EFTA Document EFTA01438039

Subject: RE: [/1 FX Trade idea: Time to buy USDJPY FVA? [C] From: Martin Zeman Date: Mon, 25 Sep 2017 08:29:41 -0400 To: Paul Barrett Cc: Vahe Stepanian Stewart Oldfi Xavier Avila Joshua Shoshan Davide-A Sferrazza Classification: Confidential Paul, Back to your question on how wide we make the vol markets on the USDJPY FVA idea we discussed Friday. The two-way price on the way in is half a vol wide max and possibly tighter. On the unwind the same or less. Meaning the total transact