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>1M Implied volatility up 0.84 at 28.16 as the Nikkei 225 trades around 36800.</li>
<li>Higher correlation to USDJPY on the downside.       </li>
<li>Increasing interest in downside protection and Mar25/Apr25 gamma roll.</li>
</ul>


1M Implied volatility up 0.84 at 28.16 as the Nikkei 225 trades around 36800.
Higher correlation to USDJPY on the downside.       
Increasing interest in downside protection and Mar25/Apr25 gamma roll.


Nikkei Volatility Update (Feb 28th – Mar 7th)

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 breaks lower, USD/JPY and trade tensions weighing on the market.</li>
<li>Implied volatility rose as the market declined. We discuss implications of current spot levels that is dominated by Put open interest.</li>
<li>Historic volatility continues to lag implied vol, we provide visuals on the extent of the lag.</li>
</ul>


Nikkei breaks lower, USD/JPY and trade tensions weighing on the market.
Implied volatility rose as the market declined. We discuss implications of current spot levels that is dominated by Put open interest.
Historic volatility continues to lag implied vol, we provide visuals on the extent of the lag.


Nikkei Index Options Weekly (Mar 03–07): Implied Volatility Climbs as Market Extends Decline

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>CFTC data for the week through Tuesday February 25th reflects a significant further decline in broader USD bullish sentiment.</li><li>Net Non-Commercial (speculative) traders slashed core net USD longs USD8.1bn over the week, the largest one-week sentiment shift against the USD since last August.</li><li>That trend was reflected across data covering other market participants. Leveraged accounts (hedge funds) trimmed net USD longs USD2.3bn while Real Money (institutional) traders moved off neutral on the USD to open a USD6bn net short, their first bearish positioning on the USD in aggregate since early November. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CFTC data for the week through Tuesday February 25th reflects a significant further decline in broader USD bullish sentiment.Net Non-Commercial (speculative) traders slashed core net USD longs USD8.1bn over the week, the largest one-week sentiment shift against the USD since last August.That trend was reflected across data covering other market participants. Leveraged accounts (hedge funds) trimmed net USD longs USD2.3bn while Real Money (institutional) traders moved off neutral on the USD to open a USD6bn net short, their first bearish positioning on the USD in aggregate since early November. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - Bullish USD Sentiment in Retreat

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul>
<li>Friday’s bizarre scenes in the Oval Office will take some time to digest for all involved counterparties.</li>
<li>I don’t feel in a position to judge either side, but I will use this analysis to assess the ramifications of the event.</li>
<li>As a disclaimer, remember that I am European!Trump’s argument that the U.S. pays too much to the rest of the world is, in many ways, entirely correct—but also quite banal.</li>
</ul>


Friday’s bizarre scenes in the Oval Office will take some time to digest for all involved counterparties.
I don’t feel in a position to judge either side, but I will use this analysis to assess the ramifications of the event.
As a disclaimer, remember that I am European!Trump’s argument that the U.S. pays too much to the rest of the world is, in many ways, entirely correct—but also quite banal.


Steno Signals #187 – Remember August & September 2024? Tariffs are to blame

<ul>
<li>Sideways range finally breaks giving way to higher 1M implied vols, now above the 75th percentile.</li>
<li>Move lower potentially exacerbated by short gamma positions around the 38,000 strike.</li>
<li>Seasonals not favorable for Nikkei over the next two weeks.</li>
</ul>


Sideways range finally breaks giving way to higher 1M implied vols, now above the 75th percentile.
Move lower potentially exacerbated by short gamma positions around the 38,000 strike.
Seasonals not favorable for Nikkei over the next two weeks.


Nikkei Index Options Weekly (Feb 24 – 28): The Range Breaks

Japan

The Japanese yen is the official currency of Japan. 

Price Gauge
52-week Range	0.00 - 0.00
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JPY (USDJPY CURNCY)

Nikkei Volatility Update (Feb 28th – Mar 7th)

1M Implied volatility up 0.84 at 28.16 as the Nikkei 225 trades around 36800. Higher correlation to USDJPY on the downside. Increasing interest in...

Vantage Capital Markets Japan

Nikkei Index Options Weekly (Mar 03–07): Implied Volatility Climbs as Market Extends Decline

Nikkei falls as USD/JPY and trade tensions weigh on market, with rising implied volatility and lagging historic volatility which we demonstrate...

John Ley

Weekly CFTC Sentiment Report - Bullish USD Sentiment in Retreat

Combined net USD long positioning is down by USD16.5bn in the latest week’s data to USD21bn, a third of the bullish net position seen just seven...

Scotiabank

Steno Signals #187 – Remember August & September 2024? Tariffs are to blame

Friday’s bizarre scenes in the Oval Office will take some time to digest for all involved counterparties. I don’t feel in a position to judge...

Steno Research

Nikkei Index Options Weekly (Feb 24 – 28): The Range Breaks

Sideways range in Nikkei breaks, leading to higher implied vols and potential downside pressure from short gamma positions around 38,000 strike....

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nikkei Volatility Update (Feb 28th – Mar 7th)

1M Implied volatility up 0.84 at 28.16 as the Nikkei 225 trades around 36800. Higher correlation to USDJPY on the downside. Increasing interest in...

Vantage Capital Markets Japan

Nikkei Index Options Weekly (Mar 03–07): Implied Volatility Climbs as Market Extends Decline

​Nikkei falls as USD/JPY and trade tensions weigh on market, with rising implied volatility and lagging historic volatility which we demonstrate...

John Ley

Weekly CFTC Sentiment Report - Bullish USD Sentiment in Retreat

Combined net USD long positioning is down by USD16.5bn in the latest week’s data to USD21bn, a third of the bullish net position seen just seven...

Scotiabank

Steno Signals #187 – Remember August & September 2024? Tariffs are to blame

Friday’s bizarre scenes in the Oval Office will take some time to digest for all involved counterparties. I don’t feel in a position to judge...

Steno Research

Nikkei Index Options Weekly (Feb 24 – 28): The Range Breaks

​Sideways range in Nikkei breaks, leading to higher implied vols and potential downside pressure from short gamma positions around 38,000 strike....

John Ley

Nikkei falls as USD/JPY and trade tensions weigh on market, with rising implied volatility and lagging historic volatility which we demonstrate...

Sideways range in Nikkei breaks, leading to higher implied vols and potential downside pressure from short gamma positions around 38,000 strike....