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ll Lynch Global Equity Volatility Insights | 20 June 2017 19 HOUSE_OVERSIGHT_014990 --- PAGE BREAK --- Chart 29: The ratio of AS51 3M ATM IV over HSCEL is at its 4-yr high Table 8: Index pairs‘ with the highest implied vol ratio vs their histories (Daily data from 1-Oct-12 through 16-Jun-17) (data a
Page: HOUSE_OVERSIGHT_014991 →garding the risks involved with investing in listed options: http://Awww.theocc.com/about/publications/character-risks.jsp Analyst Certification |, Benjamin Bowler, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. | als
Page: HOUSE_OVERSIGHT_014998 →since 2014. Products issued in Oct-16 (US$3.1bn) and Nov-2016 (USS3.4bn) have knocked out recently and rolled into new products. However, the legacy HSCEl-linked products issued in May-15 were struck at a very high HSCEI spot level and were not able to knock-out this month. We think issuance may pick up
Page: HOUSE_OVERSIGHT_023594 →ming from new Drillisch tariffs or failure to turnaround good US operational trends into more profitable revenue streams. Analyst Certification We, Benjamin Bowler, Clovis Couasnon and Frederic Boulan, CFA, hereby certify that the views each of us has expressed in this research report accurately reflect each of
Page: HOUSE_OVERSIGHT_023603 →largest increase. KOSPI2-linked issuance hence took over SX5E-linked issuance (currently USS$436mn), which was relatively unchanged compared to June. HSCEl-linked issuance (currently USS 69mn) further declined whereas HSl-linked issuance (currently USS 262mn) increased again. SPX-linked issuance grew to
Page: HOUSE_OVERSIGHT_025995 →Global Research 22 Global Equity Volatility Insights | 09 August 2016 (pertain HOUSE_OVERSIGHT_025999 --- PAGE BREAK --- Analyst Certification |, Benjamin Bowler, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject securities and issuers. | als
Page: HOUSE_OVERSIGHT_026000 →Entities connected to both Benjamin Bowler and HSCEl

United Kingdom
LOCATION
William Chan
PERSON
Donald Trump
PERSON
Bank of America
ORGANIZATIONMerchant Bank
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATION
Merrill Lynch
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONThe Financial Service Board
ORGANIZATIONMerrill Lynch Securities (Taiwan) Ltd.
ORGANIZATION
Frankfurt
LOCATION
Marc Rich
PERSON
KOSPI2
ORGANIZATION
Newcrest
ORGANIZATIONMUV2 GY
ORGANIZATIONUtilities
ORGANIZATIONJason Galazidis
PERSONAustralian Prudential Regulation Authority
ORGANIZATION
Nasdaq
ORGANIZATION