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sd-10-EFTA01457797Dept. of JusticeOther

EFTA Document EFTA01457797

From: Paul Morris UM: 7/1/2015 3:Salimmi To: Daniel Sabba Vahe Stepanian Subject: FW: EURUSD Risk Reversal Pricing [C] ----Original Messy a--- From: Jeffrey E. Sent: Wednesday, July 01, 2015 03:51 PM Eastern Standard Time To: Paul Moths Subject: Re: EURUSD Risk Reversal Pricing [C] on plane with people talk tomor morning On Wed, Jul 1, 2015 at 9:50 PM, Paul Moths .11111=1 wrote: Jeffrey Daniel and Vahe are on the desk if you have a few minutes now? Thx ---Original Message-- From:

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sd-10-EFTA01457797
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From: Paul Morris UM: 7/1/2015 3:Salimmi To: Daniel Sabba Vahe Stepanian Subject: FW: EURUSD Risk Reversal Pricing [C] ----Original Messy a--- From: Jeffrey E. Sent: Wednesday, July 01, 2015 03:51 PM Eastern Standard Time To: Paul Moths Subject: Re: EURUSD Risk Reversal Pricing [C] on plane with people talk tomor morning On Wed, Jul 1, 2015 at 9:50 PM, Paul Moths .11111=1 wrote: Jeffrey Daniel and Vahe are on the desk if you have a few minutes now? Thx ---Original Message-- From:

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From: Paul Morris UM: 7/1/2015 3:Salimmi To: Daniel Sabba Vahe Stepanian Subject: FW: EURUSD Risk Reversal Pricing [C] ----Original Messy a--- From: Jeffrey E. Sent: Wednesday, July 01, 2015 03:51 PM Eastern Standard Time To: Paul Moths Subject: Re: EURUSD Risk Reversal Pricing [C] on plane with people talk tomor morning On Wed, Jul 1, 2015 at 9:50 PM, Paul Moths .11111=1 wrote: Jeffrey Daniel and Vahe are on the desk if you have a few minutes now? Thx ---Original Message-- From: Daniel Sabba Sent: Wednesday, July 01, 2015 03:44 PM Eastern Standard Time To: Jeffrey E.; Vahe Stepanian Cc: Ariane Dwyer; Paul Moths; Stewart Oldfield; Richard Kahn Subject: RE: EURUSD Risk Reversal Pricing [C] Classification: Conlidential Jeffrey-we understand you are travelling —can we please have a call to discuss this issue? Thanks, Daniel I From: jeffrey E. [mailto: Sent: Wednesday, July , . M a To: Vahe Stepanian Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield; Richard Kahn Subject: Re: EURUSD Risk Reversal Pricing [C] please check your prices I have gone to three other banks and yours is the only one with a 141 price on the 104 puts, not one other house has that wide a spread. NOT ONE-- all other show the same bid On Wed, Jul 1, 2015 at 3:53 PM, Vahe Stepanian < =,. wrote: Classification: Confrientlal Jeffrey - we priced vanilla risk reversals with 1.04 and 1.05 strikes on the put leg. We provided levels as a spread, and with bid/asks on each leg per your request. Note that if executed as a spread, you would only cross bid/ask once and pay mid premium on the put leg. Pricing as spread: CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117481 CONFIDENTIAL SONY GM_00283885 EFTA01457797

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