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

Hang Seng China Enterprises Index / Equity Derivatives

<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>Volatility pulled back but may have simply entered a holding pattern—parallels to stimulus induced rise and fall are explored.</li>
<li>Volumes dropped sharply from last week’s Call induced surge, as the market approached—but failed to clear—a key strike.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
Volatility pulled back but may have simply entered a holding pattern—parallels to stimulus induced rise and fall are explored.
Volumes dropped sharply from last week’s Call induced surge, as the market approached—but failed to clear—a key strike.


HSCEI Index Options Weekly (Apr 14-17): Key Strike Rejected, Volatility Recalibrates

<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>The recent cooling in volatility may be more of a pause than a reversal—we explore why that might be.</li>
<li>Trading activity continued to fade as the market works through the volatility of recent weeks.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
The recent cooling in volatility may be more of a pause than a reversal—we explore why that might be.
Trading activity continued to fade as the market works through the volatility of recent weeks.


HSI Index Options Weekly (Apr 14-17): Volatility Cools, But the Floor May Hold

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>Implied vol spiked sharply on Monday, marking one of the largest single-day moves since the pandemic.</li>
<li>We discuss the move in skew and suggest a course of action for previously recommended hedges.</li>
<li>The magnitude of the implied vol move is examined in the context of recent price behavior—and whether it holds.</li>
</ul>


Implied vol spiked sharply on Monday, marking one of the largest single-day moves since the pandemic.
We discuss the move in skew and suggest a course of action for previously recommended hedges.
The magnitude of the implied vol move is examined in the context of recent price behavior—and whether it holds.


Nifty Index Options Weekly (Apr 07 – 11): Volatility Spikes, Skew Steepens, Hedges Reassessed

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>Price action was volatile this week, marked by two large moves and a notable pickup in vol of vol.</li>
<li>We examine the material steepening of skew observed over the course of the week.</li>
<li>USD/KRW broke its recent range, reinforcing signs that USD assets may be losing their traditional flight to quality appeal.</li>
</ul>


Price action was volatile this week, marked by two large moves and a notable pickup in vol of vol.
We examine the material steepening of skew observed over the course of the week.
USD/KRW broke its recent range, reinforcing signs that USD assets may be losing their traditional flight to quality appeal.


Kospi Index Options Weekly (Apr 07 – 11):  Skew Shifts Steepens and Positioning Signals

United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

HSCEI Index Options Weekly (Apr 14-17): Key Strike Rejected, Volatility Recalibrates

This article provides a weekly overview of market volatility, option volumes, and price metrics, suggesting that volatility may be in a holding...

John Ley

HSI Index Options Weekly (Apr 14-17): Volatility Cools, But the Floor May Hold

A weekly overview of market volatility and trading activity, suggesting that the recent decrease in volatility may be a pause as opposed to an...

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

Nifty Index Options Weekly (Apr 07 – 11): Volatility Spikes, Skew Steepens, Hedges Reassessed

Implied volatility surged on Monday, prompting a reevaluation of recommended hedges and the sustainability of recent price movements.

John Ley

Kospi Index Options Weekly (Apr 07 – 11): Skew Shifts Steepens and Positioning Signals

This week saw volatile price action and a steepening of skew. We discuss the shift that appears to be underway in traditional flight to quality...

John Ley

HSCEI Index Options Weekly (Apr 14-17): Key Strike Rejected, Volatility Recalibrates

​This article provides a weekly overview of market volatility, option volumes, and price metrics, suggesting that volatility may be in a holding...

John Ley

HSI Index Options Weekly (Apr 14-17): Volatility Cools, But the Floor May Hold

​A weekly overview of market volatility and trading activity, suggesting that the recent decrease in volatility may be a pause as opposed to an...

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

Nifty Index Options Weekly (Apr 07 – 11): Volatility Spikes, Skew Steepens, Hedges Reassessed

​Implied volatility surged on Monday, prompting a reevaluation of recommended hedges and the sustainability of recent price movements.

John Ley

Kospi Index Options Weekly (Apr 07 – 11): Skew Shifts Steepens and Positioning Signals

​This week saw volatile price action and a steepening of skew. We discuss the shift that appears to be underway in traditional flight to quality...

John Ley

This article provides a weekly overview of market volatility, option volumes, and price metrics, suggesting that volatility may be in a holding...

A weekly overview of market volatility and trading activity, suggesting that the recent decrease in volatility may be a pause as opposed to an...

Implied volatility surged on Monday, prompting a reevaluation of recommended hedges and the sustainability of recent price movements.

This week saw volatile price action and a steepening of skew. We discuss the shift that appears to be underway in traditional flight to quality...