think usdjpy can exceed 103 his approx break even from
current valuation before maylst and 2) is it worth
From: Nav Gupta/db/dbcomODBEMEA
To: Tazia Smith/db/dbcom@dbamericas,
cc: vinit sahni/db/dbcom@dbemea, Paul Morris/db/dbcom@dbamericas
Date: 04/21/2014 02:43 PM
Subject Re: Jeffrey - latest prices with suggested sizes - Nam [I]
The qns are 1) do we think usdjpy can exceed 103 his approx
break even from current valuation before may1st 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 0,1
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" <tazia.smith@db.com>
wrote:
Classification: For internal use
only
Nam - thoughts on his 102.50 strike
uspoPvp 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?
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Tazia Smith
Director I Key Client Partners oS
DB Securities Inc
Deutsche Asset & wealth Management
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