Text extracted via OCR from the original document. May contain errors from the scanning process.
Ok take it
On Monday, 7 December 2015, Richard Kahn
bid this am is 24,996 or 0.60% of 4,166,000
expiration is 12/18/2015
please advise
thank you
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
Begin forwarded message:
Cc: Daniel Sabba <
Hi Rich, yes that is correct.
>. Paul Morris <
, Vahe Stepanian <
wrote:
Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian
>. Stewart Oldfield
please confirm bid of 0.60% converted to dollars is 24,996
EFTA00839365
thank you
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
On Dec 7, 2015, at 9:19 AM, Ariane Dwyer <
> wrote:
Good morning Rich,
Per your request please find below the details from the trader:
Underlying
Spots
.HSCE
9,822.72
.N225
19,749.28
.SPX
2,086.14
.STCXYSnF
3,379.00
33.59
Realized dispersion: —9.97% (using above spot references)
Indicative bid: 0.60%
Best,
Ari
EFTA00839366
Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield
Classification: Confidential
Good morning Rich - yes. I will request from traders and be back to you.
Thank you,
Vahe
Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfleld
Can you please have traders provide me with a bid I can present to mr Epstein. Thank you.
Sent from my iPhone
On Dec 4, 2015, at 1:56 PM, Vahe Stepanian <
wrote:
Classification: Confidential
One more point worth mentioning — the realized dispersion when we spoke on Wednesday was -9.95%.
This decline from 9.95% to 9.41% would also affect the indicative bid of the option.
Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfleld
Classification: Confidential
Rich - please note that Southern Financial did not unwind the dispersion option today as we were away
from the 2.00% limit per my conversation with you and Darren.
The indicative bid is currently 0.90% since there is little time left to expiry and the time decay is
significant.
EFTA00839367
Realized dispersion is —9.41% given the following spot references:
Underlyings
Spots
.HSCE
9.886.39
.N225
19,628.76
.SPX
2.081.58
.STOXxcric
3.346.93
Thank you,
Vahe
33.79
Vahe Stepanian
Assistant Vice President I Key Client Partners
Deutsche Bank Securities Inc.
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