Epstein Secrets

inflation) but inter-sector correlation now seems supported likely driven by the unwind of reflation trades (Chart 18). Bankof America <> ariective Merrill Lynch Global Equity Volatility Insights | 20 June 2017 11 HOUSE_OVERSIGHT_014982 --- PAGE BREAK --- Chart 18: European intra-sector realised correlation is near a 10-year Table 3: Person

ny Registration 064 874 531), AFS License 412901 ‘Wholesale’ clients as d Authorised Deposit-Tal report in Brazil and its pre Frankfurt Branch (BAMLI Frankfurt) This research report has been prepa responsibility for research reports o security discussed in the report sho! local distribu erril Va bia Compa

to 2-Jun-17. m 3yr %-ile of average 12m ATMF implied vol © Sector market cap as a %-age of total SPX Top50 market cap Bankof America <> ; dee Ios Merrill Lynch Global Equity Volatility Insights | 06 June 2017 7 HOUSE_OVERSIGHT_023581 --- PAGE BREAK --- Chart 18: Long SPX Top50 dispersion strategies performed the best during the dotcom bub

Japan Securities Co,, Ltd, regulated by the Financi Exc Va jon by the FCA and PI Registration AFS License 412901 (B, ocal distribu errill Lynch Frankfurt) L ne matters re report sho! ld contact ea los F 06872E A efined by s.761G of the Cor ing Institution under the Banking Act 1959 nor regu ion

eft sections) are dominated by scenarios of greater than 50% deleveraging. On the other hand, the second and fourth quadrants Bankof America <> ; re Merrill Lynch Global Equity Volatility Insights | 09 August 2016 5 HOUSE_OVERSIGHT_025982 --- PAGE BREAK --- have episodes of more benign model-driven deleveraging. In each quadrant exists examp

nch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business rules. Bank of America Merrill Lynch Intemational Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S a