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FX hedging volumes slightly lower than......>

OPTIONS
OPTIONS: FX hedging volumes slightly lower than normal this morning, with
EUR/USD, USD/JPY and USD/CNY all edging below average for this time of day.
GBP/USD options trades are running slightly ahead, however, with around $2.4bln
traded vs. $1.5bln average for this time of the session. GBP/USD calls are in
demand, with a put/call ratio of 0.8 so far Thursday. GBP/USD 1m risk reversals
rose sharply yesterday following Barnier's positive comments, and the move has
extended into Thursday trade. GBP/USD 1m riskies are now just 0.4 vol points shy
of turning positive after touching the highest levels since June this morning.

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