Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>
Short selling in all stocks in South Korea will resume from 31 March 2025. The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 (KOSPI2 INDEX EQUITY)</a> is approaching the overboughtarea according to our models.</li>
<li>If the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> can rise for another week, it would be perfectly ripe for a large, high probability SHORT trade.</li>
<li>The probability of WEEKLY reversal in the range between the last Close (355) and the 363 resistance limit is between 50% and 75%, pretty high.</li>
</ul>



Short selling in all stocks in South Korea will resume from 31 March 2025. The KOSPI 200 (KOSPI2 INDEX EQUITY) is approaching the overboughtarea according to our models.
If the KOSPI 200 can rise for another week, it would be perfectly ripe for a large, high probability SHORT trade.
The probability of WEEKLY reversal in the range between the last Close (355) and the 363 resistance limit is between 50% and 75%, pretty high.


Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

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>A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>Implied vol held firm despite price swings, with the spread between 1M implied and historic vol continuing to widen.</li>
<li>We suggest a tactical hedge given implied vol dynamics and uncertain political environment.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
Implied vol held firm despite price swings, with the spread between 1M implied and historic vol continuing to widen.
We suggest a tactical hedge given implied vol dynamics and uncertain political environment.


Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

<ul>
<li>A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>Kospi extended its gains after a strong start, maintaining its position as a relative outperformer.</li>
<li>We examine Kospi’s recent outperformance against comparable indices as well as SP500.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
Kospi extended its gains after a strong start, maintaining its position as a relative outperformer.
We examine Kospi’s recent outperformance against comparable indices as well as SP500.


Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

<ul>
<li>Kospi’s price action was concentrated in just two days, with the rest of the week marked by quiet trading.</li>
<li>We examine Kospi’s performance relative to SPX within the broader global index landscape. .</li>
<li>A word of caution on long volatility positions as current implied vol levels come into focus.</li>
</ul>


Kospi’s price action was concentrated in just two days, with the rest of the week marked by quiet trading.
We examine Kospi’s performance relative to SPX within the broader global index landscape. .
A word of caution on long volatility positions as current implied vol levels come into focus.


Kospi Index Options Weekly (Mar 10 – 14): Relative Strength and Volatility Trends in Focus

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>The street suspects NPS is fast-tracking its reference portfolio in local equities, not just rebalancing to cover last year’s underweight in its Q1 2025 adjustment.</li>
<li>The passive-to-active shift is on—starting with enhanced passive, then an early ramp into event-driven and high-conviction active plays.</li>
<li>We traders should expect outsized swings in leaders and restructuring plays as NPS flows amplify moves.</li>
</ul>


The street suspects NPS is fast-tracking its reference portfolio in local equities, not just rebalancing to cover last year’s underweight in its Q1 2025 adjustment.
The passive-to-active shift is on—starting with enhanced passive, then an early ramp into event-driven and high-conviction active plays.
We traders should expect outsized swings in leaders and restructuring plays as NPS flows amplify moves.


Digging Into the Early Full Rollout of NPS’s Reference Portfolio Play

South Korea

The KOSPI 200 Index is a capitalization-weighted index of 200 Korean stocks which make up 93% of the total market value of the Korea Stock Exchange. The index was developed with a base value of 100 as of January 3, 1990.

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

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

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

The week after this insight was published, the KOSPI 200 started to fall (that was one of the possible scenarios analyzed). This Monday, as short...

Nico Rosti

Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

John Ley

Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

Weekly recap of Kospi's outperformance, analyzing volatility metrics, option volumes, and open interest statistics against SP500 and other indices.

John Ley

Kospi Index Options Weekly (Mar 10 – 14): Relative Strength and Volatility Trends in Focus

Kospi's price action concentrated in two days, quiet trading rest of week. Caution advised on long volatility positions due to current implied vol...

John Ley

Digging Into the Early Full Rollout of NPS’s Reference Portfolio Play

This post dives into the early full rollout of NPS’s reference portfolio play, analyzing its implications, market impact, and what traders should...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

The week after this insight was published, the KOSPI 200 started to fall (that was one of the possible scenarios analyzed). This Monday, as short...

Nico Rosti

Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

​Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

John Ley

Kospi Index Options Weekly (Mar 17 – 21): Extending Gains and Outperformance

​Weekly recap of Kospi's outperformance, analyzing volatility metrics, option volumes, and open interest statistics against SP500 and other indices.

John Ley

Kospi Index Options Weekly (Mar 10 – 14): Relative Strength and Volatility Trends in Focus

​Kospi's price action concentrated in two days, quiet trading rest of week. Caution advised on long volatility positions due to current implied vol...

John Ley

Digging Into the Early Full Rollout of NPS’s Reference Portfolio Play

This post dives into the early full rollout of NPS’s reference portfolio play, analyzing its implications, market impact, and what traders should...

Sanghyun Park

Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

Weekly recap of Kospi's outperformance, analyzing volatility metrics, option volumes, and open interest statistics against SP500 and other indices.

Kospi's price action concentrated in two days, quiet trading rest of week. Caution advised on long volatility positions due to current implied vol...