EFTA01205194.pdf

From: Tazia Smith < To: [email protected] Cc: , Paul Morris , Vahe Steoanian , Vinit Sahni , Nay Gupta Subject: USDCAD RKI Call Spread Valuation History - CHART [I] Date: Fri, 07 Mar 2014 17:33:50 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3); urmamed(4) Classification: For internal use only Jeffrey - Chart of your USDCAD Reverse Knock In (RKI) Call Spread Valuation history below. Trade dates 1/17 and 3/5 (trade details below). USDCAD RKI Call Spread Valuation History 180,000 —M—Net Value 160,000 • II • 140,000 M • 120,000 • M. • • • 100,000 II 80,000 • 60,000 40,000 20,000 0k b o4 0 0,, b 0,, 0 o,40 0 0i:to, 0et) 04 0 04 , 04 0 0,, „ 04 0 04 „ 04 04 .0 So So So So So etoSo So So So So So So So So So 4 4 is• 4 4 4 4 4 4 4 4 4 4 4 4 % Trade dates 1/17 and 3/5, represent actual bid/ask levels. All other valuations are mid-levels valuation directly from DB Valuation Statements. EFTA01205194 Datos Net Velue 03/05/2014 115,000 03/04/2014 138,600 03/03/2014 124,450 02/28/2014 121,260 02/27/2014 156,410 02/26/2014 137,970 02/25/2014 126,090 02/24/2014 122,520 02/21/2014 145,990 02/20/2014 121,860 02/18/2014 83,620 02/14/2014 92,170 02/13/2014 97,920 02/11/2014 117,670 02/10/2014 119,700 02/06/2014 124,600 02/05/2014 136,470 01/31/2014 148,360 01/28/2014 151,990 01/27/2014 119,700 ri)1/23/2014 138,460 01/21/2014 97,350 01/17/2014 109,995 USDCAD Spot Price History 1/17/14 through 3/15114 — Fonvarded by Vahe Steparean/db/dtccm on 03/07/2014 12:17 PM ---- From Vahe Stepanian/db/dboxn To: leffrey epstein" [email protected]>. Cc: a. Paul Monis" -~I~>. Sahni Dato: 03705/201410:18 AM Subject: Re: Unvrind your CAD [C] EFTA01205195 Classification: Confidential Good Morning Jeffrey, Details of your CAD unwind are below. We will be following up with the chart you've requested. Thank you. Vahe BuySell Client Sells Currencyl USD CP Call Notional' -10,000,000 Currency2 CAD Notional2 11,000,000 Strike 1.1 ZoneCut NY: 10:00 hours (Local time in New York) ExpiryDate Thu 17 April 2014 SettlementDate Mon 21 April 2014 FixingReference SPOT Premium 135,000 PremiumTerms USD PremiumDate Thu 06 March 2014 Client Buys BuySell Currencyl USD CP Call Notional' 10,000,000 Currency2 CAD Notional2 -11,300,000 Strike 1.13 ZoneCut NY: 10:00 hours (Local time in New York) ExpiryDate Thu 17 April 2014 SettlementDate Mon 21 April 2014 Barrier 1.17 FixingReference SPOT Premium 20,000 PremiumTerms USD PremiumDate Thu 06 March 2014 — Forwarded by Tana Smithidbidtccm cfi 03/0712014 12:18 PM -- From: Tana Smithidbidtcorn To: J <[email protected]>©DEUBAINT. Cc: Paul Morris. Vind SahniMbidbcom©DBEMEA. Nav Gupta/dbidbcom@DBEMEA. Vahe Stepanianklbidtcom©DBAmencas Dase. 01:1722014 12:05 PM Subject Trade Report 1117114 I1 EFTA01205196 Classification: For internat use only Jeffrey - Today you bought a USDCAD 1.1011.13, 1.17 knock-in call spread at 1.1% an S10mm USD notional ($109,995 premium paid). Complete details below. Speak with you soon, Tazia TradeType EUR CP Call BuySell Client Buys Currencyl USD Notionall 10,000,000 Currency2 CAD Notional2 -11,000,000 Strike 1.1 ZoneCut NY: 10:00 hours (Local time in New York) ExpiryDate Thu 17 April 2014 SettlementDate Mon 21 April 2014 FixingReference SPOT Premium 147,945 PremiumTerms USD PremiumDate Tue 21 January 2014 DatabaselD 737154817 TradeType RKI BuySell Client Seils Currencyl USD CP Call Notionall -10,000,000 Currency2 CAD Notional2 11,300,000 Strike 1.13 ZoneCut NY: 10:00 hours (Local time in New York) ExpiryDate Thu 17 April 2014 SettlementDate Mon 21 April 2014 Barrier 1.17 FixingReference SPOT Premium 37,950 PremiumTerms USD PremiumDate Tue 21 January 2014 EFTA01205197 Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue. 26th Floor Ne Tel. Fax Email PASIden":111PedThYm. From: J leevacation@gmailcom> To: Tazia Smith/ Date: 01/1712014 11:48AM Subject: Re: Trade Idea: Long 3-Month USDCAD KI Call Spread -1.10 with a 1.13 sold call knockng-n only if USDCAD trades to 1.17111 Ok Sent from my iPad On Jan 17, 2014, at 12:32 PM, Tazia Smith < > wrote: Classification: For internal use only 10mm notional? <mime-attachment.gif> Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset S Wealth Management 345 Park Avenue. 