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Currency hedging volumes today running......>

OPTIONS
OPTIONS: Currency hedging volumes today running slightly ahead of average thanks
to firm activity in USD/JPY and EMFX (USD/TWD and USD/PHP in particular).
Volumes elsewhere are slightly below average for this time of day, with AUD/USD,
EUR/USD and USD/INR all looking particularly quiet so far this morning.
-Volatility bets remain popular in USD/JPY, with the largest trades of the day
both large strangle bets: an equally-weighted +$500mln 6-month 95.00/117.80
strangle traded in late Asia followed a few hours later by a +$500mln 1-year
95.96/117.78 strangle in early European trade. The put/call ratio so far today
in USD/JPY is relatively balanced, with no explicit bias in either direction.
-Implied vols are generally lower across the board Wednesday, with particularly
sharp falls in USD/TRY 1m (-7 points), USD/BRL 1m (-2 points) and USD/CHF 1m
(-0.6 points).

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