From: "Jeffrey E." <[email protected]> To: Richard Kahn • Subject: Re: Trade ideas for shorting Asian currencies [C] Date: Mon, 17 Aug 2015 15:50:48 +0000 kwn korean wahn On Mon, Aug 17, 2015 at 10:55 AM, Richard Kahn < wrote: unclear why Vahe only focused on CNH only not sure if this it to plain vanilla by just shorting FXY ETF by buying puts or selling calls http://finance.yahoo.com/q/op?s=FXY&date=1452816000 please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 tel fax cell Begin forwarded message: From: Vahe Stepanian Subject: FW: Trade ideas for shorting Asian currencies [C] Date: August 17, 2015 at 10:46:28 AM EDT To: "Jeffrey E." <jeevacation mail.com> Cc: Daniel Sabba < Mane Dwver >, Stewart Oldfield Classification: Confidential >. Paul Morris Richard Kahn Jeffrey -Fm following up on Rich's email below about shorting Asian currency. Given your CNH maturity last week, we thought it made sense to revisit CNH options. Initially looked at premium neutral risk reversals, but given USD calls are nearly 4 vols over the puts, we decided to look at USDCNH call spreads instead. Indicative pricing: EFTA00848532

Spot ref = 6.444 SOFL buys Call, sells Call on USD/CNH in a Call Spread Strikes 6.55 / 6.75 Notional: USD 50,000,000 USD Expiry: The 17-Nov-2015 (3m) Premium: SOFL pays 324,500 (USD 486,000:-161,500) Premium Date: Wed 19-Aug-2015 SOFL buys Call, sells Call on USD/CNH in a Call Spread Strikes 6.55 / 6.8 Notional: USD 50,000,000 USD Expiry: Wed 17-Feb-2016 (6m) Premium: SOFL pays 428,000 (USD 794,500:-366,500) Premium Date: Wed 19-Aug-2015 SOFL buys Call, sells Call on USD/CNH in a Call Spread Strikes: 6.55 / 7.10 Notional: USD 50,000,000 USD Expiry: Wed 17-Aug-2016 (12m) Premium: SOFL pays 783,500 (USD 1,216,000:432,500) Premium Date: Wed 19-Aug-2015 I've also attached a short DB Research note from Friday which details recent forecast revisions to CNY. Note that the above options use CNH as underlying. Please let us know if you have thoughts. Thank you, EFTA00848533

Vahe Original Message----- From: Richard Kahn [mailto: Sent: Monday, August 17, 2015 8:04 AM To: Daniel Sabba; Vahe Stepanian Subject: Trade ideas for shorting Asian currencies Can you please send to Jeffrey and myself some trade ideas for shorting Asian currencies. Thank you. Sent from my iPhone 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. 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 EFTA00848534