EFTA Document EFTA01381382

From: Vahe Stepanian Sent: 10/15/2015 8:11.13 AM To: Jeffrey E. CC: Daniel Sabba • Ariane Dwyer • Paul Morris Stewart Oldfield I I; Richard Kahn Subject: Revisiting USDKRW ICI Attachments: Asia FX Positing on positioning 10.12.15.pdf Classification: Confidential Jeffrey - revisiting USDKRW trades given the sharp move in Asian currencies this week. Per DB research (see attached), the rebound in recent days can be traced to three drivers: 1) Market re-pricing of the Fed after the