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>HSI weakness continued despite improved breadth, with average single stock performance heavily skewed by outsized gains in select momentum names.</li>
<li>Single stock option activity accelerated sharply, driven by heavy trading in Pop Mart and increased participation across Information Technology names.</li>
<li>The gap between index and single stock implied vols widened further, pushing implied correlation measures to their lowest levels since 2022.</li>
</ul>


HSI weakness continued despite improved breadth, with average single stock performance heavily skewed by outsized gains in select momentum names.
Single stock option activity accelerated sharply, driven by heavy trading in Pop Mart and increased participation across Information Technology names.
The gap between index and single stock implied vols widened further, pushing implied correlation measures to their lowest levels since 2022.


SMIC (Semiconductor Manufacturing International Corp) (981 HK)

SMIC (Semiconductor Manufacturing International Corp)

Hong Kong Single Stock Options Weekly May 26-29: Pop Mart Drives Volumes with Lenovo, SMIC in Focus