EFTA01453887

DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 10154-0004 New York, NY, USA <0.C62.gif> Nav Gupta---04/21/2014 02:43:46 PM---The qns are 1) do we think usdjpy can exceed 103 his approx break even from current valuation before maylst and 2) is it worth From: Nam Gupta/db/dbcom@OBEMEA To: Tazia smith/db/dbcomOdbamericas, cc: vinit sahni/db/dbcom@dbemea, Paul morris/db/dbcom@dbamericas Date: 04/21/2014 02:43 PM Subject Re: Jeffrey - latest prices with suggested sizes - Nav [I] The qns are 1) do we think usdjpy can exceed 103 his approx break even from current valuation before mayist and 2) is it worth spending more money on the same bet by rolling his option longer. 1). Spot is 102.60. 103 isn't far away. In the next month I don't see any obvious triggers for usdjpy to drop or rise a lot. For 50k I'd keep it and if usdjpy rises to 103.25 or 103.50 sell 100pct of the delta to lock in p&l 2) is it worth spending more. The japan story seems to be losing momentum. This has shown up in nky but not usdjpy. I'd be inclined to find a longer term cheaper way to bet. I'll take a look tomorrow to see what looks smart now that vols are a lot lower. Best Nay on 21 Apr 2014, at 19:33, "Tazia smith" <[email protected]> wrote: classification: For internal use only Nav - thoughts on his 102.50 strike USDCJPYp that matures 5/1...-46k left of value (down —143k). Maintain short yen view (this was his, he thought it was going to 110 within the time frame). Do you roll it here and save what's left in the premium? <0.25A.gif> <0.50CC.gif> TaZid Smith Director I Key Client Partners US DB Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 111733 CONFIDENTIAL SDNY_GM_00257917 EFTA01453887