mains in the 88" 5-year percentile driven by even lower realised correlation. * _ESTX50 3M put skew is near 5 year highs, in stark contrast to SXEP (European Oil & Gas equity) put skew which is close to 5 year lows. * The overall seasonality in ESTX50 realised volatility since 1987 has been one of relatively lower vol dur

last 1M, suggesting it has ample scope to rally if it is to catch up to the broader equity market (Chart 15). USO (Oil ETF) puts are rich vs. SXEP (European Oil & Gas equity) calls: The number of long SXEP 25d calls that can be fully funded by selling 1 short USO 25d put is near historical highs (90" percentile since ’08,