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>Volume trends and sub-sector splits highlight where interest is most concentrated.</li>
<li>We revisit top names that appeared prominently in last week’s active lists</li>
<li>Trading patterns suggest a mix of positioning motives across Financial names.</li>
</ul>


Volume trends and sub-sector splits highlight where interest is most concentrated.
We revisit top names that appeared prominently in last week’s active lists
Trading patterns suggest a mix of positioning motives across Financial names.


Hong Kong Financials in Focus: Sub-Sector Option Volumes Reveal Emerging Themes

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Be inspired by sophisticated, live, multi-leg options strategies on <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>, executed over the period from 9 to 13 June.</li>
<li>
Highlights: Discover a range of noteworthy strategies, for example a self-financing Diagonal Put Spread using weekly options, or a Diagonal Call Spread generating 3.9% upfront yield.</li>
<li>
Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,</li>
</ul>



Be inspired by sophisticated, live, multi-leg options strategies on HKEX (388 HK), executed over the period from 9 to 13 June.

Highlights: Discover a range of noteworthy strategies, for example a self-financing Diagonal Put Spread using weekly options, or a Diagonal Call Spread generating 3.9% upfront yield.

Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,


HKEX (388 HK) Options: Unpacking the Top Trades of the Week

GEMS Reports, Aletheia Capital

GEMS Research – Aletheia Capital

GEMS Reports

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Thematic (Sector/Industry)

Singapore is rapidly cementing its status as a global center for digital asset innovation and regulation.As of mid-2025, the Monetary Authority of Singapore (MAS) has granted over 33 licenses to Digital Payment Token (DPT) service providers, establishing Singapore as one of the most stringently regulated crypto hubs worldwide.This equity research report examines the regulatory landscape. It profiles the key players in the domestic crypto exchange market. It analyzes STI-listed companies with crypto exposure and evaluates the feasibility of crypto exchanges listing on the Singapore Exchange (SGX).

Singapore is rapidly cementing its status as a global center for digital asset innovation and regulation.As of mid-2025, the Monetary Authority of Singapore (MAS) has granted over 33 licenses to Digital Payment Token (DPT) service providers, establishing Singapore as one of the most stringently regulated crypto hubs worldwide.This equity research report examines the regulatory landscape. It profiles the key players in the domestic crypto exchange market. It analyzes STI-listed companies with crypto exposure and evaluates the feasibility of crypto exchanges listing on the Singapore Exchange (SGX).

Digital Assets – Cryptocurrencies: The Crypto Exchange Industry in Singapore

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>Along with its fiscal 2024 results, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> announced that they were preparing for their primary listing in Hong Kong and the conversion was expected to complete by August.</li>
<li>If the conversion is completed by the end of August, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> could be added to Southbound Stock Connect in September and that could bring in significant flows.</li>
<li>We do not forecast any passive inflows due to the change with <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> capped at 8% of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI</a> and <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH</a> indices.</li>
</ul>


Along with its fiscal 2024 results, Alibaba (9988 HK) announced that they were preparing for their primary listing in Hong Kong and the conversion was expected to complete by August.
If the conversion is completed by the end of August, Alibaba (9988 HK) could be added to Southbound Stock Connect in September and that could bring in significant flows.
We do not forecast any passive inflows due to the change with Alibaba Group Holding (9988 HK) capped at 8% of the HSI, HSCEI and HSTECH indices.


Alibaba (9988 HK): Dual Primary Listing & Potential Southbound Flows

Index Rebalance

<ul>
<li>The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.</li>
<li>The changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and a bunch of other mainland China indices will be announced after market close on Friday.</li>
<li>Relatively quiet week for ETF flows with no major creations or redemptions during the week.</li>
</ul>


The FRTIB benchmark switch from the EAFE Index to the ACWI IMI ex-USA ex-China ex-Hong Kong Index will result in a round trip trade of around US$56bn.
The changes for the CSI 300, CSI 500, STAR50, SSE50 and a bunch of other mainland China indices will be announced after market close on Friday.
Relatively quiet week for ETF flows with no major creations or redemptions during the week.


Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

Hong Kong

Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange, futures exchange, and their related clearing houses in Hong Kong.  The Company provides the trading platforms for a range of cash and derivatives products and the facilities for processing trades.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HKEX (388 HK)

Hong Kong Financials in Focus: Sub-Sector Option Volumes Reveal Emerging Themes

Financials remain in the spotlight as options activity climbs, with volume clustering in specific sub-sectors and a handful of standout names.

John Ley

HKEX (388 HK) Options: Unpacking the Top Trades of the Week

Discover sophisticated multi-leg options strategies on HKEX (388 HK) executed from 9 to 13 June, offering insights on market sentiment and...

Gaudenz Schneider

Digital Assets – Cryptocurrencies: The Crypto Exchange Industry in Singapore

Singapore is rapidly cementing its status as a global center for digital asset innovation and regulation. As of mid-2025, the Monetary Authority of...

GEMS Research – Aletheia Capital

Alibaba (9988 HK): Dual Primary Listing & Potential Southbound Flows

Alibaba expect to convert to a Primary Listing on the HKEX by end August. That could mean inclusion in Southbound Stock Connect in September. With...

Brian Freitas

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Financials in Focus: Sub-Sector Option Volumes Reveal Emerging Themes

Financials remain in the spotlight as options activity climbs, with volume clustering in specific sub-sectors and a handful of standout names.

John Ley

HKEX (388 HK) Options: Unpacking the Top Trades of the Week

​Discover sophisticated multi-leg options strategies on HKEX (388 HK) executed from 9 to 13 June, offering insights on market sentiment and...

Gaudenz Schneider

Digital Assets – Cryptocurrencies: The Crypto Exchange Industry in Singapore

Singapore is rapidly cementing its status as a global center for digital asset innovation and regulation. As of mid-2025, the Monetary Authority of...

GEMS Research – Aletheia Capital

Alibaba (9988 HK): Dual Primary Listing & Potential Southbound Flows

Alibaba expect to convert to a Primary Listing on the HKEX by end August. That could mean inclusion in Southbound Stock Connect in September. With...

Brian Freitas

Index Rebalance & ETF Flow Recap: FRTIB, Japan, CSI300, CSI500, STAR50, WuXi XDC, Asahi

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Discover sophisticated multi-leg options strategies on HKEX (388 HK) executed from 9 to 13 June, offering insights on market sentiment and...