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

HSI INDEX Tactical Outlook: Rally Continuation or Pause?

Hong Kong Single Stock Options Weekly (Jan 05 – 09): Dispersion Over Direction

Australia Single Stock Options (Jan 05–09): Suppressed Index Moves, Expanding Stock Level Dispersion

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Low implied vols set the stage for January with four markets below the 10th percentile, but historical patterns indicate the risk-reward may shift quickly against volatility sellers.</li>
<li>Gold and Kospi stand out as leadership persists, though volatility signals suggest their setups deserve careful evaluation as seasonal forces come into play.</li>
<li>Nifty and HSI present contrasting signals, where depressed implied vols meet historically challenging January patterns worth watching closely.</li>
</ul>


Low implied vols set the stage for January with four markets below the 10th percentile, but historical patterns indicate the risk-reward may shift quickly against volatility sellers.
Gold and Kospi stand out as leadership persists, though volatility signals suggest their setups deserve careful evaluation as seasonal forces come into play.
Nifty and HSI present contrasting signals, where depressed implied vols meet historically challenging January patterns worth watching closely.


Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

Macro Monthly (January): Low Implied Vol Meets Challenging January Backdrop

Hang Seng Index

Macro Monthly (January): Low Implied Vol Meets Challenging January Backdrop