EFTA Document EFTA01452336

As Nav points out below, there is a crowded long China trade with leverage, financed by selling options. Calls on USDCNH present a convex payoff caused by investors selling too many options - timeframe on a move is uncertain which is why he picked 1y (2y options are not very liquid). Please see below, let us know your thoughts. Best Regards, Tazia - Forwarded by Tazia SmaNdbedbcom on 01'28,2014 11.58 AM --. From: Nay Guptardb. To: Date: 01/282014 09:44 AM Subject: Depressed options