In case you missed it, Asia’s Most Read Publications: 14 Jul to 20 Jul 2026

研报英文原文证据摘录

In case you missed it, Asia’s Most Read Publications: 14 Jul to 20 Jul 2026

Asia Pacific Equity Research

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Asia Most Read 24 July 2026

In case you missed it, Asia’s Most Read Publications: 14 Jul to 20

Jul 2026

Asia Pacific Equity Derivatives Strategy (Tony SK Lee/Haoshun Liu/Xipu Han/Twinkle Mehta, CFA)

Korea volatility elevated but increasingly contained; China hyperscalers as a rotation hedge;

TSMC’s resilience vs. TWSE; HK single-stock structured product issuance remains weak

Korea Volatility: Elevated but Increasingly Contained : Strong AI memory demand, leveraged ETF activity, and options

flows have been keeping KOSPI2 volatility historically elevated. However, we expect volatility to become increasingly

contained as several self-correcting mechanisms take hold: higher implied funding raises the cost of maintaining levered

upside exposure; broker and dealer balance-sheet constraints make incremental demand more price-sensitive; regulatory

scrutiny limits further leverage build-up; and weaker July–August momentum seasonality argues for caution. Market

behavior is already consistent with this shift: despite a roughly 30% correction from recent peaks, VKOSPI has started to

decline rather than extend higher, suggesting the leverage-volatility feedback loop is becoming less explosive. Investors

should therefore remain mindful of the spot dependency of Korea volatility: moderation in KOSPI2 volatility is more likely to