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>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

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>The new Trump Administration’s “plan” for China is becoming clearer</li>
<li>What’s next for markets after the tumultuous events of the last week</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The new Trump Administration’s “plan” for China is becoming clearer
What’s next for markets after the tumultuous events of the last week


Overview #22 – The Lunatics Have Taken over the Asylum

<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

<ul>
<li>We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.</li>
<li>The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.</li>
<li>With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.</li>
</ul>


We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.
The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.
With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.


Global Markets: Why This Sell-Off Is Different. UPDATE

<ul>
<li>Nifty remains the global market with the lowest implied volatility and has been outperforming its peers in this sell off.</li>
<li>We assess where Nifty is likely to open on Monday and the expected impact on implied vol and discuss whether hedging should be considered. </li>
<li>We highlight the absence of a flight-to-quality bid in this global meltdown and what that could mean for relative returns vs. the SP500.</li>
</ul>


Nifty remains the global market with the lowest implied volatility and has been outperforming its peers in this sell off.
We assess where Nifty is likely to open on Monday and the expected impact on implied vol and discuss whether hedging should be considered. 
We highlight the absence of a flight-to-quality bid in this global meltdown and what that could mean for relative returns vs. the SP500.


Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

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)

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

Overview #22 – The Lunatics Have Taken over the Asylum

A review of recent events/data impacting our investment themes and outlook. What happens next for markets after the events of the last week

Rikki Malik

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

Global Markets: Why This Sell-Off Is Different. UPDATE

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

Nifty outperforms global markets with low volatility, potential impact on Monday's opening, and lack of flight-to-quality bid discussed for...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Overview #22 – The Lunatics Have Taken over the Asylum

A review of recent events/data impacting our investment themes and outlook. What happens next for markets after the events of the last week

Rikki Malik

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

Global Markets: Why This Sell-Off Is Different. UPDATE

​Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown

​Nifty outperforms global markets with low volatility, potential impact on Monday's opening, and lack of flight-to-quality bid discussed for...

John Ley

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...

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

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

Nifty outperforms global markets with low volatility, potential impact on Monday's opening, and lack of flight-to-quality bid discussed for...