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

Hang Seng China Enterprises Index / Equity Derivatives

<ul>
<li>A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>Volatility pulled back but may have simply entered a holding pattern—parallels to stimulus induced rise and fall are explored.</li>
<li>Volumes dropped sharply from last week’s Call induced surge, as the market approached—but failed to clear—a key strike.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
Volatility pulled back but may have simply entered a holding pattern—parallels to stimulus induced rise and fall are explored.
Volumes dropped sharply from last week’s Call induced surge, as the market approached—but failed to clear—a key strike.


HSCEI Index Options Weekly (Apr 14-17): Key Strike Rejected, Volatility Recalibrates

<ul>
<li>Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.</li>
<li>Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing</li>
<li>We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.</li>
</ul>


Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.
Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing
We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.


HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

<ul>
<li>A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>HSCEI price and implied vols both softer on the week after digesting large share sale and key earnings reports.</li>
<li>We highlight the performance of HSCEI vs SP500 and note that this is a relationship to monitor in the rapidly changing political climate.</li>
</ul>


A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
HSCEI price and implied vols both softer on the week after digesting large share sale and key earnings reports.
We highlight the performance of HSCEI vs SP500 and note that this is a relationship to monitor in the rapidly changing political climate.


HSCEI Index Options Weekly (Mar 24-28): Call Volumes Rise as Market Digests Key Events

<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>Post-Earnings performance of Tencent, Xiaomi, Anta, and China Tower analyzed.</li>
<li>Financials take center stage with several major earnings releases on deck this week.</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.
Post-Earnings performance of Tencent, Xiaomi, Anta, and China Tower analyzed.
Financials take center stage with several major earnings releases on deck this week.


Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

<ul>
<li>A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>A strong start to the week reversed sharply after key earnings releases.</li>
<li>We examine the dislocation between implied and historic volatility and assess whether this week’s drop in implied vol was overdone.</li>
</ul>


A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
A strong start to the week reversed sharply after key earnings releases.
We examine the dislocation between implied and historic volatility and assess whether this week’s drop in implied vol was overdone.


HSCEI Index Options Weekly (March 17-21): Optimism Fades as Key Earnings Weigh on Markets

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)

HSCEI Index Options Weekly (Apr 14-17): Key Strike Rejected, Volatility Recalibrates

This article provides a weekly overview of market volatility, option volumes, and price metrics, suggesting that volatility may be in a holding...

John Ley

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

HSCEI Index Options Weekly (Mar 24-28): Call Volumes Rise as Market Digests Key Events

Weekly recap: HSCEI price and implied vols soften after share sale and earnings reports, highlighting performance vs SP500 in changing political...

John Ley

Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

Weekly recap of key option metrics for single stocks, analysis of post-earnings performance for Tencent, Xiaomi, Anta, and China Tower, and focus...

John Ley

HSCEI Index Options Weekly (March 17-21): Optimism Fades as Key Earnings Weigh on Markets

Weekly recap of volatility and price metrics, analyzing the dislocation between implied and historic volatility following a sharp reversal in...

John Ley

HSCEI Index Options Weekly (Apr 14-17): Key Strike Rejected, Volatility Recalibrates

​This article provides a weekly overview of market volatility, option volumes, and price metrics, suggesting that volatility may be in a holding...

John Ley

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

​Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

HSCEI Index Options Weekly (Mar 24-28): Call Volumes Rise as Market Digests Key Events

​Weekly recap: HSCEI price and implied vols soften after share sale and earnings reports, highlighting performance vs SP500 in changing political...

John Ley

Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

​Weekly recap of key option metrics for single stocks, analysis of post-earnings performance for Tencent, Xiaomi, Anta, and China Tower, and focus...

John Ley

HSCEI Index Options Weekly (March 17-21): Optimism Fades as Key Earnings Weigh on Markets

​Weekly recap of volatility and price metrics, analyzing the dislocation between implied and historic volatility following a sharp reversal in...

John Ley

This article provides a weekly overview of market volatility, option volumes, and price metrics, suggesting that volatility may be in a holding...

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

Weekly recap: HSCEI price and implied vols soften after share sale and earnings reports, highlighting performance vs SP500 in changing political...

Weekly recap of key option metrics for single stocks, analysis of post-earnings performance for Tencent, Xiaomi, Anta, and China Tower, and focus...

Weekly recap of volatility and price metrics, analyzing the dislocation between implied and historic volatility following a sharp reversal in...