EFTA01454872

From: Nav Gupta Sent: 7/30/2014 8:43:37 AM To: Paul Morris CC: Vinit Sahni Subject: Re: Fw: For Approval Attachments: pic1.4452.gif; pic05186.gif; pic25832.gif; pic17138.gif; pic01105.gif; pic02928.gif Classification: For internal use only i have a call with us compliance today to figure out a solution as clearly this is too slow From: Paul Morris To: Nav Gupta/d Date: 30/07/2014 13:25 subject: Re: Fw: For Approval [1] init Sahni/ classification: For internal use only Nav appreciate that but this process is not working, let's try to talk today Original Message From: Nav Gupta Sent: 07/30/2014 01:46 AM EDT To: vinit Sahni; Paul Morris Subject: Fw: Fw: For Approval [I] Classification: For internal use only To keep u in the loop. Tazia still working w/ compl on language to send )E s+p idea from last week Original Message From: Tazia Smith Sent: 07/29/2014 07:04 PM EDT To: Siri Cowden Cc: Zbynek Kozelsky; vahe Stepanian; Nam Gupta Subject: Re: Fw: For Approval [I] Classification: For internal use only Hi Siri - Revised the point of view language: my Intended for Non-Advisory clients since the malaysian airline disaster and rising tensions with Russia, the put skew on s&P equity options has richened. Investors bought equity puts for protection and dealers who were already short the put skew had to short cover. Result - the skew has widened to levels where calls appear really quite inexpensive to puts. Trade 1 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 113275 CONFIDENTIAL SDNY_GM_00259459 EFTA01454872