EUROPE SUMMARY: More Sterling Upside

We saw more upside call buying in Short Sterling Friday, including LM1 100.12/100.375cs, 1x1.5 bought for up to 4.75 in 5k. Note that this was bought earlier this week for 3.75 in 30k; heard 40k total this week including today, with initial buying starting from 3.25. Also, LU0 100.25/100.50/100.625 broken c fly, bought for 3.25 in 5.5k (ref 100.095), 0LZ0 100.00/100.12cs, bought for 6.5 in 10k (ref 100.09)

and LH1 100.00/100.125/100.25/100.375 call condor bought for 3.75 in 6.75k (v 100.015, 20d).

Other options flow included:

• IKZ0 149.00/150.50 call, bought for 32 in 3.8k
• RXX0 172.50/171.00ps vs 176.00c, bought the put spread for flat in 5k (-33 del)
• RXV0 177c, bought for 1 in 15k
• OEX0 136.00/136.50cs, bought for 3.5 in 5k
• 0LZ0 100.25/100.375cs vs 99.625p, bought the cs for 1.25 in 2k
• LM1 99.87/100.37 RR, bought the put for half in 1.5k (Ref 100.06)
• LH1 100.00/100.25cs 1x2, sold at 5 in 2k (ref 100.015, 20 del)
• LG1 100.00^ sold at 13 in 8.25k