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la variance as investors can avoid paying for the rich HSCEI convexity below the 70% barrier. The trade
Page: HOUSE_OVERSIGHT_014987 →AFS License 235132 (MLEA) distribu affiliates involved in preparing this research report is an ion or distribution of this the DFSA. Research re he Australian Prudential Regulation Authority. pplicable regulations. Merrill Lynch (DIFC) is au by BaFin. lates in the nal, regulate oO ustral | ndustry Regu na}: Merrill Lynch (Seou ent | a
Page: HOUSE_OVERSIGHT_014999 →ation trade. Cheapen Financials upside by selling rich Utilities and Staples vol & expensive correl. Hi
Page: HOUSE_OVERSIGHT_023597 →ge Act in Japa uted in In ons) by Band Merrill Lynch (S ia) Limited (ABN 65 006 276 795), AFS License 235132 (MLEA) distribu BANA Australia, nei he Australian Prudential Regulation Authority. pplicable regulations. Merrill Lynch (DIFC) is au s of the DFSA conduct of business rules. Bank of America Merri by BaFin. n-US affil he US. An i
Page: HOUSE_OVERSIGHT_023609 →via bullish X-market risk reversals Steet Selling rich USO (WTI tracker) 3M 25d puts to fund cheaper SXE
Page: HOUSE_OVERSIGHT_025978 →of its affiliates involved in preparing this research report is an Authorised Deposit-Taking Institution under the Banking Act 1959 nor regulated by the Australian Prudential Regulation Authority. No approval is required for publication or distribution of this report in Brazil and its local distribution is by Merrill Lynch (Brazil) in accordan
Page: HOUSE_OVERSIGHT_026002 →Entities connected to both Marc Rich and Australian Prudential Regulation Authority

Donald Trump
PERSON
United States
LOCATIONDoug Band
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United Kingdom
LOCATION
U.S. Treasury
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Bank of America
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Michael Bloomberg
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Hong Kong
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Jeff Sessions
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Seoul
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Frankfurt
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Bank of America Corporation
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Merrill Lynch
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ORGANIZATIONUtilities
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Galaxy
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Volkswagen
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Tencent
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Merrill Lynch Global Wealth Management
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