Currency options markets much quieter so....>

OPTIONS: Currency options markets much quieter so far Tuesday after a series of

busy sessions given the early equity market rout and subsequent reversal

yesterday.

- Most major currency pairs are seeing activity well below average, although the

day's geopolitical tensions have helped support USD/KRW and USD/INR markets,

which are seeing above-normal options volumes so far.

- This has translated into lower front-end implied vols across DM currencies,

with a few exceptions in Asia-Pac FX, as KRW, SGD and offshore INR vols remain

supported.

- Despite the weakening trend in KRW NDF markets, USD/KRW downside exposure was

in demand throughout the Asia hours as local equity rallies helped support

sentiment. Put strikes layered between 1,185-1,170 were most in demand, helping

prop up volumes throughout.

- The same can't be said of INR, with USD/INR calls trading in size today -

77.45, 79.00 and 82.00 call strikes proved popular, with over half the total

DTCC INR volumes today going through at those strikes.