EFTA Document EFTA01457338

From: Paul Morris Sent: 5/4/2015 11:20:35 AM To: Richard Kahn Subject: RE: Euro Trade [CI Classification: Confidential Call me anytime Paul Morris Managing Director Deutsche Bank Private Bank Office: Cell: From: Richard Kahn [mailto Sent: Friday, May 01, 2015 4:26 PM To: Daniel Sabba Cc: jeffrey E.; Paul 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 HI3RK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell On May 1, 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 BoJ - 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 BoJ 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 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 116849 CONFIDENTIAL SDNY_GM_00263033 EFTA01457338