26th Floor New York. NY 10154 Email <mime-attachment.gif> From: Jeffrey Epsten [email protected]> To: Tazia Smithidb/dbcom©DBAMERICAS. Date: 011I7/2014 11:15AM Subject: Re: Trade Idea: Long 3-Month USDCAD KI Call Spread - 1.10 with a 1.13 sold call knocking-in only if USDCAD trades to 1.1711) EFTA01205198 i like it .. size 7 On Fri, Jan 17, 2014 at 11:48 AM, Tazia Smith < wrote: Classification: For internal use only Jeffrey - Our US FX traders agree/like Nav's call here. The 3-month 1.10/1.13 USDCAD, 1.17 knock-in call spread (where that 1.13 short call only exists if USDCAD goes to 1.17 during the life of the trade) described below is currently offered —1.1% (Source: DB FX Sales, 1/17/14). Please see the investment thesis below and let us know your thoughts. Best, Tazia Indicative levels only. Subject to market movement. Source: DB Key Client Partners London, as of 1/17/14. ---- Forwarded by Tana Smithrdb.'dbcom on 01(17/2014 10:35 AM --- From Nay Guptatdb/dbcom@DEtEMEA To: Date: 01/1712014 07:35MA Subject: like buying USDCAD calks to position for further weakness in CAD. Spot FX is currently 1.095. (I) Classification: For internal use only I like USDCAD call options to position for further weakness in CAD. Spot FX is currently 1.095. Over the course of the past week the interest rate curve has started pricing in a small amount of rate cuts - this development is significant and clearly a beginning of a pain trade. I believe it can go further. Lower CAD rates from here will drive USD CAD higher. <mime-attachment.gif5 The limited downside play I like best in USDCAD is buying a 3month expiry 1.10 / 1.13 call spread on USDCAD but where the short 1.13 call position only exists (knocks-in) if USD trades at 1.17 trades in the market before the option expires, otherwise the option payoff is the same as a 1.10 call option. It costs 1% of USD notional. I believe the buyer is well compensated for the knock-in component. If USDCAD rises to 1.15 the option payout is 5 big figures. If 1.17 trades before expiry the payout is limited to 3 big figures. Max loss is premium paid. We can price other structures to fit the risk tolerance (higher or lower) of clients - let us know Key Macro Highlights EFTA01205199 • The economy clearly lags the US. Dec13 unemployment unexpectedly rose last Friday to 7.2% • South of the border demand for USDCAD is declining as the US heads towards energy independence • Low inflation and weak exports are likely to preclude any rate hikes in 2014 <rnime-attachment.gif> Best, Nav <mime-attachment.gif> Nay Gupta Managing Director Deutsche Bank AG. Filial(' London Deutsche Asset & Wealth Management 105/108 Old Broad St (Pinners Hall). EC2N lEN London. United Kingdom INS My proposed ideas we being delivered to you by the DeAWM Key Client Partners ("KCK) London desk for discussion purposes only. and do not create any legally binding obligation on the part of Deutsche Bank AG and for its affiliates ('DEl^). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MFID). who understand the strategy. characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. AI trades on proposed ideas shall be subject to the relevant ilemal approvals prior to execution. <mime-attachment.gif> This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to talp://www.db.com/en/content/eu_disclosures.hirn for additional EU corporate and regulatory disclosures. <mime-attachment.gif> Tazia Smith [tweeter ] Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 26th Floor New Ycrk. NY 10154 otoD4e Email <mime-attachmentgif> This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this EFTA01205200 communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. *********************************************************** 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 Jeffrey Epstein 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 jeevacatiou@gmailsam, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. 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