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regulated by the Financial Conduct Authority and the Prudential Regulation Authority under jaws in the United Kingdom; GSSP is regulat
Settlements BLS: Bureau of Labor Statistics BOE: Bank of England BOJ: Bank of Japan CAGR: compound annual growth
and the resulting consensus view that the UK was destined for recession. Although the 20% decline in the trade-weighted sterling and rapid easing by the Bank of England were no doubt pivotal in avoiding that fate, the immediate impact of the Brexit referendum has been far less destructive than feared. But as we begi
Page: HOUSE_OVERSIGHT_014577 →e of the Securities and Exchange Commission, any state securities commission, the Registrar of Companies in Bermuda, the Bermuda Monetary Authority, the Prudential Regulation Authority of the Bank of England, or any other regulatory• body has approved or disapproved of these securities or passed upon the adequacy of this prospectus
sion, any state securities commission, the Registrar of Companies in Bermuda, the Bermuda Monetary Authority, the Prudential Regulation Authority of the Bank of England, or any other regulatory• body has approved or disapproved of these securities or passed upon the adequacy of this prospectus or any prospectus sup
Investment Strategy
& Source: Bloomberg Source: Bloomberg The other fixed income trade we continue to like is short 5Y UK real rates. The market continues to discount the Bank of England consistently overshooting its inflation target without a response on monetary policy. Yet Governor Carney and other members of the BOE’s MPC have sai
Page: HOUSE_OVERSIGHT_014444 →a (Pty) Ltd., regulated by The Financial Service Board; MLI (UK): Merrill Lynch International, regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority PRA); Merrill Lynch (Australia): Merrill Lynch Equities (Australia) Limited, regulated by the Australian Securities and Investments Commission; Merri
Page: HOUSE_OVERSIGHT_014457 →Entities connected to both the Prudential Regulation Authority and the Bank of England

Frankfurt
LOCATION
United Kingdom
LOCATIONThe Financial Futures Association of Japan
ORGANIZATION
Deutsche Bank
ORGANIZATION
Bloomberg L.P.
ORGANIZATION
Malaysia
LOCATION
United States
LOCATIONthe Capital Market Authority
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
Michael Bloomberg
PERSON
Donald Trump
PERSON
South Africa
LOCATIONthe Securities and Futures Commission
ORGANIZATIONThe Monetary Authority of Singapore
ORGANIZATION
Philippines
LOCATIONthe Securities and Exchange Commission
ORGANIZATION
Seoul
LOCATION
JPMorgan Chase
ORGANIZATION
Bank of America
ORGANIZATION
Hong Kong
LOCATION