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It could be a position to cover large positions in US stocks or it could be an
interest rate play. If they can get a greater return by selling the premium
in the future against a basket of stocks then they can from bonds or other
investment opportunities overseas, it would work well. With 0% interest rates
in Japan it would be a natural for them and they would also gain on the
currency move at present. There are probably many other reasons, but these
are the two that come to mind at this time. Ira.
Ronald McEwan wrote:
> Here are two graphs of US and Non US Bank participation in the SnP
> Futures Markets. I am not completely sure why the Non US Banks would be
> net short the SnP. Is it hedging or do the Non US Banks have a more bleak
> outlook for the US markets ?.
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