From: Paul Morris
Sent: 8/11/2015 9:57:12 AM
To: Stewart 0ldfield
Subject: FW: Cnh trade [CI
Classification: Confidential
Paul Morris
Managing Director
Deutsche Bank Private Bank
From: Vahe Stepanian
Sent: Tuesday, August 11, 2015 9:41 AM
To: Richard Kahn
Cc: Daniel Sabba; Paul Morris; Ariane Dwyer
Subject: RE: Cnh trade [C]
Classification: Confidential
Hi Rich - just tried calling you to discuss. Please give me a call at your convenience @
Thank you,
Vahe
From: Richard Kahn
Sent: Tuesday, August 11, 2015 9:30 AM
To: Vahe Stepanian
Cc: Daniel Sabba
Subject: Re: Cnh trade [C]
Please explain as my understanding is that when cnh weakens this increases in value. Is it a time factor? What are
spreads? Didn't you just reprice to see if mr Epstein wanted to extend trade? Please advise. Thank you.
Sent from my iPhone
On Aug 11, 2015, at 8:58 AM, Vahe Stepanian wrote:
Classification: Confidential
Rich - we confirmed with our traders that the option currently does not have any value.
Recall the trade details are as follows:
TradeType EUR
BuySell Client Buys
Currency 1 USD
CP Put
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0043183
CONFIDENTIAL SDNY_GM_00189367
EFTA01356945