Every indexed document

sell 1x VIX Oct 16 puts 19-Sep-16 0.0 $1.3 Oct-16 expiry Near term catalysts & curve differentials favour tactical long V2X

Sell 0.65x NKY Sep 17250 call 8-Aug-16 0.70% 0% 14-Oct-16 NKY Oct-16 call expired out of the money

Short Oct16 10000 call 1-Aug-16 0.00% 0.67% 22-Aug-16 Close position as the HSCEI rallies 5.2% and we are approaching the Aug16 expiry

Fed & EU bank stress tests could move mkts sharply in the near term

sell ASX200 Sep-17 90% put 30-May-17 0.15% Sep-17 expiry HSI is unlikely to outperform if AS51 drops more than 10%; HSI vol below AS51 vol

sell 4x contracts of V2X Aug future 22-May-17 1.00%

sell Dec17 ATM worst-of call on the same

expiry Buy cheap EM equity puts on near-record performance gap to commodities

sell XLF Jun17 25 call 20-Mar-17 0.57% Jun-17 expiry Sell rich Financials vol to fund cheap Tech upside

expiry Hedge portfolios against a buy-the-dip failure should a faster rate cycle ultimately jeopardize it

sell 1x SXEP Jun17 330 call 9-Jan-17 1.00% Jun-17 expiry

small caps revert to old normal generating higher vol

500 strike FVA 02-Dec-16 21.5% Jun-17 expiry What if QE hits its limit? Long NKY vol outright which is cheap to carry

sell 1.8x Jun-17 ATM worst-of calls on XLP

given environment of structurally higher political & economic risks and

there was $630mn of Uridashi products issued

500 in May and triggering some early knock-outs

the legacy HSCEI-linked products issued in May-15 were

India’s NIFTY saw the largest flattening as its

term structures among Asian indices remained unchanged at 3.8% last