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Currency hedging volumes sit slightly.......>

OPTIONS
OPTIONS: Currency hedging volumes sit slightly ahead of average Monday, with
Asia-Pacific FX activity particularly strong. JPY, CNY and HKD options trades
were in demand throughout the Asia-Pac session and well into the European
morning with many of the larger bets eyeing volatility rather than direction.
-Some of the more interesting trades include a series of USD/JPY straddles, with
over $1bln in notional crossing in early Europe/late Asia: a $500mln Y110.00
straddle traded expiring on Apr24 as well as a Y110.70 straddle expiring Mar27.
-USD/CNY puts slightly edge out calls so far Monday, with over $2.80 in puts
traded for every $2.00 in calls but, similarly to USD/JPY, the larger trades
appear to be volatility bets. Highlights include a $300mln 1m 6.5883/6.8479
strangle (expiring Apr25).

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