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>Nifty traded in an exceptionally narrow range during a holiday-shortened week, a stark contrast to volatility in other markets.</li>
<li>We highlight Nifty’s relative performance against SPX across both long- and short-term time frames.</li>
<li>Implied volatility softened as the quiet range and muted trading activity put pressure on options pricing.</li>
</ul>


Nifty traded in an exceptionally narrow range during a holiday-shortened week, a stark contrast to volatility in other markets.
We highlight Nifty’s relative performance against SPX across both long- and short-term time frames.
Implied volatility softened as the quiet range and muted trading activity put pressure on options pricing.


Nifty Index Options Weekly (Mar 10–13): Outperforming SPX in Low-Volatility Trade

<ul>
<li>We assess the effectiveness of short volatility versus long volatility positioning.</li>
<li>Nikkei’s performance relative to SPX is analyzed across three distinct time frames.</li>
<li>Volatility remained muted ahead of next week’s Bank of Japan meeting, while option volumes increased week over week.</li>
</ul>


We assess the effectiveness of short volatility versus long volatility positioning.
Nikkei’s performance relative to SPX is analyzed across three distinct time frames.
Volatility remained muted ahead of next week’s Bank of Japan meeting, while option volumes increased week over week.


Nikkei Index Options Weekly (Mar 10–14): Assessing Long Vs. Short Vol Strategies & Returns Vs. SPX

Hang Seng China Enterprises Index / Equity Derivatives

<ul>
<li>We highlight HSCEI’s outperformance vs. SPX across both long- and short-term price histories.</li>
<li>Mixed performance this week, with stimulus enthusiasm on Friday helping the market recover to a flat finish.</li>
<li>Given recent outperformance, we outline a tactical hedge to manage risk.</li>
</ul>


We highlight HSCEI’s outperformance vs. SPX across both long- and short-term price histories.
Mixed performance this week, with stimulus enthusiasm on Friday helping the market recover to a flat finish.
Given recent outperformance, we outline a tactical hedge to manage risk.


HSCEI Index Options Weekly (March 10-14): A Tactical Hedge as Relative Outperformance Continues

<ul>
<li>We look into whether long or short volatility strategies on the HSI have been the most effective.</li>
<li>Implied volatility remained under pressure as muted trading and weak price action weighed on implied volatility.</li>
<li>Despite finishing lower, HSI remained a strong relative performer among global indexes, particularly against SPX.</li>
</ul>


We look into whether long or short volatility strategies on the HSI have been the most effective.
Implied volatility remained under pressure as muted trading and weak price action weighed on implied volatility.
Despite finishing lower, HSI remained a strong relative performer among global indexes, particularly against SPX.


HSI Index Options Weekly (March 10-14): Flat Week but Still and Strong Relative Performer

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>More evidence emerging of a regime change in global markets</li>
<li>What is different this time around from previous bear markets</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
More evidence emerging of a regime change in global markets
What is different this time around from previous bear markets


Overview #19 – Don’t Buy the D@nm Dip!

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 (Mar 10–13): Outperforming SPX in Low-Volatility Trade

Nifty's tight trading range during holiday week contrasts with higher volatility in other markets. We examine Nifty's performance vs SPX over long...

John Ley

Nikkei Index Options Weekly (Mar 10–14): Assessing Long Vs. Short Vol Strategies & Returns Vs. SPX

Analysis of short versus long volatility positioning and comparison of Nikkei's performance to SPX across different time frames. Option Volume...

John Ley

HSCEI Index Options Weekly (March 10-14): A Tactical Hedge as Relative Outperformance Continues

HSCEI outperforms SPX in both long- and short-term, with mixed performance this week and a tactical hedge recommended to manage risk.

John Ley

HSI Index Options Weekly (March 10-14): Flat Week but Still and Strong Relative Performer

Performance of long and short volatility strategies on HSI is examined, Volatility was down on the week on muted trading through the middle of the...

John Ley

Overview #19 – Don’t Buy the D@nm Dip!

A review of recent events/data impacting our investment themes and outlook. How will the incoming bear market in the US impact Asia

Rikki Malik

Nifty Index Options Weekly (Mar 10–13): Outperforming SPX in Low-Volatility Trade

​Nifty's tight trading range during holiday week contrasts with higher volatility in other markets. We examine Nifty's performance vs SPX over long...

John Ley

Nikkei Index Options Weekly (Mar 10–14): Assessing Long Vs. Short Vol Strategies & Returns Vs. SPX

​Analysis of short versus long volatility positioning and comparison of Nikkei's performance to SPX across different time frames. Option Volume...

John Ley

HSCEI Index Options Weekly (March 10-14): A Tactical Hedge as Relative Outperformance Continues

​HSCEI outperforms SPX in both long- and short-term, with mixed performance this week and a tactical hedge recommended to manage risk.

John Ley

HSI Index Options Weekly (March 10-14): Flat Week but Still and Strong Relative Performer

Performance of long and short volatility strategies on HSI is examined, Volatility was down on the week on muted trading through the middle of the...

John Ley

Overview #19 – Don’t Buy the D@nm Dip!

A review of recent events/data impacting our investment themes and outlook. How will the incoming bear market in the US impact Asia

Rikki Malik

Nifty's tight trading range during holiday week contrasts with higher volatility in other markets. We examine Nifty's performance vs SPX over long...

Analysis of short versus long volatility positioning and comparison of Nikkei's performance to SPX across different time frames. Option Volume...

HSCEI outperforms SPX in both long- and short-term, with mixed performance this week and a tactical hedge recommended to manage risk.