From: "Jeffrey E." <[email protected]> To: Vahe Ste anian , Richard Kahn < Morris Subject: Re: FW: Longer Dated EUR Downside (3y structures) [C] Date: Mon, 29 Jun 2015 19:19:54 +0000 >, Paul what is 2 million euro payout mean On Mon, Jun 29, 2015 at 1:19 PM, Vahe Stepanian •<=la. wrote: Classification: Confidential Jeffrey - 6m and 1y pricing on premium neutral, digital risk reversals are below per your request. Please note these were priced with 2mm EURO payout. 1.1180 EURUSD spot ref 6m Client buys 1.0750 digital put, European observation Client sells 1.1845 digital call, European observation Net premium: zero ly Client buys 1.0750 digital put, European observation Client sells 1.2175 digital call, European observation Net premium: zero Compared this with vanilla risk reversals: For 6m structure: 1.0750 / 1.1535 vanilla reversal is zero net premium For 1y structure: 1.0750 / 1.1630 vanilla reversal is zero net premium Thank you, Vahe EFTA00852888