In what has been a fairly quiet afternoon......>

STIR: In what has been a fairly quiet afternoon session, there has been a

risk-off feel to STIR markets in Europe today.

- The Euribor strip has flattened in the Red area with Greens and Blues 2.5-3

ticks higher on the day. The vast majority of this move happened in the European

morning session, driven by concerns about the European banking sector and also

the release of the lowest German annual GDP figure since 2013 (albeit in line

with consensus expectations).

- The short sterling strip has also drifted higher today ahead of the Brexit

vote (which is expected around 2000-2030GMT). There are four amendments that MPs

will vote on but crucially the Murrison amendment will not be voted on,

increasing the probability that the government will suffer a sizeable defeat.

- Across the pond, the Eurodollar strip is largely unchanged on the day with

some White contracts 1 tick higher on the day, but most other contracts within

0.5 ticks of yesterday's close.