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 July 06–10: Alibaba Stands Out as the Rebound Broadens

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>Implied vols have broadly firmed across markets, with several markets still exhibiting high values versus history.</li>
<li>Seasonality looks more supportive for Nifty, where July has historically been a more favorable month combined with a strong record of positive vol premium.</li>
<li>Nikkei and Oil screen as notable outliers when comparing current implied vol with typical July moves. Oil is also notable for the continued normalization of implied vols.</li>
</ul>


Implied vols have broadly firmed across markets, with several markets still exhibiting high values versus history.
Seasonality looks more supportive for Nifty, where July has historically been a more favorable month combined with a strong record of positive vol premium.
Nikkei and Oil screen as notable outliers when comparing current implied vol with typical July moves. Oil is also notable for the continued normalization of implied vols.


Macro Monthly July 2026: Nifty Seasonality Improves While Nikkei and Oil Screen as Outliers