Paper is rolling BCS positions down hoping that the stock stays above $9.00 in and out of the Brexit vote.
Barclays PLC (ADR), trading 9.21 with an IV30 61.55 with an HV10 of 32.85 is seeing a large put spread today.? The stock, with an ADV of 3269 and open interest of 188,000 contracts, saw a customer buy 18,000 of the July 10 puts paying 1.13 then against it the customer sold the July 9 puts at .59, net paying .54 per spread.?? Based on the OI this could be a close and roll of a short put position.
The customer was likely selling puts in BCS to collect premium and the stocks rough stretch pushed through his or her short puts. The customer is rolling the positions down hoping that the stock stays above 9.00 a share in and out of the Brexit vote.
Trade should be considered bearish vol in BCS.