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

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>1M Implied volatility slightly up 0.49 at 22.35 as the Nikkei 225 index softens.</li><li>High correlation to USDJPY is remaining elevated.</li><li>Nikkei 225 implied volatility rich against realized but trading on its 3M average.</li></ul>

1M Implied volatility slightly up 0.49 at 22.35 as the Nikkei 225 index softens.High correlation to USDJPY is remaining elevated.Nikkei 225 implied volatility rich against realized but trading on its 3M average.

Nikkei Volatility Update (Mar 21st – Mar 28th)

<ul>
<li>The Nikkei 225 dividend curve unchanged over the week                                          </li>
<li>Thin volumes mostly in 2025 and 2016 dividend futures.</li>
<li>Nikkei 225 dividend yield is stabilizing at 2.12%.</li>
</ul>


The Nikkei 225 dividend curve unchanged over the week                                          
Thin volumes mostly in 2025 and 2016 dividend futures.
Nikkei 225 dividend yield is stabilizing at 2.12%.


Nikkei Dividends Update (Mar 21st – Mar 28th)

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Korea Stock Exchange KOSPI 200 / Equity Derivatives

The KOSPI 200 Index is a capitalization-weighted index of 200 Korean stocks which make up 93% of the total market value of the Korea Stock Exchange. The index was developed with a base value of 100 as of January 3, 1990.

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>
Short selling in all stocks in South Korea will resume from 31 March 2025. The <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 (KOSPI2 INDEX EQUITY)</a> is approaching the overboughtarea according to our models.</li>
<li>If the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> can rise for another week, it would be perfectly ripe for a large, high probability SHORT trade.</li>
<li>The probability of WEEKLY reversal in the range between the last Close (355) and the 363 resistance limit is between 50% and 75%, pretty high.</li>
</ul>



Short selling in all stocks in South Korea will resume from 31 March 2025. The KOSPI 200 (KOSPI2 INDEX EQUITY) is approaching the overboughtarea according to our models.
If the KOSPI 200 can rise for another week, it would be perfectly ripe for a large, high probability SHORT trade.
The probability of WEEKLY reversal in the range between the last Close (355) and the 363 resistance limit is between 50% and 75%, pretty high.


Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

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.

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>SEBI intervenes on constantly changing Option contract specifications. NSE halts expiry day shift indefinitely &amp; awaits clarity from regulator. </li>
<li>IVs slid lower to 11% levels - extended weekend being a primary factor. Risk premia is nearing historically low extremes. "Low &amp; Down" state persists for the Vol-Regime model.</li>
<li>Tactical Implications: (1) Scale back Vol harvesting structures as "Low &amp; Down" Vol-state persists. (2) Reverse Calendars for long gamma exposure to upcoming events. Utilize Low IVs &amp; curve Contango.</li>
</ul>


SEBI intervenes on constantly changing Option contract specifications. NSE halts expiry day shift indefinitely &amp; awaits clarity from regulator. 
IVs slid lower to 11% levels - extended weekend being a primary factor. Risk premia is nearing historically low extremes. "Low &amp; Down" state persists for the Vol-Regime model.
Tactical Implications: (1) Scale back Vol harvesting structures as "Low &amp; Down" Vol-state persists. (2) Reverse Calendars for long gamma exposure to upcoming events. Utilize Low IVs &amp; curve Contango.


NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>Over the past five trading days, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights and volatility context are provided.</li>
<li>With short-term implied volatility below its median, long volatility strategies dominate, with a balanced mix of bullish and bearish positions. </li>
<li>Open interest spread across monthly and quarterly expiries, with some notable strategies taking advantage of longer expiration dates, and a steep negatively sloped skew $475.</li>
</ul>


Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights and volatility context are provided.
With short-term implied volatility below its median, long volatility strategies dominate, with a balanced mix of bullish and bearish positions. 
Open interest spread across monthly and quarterly expiries, with some notable strategies taking advantage of longer expiration dates, and a steep negatively sloped skew $475.


Tencent (700 HK): Volatility Plays and Skew Top Trades

Equity Derivatives (EQD) and Vol-Based Insights

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

Nikkei Volatility Update (Mar 21st – Mar 28th)

1M Implied volatility slightly up 0.49 at 22.35 as the Nikkei 225 index softens. High correlation to USDJPY is remaining elevated.

François-Xavier Pustoc'h

Nikkei Dividends Update (Mar 21st – Mar 28th)

The Nikkei 225 dividend curve unchanged over the week Thin volumes mostly in 2025 and 2016 dividend futures. Nikkei 225 dividend yield is...

François-Xavier Pustoc'h

Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

The week after this insight was published, the KOSPI 200 started to fall (that was one of the possible scenarios analyzed). This Monday, as short...

Nico Rosti

NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

SEBI intervenes on Option contract specs, NSE halts expiry day shift. IVs at 11%, risk premia low. Tactical implications: scale back Vol...

AceGama Advisors

Tencent (700 HK): Volatility Plays and Skew Top Trades

Strategies show dominance of long volatility approaches with a mix of bullish and bearish positions, taking advantage of longer expiration dates...

Gaudenz Schneider

Nikkei Volatility Update (Mar 21st – Mar 28th)

1M Implied volatility slightly up 0.49 at 22.35 as the Nikkei 225 index softens. High correlation to USDJPY is remaining elevated.

François-Xavier Pustoc'h

Nikkei Dividends Update (Mar 21st – Mar 28th)

The Nikkei 225 dividend curve unchanged over the week Thin volumes mostly in 2025 and 2016 dividend futures. Nikkei 225 dividend yield is...

François-Xavier Pustoc'h

Short Selling Resumes in Korea Just as the KOSPI 200 Braces for Pullback (Perfect Timing!)

The week after this insight was published, the KOSPI 200 started to fall (that was one of the possible scenarios analyzed). This Monday, as short...

Nico Rosti

NSE NIFTY50/ Vol Update / SEBI Intervenes Stalling Expiry Day Shift. IVs Pushed to 1Yr Lows.

​SEBI intervenes on Option contract specs, NSE halts expiry day shift. IVs at 11%, risk premia low. Tactical implications: scale back Vol...

AceGama Advisors

Tencent (700 HK): Volatility Plays and Skew Top Trades

Strategies show dominance of long volatility approaches with a mix of bullish and bearish positions, taking advantage of longer expiration dates...

Gaudenz Schneider

SEBI intervenes on Option contract specs, NSE halts expiry day shift. IVs at 11%, risk premia low. Tactical implications: scale back Vol...