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

Korea Stock Exchange Kospi Index / Equity Derivatives

<ul>
<li>Since the end of September the Kospi has been diverging from the Nikkie which has rallied as JPY has weakened. Both Kospi and KRW have been moving lower.</li>
<li>Vast majority of option trading is in short dated expiries. The largest volume day of the week saw 99% of trading in expires &lt;= Jan 09</li>
<li>Implied vols were quiet but there was some increased tilt to skew making out-of-the-money Puts slightly more expensive.</li>
</ul>


Since the end of September the Kospi has been diverging from the Nikkie which has rallied as JPY has weakened. Both Kospi and KRW have been moving lower.
Vast majority of option trading is in short dated expiries. The largest volume day of the week saw 99% of trading in expires &lt;= Jan 09
Implied vols were quiet but there was some increased tilt to skew making out-of-the-money Puts slightly more expensive.


EQD | Kospi Index Options Weekly - December 23 - 27

<ul>
<li>NKY looks to be playing catch-up with USD/JPY, rising 4.03% on the week and breaking out of recent range after not moving much in the first half of the month.</li>
<li>Implied volatility continues to slide lower with 1M implied vol down 2.5 points on the week.</li>
<li>Call volumes larger than Put volumes for the first time in a while on Fridays 1.80% price surge.</li>
</ul>


NKY looks to be playing catch-up with USD/JPY, rising 4.03% on the week and breaking out of recent range after not moving much in the first half of the month.
Implied volatility continues to slide lower with 1M implied vol down 2.5 points on the week.
Call volumes larger than Put volumes for the first time in a while on Fridays 1.80% price surge.


EQD | Nikkei Index Options Weekly - December 23 - 27

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>Happy Sunday from me! This will be the last update before the festive season, and I hope you will have a relaxed and enjoyable time with your loved ones.</li><li>It has been a big year for me personally with the launch of Asgard-Steno Global Macro.</li><li>Despite Powell pulling the rug from under the Christmas rally, we are off to a decent start and expect to deliver strong returns in choppy markets in 2025, where the macro direction will be challenged by several factors.</li></ul>

Happy Sunday from me! This will be the last update before the festive season, and I hope you will have a relaxed and enjoyable time with your loved ones.It has been a big year for me personally with the launch of Asgard-Steno Global Macro.Despite Powell pulling the rug from under the Christmas rally, we are off to a decent start and expect to deliver strong returns in choppy markets in 2025, where the macro direction will be challenged by several factors.

Steno Signals #177 – Another ill-timed flip-flop from Jay Powell?

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 December 10 reflects a small improvement in overall USD bullish sentiment.</li><li>Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.</li><li>Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. </li></ul>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.

CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. 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 Data - USD Bull Sentiment Strengthens

<ul><li>The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.</li><li>Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.</li><li>Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.</li></ul>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.

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.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 - USD Sentiment/Positioning Stable

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 | Kospi Index Options Weekly - December 23 - 27

The Kospi has been diverging from the Nikkie which has rallied as JPY has weakened. Both Kospi and KRW have been moving lower.

John Ley

EQD | Nikkei Index Options Weekly - December 23 - 27

NKY appears to be catching up to USD/JPY, with a 4.03% rise breaking out of recent range. Implied volatility is down and call volumes surpass put...

John Ley

Steno Signals #177 – Another ill-timed flip-flop from Jay Powell?

Happy Sunday from me! This will be the last update before the festive season, and I hope you will have a relaxed and enjoyable time with your...

Steno Research

Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

Speculative traders moved in different directions on the major currencies. They boosted net JPY longs USD1.9bn and lifted net GBP longs by USD634mn.

Scotiabank

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Kospi Index Options Weekly - December 23 - 27

The Kospi has been diverging from the Nikkie which has rallied as JPY has weakened. Both Kospi and KRW have been moving lower.

John Ley

EQD | Nikkei Index Options Weekly - December 23 - 27

​NKY appears to be catching up to USD/JPY, with a 4.03% rise breaking out of recent range. Implied volatility is down and call volumes surpass put...

John Ley

Steno Signals #177 – Another ill-timed flip-flop from Jay Powell?

Happy Sunday from me! This will be the last update before the festive season, and I hope you will have a relaxed and enjoyable time with your...

Steno Research

Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

Speculative traders moved in different directions on the major currencies. They boosted net JPY longs USD1.9bn and lifted net GBP longs by USD634mn.

Scotiabank

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December

Scotiabank

NKY appears to be catching up to USD/JPY, with a 4.03% rise breaking out of recent range. Implied volatility is down and call volumes surpass put...