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

Macro Monthly (January): Low Implied Vol Meets Challenging January Backdrop

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Exceptionally tight index trading contrasts with rising dispersion beneath the surface, setting up a more dynamic environment for single stock opportunities in the week ahead.</li>
<li>Breadth data highlights growing dispersion, with gains and losses diverging meaningfully rather than clustering around a single market outcome.</li>
<li>The growing gap between single stock and index implied volatility points to unusually low implied correlation across the market.</li>
</ul>


Exceptionally tight index trading contrasts with rising dispersion beneath the surface, setting up a more dynamic environment for single stock opportunities in the week ahead.
Breadth data highlights growing dispersion, with gains and losses diverging meaningfully rather than clustering around a single market outcome.
The growing gap between single stock and index implied volatility points to unusually low implied correlation across the market.


Australia Single Stock Options (Jan 05–09): Suppressed Index Moves, Expanding Stock Level Dispersion

S&P/ASX 200

Australia Single Stock Options (Jan 05–09): Suppressed Index Moves, Expanding Stock Level Dispersion