(Bloomberg) -- Trading in options to sell an
exchange-traded fund tracking U.S. financial shares yesterday
surged to the highest in a year on speculation the subprime
mortgage crisis will further erode bank and broker earnings.
The number of put-option contracts traded on the Financial
Select Sector SPDR Fund rose to 372,247, the most since July 2006
and almost quadruple the average during the prior 20 days,
according to data compiled by Bloomberg. The ETF tracks the
Financial Select Sector Index, whose 92 members include Citigroup
Inc., Bank of America Corp., Goldman Sachs Group Inc. and Bear
Stearns Cos.
Read more at Bloomberg Stocks News
exchange-traded fund tracking U.S. financial shares yesterday
surged to the highest in a year on speculation the subprime
mortgage crisis will further erode bank and broker earnings.
The number of put-option contracts traded on the Financial
Select Sector SPDR Fund rose to 372,247, the most since July 2006
and almost quadruple the average during the prior 20 days,
according to data compiled by Bloomberg. The ETF tracks the
Financial Select Sector Index, whose 92 members include Citigroup
Inc., Bank of America Corp., Goldman Sachs Group Inc. and Bear
Stearns Cos.
Read more at Bloomberg Stocks News
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