From: Richard Kahn Sent: Tuesday, July 26, 2016 5:20 PM To: jeffrey E. Subject: Fwd: Buy VIX options for vol replacement trades i reviewed trade idea as BAC and others on the street are =reparing for a choppy August general big picture thought =s that pain trade for short and mid term is higher - per amanda =nstitutional cash at 5.8% is highest since Nov 2001 long term there are concerns about 2017 projected =arnings Spot Vix today per Amanda was 13.00 amanda=said that you can adjust Aug 15/21 call spread to Sep 15/21 for =.00 if you =ike trade idea we can fine tune spread numbers and even do for $0 cost =s proposed below: buy Aug 17 call sell Sep 24 call please advise thank you Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 Begin forwarded message: From: =/b>"Ens, Amanda' Subject: =/b>Buy VIX options =or vol replacement trades Date: =/b>July 26, 2016 at 12:13:18 PM =DT To: qb>Richard Kahn We view buying VIX =all spreads as an attractive alternative to buying SPX or SPY put =preads. Would love to discuss in more detail if you have a few =inutes. EFTA_R1_01311972 EFTA02343682