COP – COP dropped with the souring global risk sentiment, with the pair trading above 4,200 after testing it over the last week or so. Our local trading desk saw a busy session with heavy outflows in COP today from RM in both cash and NDF. In the option space, our trader saw the COP curve is more upward sloping with ATM vol 1m at 14.2 and 1y at 15.5. Although COP is the best performer YTD, it has been trading in this range near 4100 for a month now.