EFTA01140141.pdf

From: Tazia Smith •tt > To: [email protected] Cc: Paul Morris Vahe Stepanian Subject: buy euro vol... [1] Date: Mon, 10 Feb 2014 14:01:48 +0000 Inline-Images: unnamed; unnamed(1); unnamed(2); unnamed(3) Classification: For internal use only Good Morning Jeffrey: Euro vol is trading at recent (and multi-year) lows, —6.40. See 1yr and 4yr histroies below. And seems ripe for a mean reversion move upward. We discussed getting long euro vol on this morning's trading call, and Ill be back with any additional iterations and/or crosses our team identifies, but I like a simple EURUSD 3mo put offered -1.85% (1mo offered —1%); look to take gains upon a mean reversion move. Let us know your thoughts. Best Regards, Tazia European Option Put <Client> buys European EUR Put on EUR/USD Strike: 1.3625 Notional: EUR 10,000,000 Expiry: Thu 08-May-2014 (3m) Settlement: Mon 12-May-2014 ZoneCut: NY Premium: USD 185,000 Premium Date: Wed 12-Feb-2014 Indicative Levels Only. Subject to market movement. Source: DB WM FX Sales, 2/10/14 EURUSD 1mo Implied Vol - 1yr history EFTA01140141  EURUSDV1M 6.3950 -.0350 BGN 6.2450 /6.5450 BGN EURUSDV1M BGN e Line Chart 02/11/2013 02/10/2014 Last Price BGN IMO DI Compare Mov.Avgs IMMO. No Lower Chart p uso 1D 3D 1M 6M YTD 1Y SY Max Daily • :;:! Security/Study 4 Event 0 Track z Annotate M News Zoom 4-10.0000 • Last Price 6.3950 - T High on 02/26/13 9.9725_ 4. 95000 -9- Average 7.7176 1 Low on 12/06/13 6.1850 .9. 0000 4-8.5000 4-8.0000 4-7.5000 stry A I\ 4-7.0000 - vral "..41INS 4-6.0000 Mar Jun Sep Dec 2013 I 2014 EURUSD 1mo Im.lied Vol - 4 r histo EURUSDV1M 6.3750 -.0550 B34 6.2250 /6.5250 BGN EURUSDV1M BGN 95) Save r96) Actions - 9D Or- 9E0 Table Line Chart 02/11/2010 02/10/2014 Last Price Fl BGN Lire p El Compere Mov.A MMM No Lower Chart n USD I 1D 3D 1M 6M YTD 1Y 5Y Max Daily • (;*: Security/Study 4 Event 0 4- Track 7 Annotate ig News O, Zoom 18.0000 I • Last Price 6.3750 T High on 05/20/10 17.7350 -0- Average 10.5231 16.0000 .1 Low on 12/06/13 6.1850 14.0000 12.0000 10.0000 8.0000 U.t/i/ 4.? 2010 2011 2012 2013 201 Used with permls:::10:-: of 3100:7..b,.. EFTA01140142 Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Tel. +1 (212)454-2889 Fax +1 (848)257-3131 Mobile +1 917 3274107 Email PurrinoVPeeronw 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. EFTA01140143