EFTA00720911.pdf

From: Richard Kahn To: "Jeffrey E." <jeevacation@gmail.com> Subject: Fwd: Euro and Yen.... [C] Date: Wed, 13 Aug 2014 13:57:40 +0000 Inline-Images: Mail_Attachment.gif; Mail_Attachment(1).gif; Mail_Attachment(2).gif; Mail_Attachment(3).gif; Mail_Attachment(4).gif i have a hard time with their pricing overnight statement i will send in next email showed a 120,000 unrealized profit overnight when you are ready to sell euro position i would like to get bids from other firms as i believe they are being to aggressive on spreads.. also not sure of your interest in revisiting dollar / yen (see below) linkedin page for new hire Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded message: From: Tazia Smith < Subject: Euro and Yen.... [C] Date: August 13, 2014 at 9:20:04 AM EDT To: Cc: Paul Morris < , Vahe Stepanian dil > Matt Glassman Classification: Confidential Good Morning Rich - Weak retail sails saw the dollar sell off this morning. Indicative level on the EURUSD risk reversal is 89.5/97.8 vs. 1.3397 spot, or $89,500 bid on 10mm euro notional (9/8/14 EURUSD 1.345:1.38). That's down from 4101 k before the retail sails number (inter-day EURUSD chart below). Separately, we've been revisiting USDJPY calUtriple one-touch again. As of this morning, a 103 USDJPY 1yr call could be funded (for zero-cost up front premium) with 100, 99, and 98 strike one-touches, each with a 1.5% payout if that strike is touched. In other words the vanilla call would cost 2.78%, if USDJPY touched 100 then 1.5% cost, if USDJPY touched 99 than 3% total cost, and if USDJPY touched 98, then 4.5% total cost - so a 4.5% max loss, or —36% more expensive vs. EFTA00720911 vanilla option in the worst case scenario. If we place a low probability that USDJPY drops back below 100, then this is interesting. Putting this back on the radar - provided Jeffrey's view remains 'yen weaker'. Watching spot and pricing. Recall Jeffrey's current position is at 101 call, 99, 98, 97 one-touch. (1yr and interday charts below). Last - but certainly not least! - please meet Matt Glassman a new sr. member of our team who has joined us this week from Goldman institutional cross-asset sales. Best Regards, Tazia Indicative level, subject to market movement. Source: DB FX Sales, 8/13/14 Spot ref = 102.27 (Very spot sensitive) Could do the following at zero cost... Using a strike of 103.00 for the upside call. Leg 1: European Option Call <Client> buys European USD Call on USD/JPY Strike: 103 Notional: USD 10,000,000 Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY Premium: USD 278,000 Premium Date: Fri 15-Aug-2014 Leg 2: One Touch <Client> sells One Touch on USD/JPY payout Barrier: 100 Payout: USD 150,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY Premium: USD -110,000 Premium Date: Fri 15-Aug-2014 Leg 3: One Touch <Client> sells One Touch on USD/JPY payout Barrier: 99 Payout: USD 150,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY Premium: USD -95,000 Premium Date: Fri 15-Aug-2014 Leg 4: One Touch <Client> sells One Touch on USD/JPY payout Barrier: 98 Payout: USD 150,000 Payout Ccy: <PayCurrency> Postpone Rebate: <PostponeRebate Y/N> Expiry: Thu 13-Aug-2015 (1y) Settlement: Mon 17-Aug-2015 ZoneCut: NY EFTA00720912 Premium: USD -73,000 Premium Date: Fri 15-Aug-2014 EURUSD Interda Chart EUR I .3410 +.0041 BGN 1.3410 /1.3411 BGN P.- 9:02 Op 1.3369 Hi 1.3415 Lo 1.3342 Close 1.3369 Value rinin•••=95I fe As 961 Actions - 971T-direl 08/13/2014 08/13/2014 17:00 16:59 Trade 1 :‘' 6M YID 1Y SY Max Tick + Track 1 • Last Price 1.3411 • Close on 08/12 ---- 1.3369 T High on 08/13 08:53 1.3415 -9- Average 1.3371 I Low on 08/13 05:28 1.3342 08 15 14 Infra ay UI Compare USD e Secunty/Strn "I Event Cr .4 Annotate News Zoom 1.3420 •• +0.0041 0.31% 1.3400 1.3390 1.3380 1.3370 1.3360 1.3350 1.3340 00:00 04:00 08:00 12:00 13 Aug 2014 BLOOMBERG FOR YOUR (PHONE, (PAD, BLACKBERRY, ANDROID USDJPY Interday Chart 16:00 Sal COO> EFTA00720913 II3Pv 1 102.28 +.01 ...a----n,.------rt BGN 102.27 /102.28 BGN At 9:03 0. 102.26 Hi 102.51 Lo 102.22 Close 102.26 Value 08/15/14 JPY BGN Curn PP99 saverwfireicar,WIIIIII Intraday Chart 1 c y( ) 081•:23:4 08/13/2014 17:0^ 16:55 That= g 111 Compare JPY 1D 3D 1M 6M YID lY SY Max Tick • 7 e Seounty/Stily "I Event 4. Track z Annotate .'ci News 0, Zoom • Last Price 102.28 • Close on 08/12 ---- 102.26 I High on 08/13 04:25 102.51 -9- Average 102.34 1. Low on 08/12 21:27 102.22 I-102.50 I-102.45 a-102.40 9-102.35 I-102.30 1 0:01% 102.28 1.102.25 20:00 00:00 04:00 08:00 12:00 16:00 13 Aug 2014 USDJPY 1-Yr Price History •JPY 1 102.31 +.05 BGN 102.31 /102.32 BGN At 9:09 0 102.26 Hi 102.51 Lo 102.22 Close 102.26 t Value 08/ 15/ 14 —92-Save As 96) Actions -! 91 0e Line Chart r ia Line I Compare `Joy. kegs IMIMIMI 08/13/2013 No Loner Chart 1D 3D 1I4 614 YID SY Max Daily • d Security/Sl!idy ± Track .! Annotate 74f. News O Zoom Event • Last Price 102.31 T High on 12/31/13 105.31 -0- Average 101.40 I Low on 10/07/13 96.71 Sep Dec Mar Jun 2013 I 2014 JPY O 104.00 J.V40.11.1 100.00 98.00 Used with permission of Bloomberg Finance LP EFTA00720914 Tazia Smith Director i Key Client Partners - US DB Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue. 10154-0004 New York. NY. 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