c. You can buy 9m GBPUSD 1.4000/1.5500 Call Spread and sell 1.3000 Put to cheapen it — cost is 0.20% (risks: the risks to these trades are a loss of initial premium in a+b a

ead and sell 1.3000 Put to cheapen it — cost is 0.20% (risks: the risks to these trades are a loss of initial premium in a+b and potential losses if GBPUSD is below 1.3000 at expiry) 2. EURGBP — spot ref 0.8825 a. You can buy 9m EURGBP 0.8700 Put vs selling 0.9100 Call — zero cost b. You can buy 9

latively low market pricing of no deal and concerns over UK growth b. Trading — Similar view to our strategy team, and believe reaction would be a GBPUSD jump to 1.33 with a potential overshoot towards 1.35 b) If the UK left the EU with no deal, and it was clear that no deal was to be had for the im

here too... our more positive GBP view is unchanged...) a a) How much Brexit uncertainty discount do you think is currently priced into GBP (either GBPUSD or EURGBP, as appropriate)? In other words, if Brexit uncertainty were resolved tomorrow and Parliament agreed to May's deal or something roughly e

an Securitin LLC, Current EX & Commodity rates USDPIDOI USDARS USOCHF 122945 5.1693 0.9431 XAUUSEI USDKRW USDCAD 1412.61 1120.93 1.0258 GBPUSD EURUSD USDTRT 1.5265 1.3008 1.804 USDIPT USDBRL USONOIL 99.260 2.0218 5.9132 • Intrad via Illoornbe trade Date Symbol Shares Company

wledgement of this, gilt (UK sovereign debt) and UK interest-rate futures will be open all though the night of the election, an unprecedented move. GBPUSD 3 month Volatility o • 193 9 co a — A & 8 A a. 8 A —GBP 3m Vol —200 Day Menge 9 $ $ - 8 There are 2 likely outcomes to the election. T

s of April 30, 2013 tunene FX 6 Commodity ratta USEIMXN USDARS USDOIF 12.1378 5.1875 0.9295 XAUUSO USD2AR USDC-AD 1476.89 8.9747 1.0072 GBPUSD 1.5533 EURUSD 1.3167 USDTRY 1.792 USDIPY USDBRL USONO% 97.440 2.0013 5.7694 Structured Notes • Manual Pricing via JPMorgan Investment Ba

as of April 30. 2013 CIAITIM1FX & C.onessodIty notes USOMXN USDARS MOP 12.1378 5.1875 0.9295 XAUUSO USDZAR USDCAD 1476.89 8.9747 1.0072 GBPUSD EURUSO USCITRY 13533 1.3167 1.792 Structured Nola Trade. Dale Maturity Face Amount tong Description Cost Basis (5) Market Value (51 Inte

front • Global risk sentiment improvement and continued strong rally in equities • "Remain" momentum for referendum picks up strongly. CHART(S): GBPUSD Historical Price EFTA_R1_00032349 EFTA01742027 Source: Bloomberg, as of 05/03/16 Appendix: Take profit: A take profit order relates to an order

Co. as of May 11.1010 Asset Management Cum/HMG CommadIty XAGUSD 19645 WHI/50 1504.5 U50042 1.1514 XAIWSD WOU50 %MOOD II MB 4%35 1.0616 GBPUSD EURUSD EURPtH 1.4484 1256 4.1% USDIPT 93.02 V$DC1P 543.5 USectiR 46925 III lions Currency 2 °rutin.' C‘mOnT Trade Date if new Oate

at or near all-time highs and long EURUSD near 3=year high (98%tile); Leveraged Funds net position in EM also near 3-year h=gh (97%tile) and short GBPUSD near 3-year low. In Commodity futures, Manag=d Money positioning in gold and silver near a 3-year high (98% and 99%tile, respectively) while Other R

ana ement OTC Derivatives Summary Prepared tor Financial Tnnt Co. RE cd May 212010 Cuiroot IX a Cessoilly rots XAGUSO 18.3875 XAIAIS0 1202.1 GBPUSD I.45 VSDIPY 90.83 XP11/50 1554.5 %MSC 462 15 (1151/50 1.2297 V5DCLP 53083 Trick Oat Coma., En Cuinixy 0Mdad TICK Irontry Entry Prie