EFTA01462231.pdf

Leg 4: One Touch <Client> buys One Touch on USD/JPY payout Barrier: 97 Payout: USD 21,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 20-Nov-2014 Settlement: Tue 25-Nov-2014 ZoneCut: NY Premium: USD 352.38 Premium Date: Thu 25-Sep-2014 Net Premium: <Client> Receives USD 67.992 — Forwarded by Tazia Smith(dbidbcom on 09:2302014 0& 18 AM --- From. George Saraveloeldb To. Date' 09/23/2014 08:02 AM Subject: FX Blueprint for 04 Lives! After a gruelling first half of the year currency markets arc coming back to life: the dollar is strengthening, volatility is rising and investors are re-engaging. This is a very different environment to last year's "taper tantrum", however. US yields are range-bound, the focus has expanded to central banks beyond the Fed and cross-market correlations arc declining. This lack of a one-sided driver makes current market moves all the more powerful. Our premise for the rest of 2014 is that FX trends continue. Divergent business cycles and shifts in cross-border capital flows all have the potential to drive an extension of price moves, particularly after a period of such unusually low volatility. In the pieces that follow we stick with dollar longs in some places, avoid others. and identify relative value opportunities that should perform independently of the broad dollar trend. Theme #1: Euro Pahl - Sell EUR trade-weighted, sell EUR/USD Theme #2: Another Ten for Dollar Yen — Buy USD/JPY Theme #3: Stirling Stayed, Swiss Squished — Buy GBP/CHF Theme #4: Rampant Mountie Seeks Milky Bounty — Sell NZD/CAD Theme #5: Dingo no Drongo — Buy AUD vs EUR and JPY Theme #6: Helga so Hot — Buy NOK and SEK vs EUR Theme #7: Canton Talks. Gangnam Walks — Buy CNH/KRW Theme #8: Join Rupee Groupies now Sing Out of Time — Sell SGDANR Theme #9: Trade Slavic Cold for Latin Gold — Buy MXN & BRL vs CZIC & HUF Theme #10: Stand Up Dollar Shekel Buy USD/ILS. TRY/ZAR and PLN/HUF Theme #11: Russia Bores, Canada Snores — Use dual digitals to sell EUR/USD and USD/CAD correlation: sell EUR/USD and USD/RUB correlation Theme #12: Kiwi Grounds while Ycn Astounds — Sell 3m NZD/USD vol swap: buy 3m CAD/JPY and USD/JPY vol Theme #13: These Inhale from Nose to Tail - Buy a basket of MXN, COP, PLN,1NR. sell against TWD, ILS, ZAR. CLP httpl/pull.db-gmteeeartheonVor1603-E654/247729990B FXBlueotint 20140g-23 0900gegete42569.01 The FX Strategy Team CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNIY-0124683 CONFIDENTIAL SONY GM_00270867 EFTA01462231