Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Independent Financial Broker

Equity Derivatives

TSE Tokyo Price Index TOPIX / Equity Derivatives

The TOPIX, also known as the Tokyo Stock Price Index, is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. The index is supplemented by the subindices of the 33 industry sectors. The index calculation excludes temporary issues and preferred stocks, and has a base value of 100 as of January 4, 1968.

<ul><li>The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.</li><li>The TPNBNK/TOPIX ratio has returned to its 2013 level.</li><li>The TSEREIT/TOPIX ratio is now trading at a 15-year low.</li></ul>

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.The TPNBNK/TOPIX ratio has returned to its 2013 level.The TSEREIT/TOPIX ratio is now trading at a 15-year low.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Industrial and Commercial Bank of China Limited provides banking services. The Company offers deposits, loans, fund underwriting, foreign currency settlement, and other services. Industrial and Commercial Bank of China provides its services to individuals, enterprises, and other clients.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industrial-and-commercial-bank-of-china-limited" target="_blank" data-smartkarma-citation="entities:1119:1" rel="noopener">ICBC (H) (1398 HK)</a> / <a href="https://www.smartkarma.com/entities/ind-comm-bk-of-china-a" target="_blank" data-smartkarma-citation="entities:494:1" rel="noopener">ICBC (A) (601398 CH)</a> is scheduled to report its annual 2024 financial results on 28 March 2025, 17:30-18:30, Beijing time. 
</li>
<li>
Expected Price Movement: Option implied movement and historically recorded movement both indicate price action comparable to that of a typical trading day. </li>
<li>
Dividend Outlook: ICBC has switched to semi-annual dividends, with current yields at 6.0% for H shares and 4.5% for A shares. The bank has a history of dividend increases.</li>
</ul>



ICBC (H) (1398 HK) / ICBC (A) (601398 CH) is scheduled to report its annual 2024 financial results on 28 March 2025, 17:30-18:30, Beijing time. 


Expected Price Movement: Option implied movement and historically recorded movement both indicate price action comparable to that of a typical trading day. 

Dividend Outlook: ICBC has switched to semi-annual dividends, with current yields at 6.0% for H shares and 4.5% for A shares. The bank has a history of dividend increases.


ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

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>As reported by <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> , the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> Committee changed the way float is calculated for Secondary Listings in Hang Seng indices.</li>
<li>
This action is expected to add US$2.7bn of buying to some names- read Travis Lundy's insight for more details on this.</li>
<li>The <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI INDEX</a> is currently down 3 weeks, and quite OVERSOLD, buying the dip, at this point makes a lot of sense.
</li>
</ul>


As reported by Travis Lundy , the Hang Seng Index (HSI INDEX) Committee  changed the way float is calculated for Secondary Listings in Hang Seng indices.

This action is expected to add US$2.7bn of buying to some names- read Travis Lundy's insight for more details on this.
The HSI INDEX is currently down 3 weeks, and quite OVERSOLD, buying the dip, at this point makes a lot of sense.



Hang Seng Index FAF Calculation Change: Buy The Dip!

China Construction Bank H / Equity Derivatives

China Construction Bank Corporation provides a comprehensive range of commercial banking products and services to individuals and corporate customers. The Bank's business consists of three principal business segments: corporate banking, personal banking, and treasury operations. China Construction Bank also services infrastructure loans, residential mortgage, and bank cards.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-construction-bank-h" target="_blank" data-smartkarma-citation="entities:45:1" rel="noopener">China Construction Bank H (939 HK)</a> / <a href="https://www.smartkarma.com/entities/china-construction-bank-corp" target="_blank" data-smartkarma-citation="entities:24567:1" rel="noopener">China Construction Bank (601939 CH)</a> is scheduled to report its annual 2024 financial results on 28 March 2025, 17:00-18:15, Beijing time. 
</li>
<li>
Expected Price Movement: Option implied movement and historically recorded movement both indicate muted price action after earnings.</li>
<li>
Dividend Outlook: CCB has switched to semi-annual dividends, with current yields at 6.4% for H shares and 4.7% for A shares. The bank has a history of dividend increases.</li>
</ul>



China Construction Bank H (939 HK) / China Construction Bank (601939 CH) is scheduled to report its annual 2024 financial results on 28 March 2025, 17:00-18:15, Beijing time. 


Expected Price Movement: Option implied movement and historically recorded movement both indicate muted price action after earnings.

Dividend Outlook: CCB has switched to semi-annual dividends, with current yields at 6.4% for H shares and 4.7% for A shares. The bank has a history of dividend increases.


China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

<ul><li>BUY APR25 37500/36500 PS 1X2 for a 36,500 Apr25 SQ.     </li><li>Uncertainty around USDJPY and tariffs are capping the Nikkei 225 and USDJPY</li><li>Take advantage of rich implied volatility current realized volatility</li></ul>

BUY APR25 37500/36500 PS 1X2 for a 36,500 Apr25 SQ.     Uncertainty around USDJPY and tariffs are capping the Nikkei 225 and USDJPYTake advantage of rich implied volatility current realized volatility

Nikkei 225: Trading Ideas for APR25 Expiry

Equity Derivatives (EQD) and Vol-Based Insights

Equity Derivatives
Equity Derivatives (EQD) and Vol-Based Insights

Japan Equity Indices Vs. TOPIX Ratios

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks. The TPNBNK/TOPIX ratio has returned to its 2013 level.

François-Xavier Pustoc'h

ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

Gaudenz Schneider

Hang Seng Index FAF Calculation Change: Buy The Dip!

The Hang Seng Index Committee changed the float calculation for Secondary Listings, roughly US$2.7bn of buying in total. The HSI is currently...

Nico Rosti

China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

China Construction Bank to report 2024 financial results on 28 March 2025, with muted price movement expected post-earnings and a history of...

Gaudenz Schneider

Nikkei 225: Trading Ideas for APR25 Expiry

BUY APR25 37500/36500 PS 1X2 for a 36,500 Apr25 SQ. Uncertainty around USDJPY and tariffs are capping the Nikkei 225 and USDJPY Take advantage of...

François-Xavier Pustoc'h

Japan Equity Indices Vs. TOPIX Ratios

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks. The TPNBNK/TOPIX ratio has returned to its 2013 level.

François-Xavier Pustoc'h

ICBC (1398 HK) Earnings on 28 Mar: Anticipated Price Move and Strategy

​ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

Gaudenz Schneider

Hang Seng Index FAF Calculation Change: Buy The Dip!

​The Hang Seng Index Committee changed the float calculation for Secondary Listings, roughly US$2.7bn of buying in total. The HSI is currently...

Nico Rosti

China Construction Bank (939 HK/601939 CH) Earnings on 28 Mar: Anticipated Price Move and Strategy

​China Construction Bank to report 2024 financial results on 28 March 2025, with muted price movement expected post-earnings and a history of...

Gaudenz Schneider

Nikkei 225: Trading Ideas for APR25 Expiry

BUY APR25 37500/36500 PS 1X2 for a 36,500 Apr25 SQ. Uncertainty around USDJPY and tariffs are capping the Nikkei 225 and USDJPY Take advantage of...

François-Xavier Pustoc'h

ICBC to report 2024 financial results on 28 March 2025, with expected price movement similar to a typical trading day. Investment decisions might...

The Hang Seng Index Committee changed the float calculation for Secondary Listings, roughly US$2.7bn of buying in total. The HSI is currently...

China Construction Bank to report 2024 financial results on 28 March 2025, with muted price movement expected post-earnings and a history of...