From: Barrett, Paul S Sent: Monday, March 28, 2011 9:05 PM To: Epstein, Jeffrey (eevacation@qmail.com) Subject: Trade idea Jeffrey When you call in I would like=to short EUR v CHF via a 3 month forward contract. &nb=p; Massive refinancing required through en= of May - &nb=p; We think =he rates market has priced in more hiking than what we expect from the ECB=o:p> =nbsp; Doubt the SNB wi=l intervene like they did last year Would do EURSMM for a start. Paul =p class=MsoNormal> Paul Barrett, CFA Managing Director <=pan style=lont-size:10.5ptfont-family:Consolas;color:#1F497D'>Global=lnvestment Opportunities Group <=pan style=ifont-size:10.5pt;font-family:Consolas;color:#1F497D5JPMorg=n Private Bank 40W 57th Street, 33rd =loor, New York, NY 10019 This email is conf=dential and subject to important disclaimers and conditions including on o=fers for the purchase or sale of securities, accuracy and completeness of =nformation, viruses, confidentiality, legal privilege, and legal entity di=claimers, available at http://www.jpmorgan.com/pages/disclosures/email=2E EFTA_R1_00095045 EFTA01778499