​Daily Bulletin: Wednesday Nov. 19

Investors have been bidding up GDX option premiums to a much greater extent, relative to the cost of GLD options, than seen in recent years. According to BGC’s Jared Woodard, one notable multi-legged trade was executed on Tuesday expressing a bullish view on gold miners. Meanwhile, the buyside is looking at buying risk premia indices that help manage volatility, such as strategies that sell volatility on selected exchange-traded funds or execute roll-downs on the CBOE Volatility Index futures. In Europe, Leonteq has moved to issue the index floater certificates on the SMI as investors increasingly show appetite for protected structured products that mirror fixed income products that pay a coupon.