EFTA Document EFTA01467904

Subject: Re: 110/86, 105/90.25 [C] From: Vinit Sahni Date: Fri, 14 Mar 2014 15:40:22 -0400 To: Paul Morris ‹ > Classification: Confidential Watching to see how this develops i would think. From: Paul Morris Sent: 03/14/2014 03:38 PM EDT To: Vinit Sahni Subject: Fw: 110/86, 105/90.25 [C] Classification: Confidential he decided not to trade today Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: 212-454-0701 Cell: 917-971-2507 Forwarded by Paul Morris/db/dbcom on 03/14/2014 03:38 PM From: Tazia Smith/db/dbcom To: [email protected], Cc: Paul Morris, Vinit Sahni/db/dbcom@DBEMEA, Nav Gupta/db/dbcom@DBEMEA, Vahe Stepanian/db/dbcom@DBAmericas Date: 03/14/2014 01:28 PM Subject: Re: 110/86, 105/90.25 [C] Classification: Confidential Jeffrey - EFTA01467904 Initial Margin is 13%. 13% = $1,118,000 for 100k bbls 110/86 13% = $1,173,000 for 100k bbls 105/90.25 put the $20/bbl KO not given weight in Credit Risk Management's calculation model given the statistical unlikelihood. From: Tazia Smith/db/dbcom To: Jeffrey Epstein <[email protected]>@DEUBAINT, Date: 03/14/2014 12:57 PM Subject: Re: 110/86, 105/90.25 [C] Classification: Confidential IM: 13% From: Jeffrey Epstein <[email protected]> To: Tazia Smith/db/- dbcom@DBAMERICAS, Date: 03/14/2014 12:55 PM Subject: Re: 110/86, 105/90.25 [C] margin for 100 k barrells? On Fri, Mar 14, 2014 at 12:38 PM, Tazia Smith a wrote: Classification: Confidential EFTA01467905 WTI Jun14 You buy call, strike 110 You sell put, strike X 100 lots on each leg Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.65 X = 86.0 WTI Jun14 You buy call, strike 105 You sell put, strike X 100 lots on each leg Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.65 X = 90.25 From: Jeffrey Epstein <[email protected]> To: Tazia Smith/db/- dbcom@DBAMERICAS, Date: 03/14/2014 12:29 PM Subject: Re: Zero Cost WTI Collar 101/94.25, Jun spot ref 97.60 [I] we should extend out the strikes 110 88 etc On Fri, Mar 14, 2014 at 12:11 PM, Tazia Smith wrote: Classification: For internal use only Jeffrey - Current indicative offer on the same June14 zero cost is 101/94.25 WTI Jun14 EFTA01467906 You buy call, strike 101 You sell put, strike X 100 lots on each leg Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.60 X = 94.25 Initial Margin: 13% From: Tazia Smith/db/dbcom To: [email protected], Cc: Vinit Sahni/db/- dbcom@DBEMEA, Nav Gupta/db/dbcom@DBEMEA, Paul Morris, , Vahe Stepanian/db/dbcom@DBAmericas Date: 03/14/2014 10:07 AM Subject: Zero Cost WTI Collar 101/94.5, spot ref 97.75 [I] Classification: For internal use only Good Morning Jeffrey - Crude ticking up this AM as you know, you can add to your risk reversal with the same 101 strike call with a 94.50 indicative sold put (vs. your 93.50 yesterday. Let us know: WTI Jun14 You buy call, strike 101 You sell put, strike X 100 lots on each leg Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.75 X = 94.50 Initial Margin: 13% EFTA01467907 TDS Forwarded by Tazia Smith/db/dbcom on 03/14/2014 09:52 AM From: Vanshree Verma/db/dbcom@DBEMEA To: [email protected], Date: 03/14/2014 03:53 AM Subject: Markets opening weaker. Kerry and Lavrov meeting today key I KCP Capital Markets [I] Risk aversion continues from yesterday as we approach the weekend. Nikkei -3.3.%, MICEX (Russia) -4%, DAX futures -1% Commodities have remained relatively stable despite the movements in other markets WTI and Gold (charts below) have hardly reacted There is increasing nervousness ahead of Sunday's referendum in Crimea. G7 leaders said they would not recognize the outcome of the referendum, while Russia has maintained that they were prepared to "mirror" any sanctions There were reports of Russian military "training exercises" along the border yesterday Key events to watch today: 1) Russian Foreign minister Sergei Lavrov and US Secy of State John Kerry meet in London. This is a last-ditch effort to de-escalate the situation 2) Central Bank of Russia meeting today at 9:30 where Bloomberg survey expects no change Swaps curve is pricing in over a 100bp hike. How will the central bank react to FX pressures? Ongoing tensions justify a cautious approach into the weekend. Tactically go long lm WTI Calls 101 ($1) and short DAX Russia 5y swap EFTA01467908 WTI Crude Oil future Apr14 Gold spot price Vanshree Verma Deutsche Bank AG, Filiale London Global Client Group 105/108 Old Broad St (Pinners Hall), EC2N lEN London, United Kingdom Tel. +44(20)754-77583 Mobile +44 7956 301 190 Email [email protected] Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). 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. 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Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. *********************************************************** 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 Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited 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. *********************************************************** 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 Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by EFTA01467910 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 EFTA01467911