(June 3): An exchange-traded fund (ETF) tracking Singapore companies drew record call-option volume.

A total of 5,044 iShares MSCI Singapore ETF calls traded on Tuesday, compared with a 20-day average of 222, according to data compiled by Bloomberg. The November US$21 (S$29.45) calls were the most active, and Susquehanna Financial Group LLLP noted one trade where someone bought 3,800 of those options in odd lots, mostly paying 45 cents each. The U.S.-listed ETF itself rose 2.1% to close at US$19.12.

“This is a big trade” in “rarely traded EWS,” Susquehanna derivatives strategist Chris Murphy wrote in a note, referring to the ticker symbol. Murphy, who is based in Pennsylvania, added that “analysts have targeted Singapore as a potential destination for banks that want to move out of Hong Kong.” Lenders comprise 36% of the ETF, and real estate investment trusts 17%.

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