Status is online Henry Schwartz• 1stSr. Director, Head of Product Intelligence, Information Solutions Group at Cboe Global Markets1d • 1 day ago $3.5 billion box spread in SPX! Notable print just after noon on May 4th was 35k June 1000/2000 box spreads, crossed between two firms for $999.41. This non-directional strategy is commonly used for balance sheet purposes, in today's case effectively permitting one firm to loan $3.5B to another similar to a zero coupon bond that will expire at $1000 in 45days, an implied rate near 0.4%. This trade is relatively large for the market-leading index options which typically see nearly $5B in total premium change hands. Cboe Global Markets