In what can only be described as a brave move, two houses yesterday launched call warrants into a market that looks as if it has fallen off a cliff. Societe Generale said it was launching 16 million call warrants on HSBC. The warrants, 10 of which control one share, carry a strike price of $234.15. HSBC yesterday closed at $223. Peregrine Derivatives said it was issuing three billion call warrants on the Hang Seng red-chip index. It said the warrants carried a strike level equivalent to yesterday's index close.