​Weekly: CalPERS Weighing Options; VSTOXX Liquidity; Scotia Rebuilds

The first week of summer typically ushers in a quiet holiday period, but with Greece on the verge of default the market is definitely not taking off early. VSTOXX options have seen an uptick in average daily volume this month, with liquidity now reaching a point allowing dealers to execute trades in larger size. Also in Europe, hedge funds are remaining positive on Greece coming to an agreement with its creditors or the current programme being extended, given recent flow in the European equity derivatives market. In the U.S., the California Public Employees’ Retirement System is investigating the possibility of trading internally put writing and call overwriting strategies, following a recent investment committee that saw the fund announce cuts to its external money managers, while in single stocks call spread trading in Oklahoma-based energy producer Williams Companies is looking to stay an active strategy over the coming months as the firm grapples with an aggressive takeover bid.