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EUROPE SUMMARY: Bund Downside

OPTIONS

We've had one of the slowest sessions in options trading this summer, which is saying something - but with no data/speakers to catalyse and Sep contract expiries last Friday now behind us, perhaps a breather was in order. In any event, very few contract lots in excess of 1k, and very little thematically to speak of.

If anything, Bund downside was a key theme. Some was straightforward: RXX0 172.00 put bought for 46/47 in 3k. The most interesting structure of the morning though was seller of RXV0 175.00/176.00 call spread, vs bought RXV0 173.00/172.00 put spread - receiving 6.5 in 1k. This trade had Delta of -0.27, with the Oct contract meaning 32 days to expiry

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