“People haven’t been getting out yet, the carry on this spread remains highly positive, so we’ll have to see S&P 500 vol coming in further before we start to see profit taking.”

—Ann Tranqui, head of flow derivatives sales at Société Générale in Hong Kong, on why investors, who have been entering into option strategies to profit from the volatility spread between the Nikkei and the S&P 500, are sticking with the trades.