EFTA01050725.pdf

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Fwd: Renting the Upside Date: Thu, 30 Mar 2017 18:10:04 +0000 Ok. 200k Forwarded message From: Barrett, Paul S < Date: Thu, Mar 30, 2017 at 4:52 PM Subject: Renting the Upside To: Richard Kahn <I >, Jeffrey Epstein ([email protected]) <[email protected]> Jeffrey/Rich The idea is to buy short dated SPY calls. Implied vol is <10% and my view is the market retests the 2400 highs. Trade: buy May '17 242 calls for 1.13 or 47bps. Spend $100,000 in premium to control $21MM notional. Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I J.P. Morgan Chase Bank N.A. 320 Park Avenue, 14th Floor, New York, NY 10022 IF:~I NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly account statement for the official record of all of your account activities. For question, please call your .I.P. Morgan representative. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in EFTA01050725 general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and affiliates. For a copy of the "Characteristics and Risks of Standardized Options" booklet, please contact your JPMorgan Advisor. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http:/Avwwjpmorgan.com/pages/disclosureskmail. This message is confidential and subject to terms at: http://www.jpmorgan.com/emaildisclaimer including on confidentiality, legal privilege, viruses and monitoring of electronic messages. If you are not the intended recipient, please delete this message and notify the sender immediately. Any unauthorized use is strictly prohibited. please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01050726