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GBP hedging volumes looking particularly....>

OPTIONS
OPTIONS: GBP hedging volumes looking particularly healthy Thursday (with broader
options market much quieter) as EUR/GBP and GBP/USD hedging demand edges above
recent averages. EUR/GBP put trades have been in particular focus, with a
4-legged put structure trading shortly after 0900GMT, what appeared to be two
E440mln put calendar spreads: selling Gbp0.8350/0.8450 puts expiring on March
15th and buying Gbp0.8350/0.8450 puts expiring April 2nd.
-GBP/USD calls have also been better bought, with the larger trades today
including Gbp300mln long calendar spread: selling $1.33 calls expiring Mar21 and
buying $1.33 calls expiring Apr9, therefore capturing the so-called 'Brexit day'
of Mar29.

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