Journal
Index skew on quiet UK mornings
When FTSE options are sleepy, US overnight skew still colours how single-name prints should be read at the London open.
A quiet FTSE tape does not mean the options market woke up empty-handed. Overnight moves in US index skew often arrive in London as a change in how aggressively dealers hedge, even when local open interest barely budged.
Why briefings start with indexes
We open many morning sessions with a short index pass before single names. It is not theatre. If put skew steepened overseas while your stock’s call prints look eager, the “eager” read may simply be relative value against a risk-off backdrop.
What we write down
Typically three lines: overnight index direction, notable skew shift, and whether UK names are confirming or ignoring that tone. Those lines sit at the top of the summary so a later single-name comment is not read in isolation.
If your book is pure single-name with no index overlay, say so when you book — we will still glance at the indexes, but we will keep them brief.