Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Equity Derivatives

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market index for Indian equity market. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.

<ul>
<li>Risk premia in Nifty50 Options catches up with Global Markets as IVs spike from sub-12% to 24% - levels last seen during 2024 National Elections. </li>
<li>Vol-Regime switches from "Low &amp; Up" state to "High &amp; Up". Term-structure swings into Backwardation. Front-end risk premiums elevated in spite of truncated upcoming week.  </li>
<li>Tactical Implications: (1) Use IV-spike to flatten +ve Vega exposure. (2) Avoid -ve Gamma, Vol harvesting structures. (3) Front-end/ Back-end Calendars recommended as extreme curve inversion expected to normalize.</li>
</ul>


Risk premia in Nifty50 Options catches up with Global Markets as IVs spike from sub-12% to 24% - levels last seen during 2024 National Elections. 
Vol-Regime switches from "Low &amp; Up" state to "High &amp; Up". Term-structure swings into Backwardation. Front-end risk premiums elevated in spite of truncated upcoming week.  
Tactical Implications: (1) Use IV-spike to flatten +ve Vega exposure. (2) Avoid -ve Gamma, Vol harvesting structures. (3) Front-end/ Back-end Calendars recommended as extreme curve inversion expected to normalize.


NSE NIFTY50/ Vol Update / Risk Premia Catches up with Global Counterparts in Spite of Truncated Week

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

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

Hang Seng China Enterprises Index / Equity Derivatives

The Hang Seng China Enterprises Index is a free-float capitalization-weighted index comprised of H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index. The base value of this index is 2000 as of Jan 3, 2000. This index replaced the old HSCE index on Oct. 3, 2001.

Hang Seng China Enterprises Index (HSCEI INDEX)

<ul>
<li>Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.</li>
<li>Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing</li>
<li>We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.</li>
</ul>


Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.
Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing
We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.


HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

The Hang Seng Index is a free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The components of the index are divided into four subindices: Commerce and Industry, Finance, Utilities, and Properties. The index was developed with a base level of 100 as of July 31, 1964.

<ul>
<li>A volatile week for HSI, with sharp moves in price, volume, and implied volatility concentrated around Monday’s gap lower.</li>
<li>We discuss the shift in spot-vol dynamics and how it may influence short-term vol trading.</li>
<li>Changes in open interest and vol structure are examined in the context of ongoing global tensions.</li>
</ul>


A volatile week for HSI, with sharp moves in price, volume, and implied volatility concentrated around Monday’s gap lower.
We discuss the shift in spot-vol dynamics and how it may influence short-term vol trading.
Changes in open interest and vol structure are examined in the context of ongoing global tensions.


HSI Index Options Weekly (Apr 07–11): Vol Shifts and Early Signs of USD Toxicity

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

<ul>
<li>We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.</li>
<li>The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.</li>
<li>With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.</li>
</ul>


We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.
The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.
With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.


Global Markets: Why This Sell-Off Is Different. UPDATE

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

American International Group / Equity Bottom-Up

American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.

<ul><li>American Airlines is navigating a complex and turbulent operating environment as macroeconomic pressures, declining consumer confidence, and reduced corporate travel weigh heavily on the airline industry.</li><li>While the broader sector has been battered by a steep drop in airline stock valuations—American Airlines itself has declined 24% in the past month alone—American has nonetheless posted a strong financial performance in recent quarters.</li><li>In Q4, the carrier reported an adjusted pretax profit of $808 million and EPS of $0.86, beating guidance and contributing to a full-year adjusted pretax profit of $1.8 billion.</li></ul>

American Airlines is navigating a complex and turbulent operating environment as macroeconomic pressures, declining consumer confidence, and reduced corporate travel weigh heavily on the airline industry.While the broader sector has been battered by a steep drop in airline stock valuations—American Airlines itself has declined 24% in the past month alone—American has nonetheless posted a strong financial performance in recent quarters.In Q4, the carrier reported an adjusted pretax profit of $808 million and EPS of $0.86, beating guidance and contributing to a full-year adjusted pretax profit of $1.8 billion.

American Airlines Braces for Turbulence: Are Tariffs and Corporate Cuts Threatening Its 2025 Takeoff?

Financials
Follow the money trail

NSE NIFTY50/ Vol Update / Risk Premia Catches up with Global Counterparts in Spite of Truncated Week

Nifty50 Options see spike in IVs, reaching levels not seen since 2024 elections. Tactical advice: flatten +ve Vega exposure, avoid -ve Gamma...

AceGama Advisors

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

HSI Index Options Weekly (Apr 07–11): Vol Shifts and Early Signs of USD Toxicity

This Insight analyzes the recent volatility in HSI and its impact on short-term vol trading, highlighting shifts in spot-vol dynamics and changes...

John Ley

Global Markets: Why This Sell-Off Is Different. UPDATE

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

American Airlines Braces for Turbulence: Are Tariffs and Corporate Cuts Threatening Its 2025 Takeoff?

American Airlines is navigating a complex and turbulent operating environment as macroeconomic pressures, declining consumer confidence, and...

Baptista Research

NSE NIFTY50/ Vol Update / Risk Premia Catches up with Global Counterparts in Spite of Truncated Week

​Nifty50 Options see spike in IVs, reaching levels not seen since 2024 elections. Tactical advice: flatten +ve Vega exposure, avoid -ve Gamma...

AceGama Advisors

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

​Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

HSI Index Options Weekly (Apr 07–11): Vol Shifts and Early Signs of USD Toxicity

​This Insight analyzes the recent volatility in HSI and its impact on short-term vol trading, highlighting shifts in spot-vol dynamics and changes...

John Ley

Global Markets: Why This Sell-Off Is Different. UPDATE

​Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

American Airlines Braces for Turbulence: Are Tariffs and Corporate Cuts Threatening Its 2025 Takeoff?

American Airlines is navigating a complex and turbulent operating environment as macroeconomic pressures, declining consumer confidence, and...

Baptista Research

Nifty50 Options see spike in IVs, reaching levels not seen since 2024 elections. Tactical advice: flatten +ve Vega exposure, avoid -ve Gamma...

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

This Insight analyzes the recent volatility in HSI and its impact on short-term vol trading, highlighting shifts in spot-vol dynamics and changes...

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.