EFTA01189559.pdf

From: Jeffrey Epstein <jeevacation®gmail.com> To: Tazia Smith Subject: Re: Unwind your CAD [C] Date: Wed, 05 Mar 2014 15:06:45 +0000 Inline-Images: 05259881.gifi 05404691.gif; graycol.gif; 05747179.gif send me a chart of the trade , since inception, please. not urgent. On Wed, Mar 5, 2014 at 11:05 AM, Tazia Smith < > wrote: Classification: Confidential Jeffrey- that's done. Sold the structure at $115k v $109k cost, will send detail of each leg. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 "Tazia Smith Original Message From: Tazia Smith Sent: 03/05/2014 09:54 AM EST To: "jeffrey epstein" <[email protected]> Cc: Vahe Stepanian; Paul Morris Subject: Re: Unwind your CAD [C] Classification: Confidential Jeffrey - As discussed, taking the trade. Speak with you at 1pm! Best, Tazia Tazia Smith Director Key Client Partners - US EFTA01189559 Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 'Tazia Smith Original Message ---- From: Tazia Smith Sent: 03/05/2014 09:51 AM EST To: "jeffrey epstein" <[email protected]> Cc: Vahe Stepanian; Paul Morris Subject: Unwind your CAD [C] Classification: Confidential Jeffrey - Consider unwinding your cad trade. See Nav's comments below, but essentially higher energy prices and outflows of short CAD are expected to provide support/remove downward pressure on the currency. You paid $109k for your reverse knock-in call spread. Indicative unwind level today is $136k (source: DB WM FX Tading, 3/5/14). Consider taking the $27k gain. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor 'Nav Gupta Original Message ---- From: Nav Gupta Sent: 03/05/2014 01:02 PM GMT To: Tazia Smith; Vinit Sahni Subject: usdcad update for JE [I] Classification: For internal use only three points I. commodity px are much higher - bullish cad EFTA01189560 2. CAD 2y swap rate higher (not lower as i had expected) vs US rates compared to 2mths ago - bullish cad Hi: 1.6465 =READ Last 0.8755 Mean 0.932 Off Avg -0.0565 Median 0.9566 StDev 0.0796 Low: 1.2460 1.2000 StDev from mean -0.7098 Last Price Percentile 28.4615 El• CDSW2 Curncy 1.3460 1.0000 High 09/18/13 1.0675 El• USSW2 Curncy 0.4705 Low 01/23/14 0.754 0.8000 i: 0.6697 0.6000 ........ 0.4705 U.401.111 Low: 0.3730 1.00/5 CDSW2 Curncy - USSW2. Cumcy 0.8755 1.05 1.00 0.95 0.8755 0.85 0.80 0.75 Sep Oct Nov Dec Jan Feb Mar 2013 2014 CDSW2 Cumcy (CAD SWAP 2 YR) Daily OSSEP2013-05MAR2014 Coppightil 2014 Bloomberg Finance LP. 05-Mr-201412:56:14 canada still has v vulnerable housing sector and several high profile clients have been exiting canadian risk (pimco ed devlin in ft last week) but nevertheless given I and 2 above im less bearish cad vs usd than 2mths ago when JE entered the trade. so given 1 and 2 im surprised usdcad hasnt moved lower - i dont have a view on usdcad here and therefore dont like the trade anymore Nav Nay Gupta Managing Director Deutsche Bank AG, Filiale London Deutsche Asset 8 Wealth Management 1051108 Old Broad St (Pinners Hall). EC2N 1EN London. United Kingdom Tel. +44120) 754-13613 Mobile +44 7887 628487 Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP') London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DS"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. AR intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. AR trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. EFTA01189561  IleirONAt This communication may contain confidential and/or privileged information. 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