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 (November): Rising Volatility, Positive Seasonals and a Concerning Trend

Kospi: Rising Volatility and Early Warnings From a Seven-Month Surge

Silver: A Fifty-Year Perspective on Bull Markets and Sizing Up the Recent Correction

Gold: Reviewing Five Decades of Bull Markets Against an Overextended 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>Gold’s latest surge shows rising implied volatility but little sign of market stress, suggesting limited parallels with the explosive 1980 bull market.</li>
<li>Tuesday’s correction was the largest selloff in 12 years and marked the end of a series of successively larger positive moves.   </li>
<li>Rising implied vols and strong Call demand reveal active trading but not the manic levels typically seen near a major blowoff.</li>
</ul>


Gold’s latest surge shows rising implied volatility but little sign of market stress, suggesting limited parallels with the explosive 1980 bull market.
Tuesday’s correction was the largest selloff in 12 years and marked the end of a series of successively larger positive moves.   
Rising implied vols and strong Call demand reveal active trading but not the manic levels typically seen near a major blowoff.


Gold Part 2: Implied Volatility Dynamics Offer Insight into the Tone of This Bull Market