Some investors are sweeping up Sepracor (SEPR) calls Tuesday morning. Call activity is already running 20x normal. Shares are slightly lower near $15.89 and buyers are using sweep routers to accumulate nearly 1,500 each of the June 17.5 and July 15 calls, causing IVs to lift nearly 10 points to the 69% range atm. Briefing is attributing the activity to takeover chatter.
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Sepracor Inc (SEPR) $15.76 -1.62%
Posted on June 9th, 2009 10:24 am
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2 users commented on " Sepracor Inc (SEPR) $15.76 -1.62% "
Follow-up comment rss or Leave a TrackbackWhat is a sweep router?
Thank you
Hi, thanks for the question.
Sweep routers are used to maximize the available size (whether the blocks are being bought or sold) by splitting large blocks into smaller ones and the simultaneosly routing to the different exchanges. So, rather than sending an order for one large block or puts or calls to one exchange, the order is split and routed electronically to multiple options exchanges.
http://whatstrading.com/2009/04/28/options-101-where-do-options-trade/