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Asia's absence continues to depress.........>

OPTIONS
OPTIONS: Asia's absence continues to depress currency options trading volumes
crossing the DTCC, with USD/JPY and USD/CNY trading activity well below recent
averages. EUR/USD hedging runs slightly ahead of average, with $6.6bln in
options contracts changing hands so far today, but NZD/USD outperforms most
notably in volume terms following the disappointing jobs data released
overnight. Some of the more interesting NZD/USD trades include what appears to
be a 0.6490/0.7015 short strangle, expiring in two months for a total notional
of N$280mln.
-Elsewhere, markets continue to conspire against GBP, with EUR/GBP risk
reversals continuing to rally, touching multi-month highs of 0.995 vol points
(in favour of EUR/GBP calls) for the one-month contract. Following the BoE rate
decision, one of the larger GBP trades includes a short risk-reversal structure
expiring on Mar7, buying 0.8475 puts and selling 0.9155 calls for a total
notional of Gbp219mln. 

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