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>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

<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

Hang Seng China Enterprises Index / Equity Derivatives

<ul>
<li>Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.</li>
<li>Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing</li>
<li>We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.</li>
</ul>


Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.
Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing
We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.


HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

<ul>
<li>A volatile week for HSI, with sharp moves in price, volume, and implied volatility concentrated around Monday’s gap lower.</li>
<li>We discuss the shift in spot-vol dynamics and how it may influence short-term vol trading.</li>
<li>Changes in open interest and vol structure are examined in the context of ongoing global tensions.</li>
</ul>


A volatile week for HSI, with sharp moves in price, volume, and implied volatility concentrated around Monday’s gap lower.
We discuss the shift in spot-vol dynamics and how it may influence short-term vol trading.
Changes in open interest and vol structure are examined in the context of ongoing global tensions.


HSI Index Options Weekly (Apr 07–11): Vol Shifts and Early Signs of USD Toxicity

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)

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

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

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

HSI Index Options Weekly (Apr 07–11): Vol Shifts and Early Signs of USD Toxicity

This Insight analyzes the recent volatility in HSI and its impact on short-term vol trading, highlighting shifts in spot-vol dynamics and changes...

John Ley

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

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

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

​Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

HSI Index Options Weekly (Apr 07–11): Vol Shifts and Early Signs of USD Toxicity

​This Insight analyzes the recent volatility in HSI and its impact on short-term vol trading, highlighting shifts in spot-vol dynamics and changes...

John Ley

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...

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...

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

This Insight analyzes the recent volatility in HSI and its impact on short-term vol trading, highlighting shifts in spot-vol dynamics and changes...