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.

Equity Derivatives

<ul>
<li>1M NKY implied volatility closed at 21.11 (down 0.58) as NKY went up 0.90%</li>
<li>Nikkei225 spots and 1M implied volatility are trading in a range with an increasing correlation to USDJPY.</li>
<li>Low volumes this week with a focus on gamma roll from Feb25 to Mar25 with some interests on skew structures from Mar25 to Dec25 in the inter-dealer broker market.</li>
</ul>


1M NKY implied volatility closed at 21.11 (down 0.58) as NKY went up 0.90%
Nikkei225 spots and 1M implied volatility are trading in a range with an increasing correlation to USDJPY.
Low volumes this week with a focus on gamma roll from Feb25 to Mar25 with some interests on skew structures from Mar25 to Dec25 in the inter-dealer broker market.


EQD: Weekly Nikkei Volatility Update (Feb 7th – Feb 14th)

Event-Driven

<ul><li>Stock performance is confirming the ADD of Kokusai Electric (6525.T), BayCurrent Consulting (6532.T) and Shift Inc. (3697.T)</li><li>Stock performance is confirming the DEL of Mitsubishi Logistics (9301.T) and (maybe?) Kanadavia (7004.T)</li><li>Best Rebalance portfolio: the Long Kokusai Electric (6525.T), BayCurrent Consulting (6532.T) and Shift Inc. (3697.T) vs. Short Fast Retailing (9983.T) with 34.17% performance over the past two months.</li></ul>

Stock performance is confirming the ADD of Kokusai Electric (6525.T), BayCurrent Consulting (6532.T) and Shift Inc. (3697.T)Stock performance is confirming the DEL of Mitsubishi Logistics (9301.T) and (maybe?) Kanadavia (7004.T)Best Rebalance portfolio: the Long Kokusai Electric (6525.T), BayCurrent Consulting (6532.T) and Shift Inc. (3697.T) vs. Short Fast Retailing (9983.T) with 34.17% performance over the past two months.

Nikkei 225 Rebalancing: Stock Performance

<ul><li>Another sharp increase in the dividend curve despite a weak equity return</li><li>Increase from 2025 to 2027: 2025 +13.6 2026 +9.4 and 2027 +3.8</li><li>Large volumes in the dividend future market especially on 2025, 2026 and 2025 dividend future vs. MAR/DEC25 future rolls.</li></ul>

Another sharp increase in the dividend curve despite a weak equity returnIncrease from 2025 to 2027: 2025 +13.6 2026 +9.4 and 2027 +3.8Large volumes in the dividend future market especially on 2025, 2026 and 2025 dividend future vs. MAR/DEC25 future rolls.

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

<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>NKY dividends moved up sharply this week despite a weak equity market.</li>
<li>An increase across the curve: 2025 +21.6, 2026 +8.40, 2027 +11.3 and 2028 +4.</li>
<li>Large volumes around the month end in 2025, 2026 and 2026/2027 spreads.</li>
</ul>


NKY dividends moved up sharply this week despite a weak equity market.
An increase across the curve: 2025 +21.6, 2026 +8.40, 2027 +11.3 and 2028 +4.
Large volumes around the month end in 2025, 2026 and 2026/2027 spreads.


EQD: Nikkei Dividends Update (Jan 24th – Jan 31st)

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)

EQD: Weekly Nikkei Volatility Update (Feb 7th – Feb 14th)

1M NKY implied volatility closed at 21.11 (down 0.58) as NKY went up 0.90%. Nikkei225 spots and 1M implied volatility are trading in a range with...

Vantage Capital Markets Japan

Nikkei 225 Rebalancing: Stock Performance

Stock performance is confirming the ADD of Kokusai Electric (6525.T), BayCurrent Consulting (6532.T) and Shift Inc. (3697.T) Stock performance is...

Vantage Capital Markets Japan

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

Another sharp increase in the dividend curve despite a weak equity return. Increase from 2025 to 2027: 2025 +13.6 2026 +9.4 and 2027 +3.8

Vantage Capital Markets Japan

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 Dividends Update (Jan 24th – Jan 31st)

NKY dividends moved up sharply this week despite a weak equity market. An increase across the curve: 2025 +21.6, 2026 +8.40, 2027 +11.3 and 2028...

Vantage Capital Markets Japan