Trading is very heavy in Citi (C) during the first hour of Wednesday’s session. 179K calls and 275K puts traded in the bank, which is 4X the typical volume. Jun 4.5 puts are the most actives. 93,500 traded. Shares are off 2 cents to $4.67 and some investors might be selling these puts after yesterday’s 4.5 percent slide in the share price. 62 percent of the volume has traded on the bid. Mar 4.5 and Jun 4 puts are busy as well. Meanwhile, Jan 7.5 calls have traded 64000 contracts (53 percent Bid). Implied volatility is up 6 percent to 34.5, as options volume picks up and Citi shares fall for a third consecutive day.