Daily Bulletin: Thursday Nov. 6

​The market experienced a subdued day in U.S. and European options, with the SPDR S&P 500 ETF Trust seeing the most notable volume. We instead focus on the event of the afternoon in the U.S.—a sizeable ratio spread trade that was cancelled little more than 30 minutes after it was executed in the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund. At the FIA Expo today, EQDerivatives’ Peter Thompson reports on how the International Securities Exchange is looking at developing volatility futures as part of the launch of its new option on volatility. In Europe, we take a dive into Solvency II and how insurers are switching out of equity holdings and replacing their positions with futures and synthetic structures. We also summarise the major market developments of the day, including Société Générale’s Q3 results where it reported buoyant client volumes in structured products.