EFTA01388343.pdf

From: Xavier Av Sent: 12/22/2017 12:29:06 AM To: Paul Barrett CC: Martin Zeman I ; Joshua Shoshan I I; Stewart Oldfield Subject: RE: GBP KO Fwd After llyrs living in UK, I got caught a bit overweight on Brexit so I am somehow short myself (or overweight GBP and clearly underweight EUR being from Barcelona!), and I am keeping it, even increased it at around 0.90, and I think is the right position although a bad Brexit result and a Tory meltdown and a Corbyn government is not an impossibility, and the results could be problematic for GBP. I did and do not like Brexit (for the UK or EU), and 1 am a convinced Europeanist so I would not want that UK gets a good Brexit deal as it might incentivize wrong policial movements, yet like all EU things that make the EU such a gem project, we'll find a meddle through last minute agreement that will somehow work for everyone, (both the EU and UK need each other having functioning economies), or maybe not Brexit at all, although that might be me dreaming. I remember trading EURGBP as low as .61 in early 2000s and talks of joining the EUR at fair value around .72/75. I think .90 ish prices a lot of bad news and it seems assymetric to me. I think fair value should be closer to .80 and I would hope that when some of the Brexit uncertainties get clearer we move towards there, although I was hoping by now we would be closer to .85 ish and things do not seem to be moving down. I know not everyone agrees with this view, but I remain overweight prob for next 3-6 months and then will reevaluate. From: Paul Barrett Date: Thursday, Dec 21 2017 23:14 To: Xavier Avila Cc: Martin Zeman .Joshua Shoshan Stc''.art Subject: RE: GBP KO Fwd sold a GBP bond today for some tax planning so want to replace the GBP EX exposure. So you ike EURGBP downside? Paul Barrett Alpha Group Capital LLC al ALPHA GROUP CAP I TAL From: Xavier Avila [rnailto Sent: Thursday, December 21, 2017 10:38 PM To: Paul Barrett < Cc: Martin Zeman < >; Joshua Shoshan < >; Stewart Oldfield Subject: RE: GBP KO Fwd Agree, not best moment to sell vol. Any reason you buying GBP? CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0091837 CONFIDENTIAL SDNY GM_00238021 EFTA01388343