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>Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.</li>
<li>Breadth continues to deteriorate against an increasingly hostile global backdrop.</li>
<li>Both price and implied volatility declined on average, with the typical stock still well below its 52-week high.</li>
</ul>


Weekly recap of key option metrics across single stocks, including most active names and strikes, largest volume increases, biggest movers, and key earnings reports.
Breadth continues to deteriorate against an increasingly hostile global backdrop.
Both price and implied volatility declined on average, with the typical stock still well below its 52-week high.


Hong Kong Single Stock Options Weekly (March 24 – 28): Earnings Wrap as Breadth Deteriorates

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Indian market has discounted some of the issues the country faces </li>
<li>The best performing assets in Q1 2025 continue to be our favourites</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Indian market has discounted some of the issues the country faces 
The best performing assets in Q1 2025 continue to be our favourites


Overview #21 India, Gold and the Slow Death of AI

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

Event-Driven

<ul>
<li>The largest ETF inflows in the region have been in Taiwan as investors rush into indices that have higher dividend yields.</li>
<li>China had large inflows last year as markets floundered. With markets trading in a range over the last 6 months, those flows have reversed in Q1 this year.</li>
<li>Australia has seen net inflows this year, while there have been net outflows from Hong Kong, India and Japan focused ETFs.</li>
</ul>


The largest ETF inflows in the region have been in Taiwan as investors rush into indices that have higher dividend yields.
China had large inflows last year as markets floundered. With markets trading in a range over the last 6 months, those flows have reversed in Q1 this year.
Australia has seen net inflows this year, while there have been net outflows from Hong Kong, India and Japan focused ETFs.


ETF Flows in Q1: Inflows for Taiwan, Outflows for China

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>This Insight analyses <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.</li>
<li>
Bearish strategies dominate trading activity, outnumbering bullish ones by more than 3:1, with long volatility structures and calendar/diagonal spreads being prevalent.</li>
<li>
Long tail events: Several strategies follow a pattern of minimal upfront cost (0.1% premium), targeting a significant payout in case of large price movements within a short timeframe. </li>
</ul>


This Insight analyses JD.com (9618 HK) option strategies traded over the last five trading days on the Hong Kong Exchange. Strategy highlights and volatility context are provided.

Bearish strategies dominate trading activity, outnumbering bullish ones by more than 3:1, with long volatility structures and calendar/diagonal spreads being prevalent.

Long tail events: Several strategies follow a pattern of minimal upfront cost (0.1% premium), targeting a significant payout in case of large price movements within a short timeframe. 


JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades

Macroeconomics

<ul>
<li>
Australia: RBA rate decision on 1 April. Expect no change.
</li>
<li>
Japan: Nikkei 225 rebalancing effective 31 March at the close.</li>
<li>
US reciprocal tariffs will keep everyone on their toes on 2 April.</li>
</ul>



Australia: RBA rate decision on 1 April. Expect no change.


Japan: Nikkei 225 rebalancing effective 31 March at the close.

US reciprocal tariffs will keep everyone on their toes on 2 April.


Market Movers: Key Dates at a Glance (31 March- 6 April)

China

The Hang Seng China Enterprises Index is a free-float capitalization-weighted index comprised of H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index. The base value of this index is 2000 as of Jan 3, 2000. This index replaced the old HSCE index on Oct. 3, 2001.

Hang Seng China Enterprises Index (HSCEI INDEX)

Hang Seng China Enterprises Index (HSCEI INDEX)

Hong Kong Single Stock Options Weekly (March 24 – 28): Earnings Wrap as Breadth Deteriorates

Weekly recap: Option metrics show declining breadth amid global challenges. Prices and implied volatility down, most stocks still well below 52...

John Ley

Overview #21 India, Gold and the Slow Death of AI

A review of recent events/data impacting our investment themes and outlook. Revisiting India, our top 2 allocations and the ongoing US bear market

Rikki Malik

ETF Flows in Q1: Inflows for Taiwan, Outflows for China

Taiwan has taken in the largest inflows in Q1 while the largest outflows are in China. The switch from EEM to IEMG continues. Redemptions from EMXC...

Brian Freitas

JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades

Analysis of JD.com option strategies on HK Exchange: Bearish strategies dominate, long tail events with minimal upfront cost target significant...

Gaudenz Schneider

Market Movers: Key Dates at a Glance (31 March- 6 April)

RBA expected to keep rates steady, Nikkei 225 rebalancing in Japan, India shifting its option expiration day, Exchange Holidays in India and...

Gaudenz Schneider

Hong Kong Single Stock Options Weekly (March 24 – 28): Earnings Wrap as Breadth Deteriorates

​Weekly recap: Option metrics show declining breadth amid global challenges. Prices and implied volatility down, most stocks still well below 52...

John Ley

Overview #21 India, Gold and the Slow Death of AI

A review of recent events/data impacting our investment themes and outlook. Revisiting India, our top 2 allocations and the ongoing US bear market

Rikki Malik

ETF Flows in Q1: Inflows for Taiwan, Outflows for China

Taiwan has taken in the largest inflows in Q1 while the largest outflows are in China. The switch from EEM to IEMG continues. Redemptions from EMXC...

Brian Freitas

JD.com (9618 HK): Strategic Highlights and Market View from HKEX Top Trades

​Analysis of JD.com option strategies on HK Exchange: Bearish strategies dominate, long tail events with minimal upfront cost target significant...

Gaudenz Schneider

Market Movers: Key Dates at a Glance (31 March- 6 April)

​RBA expected to keep rates steady, Nikkei 225 rebalancing in Japan, India shifting its option expiration day, Exchange Holidays in India and...

Gaudenz Schneider

Weekly recap: Option metrics show declining breadth amid global challenges. Prices and implied volatility down, most stocks still well below 52...

Analysis of JD.com option strategies on HK Exchange: Bearish strategies dominate, long tail events with minimal upfront cost target significant...

RBA expected to keep rates steady, Nikkei 225 rebalancing in Japan, India shifting its option expiration day, Exchange Holidays in India and...