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 (Apr 27–30): Energy Strength and Pop Mart Activity Spike

Hong Kong Single Stock Options Weekly (May 04–07): Earnings and Pop Mart Flows (Again) In Focus

Tencent (700.HK) Earnings: Underperformance, Subdued Vols and Elevated Expectations

Hong Kong Single Stock Options Weekly (Apr 08–10): Markets Awaken on the Back of Midweek Taco Rally

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Weak price action in Pop Mart has coincided with notable options activity, particularly concentrated in short-dated Puts over recent trading sessions.</li>
<li>The reaction of implied vols has been somewhat unusual and volume has been highly concentrated at a single expiry/strike.</li>
<li>Current implied volatility levels appear reasonable, supporting a preference for strategies that could benefit from potential volatility expansion.</li>
</ul>


Weak price action in Pop Mart has coincided with notable options activity, particularly concentrated in short-dated Puts over recent trading sessions.
The reaction of implied vols has been somewhat unusual and volume has been highly concentrated at a single expiry/strike.
Current implied volatility levels appear reasonable, supporting a preference for strategies that could benefit from potential volatility expansion.


Pop Mart (9992.HK): A Rebound Trade Framed by Concentrated Flow and Vol Dynamics