narrower rate differential with the US may help, but significantly less so for USD-investors like us. The bar is high for Aussie equities, so we prefer stock selection.</li>
</ul>


The S&amp;P/ASX 200 (AS51 INDEX) appears oversold vs. world equities, but has not sustained upside momentum to warrant a broad allocation. Although dividends are nice over the long run.
We constructed a 12-name basket that can scale as the index trend improves. The basket holds a mix of cyclical and defensive stocks.
A narrower rate differential with the US may help, but significantly less so for USD-investors like us. The bar is high for Aussie equities, so we prefer stock selection.


Australia: Value Down Under Awaiting Confirmation. Here’s a Stock Basket That Scales

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>FNArena's Treasure Chest reports on money making ideas from stockbrokers and other experts.</li><li>Today's idea is the ASX.</li></ul>

FNArena's Treasure Chest reports on money making ideas from stockbrokers and other experts.Today's idea is the ASX.

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.</li>
<li>Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.</li>
<li>This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.</li>
</ul>


NSE operates a vertically integrated exchange‑clearing‑data platform with high operating leverage and strong cash generation, positioning it as a quasi‑monopoly market infrastructure play on Indian financial deepening.
Despite a moderation in growth due to regulatory changes, strong 4QFY26 results outline the company's resilience and visibility to deliver superior growth and profitability. ROE metrics are best in class.
This is NSE's second attempt at listing after major regulatory/governance headwinds since its 2016 attempt. Most issues have now been settled, setting the course for its public listing.


World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.</li>
<li>The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.</li>
</ul>


The changes to a global index in August will be announced pre-market open Thursday and will be implemented at the close of trading on 31 August.
The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.
The forecast adds have outperformed the forecast deletes over the last 1, 2 and 3 months but near-term performance has been far from awesome due to the momentum unwind.


Global Index: Potential Changes in August for Asia Pac

Australia

ASX Ltd is a demutualized company which operates Australia's primary national stock exchange and equity derivatives market. The ASX operates markets for equities, derivatives, fixed-interest securities and capital-raising for unlisted companies using advanced computer systems for both trading and settlement.

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ASX Ltd (ASX AU)

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Australia: Value Down Under Awaiting Confirmation. Here’s a Stock Basket That Scales

Australian shares have lagged for a while, but we see opportunity in a basket of trending stocks. We can scale up if the index improves, while...

Damanick Dantes, CMT

Treasure Chest: ASX

FNArena's Treasure Chest reports on money making ideas from stockbrokers and other experts. Today's idea is the ASX.

FNArena

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

​Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Australia: Value Down Under Awaiting Confirmation. Here’s a Stock Basket That Scales

Australian shares have lagged for a while, but we see opportunity in a basket of trending stocks. We can scale up if the index improves, while...

Damanick Dantes, CMT

Treasure Chest: ASX

FNArena's Treasure Chest reports on money making ideas from stockbrokers and other experts. Today's idea is the ASX.

FNArena

World's Largest Stock Exchange by Contracts Is Finally Ready to Go Public

IPO timeline is firming up as bankers seek valuation of up to $55 billion As per news reports, NSE has completed most of its global roadshow across...

Himanshu Dugar

Global Index: Potential Changes in August for Asia Pac

The global index changes were announced using D1 as the cutoff. 99% hit rate across Asia Pacific, so no surprises. Big price changes in the stocks...

Brian Freitas

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...