s♦ Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 tan-15 tan-16 Source: CS EgIlliy Denratives Strategy MORE INSIDE (Market Volatility Bulletin) Mandy Xu, CFA Equity Derivatives Strategy so 25 I s 0 FX vol Equity vols This material has been prquircd by individual traders or saks personnel of Cr