Trader Seeks €37.5 Million Payday on Faster ECB Rate Reductions [Financial Post (Toronto, Ontario, Canada)]
MACQUARIE GROUP LTD S/ADR (MQBKY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — One trader is wagering huge sums that the European Central Bank will quicken the pace of interest-rate cuts to prop up the region's economy. The trade, using options on futures tied to the three-month Euribor funding rate, will pay out €37.5 million ($40.6 million) on an initial €6 million premium if policymakers reduce the deposit rate to 1.75% or lower by the middle of next year, according to rates traders familiar with the transaction. With an initial €6 million premium, that would equate to a sixfold return if the ECB cuts to that level from its current rate of 3.25%, said the traders, who asked not to be identified because they are not authorized to speak publicly. Swaps pricing anticipates the key rate falling to 2% by June. Money markets last week increased bets that favor a half-point reduction in December, after private-sector activity
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