Table 7: Summary of closed trades as of 5-Jun-17 Open Open Close Trade Description Date Level Level CloseDate Rationale Buy HSI Oct-16 102% call, Sell HSP 105% call 19-Sep-16 0.60% 0.00% 28-Oct-16 HSP has under-performed HSI by 1.8% but both options expire out-of-the money Short 1x USO 3M 2d put, long 2. 1x SXEP 3M 25d call B-Aug-16 0.00% 0.00% ANov-16 hg tuner af lang SXEP cals per Sra USO put is historically high. Leverage commodity and equity strategists’ views on oil and the Oil & Gas sector Sell Dec16 SXDP 635 puts, buy 0.6x Dec16 SX7E 110 calls 7-Nov-16 0.00% 1.23% 11-Nov-16 Tactical option trade ahead of US elections Long 0.5x V2X Nov16 future, short 0.5x V2X Jan-17 future 11-Jul-16 0.20 vols = -1.19 vols Nov-16 expiry Hedge further Brexit fallout, Italian bank & referendum risk. Buy NIFTY Nov16 95/105 strangle outright 6-Sep-16 1.63% 6.36% 21-Nov-16 Close position as NIFTY has fallen 11.4% and we are approaching the expiry Buy H-shares w/ SZ-A & buy HSCEI Dec'16 put 22-Aug-16 1.90% 8.72% 5-Dec-16 Close position as the Shenzhen HK connect has launched on 5-Dec-16 Buy HK small-cap & buy HSCEI Dec16 put 22-Aug-16 1.90% 6.76% 5-Dec-16 Close position as the Shenzhen HK connect has launched on 5-Dec-16 Buy 1.32x EFA US am 25d put, sell 1x SX5E 3M 25d put for 22-Aug-16 0.04% 0.00% 29 Nov-16 Own EFA puts vs ESIa50 puts to benefit from any increase in quantitative failure risk in Japan near 0 upfront premium and post-Brexit uncertainty Buyer Se 3M i 1 el Se DL SKE aM aepu for 22-Aug-16 — -0.04% 0.00% 22-Nov-16 Low vol, high skew combo makes ESTX40 levered riskies attractive near 0 upfront premium Sell 1M 95%f SX5E put and buy 1M 105%f SX5E call 31-Oct-16 — -0.40% 0.00% 1-Dec-16 Generate income in range-bound markets, benefiting from high ESTX50 skew Buy KOSPI2 Dec16 95% put, sell SKRW 97.4% put 17-Oct-16 0.00% 0.00% 8-Dec-16 Both legs expire out-of-the money at expiry Buy HSCEI Dec16 95% put, sell 2822 HK 94.8% put 12-Sep-16 0.00% 0.00% 29-Dec-16 Both