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

Korea Stock Exchange KOSPI 200 / 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>Implied vol held firm despite price swings, with the spread between 1M implied and historic vol continuing to widen.</li>
<li>We suggest a tactical hedge given implied vol dynamics and uncertain political environment.</li>
</ul>


A weekly recap of volatility and price metrics, including option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
Implied vol held firm despite price swings, with the spread between 1M implied and historic vol continuing to widen.
We suggest a tactical hedge given implied vol dynamics and uncertain political environment.


Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

<ul>
<li>Weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest.</li>
<li>Implied vol remained stable, and we discuss why it may be sticky at current levels.</li>
<li>With global weakness and the upcoming April 2 reciprocal tariffs announcement, we reiterate a tactical hedge.</li>
</ul>


Weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest.
Implied vol remained stable, and we discuss why it may be sticky at current levels.
With global weakness and the upcoming April 2 reciprocal tariffs announcement, we reiterate a tactical hedge.


Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs

<ul>
<li>A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>USD/JPY and Nikkei moved in opposite directions, with the index underperforming its historical relationship to FX.</li>
<li>Options volume increased throughout the week, peaking on Friday’s move lower.</li>
</ul>


A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
USD/JPY and Nikkei moved in opposite directions, with the index underperforming its historical relationship to FX.
Options volume increased throughout the week, peaking on Friday’s move lower.


Nikkei Index Options Weekly (Mar 24 – 28): Weak Finish Despite USD/JPY Strength

Hang Seng China Enterprises Index / Equity Derivatives

<ul>
<li>A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.</li>
<li>HSCEI price and implied vols both softer on the week after digesting large share sale and key earnings reports.</li>
<li>We highlight the performance of HSCEI vs SP500 and note that this is a relationship to monitor in the rapidly changing political climate.</li>
</ul>


A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics.
HSCEI price and implied vols both softer on the week after digesting large share sale and key earnings reports.
We highlight the performance of HSCEI vs SP500 and note that this is a relationship to monitor in the rapidly changing political climate.


HSCEI Index Options Weekly (Mar 24-28): Call Volumes Rise as Market Digests Key Events

<ul>
<li>A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics</li>
<li>Implied vol softened this week—we examine the trend and its potential implications.</li>
<li>HSI’s performance vs. SP500 is highlighted against a backdrop of tariffs and global shifts.</li>
</ul>


A weekly recap of volatility and price metrics, covering option volumes, volatility trends, the spot/implied relationship, and open interest statistics
Implied vol softened this week—we examine the trend and its potential implications.
HSI’s performance vs. SP500 is highlighted against a backdrop of tariffs and global shifts.


HSI Index Options Weekly (Mar 24-28): Volatility Softens as HSI Takes a Breather

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)

Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

John Ley

Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs

Weekly recap of volatility metrics and price trends, highlighting stable implied vol and reiterate a tactical hedge amid global weakness and...

John Ley

Nikkei Index Options Weekly (Mar 24 – 28): Weak Finish Despite USD/JPY Strength

Weekly recap: USD/JPY and Nikkei move opposite, options volume peaks on Friday's lower move, volatility and price metrics analyzed.

John Ley

HSCEI Index Options Weekly (Mar 24-28): Call Volumes Rise as Market Digests Key Events

Weekly recap: HSCEI price and implied vols soften after share sale and earnings reports, highlighting performance vs SP500 in changing political...

John Ley

HSI Index Options Weekly (Mar 24-28): Volatility Softens as HSI Takes a Breather

This Insight provides a weekly analysis of volatility trends, option volumes, and the relationship between spot and implied prices.

John Ley

Kospi Index Options Weekly (Mar 24 – 28): Volatility Dynamics and Tariff Uncertainty Support Hedging

​Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

John Ley

Nifty Index Options Weekly (Mar 24 – 28): Sticky Implied Vol and a Tactical Hedge Ahead of Tariffs

​Weekly recap of volatility metrics and price trends, highlighting stable implied vol and reiterate a tactical hedge amid global weakness and...

John Ley

Nikkei Index Options Weekly (Mar 24 – 28): Weak Finish Despite USD/JPY Strength

​Weekly recap: USD/JPY and Nikkei move opposite, options volume peaks on Friday's lower move, volatility and price metrics analyzed.

John Ley

HSCEI Index Options Weekly (Mar 24-28): Call Volumes Rise as Market Digests Key Events

​Weekly recap: HSCEI price and implied vols soften after share sale and earnings reports, highlighting performance vs SP500 in changing political...

John Ley

HSI Index Options Weekly (Mar 24-28): Volatility Softens as HSI Takes a Breather

​This Insight provides a weekly analysis of volatility trends, option volumes, and the relationship between spot and implied prices.

John Ley

Weekly recap: Implied volatility remains steady amid price swings, suggesting a tactical hedge in uncertain political climate.

Weekly recap of volatility metrics and price trends, highlighting stable implied vol and reiterate a tactical hedge amid global weakness and...

Weekly recap: USD/JPY and Nikkei move opposite, options volume peaks on Friday's lower move, volatility and price metrics analyzed.

Weekly recap: HSCEI price and implied vols soften after share sale and earnings reports, highlighting performance vs SP500 in changing political...

This Insight provides a weekly analysis of volatility trends, option volumes, and the relationship between spot and implied prices.