us implied 22% 20% 18% 16% 14% 12% 10% 8% 6% 4% Y Realised Vol (Model) Y Implied Vol 90 92 94 96 98 00 02 04 06 08 10 12 14 Samar Anarch, &at 8bombeettirnme LP Deutsche Bank AG/London Page 21 EFTA00610296 9 January 2014 FX Blueprint: Thin end of the wedge Trade 3: Leverage the U