EFTA01457325

From: Richard Kahn Sent: 5/1/2015 4:25:37 PM To: Daniel Sabba CC: jeffre E. 'eevacation mail.cornl; Paul V Morris ; Vahe Stepanian ; Ariane Dwyer Subject: Euro Trade based on your euro put and call recommendation earlier this week it appears jee would already be in the red (unfortunately much like many similar recommendations) i would like to discuss this trade along with trade below when you have some time thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell On May I, 2015, at 10:15 AM, Daniel Sabba < wrote: Jeffrey — we wanted to share this note with you as it relates to what we perceive to be your macro views. James Malcolm is updating his view on the Bal - he thinks there is now material event risk for the July meeting which warrants some 3-month vol premium on Yen assets and a close following of domestic data and news in the interim. Is the Sal stance shifting from "no-ease-unless-things- worsen" .... to "ease-unless-things improve" mode ? I think it makes a lot of sense to own some low delta, low premium $JPY upside at the moment We are axed to sell 50m$ payout of a 5th August expiry 133.15 One Touch at just 8% (mid 5%) So invest 4m$ upfront to make 50m$ if the level trades at any point during the lifetime of the trade Spot 119.95 Full piece attached below From James Malcolm : Minor tweaks or comments in recent BoJ reports suggest the central bank is becoming more nervous about missing its inflation target a little over two years after it was lifted and a radical new QE program to achieve it was implemented. They suggest that if the economy does not pick up substantial momentum over the next ten weeks additional easing may be warranted. The July 15 monetary policy meeting is key as it provides for an interim assessment of policy board member's price and growth forecasts, and comes just after the Bank's quarterly Tankan and public opinion survey. Beyond the hard CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 116829 CONFIDENTIAL SDNY_GM_00263013 EFTA01457325