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 (May 04–07): Earnings and Pop Mart Flows (Again) In Focus

Macro Monthly (May): Elevated Vols Persist Despite April Compression

Hong Kong Single Stock Options Weekly (Apr 27–30): Energy Strength and Pop Mart Activity Spike

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>Tencent reports Q1 earnings this week against a backdrop of significant underperformance, subdued implied vols, and continued enthusiasm around AI-linked equities.</li>
<li>The options market is pricing a relatively large earnings move even though Tencent’s historical earnings reactions have generally fallen short of current expectations.</li>
<li>Tencent’s recent earnings history has featured relatively consistent earnings growth alongside a strong tendency to exceed analyst expectations.</li>
</ul>


Tencent reports Q1 earnings this week against a backdrop of significant underperformance, subdued implied vols, and continued enthusiasm around AI-linked equities.
The options market is pricing a relatively large earnings move even though Tencent’s historical earnings reactions have generally fallen short of current expectations.
Tencent’s recent earnings history has featured relatively consistent earnings growth alongside a strong tendency to exceed analyst expectations.


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