EFTA01457746

From: Todd Stevens Sent: 6/30/2015 2:29:35 PM To: Paul Morris Subject: FW: southern financial - CB&S FX feedback [C] Classification: Confidential Fyi.. our fx team is more like a high speed treadmill. Frequent repricings and small size doesn't fit into their slipstsream well. From: Daniel Sabba Sent: Tuesday, June 30, 2015 2:26 PM To: Todd Stevens Subject: RE: southern financial - CB&S FX feedback [C] Classification: Confidential It makes sense going forward. We did it through CB&S this time as they provided the initial idea. From: Todd Stevens Sent: Tuesday, June 30, 2015 2:22 PM To: Daniel Sabba Subject: RE: southern financial - CB&S FX feedback [C] Classification: Confidential Lets route this through Caleb next time. Thoughts? From: Daniel Sabba Sent: Tuesday, June 30, 2015 2:21 PM To: Todd Stevens Subject: southern financial - CMS FX feedback [C] Classification: Confidential Todd, Per our chat, I connected with CB&S FX management this morning, who provided feedback on Southern Financial's pricing requests over the last 24 hours. Jeffrey requested 7 EUR pricing iterations over the last day — this stood out as these have been unique times for FX trading. CB&S's view is that this client demanded a disproportionate amount of time on the repeated pricing iterations. As discussed, it is imperative to preserve goodwill with the CB&S channel — they have been true partners to us, and we believe they have a point about the client's request this time. Daniel CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 117416 CONFIDENTIAL SDNY_GM_00263600 EFTA01457746