​Daily Bulletin: Thursday Feb. 5

Ongoing concerns over growth, earnings and debt negotiations in the Eurozone have driven increased focus from investors in exploring defensive upside strategies on the back of the European Central Bank’s recent quantitative easing announcement. Call flow has been seen in both the Eurostoxx 50 and DAX, although market participants note that it has yet to reach particularly significant volumes. In the U.S., Investors have been buying listed and over-the-counter downside puts on TLT and GDL as they seek to protect against potential interest rate rises later in the year. One trader says the development could signal renewed interest in pair trading later this year. We also talk to one pension and endowment manager who’s hanging back form the equity derivatives market this year, deciding not to roll any of his 2014 positions until some of the market kinks are worked out.