EFTA01412995.pdf

Subject: Unofficial Trade Recap - European Call Option on Dispersion 12/7/2015 [C] From: Vahe Stepanian Date: Mon, 07 Dec 2015 13:56:04 -0500 To: Richard Kahn 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 From: Vahe Stepanian Sent: Monday, December 07, 2015 10:49 AM To: 'Richard Kahn'; Ariane Dwyer Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Darren Indyke Subject: RE: Dispersion Call Option [C] 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 From: Richard Kahn [mailto: Sent: Monday, December 07, 2015 10:20 AM To: Ariane Dwyer Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian; Darren Indyke Subject: Re: Dispersion Call Option [C] 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. From: Richard Kahn [mailto: ] Sent: Monday, December 07, 2015 9:23 AM EFTA01412997 To: Ariane Dwyer Cc: Daniel Sabba; Paul Morris; Stewart Oldfield; Vahe Stepanian Subject: Re: Dispersion Call Option [C] 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 From: Vahe Stepanian Sent: Monday, December 07, 2015 8:56 AM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: RE: Dispersion Call Option [C] EFTA01412999 Classification: Confidential Good morning Rich - yes, I will request from traders and be back to you. Thank you, Vahe From: Richard Kahn [mailto: Sent: Monday, December 07, 2015 8:52 AM To: Vahe Stepanian Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: Re: Dispersion Call Option [C] 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. From: Vahe Stepanian Sent: Friday, December 04, 2015 1:09 PM To: Richard Kahn Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield Subject: Dispersion Call Option [C] 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 All trade execution information contained herein is being provided as an accommodation at your request in advance of your receipt of the official trade confirmation(s). Additional trade detail information available upon request. The terms of the trade(s) may be subject to change prior to settlement, and therefore the official trade confirmation(s) and account statements issued by Deutsche Bank shall govern. Deutsche Bank is not responsible for any discrepancy between the informal execution report and the official trade confirmation(s) or account statements. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01413002 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01413003