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t, underscoring how the world's two largest economies are beginning to decouple after years of increasing integration." -- "Trading on China's new Nasdaq-style stock market began today, with 25 tech companies listed on the Science and Technology Innovation Board, operated by the Shanghai Stock Marke
he government to encourage more Chinese tech companies to list domestically. ... Some of the highest-profile Chinese tech IPOs, including Alibaba, Tencent, Xiaomi, JD.com and Pinduoduo, have taken place in New York City or Hong Kong, and the STAR Market may encourage more local stock debuts and inves
g how the world's two largest economies are beginning to EFTA00044479 decouple after years of increasing integration." -- "Trading on China's new Nasdaq-style stock market began today, with 25 tech companies listed on the Science and Technology Innovation Board, operated by the Shanghai Stock Marke
the government to encourage more Chinese tech companies to list domestically. ... Some of the highest-profile Chinese tech IPOs, including Alibaba, Tencent, Xiaomi, JD.com and Pinduoduo, have taken place in New York City or Hong Kong, and the STAR Market may encourage more local stock debuts and invest
5bps. Despite concerns on the Fed, the VIX fell 0.32 vol points to 10.38, and SPX 1m ATM implied vol declined 0.3 vol points to 7.6%. Chart 13: The Nasdaq has set a new record for consecutive days without a 5% peak-to-trough drawdown 160 «2 136 140 120 100 Bo 80 60 40 Be 20 SSeS 0 16-Jun-17 14-J
Page: HOUSE_OVERSIGHT_014978 →d vol & skew Market may trade on Buy EEM puts financed by a basket of EM puts to lever near record low correl Hedge a potential China tech bubble; Tencent potentially volatile after a 45% rally YTD Hedge the upside into MSCI announcement on 20-Jun Fundamental case to be long EU equities remains intact
Page: HOUSE_OVERSIGHT_014992 →oes Bankof America 4 Global Equity Volatility Insights | 06 June 2017 Merrill Lynch HOUSE_OVERSIGHT_023578 --- PAGE BREAK --- Chart 9: In May, the Nasdaq recorded its longest streak of monthly gains since 2009 (7M). However, compared to the only other instances of longer streaks (‘86, ‘95) the current
Page: HOUSE_OVERSIGHT_023579 →c-17 expiry 6m Sep-17 expiry Rationale Buy EEM puts financed by a basket of EM puts to lever near record low correl Hedge the China tech bubble; Tencent unlikely to stand still after a 45% rally YTD Hedge the upside into MSCI announcement on 20-Jun Fundamental case to be long EU equities remains int
Page: HOUSE_OVERSIGHT_023598 →Entities connected to both Nasdaq and Tencent

Jeffrey Epstein
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Donald Trump
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Marc Rich
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George W. Bush
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Bloomberg L.P.
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Richard Kahn
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United States
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USA Today
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George Mitchell
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