EFTA Document EFTA01410549

Subject: Update in USDCNH From: Daniel Sabba .z > Date: Mon, 03 Nov 2014 12:17:38 -0500 To: jeevacation8gmail.com Cc: Paul Morris < Vahe Stepanian Stewart Oldfield < Classification: Public Jeffrey, Rich and I spoke last week on USDCNH, and I wanted to send a recent piece from our research team on this topic. For full disclosure, I personally don't share our research team's recommendation, as USDCNH vol still extremely low and it represents a very cheap out-of-consensus expression of C