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>Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.</li>
<li>USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.</li>
<li>Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.</li>
</ul>


Nikkei rebounded and volatility eased meaningfully - implied vol giving back much of last week’s spike.
USD/JPY softened alongside a broader break in DXY, raising questions about the depth of demand for USD assets.
Option volumes dropped, and Put activity held steady with no clear directional tilt in flow.


Nikkei Index Options Weekly (Apr 14 – 18):  Vol Unwinds, Nikkei Rebounds and USD Cracks

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

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 U.S. Dollar Index(USDX) indicates the general int'l value of the USD. The USDX does this by averaging the exchange rates between the USD and  major world currencies.  The ICE US computes this by using the rates supplied by some 500 banks. FOR REAL TIME SEE EIS ICEA<GO>. 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dollar Index (DXY CURNCY)

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nikkei Index Options Weekly (Apr 14 – 18): Vol Unwinds, Nikkei Rebounds and USD Cracks

​Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

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

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

Nikkei rebounds, volatility eases as USD/JPY softens, raising questions about demand for USD assets. Option volumes drop with no clear directional...

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

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...