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Short Sterling Option Comment **25/01**

A pretty quiet day in Short Sterling with vols generally softer, this despite a
unexpectedly weak UK GDP data but I guess with that comes the expectation of
rates going nowhere in a hurry. No real theme here either with buyers/sellers
positonal and directional trades all featuring.

Of small personal interest was the pop in L H1 which meant we could knock out
the 99.125 Calls @ 8.5 (bought vs 10s for 5), we also have on the 99.00/99.125
combo at flat, currently 7/8.

With this bid we now have paper interested in the 99.25 calls again as well!!!

15:26 0LM1 -25k 98.875/99/99.125/99.25 Call CONDOR @ 0.5
13:47 0LM1 -2.5k 98.875/99/99.125/99.25 Call CONDOR @ 0.5 vs 11
13:46 0LU1 +10k 97/96/95 Put FLY for 7
11:53 0LH1 -20k 98 Put @ 5.5 vs 98.37
09:52 L H1 +15k 98.625 Put for 0.5
09:49 L H1 +2k 99.25 Call for 1
09:11 L H1 +5k 99.125/99/98.875 Put FLY for 1.5
07:58 0LG1 +1k 98.375/98.5 Call SPREAD for 3

DS