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>USD/JPY more volatile relative to Nikkei, trading in a 2.3% range on the week and historic vol continuing to climb compressing the hv spread.</li>
<li>Nikkei is trading at the mid-point of the sideways range it’s been in since the end of September.  </li>
<li>Most heavily traded strikes were at the top and bottom of the sideways range.</li>
</ul>


USD/JPY more volatile relative to Nikkei, trading in a 2.3% range on the week and historic vol continuing to climb compressing the hv spread.
Nikkei is trading at the mid-point of the sideways range it’s been in since the end of September.  
Most heavily traded strikes were at the top and bottom of the sideways range.


EQD | Nikkei Index Options Weekly (February 10 – 14): Mired in Sideways Range

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>Dollar-bullish sentiment eased for a third week in a row though last Tuesday, the latest snapshot of FX positioning from the CFTC shows.</li><li>That’s a little surprising, considering that the data cover the period when tariff concerns had eased somewhat but were still elevated.</li><li>Non-Commercial (speculative) traders pared aggregate USD longs some USD2.5bn overall to just over USD31bn. </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>

Dollar-bullish sentiment eased for a third week in a row though last Tuesday, the latest snapshot of FX positioning from the CFTC shows.That’s a little surprising, considering that the data cover the period when tariff concerns had eased somewhat but were still elevated.Non-Commercial (speculative) traders pared aggregate USD longs some USD2.5bn overall to just over USD31bn. 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 Softens Further

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.

<ul><li>Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500.</li><li>NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.</li><li>Low volumes and new open interests despite a higher realized volatility.</li></ul>

Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500.NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.Low volumes and new open interests despite a higher realized volatility.

EQD: Weekly Nikkei Volatility Update (Jan 31st – Jan 7th)

<ul>
<li>Nikkei down 2.66% on Monday with Implied vol very reactive to the move jumping almost 3 points.</li>
<li>USD/JPY dropped 2.35% for the week, Nikkei fared better only losing 1.96%.</li>
<li>Open interest in the Nikkei dominated by Puts with 2 outstanding for every 1 Call.</li>
</ul>


Nikkei down 2.66% on Monday with Implied vol very reactive to the move jumping almost 3 points.
USD/JPY dropped 2.35% for the week, Nikkei fared better only losing 1.96%.
Open interest in the Nikkei dominated by Puts with 2 outstanding for every 1 Call.


EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

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>Welcome to this week’s The Drill, which I will be authoring by myself moving forward.</li><li>This means a continued focus on commodities and energy, but also an increased dosage of geopolitics as many of you have wished for.</li><li>Each week, we’ll cover a couple of key topics as well as provide you with a sneak peak into our data models and what they have to say on commodities.</li></ul>

Welcome to this week’s The Drill, which I will be authoring by myself moving forward.This means a continued focus on commodities and energy, but also an increased dosage of geopolitics as many of you have wished for.Each week, we’ll cover a couple of key topics as well as provide you with a sneak peak into our data models and what they have to say on commodities.

The Drill – Oil down and precious metals UP.. The short USD trade in Geopolitics

Japan

The Japanese yen is the official currency of Japan. 

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

JPY (USDJPY CURNCY)

EQD | Nikkei Index Options Weekly (February 10 – 14): Mired in Sideways Range

USD/JPY more volatile than Nikkei, trading in a 2.3% range with historic volatility increasing, while Nikkei remains in a sideways range since...

John Ley

Weekly CFTC Sentiment Report - Bullish USD Sentiment Softens Further

Dollar-bullish sentiment eased for a third week in a row though last Tuesday, the latest snapshot of FX positioning from the CFTC shows.

Scotiabank

EQD: Weekly Nikkei Volatility Update (Jan 31st – Jan 7th)

Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500. NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot

Nikkei drops 1.96% as USD/JPY falls 2.35%. Big jump in Nikkei implied vols on Monnday but most of the gains given back by Friday.

John Ley

The Drill – Oil down and precious metals UP.. The short USD trade in Geopolitics

Welcome to this week’s The Drill, which I will be authoring by myself moving forward. This means a continued focus on commodities and energy, but...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Nikkei Index Options Weekly (February 10 – 14): Mired in Sideways Range

​USD/JPY more volatile than Nikkei, trading in a 2.3% range with historic volatility increasing, while Nikkei remains in a sideways range since...

John Ley

Weekly CFTC Sentiment Report - Bullish USD Sentiment Softens Further

Dollar-bullish sentiment eased for a third week in a row though last Tuesday, the latest snapshot of FX positioning from the CFTC shows.

Scotiabank

EQD: Weekly Nikkei Volatility Update (Jan 31st – Jan 7th)

Lower USDJPY from 155 to 151 pushed the Nikkei 225 down to 38,500. NKY 1M implied volatility spiked 4.15 to stabilize around 21.7%.

Vantage Capital Markets Japan

EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot

​Nikkei drops 1.96% as USD/JPY falls 2.35%. Big jump in Nikkei implied vols on Monnday but most of the gains given back by Friday.

John Ley

The Drill – Oil down and precious metals UP.. The short USD trade in Geopolitics

Welcome to this week’s The Drill, which I will be authoring by myself moving forward. This means a continued focus on commodities and energy, but...

Steno Research

USD/JPY more volatile than Nikkei, trading in a 2.3% range with historic volatility increasing, while Nikkei remains in a sideways range since...

Nikkei drops 1.96% as USD/JPY falls 2.35%. Big jump in Nikkei implied vols on Monnday but most of the gains given back by Friday.