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

Hong Kong Single Stock Options Weekly Aug 03–07: Day-Of-Week Pattern Emerges as Volumes and Vol Fall

Clifton Derivatives

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

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>Gold stands apart from the broader August seasonal pattern, while its current implied volatility remains elevated relative to history.</li>
<li>Implied volatility softened across most markets, although several still remain elevated relative to their typical seasonal levels.</li>
<li>The historical distribution of August vol premium suggests that short volatility exposure may warrant greater caution across markets.</li>
</ul>


Gold stands apart from the broader August seasonal pattern, while its current implied volatility remains elevated relative to history.
Implied volatility softened across most markets, although several still remain elevated relative to their typical seasonal levels.
The historical distribution of August vol premium suggests that short volatility exposure may warrant greater caution across markets.


Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)

Macro Monthly August 2026: Global Markets Enter August With Poor Seasonality and Volatility Risk