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Very strong day for FX options trading......>

OPTIONS
OPTIONS: Very strong day for FX options trading volumes, with EUR/USD, USD/JPY,
USD/CNY all seeing options trading volumes well above usual averages.
Vanilla USD/JPY calls are in firm demand (vanilla put/call ratio today comes in
at 0.8) with Y114.00 and Y115.00 strikes particularly popular (call strikes thin
out above Y115.50, coinciding with the March 2017 high in spot at Y115.51).
USD/JPY options buyers remain incentivised by the historically low levels of
implied volatility: yesterday saw 3m implied vol almost equal the lowest levels
since 2014). Nonetheless, implied vols still trade at a significant premium to
realized vol. The realized/implied vol spread remains close to the lowest since
the February equity volatility product meltdown lows.

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