EUROPE SUMMARY: Profit-Taking On Bearish BTPs

Wednesday's options flow included:

• IKM1 147.00/145.00 put spread vs 151.00/153.00 call spread sold at 23 / 24 in 10k. Market sources report this is closing position - looking back, this was bought previously (+p/s) for 2 in 3.3k on Mar 30 and added to at -1 in 5.8k on Apr 7.
• DUM1 112.00 put bought for 1.5 in 10k
• RXM1 169.5/167.5ps 1x2, bought for 22 in 2k
• RXM1 170.50/169.50 ps vs RXK1 171.00/170.00 ps, +Jun/-May for 2 / 2.5 (vs 170.88)
• 2RZ1 100.37^, bought for 21 in 1k
• 2RU1 100.37/100.25ps vs 100.50c, bought the ps for 0.25 in 4k
• 3RZ1 100.12/100/99.87/99.75p condor trades 2 in 1.5k
• 3RZ1 100.37/100.50cs, trades 2 in 1k
• 0LZ1 99.625/99.50 ps bought for 3.5 in 4k
• 0LZ1 99.875 call + 0LH2 99.875 call bought for 8.25 in 15k (v 99.605 and 99.67)
• 2LU1 99.75/99.50/99.25p fly sold at 8.75 in 12.5k
• 2LU199.25/99.37/99.50c fly, bought for 2 in 10.65k
• 2LU1 99.12/99.00ps, bought for 1.5 in 2k
• 2LK1 99.50/99.375 put spread bought for up to 2.25 in 5k