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

f Canada; Merrill Lynch (Mexico Lynch Argentina SA, regulated by Comisién Nacional ): Merrill Lynch International Incorporated (Seoul Br: ated by the Securities and Futures Bureau; DSP Merrill Lynch (Ind ch Sekuritas Indonesia, regulated by Otoritas Lynch Securities, Moscow, regulated by the Central Bank DFSA); Merrill Lynch (S

national Incorporated (Seoul Branch} regulated by the ecurities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Lim

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

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

orporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Securities (Taiwan) Ltd., regulated by the Securities and Futures Bureau; DSP errill Lynch (India): DSP Merrill Lynch Limited, regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merri