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Morgan Stanley out with a.....>

GLOBAL MARKET/OPINION
GLOBAL MARKET/OPINION: Morgan Stanley out with a mammoth 55-page note on global
volatility late yesterday, resulting in a few new top trades:
- Fixed income: Expiry curve steepener via long 3y10y receiver spread vs long
10y20y straddle.
- Equities: long FTSE 5y ATMF calls.
- FX: Take advantage of high EM real yields relative to the US; recommend buying
USDZAR put spread collar for a short vol bias trade.
- Credit: Shift out of CDX IG Sep puts into put spreads; steeper skew offering a
more attractive relative payout.

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