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sd-10-EFTA01358352Dept. of Justice

EFTA Document EFTA01358352

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To: jeffrey E.; Paul Morris Cc: Vahe Stepanian; Ariane Dwyer; Richard Kahn Subject: RE: DB James Malcolm: Are the BW shifting stance? Own some cheap optionality [C] Classification: Confidential The reason why one would do the trade below is for its embedded leverage. While it requires upfront premium, there is no IA required besides it. A premium neutral risk reversal utilizes your capital as it requires Initial Amount under your Credit Support Annex terms. We will send risk reversals q

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Dept. of Justice
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sd-10-EFTA01358352
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