From: Paul Morris Sent: 9/26/2014 To: Tazia Smith CC: [email protected]; Nay Gupta Vinit Sahni Subject: Re: Fw: Key themes & trades Attachments: pic08359.gif; pic14606.gif; pic30278.gif; pic01991.gif; pic08819.gif Jeffrey, let us know if you can jump on the phone Monday to discuss ideas? thx Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York NY 10154 Offic cell: • Vahe Stepanian From: Tazia smith/db/dbcom To: [email protected], Cc: , Paul Morris, vinit Sahni Nav Gupta/db , vahe stepanian/db Date: 09/25/2014 02:18 PM Subject: Fw: Key themes & trades Happy New Year Jeffrey - Below please find key themes and trade ideas from Vinit and Nav's DB KCP Global capital Markets team. In short: Continue to press euro short - Long Indian rupee vs. euro - sell S&P puts to buy 4x S&P calls - Long Nikkei via risk reversals [could do rr on your DxJ) Please see below and we will refresh any trades that resonate with live levels. Regards, Tazia Forwarded by Tazia smith/db/dbcom on 09/25/2014 01:32 PM Key themes: Divergence in monetary policy between the Fed & Bank of England on the one hand and ECB & Bank of Japan on the other continued capital inflows into Asian countries where financial conditions are easing (eg, Japan) and/or structural reforms are being implemented (eg, India) US recovery - buying into dips as US anchors global growth EURUSD continues to break down -- if you're looking to reload: Trade: A 1y EURUSD 1.25 put financed by selling the 1.30 call has zero net premium (spot ref: 1.2740) EURUSD has broken below 1.28 during the last 24 hours With US data continuing to firm, the market is recalibrating when the Fed will deliver hikes - earlier rather than later CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 102435 CONFIDENTIAL SDNY_GM_00248619 EFTA01447711