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As has been the case for much of the........>

OPTIONS
OPTIONS: As has been the case for much of the week, currency hedging volumes sit
lower than average for this time of day with EUR/USD, USD/CNY and AUD/USD
markets particularly quiet. This isn't the case for USD/JPY, EUR/GBP and NZD/USD
however, which are more active Wednesday.
-Implied vols generally fell Tuesday, but have bounced early Wednesday, with
USD/CHF, USD/RUB and USD/KRW short-end tenors on the rise. 
-Since the unchanged RBNZ rate decision overnight, NZD/USD calls have been
better bought, with close to $2 in call notional trading for every $1 in puts.
Strikes at $0.6450, $0.6375 and $0.6350 have garnered the most focus. Volatility
hedges have also been popular, with $0.6324 and $0.6395 straddles crossing
following the decision itself.
-Downside protection in USD/JPY remains in demand, with put strikes at Y106,
106.95-107.00 and Y105.00 the most significant. The trades are typified by one
of the larger put spreads crossing in early Asia-Pac: a $100mln 106.45/106.95
put spread rolling off on Monday, the final session of Q3.

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