Steve, Today (Monday) on Eurex someone traded DJ Euro Stoxx, 4000 Dec 07 puts at 259, 19% IV and 4000 Dec 07 calls at 287, 12.5% IV. Stoxx around 4140 at the time. Long/short, who knows. Attached is a Sheet with today's last trade implieds for DAX and STOXX. Ignore the Octobers - expire in a few days. "d" desigantes "discount" ie, below intrinsic value or zero iv. Discounts on Stoxx go right through to Jun 07. And although relatively deep itm, I'm surprised to see it extend so far into the back months. Figures at the foot of columns are totals and averages. I've re-posted here, hopefully to get more comments. Grant.