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

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Market weakness, poor breadth and renewed focus on lockup expiries created a fragile backdrop for Hong Kong equities.</li>
<li>Single stock implied vol remained elevated relative to index implied vol, extending a trend that has led to a widening divergence.</li>
<li>The recent outperformance in Financial stocks came to an end as sector breadth deteriorated sharply.</li>
</ul>


Market weakness, poor breadth and renewed focus on lockup expiries created a fragile backdrop for Hong Kong equities.
Single stock implied vol remained elevated relative to index implied vol, extending a trend that has led to a widening divergence.
The recent outperformance in Financial stocks came to an end as sector breadth deteriorated sharply.


China National Building Material (3323 HK)

China Overseas Land & Investment (688 HK)

Contemporary Amperex Technology (3750 HK)

Hong Kong Single Stock Options Weekly June 15–18: Lockups and Vol Divergence in Focus

Hang Seng Index

Hong Kong Single Stock Options Weekly June 15–18: Lockups and Vol Divergence in Focus