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 Monday and welcome to my weekly editorial on everything macro.</li><li>Everyone’s talking about the USD meltdown and whether it marks a seismic shift in the international system as we know it.</li><li>Markets are clearly responding to Trump’s list of “non-tariff barriers,” which notably placed FX manipulation at the very top.</li></ul>

Happy Monday and welcome to my weekly editorial on everything macro.Everyone’s talking about the USD meltdown and whether it marks a seismic shift in the international system as we know it.Markets are clearly responding to Trump’s list of “non-tariff barriers,” which notably placed FX manipulation at the very top.

Steno Signals #194 – A Mar-a-Lago Accord- or Meltdown?

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>Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.</li>
<li>USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.</li>
<li>Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.</li>
</ul>


Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.
USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.
Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.


Nikkei Index Options Weekly (Apr 14 – 18):  Vol Unwinds, Nikkei Rebounds and USD Cracks

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Gold is now considered the most crowded trade. Should we be worried?</li>
<li>Who is going to buy US government bonds going forward?</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Gold is now considered the most crowded trade. Should we be worried?
Who is going to buy US government bonds going forward?


<ul>
<li>Both Nikkei and USD/JPY re-tested levels last seen in early August, with Nikkei implied vols surging.</li>
<li>Beyond tariffs, we explore what may become the dominant driver of market movements in the weeks ahead.</li>
<li>Skew steepened materially; we examine how open interest at current spot levels could shape the spot-vol relationship going forward.</li>
</ul>


Both Nikkei and USD/JPY re-tested levels last seen in early August, with Nikkei implied vols surging.
Beyond tariffs, we explore what may become the dominant driver of market movements in the weeks ahead.
Skew steepened materially; we examine how open interest at current spot levels could shape the spot-vol relationship going forward.


Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold

Maxis Nikkei 225 Index Fund / Equity Derivatives

<ul>
<li>Volatility percentiles are flashing, and we explore what recent price action could signal for the week ahead.</li>
<li>Put activity surged, with especially heavy interest on Thursday and Friday and concentrated in short dates expiries.</li>
<li>We highlight the potential for equity market volatility to spill over into currency markets.</li>
</ul>


Volatility percentiles are flashing, and we explore what recent price action could signal for the week ahead.
Put activity surged, with especially heavy interest on Thursday and Friday and concentrated in short dates expiries.
We highlight the potential for equity market volatility to spill over into currency markets.


Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges

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)

Steno Signals #194 – A Mar-a-Lago Accord- or Meltdown?

Happy Monday and welcome to my weekly editorial on everything macro. Everyone’s talking about the USD meltdown and whether it marks a seismic...

Steno Research

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

John Ley

Overview #23 Gold, Bonds and the USD

A review of recent events/data impacting our investment themes and outlook. We look at recent investor sentiment towards gold, the USD, bonds and...

Rikki Malik

Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold

Nikkei and USD/JPY re-test August levels, with implied vols surging. Market movements may be driven by factors beyond tariffs, as open interest at...

John Ley

Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges

Recent volatility percentiles suggest potential market movement ahead. We highlight the potential for spillover of equity market volatility into...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Steno Signals #194 – A Mar-a-Lago Accord- or Meltdown?

Happy Monday and welcome to my weekly editorial on everything macro. Everyone’s talking about the USD meltdown and whether it marks a seismic...

Steno Research

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

​Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

John Ley

Overview #23 Gold, Bonds and the USD

A review of recent events/data impacting our investment themes and outlook. We look at recent investor sentiment towards gold, the USD, bonds and...

Rikki Malik

Nikkei Index Options Weekly (Apr 07 – 11): Vol Spikes, Skew Steepens, Macro Shifts Unfold

​Nikkei and USD/JPY re-test August levels, with implied vols surging. Market movements may be driven by factors beyond tariffs, as open interest at...

John Ley

Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges

​Recent volatility percentiles suggest potential market movement ahead. We highlight the potential for spillover of equity market volatility into...

John Ley

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

Nikkei and USD/JPY re-test August levels, with implied vols surging. Market movements may be driven by factors beyond tariffs, as open interest at...

Recent volatility percentiles suggest potential market movement ahead. We highlight the potential for spillover of equity market volatility into...