From: Paul Morris

From: Paul Morris To: "Jeffrey E." <jeevacationke,gmail.com> Subject: FW: Revisiting USDKRW [C] Date: Thu, 15 Oct 2015 21:28:12 +0000 Attachments: Asia_FX_Positing_on_positioning_10.12.15.pdf Inline-Images: image002.jpg; image001.png Classification: Confidential If you're in nyc next week around, thx Paul Morris Managing Director Bank From: Vahe Stepanian Sent: Thursday, October 15, 2015 8:11 AM To: Jeffrey E. Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield; Richard Kahn Subject: Revisiting USDKRW [C] Classification: Confidential Jeffrey — revisiting USDKRW trades given the sharp move in Asian currencies this week. Per DB research (see attached), the rebound in recent days can be traced to three drivers: 1) Market re-pricing of the Fed after the weak NFP 2) A more benign view of CNY given better China reserves data, and stronger fixings 3) Stretched long USD/Asia positioning With that said, if you believe USDKRW will reverse in the near term, we've refreshed pricing below. Please let us know indicative size should you wish to trade and we will provide live pricing. All pricing is indicative for 6 month tenor For call spreads, Southern Financial (SOFL) buys low strike and sells high strike Collars are premium neutral, in which SOFL buys the call option and sells the put option (quoted as Call Strike / Put Strike ) Reverse Knock Out (RKO) call options give SOFL the option to buy USD / sell KRW at strike as long as USDKRW remains below barrier through life of trade USDKRW Spot Ref: 6m Fwd: 1140.00 1146.10 Call Spreads (near strike / far strike / premium) 1150 / 1200 / 1.50% 1170 / 1220 / 1.15% Premium Neutral Collar (call strike / put strike) EFTA01198861 - 1180 / 1125 - 1200/1115 RKO Call (strike / barrier / premium) - 1150/1250/0.80% - 1170/1250/0.45% USDKRW ly historical chart • Last Price I 1146.95 T High on 09/07/15 1203.80 "9- Average 1117.05 I Low on 10/29/14 1047.30 Dec Mar Jun 2014 2015 1200 1180 1160 1146.95 1120 1100 1080 1060 1040 USDKRW Curacy (USD-KRW X-RATE) Daily 140012014-140CT2015 Coppiginfl 2015 Bloomberg Finance . 14-OO-201515:59:25 'Used with the permission of Bloomberg Finance tP From: Vahe Stepanian Sent: Tuesday, September 22, 2015 4:17 PM To: Jeffrey E. Cc: Daniel Sabba; Mane Dwyer; Paul Morris; Stewart Oldfield; Richard Kahn Subject: USDKRW [C] Classification: Confidential Jeffrey — we are following up on USDKRW per your meeting with Todd and Daniel. Please let us know indicative size should you wish to trade and we will provide live pricing. All pricing is indicative for 6 month tenor For call spreads, Southern Financial (SOFL) buys low strike and sells high strike Collars are premium neutral, in which SOFL buys the call option and sells the put option (quoted as Call Strike / Put Strike ) Reverse Knock Out (RKO) call options give SOFL the option to buy USD / sell KRW at strike as long as USDKRW remains below barrier through life of trade USDKRW Spot Ref: 1186.60 6m Fwd: 1192.10 Call Spreads (near strike / far strike / premium) - 1200 / 1250 / 1.30% - 1220/ 1270/ 1.05% Premium Neutral Collar (call strike / put strike) - 1220/ 1177 EFTA01198862 - 1230 / 1170 RKO Call (strike / barrier / premium) 1200 / 1300 / 0.70% 1220/1280/0.45% USDKRW ly historical chart Thank you, Vahe Vahe Stepanian Assistant Vice President I Key Client Partners Deutsche Bank Securities Inc. All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. 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. EFTA01198863