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anco Multiplo SA, regulated by Comissao de Yaores Mobiliario% Merrill Lynch KSA Company, Merrill Lynch Kingdom of Saudi Arabia Company. regulated by the Capital Market Authority. This research report has been approved for publication and is distributed in the United Kingdom (UK) to professional dients ad eligible counterpati
ore 2011 Sitcom's Is also uncorrelated to Treasury securities or the VIX Lastly, we test the correlation of bitcoin to other liquid markets such as Treasuries and the VIX and our own BofA Merrill Lynch GFSIIU. Once more, the correlation between bitcoin and both near-term and long-term Treasury bonds and b
license in the Russian Federation. Kingdom of Saudi Arabia: Deutsche Securities Saudi Arabia LLC Company, (registered no. 07073-37) is regulated by the Capital Market Authority. Deutsche Securities Saudi Arabia may only undertake the financial services activities that fall within the scope of its existing CMA license. Pri
nce on reinvestment policy* and interplay between rates and reinvestments Note: (*) Currently, the Fed reinvests its maturing holdings of MBS and Treasuries purchased during QE. Research Deutsche Bank [email protected] http://houseview.research.db.com TheHouseView Special — 9 December 2015 7
nks hold a 10% capital ratio. This plan would probably decrease the availability of leverage, and could also result in reduced demand for short-dated Treasuries in HQLA portfolios. Another risk to 30y swap spread normalization in particular would be a material increase in deficit spending as part of a fiscal
Page: HOUSE_OVERSIGHT_014773 →tent of our regulation by th India}; and is issued and distributed in Singapore to insti errill Lynch Kingdom of Saudi Arabia Company, regulated by the Capital Market Authority. f Affiliate Research Reports: LPF&S distributes, or may in the future distribute, research reports of the following non-US affiliates in the US (s
Page: HOUSE_OVERSIGHT_014785 →Entities connected to both the Capital Market Authority and Treasuries

Malaysia
LOCATION
United Kingdom
LOCATION
New Zealand
LOCATIONDeutsche Bank Securities Inc.
ORGANIZATION
Frankfurt
LOCATION
the Financial Services Agency
ORGANIZATIONthe Prudential Regulation Authority
ORGANIZATION
Bloomberg L.P.
ORGANIZATIONthe Dubai Financial Services Authority
ORGANIZATION
United States
LOCATION
Columbia University
LOCATION
Philippines
LOCATION
Chile
LOCATION
Seoul
LOCATIONBaFin
ORGANIZATION
Michael Bloomberg
PERSON
Donald Trump
PERSONBank of America Merrill Lynch International Limited
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerchant Bank
ORGANIZATION