EFTA Document EFTA01455473

From: Nav Gupta [nay.gupta@db.com] Sent: 9/10/2014 4:58:21 PM To: Paul Morris [paul.morris@db.com] CC: Tazia Smith [tazia.smith@db.com]; Uzair Ageel [uzair.aqeel@db.corn]; Vinit Sahni [vinit.sahni@db.com] Subject Re: epstein Classification: For internal use only Paul, uS compliance insist only kcp us can 'highlight' trades to US kcp clients. They and our compliance have become much clearer. Nav Original Message From: Paul Morris Sent: 09/10/2014 02:45 PM EDT To: Nav Gupta Cc: Tazia Smith; Uzair Ageel; Vinit Sahni Subject: Re: epstein [I] Classification: For internal use only thanks, who is showing to 3E? Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 From: Nav Gupta/db/dbcom@DBEMEA To: Paul Morris/db/dbcomcgOBAMERICAS@DBCOEX, cc: tazia.smith@db.com, vinit.sahni@db.com, Uzair Acieel/db/dbcomgDBEMEA Date: 09/10/2014 03:05 AM Subject: Re: epstein [I] Classification: For internal use only Paul - FX 1) sell 3mth 102 SY Puts vs buy 111 SY Calls roughly zero upfront prem (spot 106.50) 2) sell 3mth 1.5150 GBP put vs buy 1.685 Calls roughly zero upfront prem (spot 1.6150) 3) sell 6mth 1.35 eurusd calls vs buy 6mth 1.215 puts (spot 1.2950) of the 3 only the gbp has a decent vol pickup due to fear of yes vote in scotland referendum - but i like all the trades. if cable trades down to 1.50 there will be lots of UK real assets 3E should be buying at that time. we beginning to think that some of the asian currencies where international investors are positioned for carry (like Indian rupee and indonsian rupiah) could begin to unwind if the usd continues to strengthen. can look at usd calls there overall like the us rates higher / stronger usd play. mkt shrugged off 140k payroll. its cheaper to bet on higher dollar than higher us rates. pricing CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0114248 CONFIDENTIAL SDNY_GM_00260432 EFTA01455473