/EUROPE SUMMARY: In an active day on the....>

OPTIONS: /EUROPE SUMMARY: In an active day on the central bank front, we saw a

nice pickup in options trading. The morning saw some liquidation trades in Aug

and Sep Euribor, a little after the ECB's TLTRO takeup results came out : ERU0

100.50/100.625 call spread sold at 1.25 in 9.5k (was bought for 1.25/1.5

yesterday), and ERN0 100.50/100.625 call spread sold at 0.5 in 2k (hearing

liquidation, bought for 0.6 synth yesterday). Otherwise most of the action was

in Short Sterling.

** EGB options flow included:

* DUQ0 112.00/111.90 put spread vs 112.20 c, paid flat/0.5 in 7.5k (+p/s)

** Short sterling option flow included:

* LH1 99.50/99.375 put spread bought for 0.5 in 5k

* LU0 99.75/100.00 c/s, bought for 11.25 in 3k

* LH1 100.00/100.25 call spread v 99.875/99.75 p spread, paid 0.5 in 3.2k (+c/s)

* LZ0 99.75/99.625/99.50 put ladder bought for 0.5 in 8k

* LZ0 100.00/100.25 call spread sold at 1.75 in 5k