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USD/CNY hedging tops the pile on the DTCC...>

OPTIONS
OPTIONS: USD/CNY hedging tops the pile on the DTCC Monday, with $7.2bln in
options changing hands, over double the $3.3bln you'd see at this point of a
regular session. Around 65% of the notional traded in vanilla options so far
today has sided with USD/CNY puts, with Cny6.70 put strikes particularly
popular. Trades coincide with USD/CNY 1m risk reversals holding close to recent
multi-year lows Monday, although the USD/CNY call bias has returned as the
contract touches +0.015 vol points.
-Elsewhere, multi-month highs in GBP/USD spot (highest since November) has
coincided with GBP/USD risk reversals touching their highest skew in favour of
calls since April, with market focus firmly on the UK House of Commons and their
'meaningful vote' on Brexit due tomorrow evening. PM Theresa May is due to make
a statement to lawmakers this afternoon with the vote results expected at around
2000GMT Tuesday. 

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