EFTA01432738.pdf

Subject: RE: Southern Financial revs [I] From: Stewart Oldfield Date: Mon, 11 Jul 2016 10:34:47 -0400 To: Daniel Sabba Vahe Stepanian Cc: Brianna Fowler Mathew Negus Alastair Mackinlay Nina Tona <[email protected]> Classification: For internal use only Wow, that's a tight market. Thanks From: Daniel Sabba Sent: Monday, July 11, 2016 10:34 AM To: Stewart Oldfield; Vahe Stepanian Cc: Brianna Fowler; Mathew Negus; Alastair Mackinlay; Nina Tona Subject: RE: Southern Financial revs [I] Classification: For internal use only This is the right revenue for this transaction. Brazil CDS traded with a bid ask of 5bps even during the distressed period he experienced. When he entered the trade, it was even tighter. Spread DV01 was about 4k. Assume we got half of mid to bid each way — 2x1.25x4k=10k From: Stewart Oldfield Sent: Monday, July 11, 2016 10:27 AM To: Vahe Stepanian Cc: Brianna Fowler; Daniel Sabba; Mathew Negus; Alastair Mackinlay; Nina Tona Subject: RE: Southern Financial revs [I] Classification: For internal use only How do you keep the different desks honest on this stuff? $10k total pnl to unwind a $10mm CDS trade seems very low. Thanks EFTA01432738 From: Vahe Stepanian Sent: Friday, July 08, 2016 4:41 PM To: Stewart Oldfield Cc: Brianna Fowler; Daniel Sabba; Mathew Negus; Alastair Mackinlay; Nina Tona Subject: RE: Southern Financial revs [I] Classification: For internal use only Stew — I checked my records and I believe that there were only unwinds in 2016 outside of brokerage (i.e. Swaps, FX, etc.). I found the following revenue generated in January 2016 (see attached): 1. Unwound JPYKRW Forward, $10mm notional, P&L: $12,863 (all to Wealth Management b/c done in STG) 2. Unwound 5yr Brazil CDS Protection, $10mm, P&L: $5,000 (50% to Wealth Management) In the brokerage acct, I show the following: 1. 5/16/16 — sell 400 SITE - $50.00 total revs 2. 1/11/16 — buy 250k AAPL - $15,000 total revs Please let me know if you have questions or if you know otherwise. Best, Vahe From: Vahe Stepanian Sent: Wednesday, July 06, 2016 6:05 PM EFTA01432739 To: Stewart Oldfield; Mathew Negus Cc: Brianna Fowler Subject: RE: Southern Financial revs [I] Classification: For internal use only Stew — we'll take a look and get back to you before EOW. Best, Vahe From: Stewart Oldfield Sent: Wednesday, July 06, 2016 4:35 PM To: Mathew Negus; Vahe Stepanian Cc: Brianna Fowler Subject: Southern Financial revs [I] Classification: For internal use only Gents, Anna is working to reconcile pnl now that Paul has left and his accounts are coming under my revenue stream. Once she is able to make sure the numbers are right, it will be much easier for us all to track going forward as we do new trades. Not surprisingly, we don't have a great way to reconcile the SF revenues from here and need your help. Would like to see a list of trades and the associated revs. We can see the deposits on our side, so nothing to do there. Other than that, I think all revs are categorized as brokerage, so not sure how you report the swaps and other trades done with the investment bank. Thanks EFTA01432740 fcid:[email protected] Stewart Oldfield, CFA, CAIA Director Deutsche Bank Trust Company Americas Deutsche Bank Wealth Management 345 Park Avenue, New York, NY 10154 Tel. Mobile blackberry Email {cid:[email protected]} Securities offered through Deutsche Bank Securities Inc. EFTA01432741