/EUROPE SUMMARY: This morning saw yet.......>

OPTIONS: /EUROPE SUMMARY: This morning saw yet more Schatz upside bought,

implying a sharp move lower in short-end German yields by Aug (see first trade

below - similar strikes seen for the Sep contract yesterday...and similar

strikes to Sep call fly this afternoon):

** EGB option flow included:

* DUQ0 112.20/40 cs vs 111.80/60 ps, bought the cs for 0.5 in 4k

* DUN0 111.70 p, bought for 1 in 4k

* DUU0 112.00/112.20/112.40 call fly bought for 5.5 in 7.5k 

* RXN0 173.00 puts sold at 9 in 3.5k v RXN0 172/171 put strip bot for 10 in 14k

** Euribor options flow included:

* ERH2 100.375/99.875ps, bought for 8.5 in 3.5k

** Short sterling option flow included:

* LU0 99.75^, sold at 11 in 2k

* 0LU0 99.875^, sold at 14.5 in 2k

* LU0 99.875/100.00 cs, bought for 1.5 in 25k

* LZ0 99.875/100.00cs vs 99.875c, bought the cs for 0.25 in 4k