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.

Macroeconomics

<ul><li>Global equities slightly higher last week: Japan +1.50%, World +0.79%, Europe +0.74% and S&amp;P 500 +1.15%, Korea +7.63%</li><li>Japan Sectors Performers: Precision Instrument +2.30%, Electric Appliances +2.04%, Metal Products +1.95% while Insurance -4.0% and Marine Transportation - 3.94%</li><li>JPY 5Y Rates were stable, ITRAXX Japan 5Y softening 1.5 to 60.74</li></ul>

Global equities slightly higher last week: Japan +1.50%, World +0.79%, Europe +0.74% and S&amp;P 500 +1.15%, Korea +7.63%Japan Sectors Performers: Precision Instrument +2.30%, Electric Appliances +2.04%, Metal Products +1.95% while Insurance -4.0% and Marine Transportation - 3.94%JPY 5Y Rates were stable, ITRAXX Japan 5Y softening 1.5 to 60.74

Weekly Macroeconomic Report (June 11th, 2025)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>For each share of <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a>, shareholders will receive 1 share of Sony Financial Group. Ex-date for the dividend in-kind is 29 September.</li>
<li>The Nikkei has started a market consultation on treatment of the spinoff in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei225</a> and that means the dividend in-kind will not be included in the Dividend Point Index.</li>
<li>There will be some selling in SFGI from passive trackers and the company will buy back some stock following listing. Details of the buyback have not been announced yet.</li>
</ul>


For each share of Sony Corp (6758 JP), shareholders will receive 1 share of Sony Financial Group. Ex-date for the dividend in-kind is 29 September.
The Nikkei has started a market consultation on treatment of the spinoff in the Nikkei225 and that means the dividend in-kind will not be included in the Dividend Point Index.
There will be some selling in SFGI from passive trackers and the company will buy back some stock following listing. Details of the buyback have not been announced yet.


Index Treatment of Sony (6758 JP)'s Spinoff of the Financial Services Business

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>Most major indices extended their April rally through May, but seasonal patterns suggest caution from here.</li>
<li>Implied volatility declined across most markets, but remains above historical medians in several key regions.</li>
<li>Vol premium analysis highlights a few standouts where short vol has historically outperformed.</li>
</ul>


Most major indices extended their April rally through May, but seasonal patterns suggest caution from here.
Implied volatility declined across most markets, but remains above historical medians in several key regions.
Vol premium analysis highlights a few standouts where short vol has historically outperformed.


Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Central Bank Rate Decisions, including from the Reserve Bank of India (RBI), the Bank of Japan, and the Fed.</li>
<li>
Index Rebalancings for the Australian, Indian, Hong Kong, and US benchmark indices. </li>
<li>
Elections: South Korea Presidential Elections on 3 June; potential for the opposition party to win the presidency.</li>
</ul>



Central Bank Rate Decisions, including from the Reserve Bank of India (RBI), the Bank of Japan, and the Fed.

Index Rebalancings for the Australian, Indian, Hong Kong, and US benchmark indices. 

Elections: South Korea Presidential Elections on 3 June; potential for the opposition party to win the presidency.


<ul><li>Global equities slightly lower last week: Japan -0.16%, World -1.84% Europe -1.86% and S&amp;P 500 -2.61%</li><li>Japan Sectors Performers: Non-Ferrous Metals +6.39%, Machinery Index +2.46%, Warehouse &amp; Transport +1.86%</li><li>JPY 5Y Rates were stable, ITRAXX Japan 5Y stable around 65 points</li></ul>

Global equities slightly lower last week: Japan -0.16%, World -1.84% Europe -1.86% and S&amp;P 500 -2.61%Japan Sectors Performers: Non-Ferrous Metals +6.39%, Machinery Index +2.46%, Warehouse &amp; Transport +1.86%JPY 5Y Rates were stable, ITRAXX Japan 5Y stable around 65 points

Weekly Macroeconomic Report (May 26th, 2025)

Japan

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

Nikkei 225 (NKY INDEX)

Weekly Macroeconomic Report (June 11th, 2025)

Global equities slightly higher last week: Japan +1.50%, World +0.79%, Europe +0.74% and S&P 500 +1.15%, Korea +7.63% Japan Sectors...

Vantage Capital Markets Japan

Index Treatment of Sony (6758 JP)'s Spinoff of the Financial Services Business

Sony will distribute SFGI shares with an ex-date of 29 Sep. There will be selling from NKY trackers on listing day and possibly from global index...

Brian Freitas

Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds

Major indices continued their rally in May, but caution is advised due to seasonal patterns. Implied volatility has decreased but remains high in...

John Ley

The Month Ahead: Key Events in June 2025

Central bank rate decisions, index rebalancings, and upcoming South Korea presidential elections are key events to watch for in Asia-Pacific in June.

Gaudenz Schneider

Weekly Macroeconomic Report (May 26th, 2025)

Global equities slightly lower last week: Japan -0.16%, World -1.84% Europe -1.86% and S&P 500 -2.61% Japan Sectors Performers: Non-Ferrous...

Vantage Capital Markets Japan

Weekly Macroeconomic Report (June 11th, 2025)

Global equities slightly higher last week: Japan +1.50%, World +0.79%, Europe +0.74% and S&P 500 +1.15%, Korea +7.63% Japan Sectors...

Vantage Capital Markets Japan

Index Treatment of Sony (6758 JP)'s Spinoff of the Financial Services Business

Sony will distribute SFGI shares with an ex-date of 29 Sep. There will be selling from NKY trackers on listing day and possibly from global index...

Brian Freitas

Global Macro Outlook (June): From Rally to Reversal? Macro Trends Shift as June Unfolds

​Major indices continued their rally in May, but caution is advised due to seasonal patterns. Implied volatility has decreased but remains high in...

John Ley

The Month Ahead: Key Events in June 2025

​Central bank rate decisions, index rebalancings, and upcoming South Korea presidential elections are key events to watch for in Asia-Pacific in June.

Gaudenz Schneider

Weekly Macroeconomic Report (May 26th, 2025)

Global equities slightly lower last week: Japan -0.16%, World -1.84% Europe -1.86% and S&P 500 -2.61% Japan Sectors Performers: Non-Ferrous...

Vantage Capital Markets Japan

Major indices continued their rally in May, but caution is advised due to seasonal patterns. Implied volatility has decreased but remains high in...

Central bank rate decisions, index rebalancings, and upcoming South Korea presidential elections are key events to watch for in Asia-Pacific in June.