From: Paul Morris <1

From: Paul Morris <1 To: Nay Gupta "Jeffrey Epstein" <[email protected]>, Vahe Stepanian Subject: Re: Jeffrey - EURUSD Puts vs Calls - Nav [I] Date: Thu, 05 Jun 2014 23:16:33 +0000 Importance: Normal Inline-Images: unnamed Classification: For internal use only worked with trader, late in the day impacted liquidity and pricing, didn't like it will reach out in the am with update From: Nay Gupta Sent: 06/05/2014 05:06 PM EDT To: "Jeffrey E." [email protected].›; Paul Moths; Vahe Stepanian Subject: Re: Jeffrey - EURUSD Puts vs Calls - Nav [I] Classification: For internal use only Jeffrey My colleague in NYC Vahe (♦) is getting a price and will send directly to you. The desk is just running its end of day risk and p+I reports and we'll get a price to shortly. Nav From: "Jeffrey E." [email protected]] Sent: 06/05/2014 02:03 PM CST To: Nay Gupta; Paul Moths Subject: Re: Jeffrey - EURUSD Puts vs Calls - Nav 134 15 spead, size ? bid ask? for each side please. On Thu, Jun 5, 2014 at 12:08 PM, Nav Gupta > wrote: Jeffrey, EURUSD spiked post ECB. Shorts who expected spot to go lower but don't want the risk into tomorrows payrolls are getting stopped out after hours. 1 day EUR USD Chart EURUSD Spot Ref 1.3660 Expiry 3months 5Sep14 European Style EFTA00991363 Buy 1.3415 EURUSD Put / Sell 1.38 Call Net premia is flat (The strikes arent symmetric around spot because the vol for the call you want to sell is 0.7 vol lower than the vol for the put) Alternatively consider : - Buy 1.345 EURUSD Put / Sell 1.38 Call Net premia you pay is 8.5bp of notional I'll work on the scenario grids for you overnight - I think this pop in EURUSD is opportune to start scaling Nav Nav Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset & Wealth Management 105/108 Old Broad St (Pinners Hall). EC2N 1 EN London, United Kingdom Tel. +44 (20) 754-13613 Mobile +44 7887 628487 Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk (or discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("C43"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy. characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to and to please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited for additional EU corporate and regulatory disclosures for information about privacy. EFTA00991364 and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA00991365