EFTA Document EFTA01435952

Subject: DB FX trade idea: EURZAR-USDZAR correlation swap From: Martin Zeman Date: Tue, 28 Nov 2017 To: "Paul Barrett ( Cc: Stewart Oldfield Xavier Avila Joshua Shosha Liam Osulliva Paul, 12:42:02 -0500 this could be an interesting trade on ZAR without really getting directional exposure to it. The payout is defined as a $amount per point of correlation. So that means selling the correlation at 80% for $10k per point of correlation is a max loss of $200k. Let me know if you'd like