From: Stewart Oldfield Sent: 5/1/2015 4:10:42 PM To: Paul Morris II Subject: Re: DB James Malcolm: Are the BoJ shifting stance? Own some cheap optionality (I) Classification: For Internal Use Only Risk reverals (collars) seem reasonable if he believes in the trade. Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Asset & Wealth Management New York, NY 10154 Tel: Mobile: Email: blackberry Securities offered through Deutsche Bank Securities Inc. From: Paul Morris Sent: Friday, May 01, 2015 01:06 PM To: Stewart Oldfield Subject: Fw: DB James Malcolm: Are the Bo) shifting stance? Own some cheap optionality [I] Classification: For Internal Use Only Thoughts? From: Jeffrey E. [mailto Sent: Friday, May 01, 2015 04:01 PM To: Daniel Sabba; Paul Morris Subject: Re: DB James Malcolm: Are the Bo) shifting stance? Own some cheap optionality send me put and calls at different strikes and duration, why in the world would i put up any money if i can short puts ? buyu calls .risk reversal. sorry On Fri, May 1, 2015 at 10:15 AM, Daniel Sabba < wrote: Jeffrey — we wanted to share this note with you as it relates to what we perceive to be your macro views. James Malcolm is updating his view on the BoJ - he thinks there is now material event risk for the July meeting which warrants some 3-month vol premium on Yen assets and a close following of domestic data and news in the interim. Is the Sal stance shifting from "no-ease-unless-things-worsen" .... to "ease-unless-things improve" mode ? I think it makes a lot of sense to own some low delta, low premium SJPY upside at the moment We are axed to sell 50m$ payout of a 5th August expiry 133.15 One Touch at just 8% (mid 5%) CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0057555 CONFIDENTIAL SDNY_GM_00203739 EFTA01366052