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Bloomberg
Options traders who bet against Zurich airport have booked a 10,000 percent windfall as proposed modifications to aviation charges send shares of the hub tumbling.
Flughafen Zurich AG, as the airport company is known, dropped the most since 2003 after saying measures unveiled by the national regulator would reduce its aviation revenue by $148 million or 25 percent.
The options had low values before Monday, reflecting the fact that they were close to expiring, in which case they’d have been worthless in just a few days.
Their value was multiplied almost 100-fold, handing their owners surprise gains.