---
title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_023596)"
source: "House Oversight: Estate Documents (Nov 12)"
sourceUrl: "https://www.justice.gov/epstein"
date: "2026-01-01"
category: "House Oversight"
eftaNumber: "HOUSE_OVERSIGHT_023596"
ocrPages: 1
ocrChars: 2017
ocrElapsed: 0.0
parseTier: "external-legacy"
engine: "engine undisclosed (ep-nov-12.greg.technology mirror)"
externalSource: "greg-ep-nov-12"
externalLicense: "not granted"
externalCredit: "ep-nov-12.greg.technology"
externalUrl: "https://ep-nov-12.greg.technology"
---

Chart 45: We estimate that structured product issuers are currently long
US$10mn of KOSPI2 vega
90
•KOSPI2 Autocall Vega Outstanding Profile
Estimate KOSPI2 outstanding vega
80
70
60
.50
40
30
20
10
Chart 46: Structured product issuers are currently long - US$89mn of
HSCEl vega
110
-HSCEI Autocall Vega Outstanding Profile
Estimate HSCEI outstanding vega
(US$mn)
6500
7000
7500
8000
8500
KOSPI2 Spot Level
9000
9500
10000
10500
11000
HSCEI Spot Level
11500
12000
12500
13000
Source: BofA Merrill Lynch Global Research.
Source: BofA Merrill Lynch Global Research.
KOSPI2 3M ATM IV over SPX is at its 4-year high
Table5 lists Asian index pairs with the highest IV ratio vs their 4-year histories. For
instance, the ratio of KOSPI2 3M ATM IV over SPX is at its 4-year high.
Chart 47: The ratio of KOSPI2 3M ATM IV over SPX is at its 4-yr high
(Daily data from 1-Oct-12 through 02-Jun-17)
- KOSPI2 3M ATM vol
-SPX 3M ATM vol
Table 5: Index pairs^ with the highest implied vol ratio vs their histories
(data as of 02-Jun-17)
- Vol ratio
Index A
Index B
A/B Implied
Ratio 4-yr
25%
1.60
(Implied vol)
(Implied Vol)
Vol ratio
percentile
3М ATM
KOSPI2 (12.8%)
SPX (9.4%)
1.50
1.36
6M ATM
KOSPI2 (13.6%)
NIFTY (11.8%)
1.16
100%
99%
20%
0 1.40
12M ATM
KOSPI2 (14.8%) NIFTY (13.8%)
1.07
99%
1.30
Implied Vol
3M 25d-Put
KOSPI2 (13.6%) HSCEI (16.4%)
110đ
0.83
99%
6M 25d-Put
KOSPI2 (14.7%) NIFTY (12.5%)
1.17
12M 25d-Put
KOSPI2 (16.0%) NIFTY (14.4%)
1.11
99%
99%
1.00
3M 25d-Call
KOSPI2 (12.6%) SX5E (11.6%)
10%
0.90
6M 25d-Call
KOSPI2 (13.4%) NIFTY (10.8%)
1.09
100%
100%
12M 25d-Call
KOSPI2 (14.6%) NIFTY (12.0%)
100%
0.80
Source: BofA Merrill Lynch Global Research
5%
Jan-13
May-13
Sep-13
Jan-14 -
0.70
^ Index universe includes the ASX200, HSCEI, HSI, KOSPI2, NIFTY, NKY, TWSE, SPX and SX5E
May-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
* mid level implied vol
Source: BofA Merrill Lynch Global Research
22
Global Equity Volatility Insights | 06 June 2017
Bankof America T
Merrill Lynch
HOUSE_OVERSIGHT_023596