EFTA01452333.pdf

Asian corporates have sold a significant quantity of options (to enhance returns) depressing implied volatility IF USDCNH starts to retrace higher, option sellers will short cover options they have -ictl with permission cif Bitionttcrtt Emmy LP KCP Capital Markets Vinit Sahni I Nav Gupta I Vanshree Verma Nav Gupta Managing Director Deutsche Bank AG. Male London Deutsche Asset 8 Wealth Management 109108 Old &oad St Pinners Hall). EC2N 1EN London. United Kingdom Tel. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 109282 CONFIDENTIAL SDNY_GM_00255466 EFTA01452333