I have a sinking suspicion tht the Panda is working at 1.2550/1.2850 DNT. I have no evidence as such other than they bought a boat load of EUR/USD this morning in the 1.2705/158 area and have begun to parcel it out up here…Just a hairy-assed guess on my part, based on recent price action and observing their past activity…EUR/USD trades at 1.2833.