In today’s briefing:
- Korea Value-Up Index: Estimated Passive Flows as ETF Launches Coming
- EQD | Nikkei 225 Option Implied Volatility Analysis – Focus on Bank of Japan Rate Decision Catalyst
- EQD / NSE Vol Update / Options Mkt. Structural Changes Incoming: 15x Position Limits + 3x Lot Size
- Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader
Korea Value-Up Index: Estimated Passive Flows as ETF Launches Coming
- The KRX announced the 100 constituents of the much-awaited Korea Value-Up Index on 24 September. There were hits and misses but broad consensus was that the index is a miss.
- Following market feedback, the KRX could conduct a special rebalance of the index in December. But this could be after the launch of ETFs tracking the index.
- With a big overlap and similar characteristics as the KOSPI 200 Index, there could be limited assets benchmarked to the Korea Value-Up Index in the short-term.
EQD | Nikkei 225 Option Implied Volatility Analysis – Focus on Bank of Japan Rate Decision Catalyst
- Nikkei 225 (NKY INDEX) option implied volatility is stabilizing at an elevated level. This Insight analyses term structure, skew, open interest, and more.
- We identify a tactical option opportunity that profits from the current volatility structure.
- Are Consumer Price Index and Bank of Japan interest rate decision announcements systematically followed by unusually large market moves? We run the numbers.
EQD / NSE Vol Update / Options Mkt. Structural Changes Incoming: 15x Position Limits + 3x Lot Size
- SEBI-Mandated structural changes continue to percolate through for Options Markets. Position limits & lot sizes have been increased drastically, tilting regulations away from Retail & towards more Institutional participation.
- IV levels are in the middle of their 12-month ranges. Vol-Regime Model currently in “High & Down” state – grind lower in IVs projected.
- In spite of a stronger underlying index, upcoming Bank earnings results have supported BankNifty IVs.
Kaspi.kz: Kazakhstan’s Super-App Acquiring Turkey’s E-Commerce Leader
- On Oct 17th, Kaspi.kz, Kazakhstan’s super-app, signed a stock purchase agreement to acquire a 65.4% stake in Hepsiburada, a leading e-commerce platform in Turkey.
- The transaction is still subject to regulatory approval; Hepsiburada’s share price in the US increased by ~60% on Friday after the announcement.
- The acquisition makes a lot of strategic sense which would elevate Kaspi.kz to a position to target a combined market of >100 million population (vs. currently 20 million).
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