EUROPE SUMMARY: Big Bund Activity

Thursday's options flow included:

• RXM1 170.5/169.5/168.5p fly 1x1x0.75, sold at 63 and 63.5 in 4k (profit taking)
• RXM1 169/168.5ps, sold at 18 in 5k (profit taking)
• RXM1 169/168ps, sold at 31 in 5k (profit taking)
• RXM1 168/167ps 1x1.5, bought for 10.5/11 in 7.5k
• RXM1 170.5/169.5ps, sold at 82.5 in 30k vs 6.6k bund at 168.92 (unwind)
• RXN1 170/168.5ps 1x1.5, bought for 28 in 3k. Playing ECB and target ~0% in yield
• RXN1 169/168/167/166p condor, bought for 17.5 in 16.75k
• ERH3 100.375/100.50 ^^ sold at 23 in 1k
• 0RH2 100.375/100.125 put spread sold at 4.75 in 4k
• 3RU1 100.12/99.87ps, bought for 7.25 in 5k (ref 99.09)
• 3RU1 100/99.87/99.62p ladder, bought the 1 for flat in 6k
• 3RZ1 100/99.87ps vs 100.50/100.62cs, sold the ps at 3 in 4k (profit taking)
• 2LM1 99.62/99.50/99.37p fly sold at 4.5 in 10k
• 2LU1 2LN1 99.25 put calendar bought for 3.25 in 4k
• 3LZ1 99.00/98.75/98.50 put fly bought for 3.25 in 8k (v 99.04, 5d)