EFTA Document EFTA01479679

Subject: Re: [C] From: Apurva Gupta Date: Tue, 12 Aug 2L4 :, . To: Tazia Smith < Cc: Nav Gupta Paul Morris < >, Uzair Aqeel Vahe Stepanian Vinit Sahni < Classification: Confidential Hey Tazia Following are the indicative levels on trades that Nav mentioned - from trader Ritvik Singh (for size $50mm or lesser) (Spot 6.1601; Fwd 6.2746, i.e. 101.86% of spot) ly ATMS (6.1601) put: 0.276% / 0.38% ly ATMF (6.2746) put: 1.039% / 1.174$ Uzair highlighted, one comment in choosing between the ATMF and ATMS puts would be that if the client picks the ATMF, although he has a larger up-front (1.174% vs 0.38%), he has a better break-even price (6.201 vs 6.137). So basically if spot goes nowhere in 1 years' time, he still ends up ITM on the trade. ly ATMF / ATMF -2$ put spread: 0.792% / 0.94% Strikes: 6.2704 / 6.145 Put spread costs 20.3% lesser than the vanilla ATMF put (not great) Max payout of 2.1m for premium of lm Not looking great. And if we try to bring the lower strike closer for more cheapening, the payout ratio falls below 2 ly ATMF / ATMF +3$ call spread: 0.567% / 0.74% Strikes: 6.2704 / 6.4585 Call spread costs 39.2$ lesser than the vanilla ATMF call Max payout of 4.1m for premium of lm (quite acceptable) Kind regards, Apurva (Embedded image moved to file: pic02982.gif) Apurva Gupta Associate I Key Client Partners Capital Markets Group Deutsche CIB Centre Private Limited Asset and Wealth Management Block B1, Nirlon Knowledge Park Gore aon (E). 400063 Mumbai, India Tel. Mobile Email (Embedded image moved to file: pic14982.gif) From: 1 ITazia Smit I To: lUzair Agee EFTA01479679 Cc: IA urea Gupt ahn Va e IStepanian Nav Gupt Paul Morris Vinit S I Date: 108/11/2014 11:59 PM I Subject: I 111e: [C] Classification: Confidential Yep, that's what I figured. Thx for confirming. DB Pricer has got USDpCNHc 8/10/15 ATMS at 25.3bps/38.6bps on 50mm USD notional, right in line with Jeffrey's 40bps. You mind sending through indic levels from the traders, 4 solutions Nav identified, and we'll aim to trade early AM EST. Right now, I'll pin down which time zone JE is currently in... thanks! TDS I From: lUzair Agee I To: ITazia Smit I Cc: Apurva Gupta Paul Morri Vinit EFTA01479680 Date: 108/11/2014 06:19 PM I Subject: IRe: (C] Hi, CNH trades about 6bn a day and a large proportion of the flow is global macro guys so liquidity in London hours is rarely an issue - I've traded clips of 50mn in London afternoon without any issues. Rgds, Uzair Sent from my iPad On 11 Aug 2014, at 22:48, "Tazia Smith" < > wrote: Classification: Confidential Perfect Nav - thanks guys! and i'll use Pricer too. Most liquid time to trade? thinking we do want to go through London, or is liquidity that much better asia hrs? let me know, thx! TDS <0.2AC.gif> Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset 6 Wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA Tel. Fax Mobi Email <0.CEE.gif> Nate Gupta---08/11/2014 05:44:32 PM---Classification: Confidential From: Nav Gupta To: "AG Apu" "Uzair Aqeel" Cc: Tazia Smith "Paul "VS Vinit" Morris" < Date: 08/11/2014 05:44 PM EFTA01479681 Subje Re: (C) ct: Classification: Confidential Uzair + Apurva While Vinit and I are travelling in Zurich can u get from fx trading in the overnight session the following structures ly usdcnh atms vanilla put ly usdcnh atmf vanilla put A call spread and a put spread also ly both with one leg having atmf in it. The second strike can be a few pct away - see what makes sense from the prices Ie 4 structures The reason I'm asking for both sides (up and down) is in case the client below really wants a usdcnh call rather than the cnh call he requests. Then we are covered for all eventualities. Incl spot and fwd Let trading know size is usd50mm or less. Def check w trading don't rely on pricer for this one (but check urself on pricer) Thx Nav From: Paul Morris Sent: 08/11/2014 05:35 PM EDT To: "jeffrey E." <[email protected]>8DEUBAINT Cc: Tazia Smith; Nav Gupta Subject: Re: (C) Classification: Confidential we will come back to you Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: Cell: From: "jeffrey E." <jeevacationegmail.com> To: Tazia Smit Paul Morri Date: 08/11/2014 04:58 PM Subject lets look at 1 year remimbi call 40 basis points. good bet EFTA01479682 please note 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 JEE 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 EFTA01479683