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

Tencent (700.HK) Earnings: Underperformance, Subdued Vols and Elevated Expectations

Alibaba (9988.HK) Earnings: Elevated Implied Jump Into Q4 Results

Macro Monthly (May): Elevated Vols Persist Despite April Compression

Hong Kong Single Stock Options Weekly (Apr 27–30): Energy Strength and Pop Mart Activity Spike

Pop Mart (9992.HK): A Rebound Trade Framed by Concentrated Flow and Vol Dynamics

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Broad-Based strength in Hong Kong equities pushed HSI higher despite seasonal trends that have historically pointed toward weaker May performance.</li>
<li>Option activity remained concentrated in select names, with Pop Mart continuing to see elevated Put trading and unusually large open interest.</li>
<li>Heavyweight earnings from Tencent and Alibaba remain the key focus next week with both having declined significantly from their October highs.</li>
</ul>


Broad-Based strength in Hong Kong equities pushed HSI higher despite seasonal trends that have historically pointed toward weaker May performance.
Option activity remained concentrated in select names, with Pop Mart continuing to see elevated Put trading and unusually large open interest.
Heavyweight earnings from Tencent and Alibaba remain the key focus next week with both having declined significantly from their October highs.


Hong Kong Single Stock Options Weekly (May 04–07): Earnings and Pop Mart Flows (Again) In Focus

Hang Seng Index

Hong Kong Single Stock Options Weekly (May 04–07): Earnings and Pop Mart Flows (Again) In Focus