Epstein Secrets

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

upside on structurally challenged European banks & relatively more bearish outlook for US rates vs EU USDJPY and NKY the biggest beneficiaries of a Trump win Banks and Insurance are the most leveraged sector Banks and Insurance are the most leveraged sector China risk premium rising but A-shares vol

r- end target of 2.85% for the 10y rate (just above the median forecast). Long-term rates have remained low due to uncertainty around Fiscal policy (Trump’s plans on infrastructure spending), subdued inflation expectations and a slower than expected Fed hiking cycle. On the other hand, a near full-emplo

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

ntion) may still find that option markets are currently pricing too little of a move. However, as we have recently argued the debate about whether a Trump win would be good or bad for markets coupled with the inability to exactly pinpoint real risks are likely headwinds to a sizeable market shock. 8 Gl

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