​Daily Bulletin: Thursday June 11

SPY saw some heavy flow in the U.S. listed flow market today, with the June 217 quarterly call option the most heavily bought, trading over 51,000 times. The Financial Select Sector SPDR Fund also saw about 53,000 Sept. 23 puts trade today, while the iShares Russell 2000 Index also saw good volumes. Also in the U.S., we talk to some hedge funds keen on seeing forward start options listed on exchange. They use the options as building blocks for relative value trades and would prefer greater investor participation in the market. We also look at the Kospi today. Despite a slight pickup in long-dated hedging of autocallables from exotic desks in the Korean index over recent days, overall volumes remain lower based on historical levels. The trend is being watched closely by hedge funds given the recent decline in the Kospi2 while systematic short-term vol sellers have pulled back their positioning.