From: Martin Zeman Sent: 9/25/2017 8:2111/ To: Paul Barre CC: Vahe Stepanian Xavier Avila ; Stewart Oldfield Joshua Shosha Subject: Global Macro + FX Blueprint with Trade Ideas Attached [C) Classification: Confidential Good morning, Paul, j; Davide-A Sferrazza [davide- This weekend saw elections in Germany (Merkel kind of won) and New Zealand (also a Pyrrhic victory). We have Macron coming back to the forefront of the news cycle and the never-ending Brexit drama. We'd like to highlight the FX Blueprint just out this weekend with the main themes we see in the markets for the year end. Here are a few ideas on the back of the research piece: Theme 1+8: Buy a 15Dec AUDUSD 1% OTMS Put USDCAD 1% OTMS Put Dual for 8.6% Vanilla Digitals offered at 42% and 41.5% so zero corr offer of 17.4% (this means that if correlation was zero between AUDUSD and USDCAD, the offer would be 17.4% instead of 8.6%) Theme 1+9: Buy a 15Dec USDJPY 1% OTMS Call USDTRY 1% OTMS Put Dual for 9.3% Vanilla Digitals offered at 29.5% and 42.5% so zero corr offer of 12.55% Theme 3: Buy a 20Dec USDJPY 115 Dig Call with USDCNH 6.70 KO for 9.25% Spot 112.20 / 6.6050 Theme 4: Buy a 15Dec EURCHF 1.5% OTMS Call EURSEK 1.5% OTMS Put Dual for 7.9% Vanilla Digis offered at 33.5% and 32% so zero corr offer of 10.7% Macro Summary: 1. Politics dominate headlines and are driving price action this morning as we got the German and New Zealand election outcomes over the weekend, which both came in largely as expected. Angela Merkel saw a disappointing yet still overwhelming victory in yesterday's German election, which has her set for a fourth term as Chancellor. Merkel's CDU/SCU polled 33% (37% in final polls on Friday) against the SPD's 20.5% (22% in final polls). Combined these two parties saw their lowest share of the vote since World War II (since 1949 for Merkel's party). The AfD (Alternatives for Germany) came third with 12.6% of votes (11% expected on Friday) and will now be th