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

Nikkei 225 Index Tactical Outlook Ahead of Next BOJ Rate Decision

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Japanese single stock option activity continues to expand rapidly as JPX/OSE broadens market participation and increases listed products.</li>
<li>Single stock implied volatility levels look expensive across a variety of metrics providing a rich opportunity set for over and under-writers.</li>
<li>Nikkei set a new intra-day high this week but faltered leaving implied vols holding in at fairly high levels.  </li>
</ul>


Japanese single stock option activity continues to expand rapidly as JPX/OSE broadens market participation and increases listed products.
Single stock implied volatility levels look expensive across a variety of metrics providing a rich opportunity set for over and under-writers.
Nikkei set a new intra-day high this week but faltered leaving implied vols holding in at fairly high levels.  


Japan Single Stock Options: Elevated Single Stock Implied Vols and a NKY Reversal