Sent: 9/22/2017 7:57:40 AM To: Paul Barrett CC: Vahe Ste anian ; Joshua Shoshan I ; Davide-A Sferrazza Subject: FX Trade idea: Time to buy USDJPY FVA? (C) Classification: Confidential Good morning, Paul, Not sure you look at FVA stuff, but this one in USDJPY looks good to me. Martin Xavier Avi

Trade Ideas Buy 1y2y USDJPY FVA at 10.50% Current 2y Implied volatility is at 9.95% Rationale • The USDJPY volatility curve has flattened and reduced over the past year: Implied

ent: 9/25/2017 8:29:41 AM To: Paul Barrett CC: Vahe Stepanian ;Joshua Shoshan ; Stewart Oldfield Subject: RE: (/J FX Trade idea: Time to buy USDJPY FVA? (CI Classification: Confidential Paul, ; Davide-A Sferrazza Xavier Avila Back to your question on how wide we make the vol markets on the USDJP