Epstein Secrets

From: Xavier Avila Sent: 12/7/2017 4:10:16 PM To: Paul Barrett CC: Stewart Oldfield ; Joshua Shoshan ; Martin Zeman Subject: RE: DB EX trade idea: EURZAR-USDZAR correlation swap Attachments: SF_CorrelationS

Xavier Avila Sent: 12/7/2017 4:10:16 PM To: Paul Barrett CC: Stewart Oldfield ; Joshua Shoshan ; Martin Zeman Subject: RE: DB EX trade idea: EURZAR-USDZAR correlation swap Attachments: SF_CorrelationSwap_Dec17.xlsx Paul, I was with trading today. We have seen also good interest in TRY correlati

erg Finance L.P. Disclaimer: htto://ctiobahnarkets.dts.cominew/content/3045.html From: Martin Zeman Sent: Tuesday, November 28, 2017 12:42 PM To: Paul Barrett Cc: Stewart Oldfield < ; ham Osullivan < Graph 2: MXN vols elevated compared to EURUSO vols 0 -5 -ID -15 -20 -25 • 2007 2008 2013 2010 2011

WM% ly inwlSd e$ spend EtiRUSD-USINAM iY impied vial spied Graph 4: 2v realized correlation vs. strike >; Xavier Avila Subject: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, 100% 8396 n 60% 2096 \ — EURMXICUSDS1042y mai CO" EURIAXI+LISDIAXN 3m roll car 0% -2016 2007 2003 20% 2010

Finance L.P. 1< Disclaimer: http://globalmarkets.db.com/new/content/3045.html From: Martin Zeman Sent: Tuesday, November 28, 2017 12:42 PM To: Paul Barrett Cc: Stewart Oldfield >; Xavier Avila ; Joshua Shoshan >; Liam Osullivan Subject: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, this

November 28, 2017 12:42 PM To: Paul Barrett Cc: Stewart Oldfield >; Xavier Avila ; Joshua Shoshan >; Liam Osullivan Subject: DB FX trade idea: EURZAR-USDZAR correlation swap Paul, this could be an interesting trade on ZAR without really getting directional exposure to it. The payout is defined a