Big Yen Option Bet Risks Crushing Traders as Intervention Looms [BNN Bloomberg (Canada)]
Nomura Holdings Inc ADR American Depositary Shares (NMR)
US:NYSE Investor Relations:
nomuraholdings.com/investor
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Source: BNN Bloomberg
Japan's top currency official, Masato Kanda, on Monday delivered his strongest intervention threat in months, with the yen hovering near a 34-year low — and around levels that triggered intervention in 2022. That's worrying news for traders who have sold dollar-yen options related to the March 28 expiration at strike 150.5 of notional $2.85 billion, the currency pair's largest expiration on Depository Trust & Clearing Corporation so far this year. If they need to hedge their positions, they would be hoping for as little movement as possible, something the Ministry of Finance's rhetoric is threatening to upend. “Option sellers suffer from large moves as the premium they earn doesn't cover the cost of hedging the spot movement,” said Ruchir Sharma, global head of FX option trading at Nomura International Plc in London. “Large short strikes require dealers to hedge their spot exposure, which can cause disruptive price action as they all need to aggress the market at the same time —
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