IIIM>
>
Classification: Confidential
Kind regards,
Amanda Kirby
(Embedded image moved to file: pic04337.gif)
Amanda Kirby
Associate
Deutsche Bank Trust Company Americas
Deutsche Asset & Wealth Management
345 Park Avenue 10154-0004 New York, NY, USA
Tel.
Fax
Email
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Securities offered through Deutsche Bank Securities Inc.
Forwarded by Amanda Kirby/db/dbcom on 01/23/2014 01:17 PM
From:
dbcom
To:
Vahe Stepanian/db/-
Cc:
, Amanda Kirby/db/-
dbcom@DBAMERICAS
Date:
01/23/2014 10:35
EFTA01466826
AM
Subject:
[C]
Fw: Trade Report 1/17/14
Classification: Confidential
Harry,
Please find attached LOA to wire funds to DB London for Jeffrey's CAD trade
executed last week. Note that the amount on the LOA matches the premium
amount
Tazia references in her email below.
I will follow up shortly with a call to discuss further.
Thank you,
Vahe
(See attached file: Asset Movement Form.pdf)
Forwarded by Tazia Smith/db/dbcom on 01/23/2014 10:21 AM
From:
dbcom
Tazia Smith/db/-
To:
<
[email protected]>@DEUBAINT,
Cc:
, Paul Morris, Vinit Sahni/db/-
dbcom@DBEMEA, Nav Gupta/db/dbcom@DBEMEA, Vahe Stepanian/db/-
dbcom@DBAmericas
Date:
PM
01/17/2014 12:05
EFTA01466827
Subject:
[I]
Trade Report 1/17/14
Classification: For internal use only
Jeffrey -
Today you bought a USDCAD 1.10/1.13, 1.17 knock-in call spread at 1.1% on
$10mm USD notional ($109,995 premium paid). Complete details below.
Speak with you soon,
Tazia
TradeType
EUR
CP
Call
BuySell
Client
Buys
Currencyl
USD
Notionall
10,000,000
Currency2
CAD
Notional2
-11,000,000
EFTA01466828
Strike
1.1
ZoneCut
York)
ExpiryDate
2014
NY: 10:00 hours (Local time in New
Thu 17 April
SettlementDat Mon 21 April
2014
e
FixingReferen
SPOT
ce
Premium
147,945
PremiumTerms
USD
PremiumDate
Tue 21 January
2014
DatabaselD
737154817
TradeType
RKI
EFTA01466829
BuySell
Client
Sells
Currencyl
USD
CP
Call
Notionall
-10,000,000
Currency2
CAD
Notional2
11,300,000
Strike
1.13
ZoneCut
York)
ExpiryDate
2014
NY: 10:00 hours (Local time in New
Thu 17 April
SettlementDat Mon 21 April
2014
e
Barrier
1.17
FixingReferen
SPOT
ce
EFTA01466830
Premium
37,950
PremiumTerms
USD
PremiumDate
Tue 21 January
2014
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Tazia Smith
Director I Key Client Partners - US
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management
345 Park Avenue, 26th Floor
New York, NY 10154
Tel.
Fax +
Mobil
Email
(Embedded image moved to file: pic06189.gif)
From:
<
[email protected]>
To:
Tazia Smith/db/-
dbcom@DBAMERICAS,
Date:
AM
01/17/2014 11:48
EFTA01466831
Subject:
Re: Trade Idea: Long 3-Month USDCAD KI Call Spread - 1.10 with
a 1.13 sold call knocking-in only if USDCAD trades to 1.17 [I]
Ok
Sent from my iPad
On Jan 17, 2014, at 12:32 PM, Tazia Smith e
> wrote:
Classification: For internal use only
10mm notional?
emime-attachment.gif>
Tazia Smith
Director I Key Client Partners - US
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management
345 Park Avenue, 26th Floor
New York, NY 10154
Tel.
Fax +
Mobil
Email
emime-attachment.gif>
<
[email protected]>
EFTA01466832
To:
Tazia Smith/db/-
dbcom@DBAMERICAS,
AM
Subje Re: Trade Idea: Long 3-Month USDCAD KI Call Spread - 1.10 with a
1 13
ct:
sold call knocking-in only if USDCAD trades to 1.17
[I]
i like it
.. size ?
On Fri, Jan 17, 2014 at 11:48 AM, Tazia Smith e
>
wrote:
Classification: For internal use only
Jeffrey -
Our US FX traders agree/like Nav's call here. The 3-month 1.10/1.13
USDCAD, 1.17 knock-in call spread (where that 1.13 short call only
exists if USDCAD goes to 1.17 during the life of the trade) described
below is currently offered —1.1% (Source: DB FX Sales, 1/17/14).
Please
see the investment thesis below and let us know your thoughts.
Best,
Tazia
Indicative levels only. Subject to market movement. Source: DB Key
Client Partners London, as of 1/17/14.
Forwarded by Tazia Smith/db/dbcom on 01/17/2014 10:35 AM
dbcom@DBEMEA
EFTA01466833
To:
AM
Subjec I like buying USDCAD calls to position for further weakness in
CAD.
t:
Spot FX is currently 1.095.
[I]
Spot
Classification: For internal use only
I like USDCAD call options to position for further weakness in CAD.
FX is currently 1.095.
Over the course of the past week the interest rate curve has started
pricing in a small amount of rate cuts - this development is
significant
and clearly a beginning of a pain trade. I believe it can go further.
Lower CAD rates from here will drive USD CAD higher.
for
<mime-attachment.gif>
The limited downside play I like best in USDCAD is buying a 3month
expiry 1.10 / 1.13 call spread on USDCAD but where the short 1.13 call
position only exists (knocks-in) if USD trades at 1.17 trades in the
market before the option expires, otherwise the option payoff is the
same as a 1.10 call option.
It costs 1% of USD notional. I believe the buyer is well compensated
the knock-in component.
If USDCAD rises to 1.15 the option payout is 5 big figures. If 1.17
trades before expiry the payout is limited to 3 big figures.
Max loss is premium paid.
We can price other structures to fit the risk tolerance (higher or
lower) of clients - let us know
EFTA01466834
Key Macro Highlights
The economy clearly lags the US. Dec13 unemployment
unexpectedly rose last Friday to 7.2%
South of the border demand for USDCAD is declining as the US
heads towards energy independence
Low inflation and weak exports are likely to preclude any rate
hikes in 2014
<mime-attachment.gif>
Best,
Nav
<mime-attachment.gif>
Nav Gupta
Managing Director
Deutsche Bank AG, Filiale London
Deutsche Asset & Wealth Management
105/108 Old Broad St (Pinners Hall), EC2N lEN London, United Kingdom
Tel.
Mobil
Email
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
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provide investment advice. All intended recipients are Professional
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shall be subject to the relevant internal approvals prior to execution.
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Please refer to http://www.db.com/en/content/eu_disclosures.htm for
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<mime-attachment.gif>
Tazia Smith
Director I Key Client Partners - US
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management
345 Park Avenue, 26th Floor
New York, NY 10154
Tel.
Fax
Mobi
Email
<mime-attachment.gif>
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
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contained in this communication should not be regarded as such.
EFTA01466837