Short-end vols rising across pretty much....>

OPTIONS: Short-end vols rising across pretty much all DM and EMFX so far today,

with the most marked moves seen in USD/CHF, USD/BRL and (unsurprisingly)

USD/TRY.

-TRY markets remain upended with overnight vols climbing to fresh multi-month

highs north of 36 vol points (highest since early September). O/N swap rates

continue to head north, again hitting all time highs above 700% as offshore TRY

liquidity remains excessively tight ahead of the weekend's local elections.

Reuters sources earlier today commented that Turkish banks will continue to

withhold TRY liquidity in London "at least until after Sunday local elections".

-Overnight USD/BRL vols are elevated also, with recent sell-offs in EMFX spot

markets hurting sentiment but continued political uncertainty isn't helping

matters: lawmakers today will vote on a bill that would undermine Bolsonaro's

power over budget measures, reducing the likelihood of critical market-friendly

pension reforms.

-The uptick in CHF vols follows the break to multi-year lows in spot EUR/CHF,

which fell through 2018 support at 1.1184.