***Latest one week changes in Dec-17 open......>

EGBS: ***Latest one week changes in Dec-17 open interest versus market

direction.

*....................Pr Chnge 1wk...OI Chng 1wk..Trade

*Schatz.................0.035........1.5%........set longs

*Bobl....................0.11........1.1%........set longs

*Bund...................-0.11........0.9%........set shorts

*Buxl...................-0.38........2.9%........set shorts

*BTP....................-0.01........0.1%........set shorts

*OAT....................-0.16........4.6%........set shorts

*Gilts...................0.08........0.7%........set longs

- The past week has shown a fairly consistent rise of open interest across all

major European contracts. If part because the curve steepened, this naturally

makes it look as if curve steepener trades have been put on over the past week.

Note that the largest rises of open interest occurred at the extremities of the

yield curve (Schatz and euroBuxl). However, OAT open interest has risen most

rapidly with a 4.6% weekly rise.