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sd-10-EFTA01450517Dept. of Justice

EFTA Document EFTA01450517

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American Airlines (AAL) is presently trading -$26.5. You can synthetically create the stock via listed risk reversal out to Jan15: Indicative levels: Spot ref 26.50 Buy Jan 15 20 call Sell Jan15 20 put Net Debit: 6.25 Do this on 1000 contracts to represent your 2-3mm of exposure. This priced better than a total return swap. Indicative levels only. Subject to market movement. Source: DB WM Equity Derivatives, 12/11/13. 'IDS Tazia Smith Director Key Client Partners - US Deutsche Bank

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Dept. of Justice
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sd-10-EFTA01450517
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