This WSJ article provides quite a bit of detail about how investors are hedging their exposure to bank risks using a wide variety of different types of financial derivatives. This article notes, among other things, that trading volumes in put options, especially puts written on the SPDR S&P Regional Banking ETF (exchanged traded fund), are quite popular, with trading volumes on the Chicago Board Options Exchange (CBOE) hitting near record daily volumes. Other popular strategies mentioned in this article include shorting bank stocks, buying credit default swaps on bank stocks, and buying call options on the VIX index in hopes of protecting investors against further stock declines.