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and the information
contained in this
communication
should not be
regarded as such.
This communication may contain
confidential and/or privileged
information. If you are not the
intended recipient (or have
received this communication in
error) please notify the sender
immediately and destroy this
communication. Any
unauthorized copying, disclosure
or distribution of the material in
this communication is strictly
forbidden.
Deutsche Bank does not render
legal or tax advice, and the
information contained in this
communication should not be
regarded as such.
This communication may contain confidential
and/or privileged information. If you are not the
intended recipient (or have received this
communication in error) please notify the
sender immediately and destroy this
communication. Any unauthorized copying,
disclosure or distribution of the material in this
communication is strictly forbidden.
Deutsche Bank does not render legal or tax
advice, and the information contained in this
communication should not be regarded as
such.
This communication may contain confidential and/or
privileged information. If you are not the intended recipient
(or have received this communication in error) please notify
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From:
Vahe Stepanian
Sent:
4/20/2017 5:45:45 PM
To:
Bella Klein
CC:
Richard Kahn
; Darren Indyke I
I; Stewart Oldfield
Subject:
RE: JE VI wire (C)
Classification: Confidential
Bella — the wire has been processed. Please let us know if you have questions.
Best,
Vahe
From: Bella Klein (mailto
Sent: Thursday, April 20, 2017 8:14 AM
To: Vahe Stepanian
Cc: Richard Kahn <
Subject: JE VI wire
Vale,
Please process the attached wire
Thank you.
Bella
Tel:
>; Darren Indyke <
This communication may contain confidential and/or privileged information. If you are not the intended
recipient (or have received this communication in error) please notify the sender immediately and
destroy this communication. Any unauthorized copying, disclosure or distribution of the material in
this communication is strictly forbidden.
Deutsche Bank does not render legal or tax advice, and the information contained in this
communication should not be regarded as such.
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From:
Xavier Avila
Sent:
9/22/2017 8:50:35 AM
To:
'Paul Barrett'
Martin Zeman
CC:
Vahe Stepanian
, Stewart Oldfield
• Davide-A Sferrazza
Subject:
RE: (fl FX Trade idea: Time to buy USDJPY FVA? [CI
Paul,
Joshua Shoshan
FVA is typically a forward delivered FX straddle, you buy (or sell) the fwd straddle at the preagreed spot price
today. Before it settles you have no delta risk as strike not set, once it settles you have delta risk but typically
you sell the straddle as you are only interested in the vol trade (typically) not delta. You decide spot what
notional of the straddles you want to own (or sell) forward or you can also specify a vega notional. If you dont
want to bother about delivery of straddle, we can also agree to cash settle the OTC contract at the delivery time
although implied vol fixings dont really exist (last time I checked) so if you deliver and sell you manage the
exit, you can also choose to do the exit with another bank if price better.
Vol swaps (unlike equity that trades Var swaps, FX standard is Vol Swaps) and Corr Swaps it's always cash
settled, you buy or sell implied vol or cow vs the realised result, and yes we typically specify the OTC Contract
as a linear payout of USD cash per % difference.
We also do FX options contingent on vol knock outs and even FVA, Vol Swaps, Con Swaps contingent on
delta (multi currency) knock outs. In FX literally there are very few things we cannot do in vol and con space