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

EQD | Hong Kong Index Options Weekly - HSI and HSCEI January 06 - 10

EQD | Hong Kong Single Stock Options Weekly January 06 – 10

Tencent (700 HK): DoD Says Chinese Military Company; Not on NS-CMIC List Yet

HSTECH Index Rebalance Preview: One Constituent Change & US$884m Trade

HSCI Index Rebalance Preview and Stock Connect: Updated Potential Changes in March 2025

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Investors haven’t lost their enthusiasm for Tencent. The put/call ratio is a long way from indicating panic.</li>
<li>Implied vols have risen but are far from panic levels with 1M implied at it's 39th percentile over the past year and 15th percentile since 2001.</li>
<li>Skew has risen significantly for out-of-the-money Puts as spot has moved into a range where there is higher Put positioning vs Call positioning. </li>
</ul>


Investors haven’t lost their enthusiasm for Tencent. The put/call ratio is a long way from indicating panic.
Implied vols have risen but are far from panic levels with 1M implied at it's 39th percentile over the past year and 15th percentile since 2001.
Skew has risen significantly for out-of-the-money Puts as spot has moved into a range where there is higher Put positioning vs Call positioning. 


EQD | Tencent – Call Buyers Haven’t Lost That Loving Feeling