From: Nay Gupta
SeM: 4/21/2014 2:43:41 PM
To: Tazia Smith I
CC: Vinit Sahni ; Paul Morris
Subject: Re: Jeffrey - latest prices with suggested sizes - Nay PI
The qns are 1) do we think usdjpy can exceed 103 his approx break even from current valuation before maylst
and 2) is it worth spending more money on the same bet by rolling his option longer.
1). Spot is 102.60. 103 isn't far away. In the next month I don't see any obvious triggers for usdjpy to drop or
rise a lot. For 50k I'd keep it and if usdjpy rises to 103.25 or 103.50 sell 100pct of the delta to lock in p&I
2) is it worth spending more. The japan story seems to be losing momentum. This has shown up in nky but not
usdjpy. I'd be inclined to find a longer term cheaper way to bet. I'll take a look tomorrow to see what looks
smart now that vols are a lot lower.
Best
Nav
On 21 Apr 2014, at 19:33, "Tazia Smith" ‹ > wrote:
Classification: For internal use only
Nav - thoughts on his 102.50 strike USDcIPYp that matures 5/1...-46k left of value (down
—143k). Maintain short yen view (this was his, he thought it was going to 110 within the time
frame). Do you roll it here and save what's left in the premium?
<0.25A.gif>
<0.50CC.gif>
Tazia Smith
Director I Key Client Partners US
DB Securities inc
Deutsche Asset 8 Wealth Management
345 Park Avenue 10154-0004 New York, NY, USA
Tel.
Fax
Mobi
Email
<0.5B0E.gif>
Paul Morris---04/21/201.4 01:59:09 PM--Classification: For internal use only thx pls stay on
him, hope you're all well,
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0111713
CONFIDENTIAL SONY GM_00257897
EFTA01453868