[cid:[email protected]] [cid:[email protected]] Sources: Deutsche Bank, Bloomberg 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 could be an interesting trade on ZAR without really getting directional exposure to it. The payout is defined as a $amount per point of correlation. So that means selling the correlation at 80% for $10k per point of correlation is a max loss of $200k. Let me know if you'd like to discuss. Martin [cid:[email protected]] Trade Idea • Sell 6m EURZAR-USDZAR correlation swap at 80% (USD payout) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0089848 CONFIDENTIAL SDNY GM_00238032 EFTA01387365