Text extracted via OCR from the original document. May contain errors from the scanning process.
12/7/2015 [C]
Darren Indyke
Cc: Daniel Sabba
Ariane Dwyer
Paul Morris <
Stewart Oldfield
Classification: Confidential
Rich — today Southern Financial unwound its dispersion call option at 0.60%
(mid = 0.70%) per Ari's conversation with Darren.
Proceeds will be $24,996, payable t+3 (12/10/2015) to Southern Financial.
Realized dispersion was 9.97%, using the following spot references:
Underlying
Spots
.HSCE
9,822.72
.N225
19,749.28
.SPX
2,086.14
.STOXX50E
3,379.00
EEM.P
EFTA01412995
33.59
Official unwind confirm to follow.
Please let us know if you have questions.
Thank you,
Vahe
Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Darren Indyke
Classification: Confidential
Rich — we have unwound the dispersion call option at 0.60% per Ari's
conversation with Darren.
We will be back to you shortly with the trade report.
Thank you,
Vahe
Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian; Darren
Indyke
EFTA01412996
ok
please execute trade at 0.60%
please call darren to confirm on his cell phone
thank you
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel
fax
cel
On Dec 7, 2015, at 9:36 AM, Ariane Dwyer a
wrote:
Hi Rich, yes that is correct.
]
EFTA01412997
Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian
please confirm bid of 0.60% converted to dollars is 24,996
thank you
Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York NY 10022
tel
fax
cel
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
EFTA01412998
.HSCE
9,822.72
.N225
19,749.28
.SPX
2,086.14
.STOXX50E
3,379.00
EEM.P
33.59
Realized dispersion: —9.97% (using above spot references)
Indicative bid: 0.60%
Best,
Ari
Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield
EFTA01412999
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 Oldfield
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 c
> 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 Oldfield
EFTA01413000
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.
Realized dispersion is —9.41% given the following spot references:
Underlyings
Spots
.HSCE
9,886.39
.N225
19,628.76
.SPX
2,081.58
.STOXX50E
3,346.93
EEM.P
33.79
Thank you,
EFTA01413001
Vahe
Vahe Stepanian
Assistant Vice President I Key Client Partners
Deutsche Bank Securities Inc.
Tel. +
Mobile
Email
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EFTA01413002
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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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If you are not the intended recipient (or have received this communication
in error) please notify the sender immediately and destroy this
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