Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Ex-Portfolio Manager with over 25 years of derivatives experience across products and geographies. Specializing in all things Vol - Relative Value volatility trading, Cross-Asset volatility strategies and event handicapping and trading. Develops own proprietary trading tools and analysis.  
Previously: Options Specialist and Market Maker at BMO, Managing Director Global Equity Derivatives at TDS. Most recently, Portfolio Manager of volatility portfolio at Polar Aset Management Partners (> $USD 7 billion multi-strategy hedge fund) focusing on cross-asset relative value volatility and derivative fund overlays.

Equity Derivatives and Volatility Specialist

Hong Kong Single Stock Options Weekly (May 04–07): Earnings and Pop Mart Flows (Again) In Focus

Macro Monthly (May): Elevated Vols Persist Despite April Compression

Hong Kong Single Stock Options Weekly (Apr 27–30): Energy Strength and Pop Mart Activity Spike

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Recent Alibaba earnings reactions, including last quarter, have been significantly larger than longer-term averages, contributing to a richer implied jump into this quarter’s release.</li>
<li>Alibaba’s post-earnings performance has skewed negative historically, with positive reactions occurring in a minority of earnings releases.</li>
<li>This quarters setup is interesting even without considering Alibaba’s history of inconsistent results and frequent misses.</li>
</ul>


Recent Alibaba earnings reactions, including last quarter, have been significantly larger than longer-term averages, contributing to a richer implied jump into this quarter’s release.
Alibaba’s post-earnings performance has skewed negative historically, with positive reactions occurring in a minority of earnings releases.
This quarters setup is interesting even without considering Alibaba’s history of inconsistent results and frequent misses.


Alibaba (9988.HK) Earnings: Elevated Implied Jump Into Q4 Results