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 Options Weekly (March 17-21): A Divergence in Volatility

HSCEI Index Options Weekly (March 17-21): Optimism Fades as Key Earnings Weigh on Markets

Hong Kong Single Stock Options Weekly (Mar 17–21): Tencent, Xiaomi, and Financials in the Spotlight

Tencent (700 HK): Risen 35% Since Our Last Buy, Good Preview for 4Q24

Xiaomi Earnings: Option Market Expectations, Past Performance and Hedge Opportunities

Xiaomi (1810 HK): 4Q24 Preview, All Businesses Healthy, But Vehicle Overvalued

Clifton Derivatives

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

Equity Derivatives

<ul>
<li>We take a detailed look at the implied earnings move priced into Tencent options compared to historical outcomes.</li>
<li>Post-Earnings price movements are analyzed to assess directional tendencies and magnitude based on earnings beats and misses.</li>
<li>An interesting post-earnings pattern emerges, with an options strategy outlined.</li>
</ul>


We take a detailed look at the implied earnings move priced into Tencent options compared to historical outcomes.
Post-Earnings price movements are analyzed to assess directional tendencies and magnitude based on earnings beats and misses.
An interesting post-earnings pattern emerges, with an options strategy outlined.


Tencent Earnings: Implied Vs Realized Price Changes and a Post Earnings Pattern