Large investor lays out $31 million options hedge against U.S. stock market drop
FILE PHOTO: The New York Stock Exchange is pictured in the Manhattan borough of New York, September 21, 2015. REUTERS/Carlo Allegri/File Photo
NEW YORK (Reuters) – Monday’s slide in U.S. stocks prompted at least one large investors to load up big on stock options that would guard against a sharper hit to stocks into the start of next year.
Shortly after the market opened on Monday, an investor paid about $31 million to buy 16,000 of January put options at the 2,980 level on the S&P 500 Index, according data from options analytics firm Trade Alert.
The position struck about 4.6%…