Derivatives and Quantitative Strategist

Gaudenz Schneider

Financial Economist with over 20 years of investment experience across all asset classes. He has worked as a sell-side derivatives researcher and trader on one of London’s largest trading floors, and as a structurer and portfolio manager for the buy-side in Switzerland. As head of Quantitative Strategy at an Asian WealthTech company, Gaudi and his team designed over 50 distinct investment strategies for institutional clients in Australasia.

Gaudi’s analysis follows a scientific approach based on empirical research and quantitative evidence.

BYD (1211 HK): Top Trades Reflect Bearish Bias in HKEX Options Trading Strategies

Tencent (700 HK): Strategic Insights and Top Trades from HKEX Options Trading

Tencent (700 HK): Strategies to Navigate Low Volatility and A Flat Term Structure

Tencent (700 HK): Volatility Smile Signals Strategic Opportunities in Options Trading

Alibaba (9988 HK): Volatility Surface Favoring Diagonal and Calendar Spreads

BYD (1211 HK) Positioning Ahead of Q1 2025 Results

China A-Share Consumer Staples: An Analysis of the Opportunities Ahead

Foshan Haitian Flavouring A/H Listing - Strong Brand but Sales Have Been Slowing Down

Equity Derivatives

<ul>
<li>
Implied Volatility Trends: One-month implied volatility for <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> has decreased but remains high at 48% (80th percentile), reflecting persistent market uncertainty.</li>
<li>
Skew and Term Structure Dynamics: The volatility term structure is slightly inverted, and a pronounced smile in the skew favors call and put spreads.</li>
<li>
Open Interest Distribution: Liquidity is concentrated in May, June, and December 2025 expiries, with a slight bias towards puts. Open interest peaking at out-of-the-money strikes for both calls and puts.</li>
</ul>



Implied Volatility Trends: One-month implied volatility for BYD (1211 HK) has decreased but remains high at 48% (80th percentile), reflecting persistent market uncertainty.

Skew and Term Structure Dynamics: The volatility term structure is slightly inverted, and a pronounced smile in the skew favors call and put spreads.

Open Interest Distribution: Liquidity is concentrated in May, June, and December 2025 expiries, with a slight bias towards puts. Open interest peaking at out-of-the-money strikes for both calls and puts.


Hang Seng China Enterprises Index (HSCEI INDEX)

BYD (1211 HK): Volatility Smile Signals Opportunity in Spreads