Subject: RE: Southern Financial - IA Request [I]

EFTA01418785 Dataset 10 7 pages Download original PDF Download as text
Subject: RE: Southern Financial - IA Request [I] From: Stewart Oldfield Date: Wed, 29 Jun 2016 09:49:50 -0400 To: Vahe Stepanian Andrew Xu Roddy Moor Cc: Daniel Sabba Keith Buckholz Classification: For internal use only Have you looked at the historical vol on these securities? Seems like it should be much lower than it is for equities, yet the IA seems to be in the neighborhood of what it would be for single name equity exposure. These trade much more like fixed income From: Vahe Stepanian Sent: Wednesday, June 29, 2016 9:46 AM To: Andrew Xu; Roddy Moore Cc: Daniel Sabba; Keith Buckholz; Stewart Oldfield Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only The client would still go long multiple CUSIPs — in other words, he would still be diversified because he wouldn't be buying $20mm in just one or two names. Would you be more comfortable if we agreed upon a minimum number of CUSIPs as it relates to the $20mm notional? Best, Vahe From: Andrew Xu Sent: Wednesday, June 29, 2016 9:38 AM To: Vahe Stepanian; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] EFTA01418785 Classification: For internal use only No that doesn't work. The basket creates diversity which helps your client. Individual TRS on each stock doesn't do that. Andrew Xu, CFA From: Vahe Stepanian Sent: Wednesday, June 29, 2016 8:34 AM To: Andrew Xu; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only Andrew — quick follow up question. Global Markets informed us this AM that it isn't operationally feasible to execute the basket of preferreds as one Total Return Swap. Instead, the client would need to trade an individual TRS on each CUSIP in the basket. With that said, would the IA remain 40% for each TRS? Best, Vahe From: Andrew Xu Sent: Tuesday, June 28, 2016 1:19 PM To: Vahe Stepanian; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] EFTA01418786 Classification: For internal use only Ok thanks. I'm satisfied on our end. Andrew Xu, CFA From: Vahe Stepanian Sent: Tuesday, June 28, 2016 1:17 PM To: Andrew Xu; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only Andrew — just in the brokerage accts there are > $100mm in assets. Thank you, Vahe EPSTEIN SOUTHERN FINANCIAL LLC 6100 RED HOOK QUARTER B3 ST THOMAS VI 00802 98,610,505.00 EPSTEIN THE HAZE TRUST UAD 02/09/99 JEFFREY EPSTEIN & DARREN K INDYKE TTEES 6100 RED HOOK QUARTER B3 ST THOMAS VI 00802 EFTA01418787 41,108,732.17 EPSTEIN SOUTHERN TRUST COMPANY INC 6100 RED HOOK QUARTER B3 ST THOMAS VI 00802 7,668,026.80 EPSTEIN JEEPERS INC 6100 RED HOOK QUARTER B3 ST THOMAS VI 00802 7,108,576.30 EPSTEIN J EPSTEIN VIRGIN ISLANDS FOUNDATION INC 6100 RED HOOK QUARTER B3 ST THOMAS VI 00802 1,367,641.87 EPSTEIN JEFFREY EPSTEIN 6100 RED HOOK QTRS STE B-3 ST THOMAS VI 00802-1348 667,218.67 From: Andrew Xu Sent: Tuesday, June 28, 2016 1:04 PM To: Vahe Stepanian; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] EFTA01418788 Classification: For internal use only I'm ok with the 3/31. Do we have a bank / brokerage statement? How much assets they have with us? If they have a lot I don't need an updated one. Andrew Xu, CFA From: Vahe Stepanian Sent: Tuesday, June 28, 2016 11:21 AM To: Andrew Xu; Roddy Moore Cc: Daniel Sabba; Keith Buckholz Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only Thanks Andrew. For the caveat - we received updated financials which were sent over to your team as of 3/31/16 (01) - will forward under separate cover. Per the agreed ISDA amendment (attached), the client has 10 business days from the end of the relevant calendar quarter to deliver updated financials. Let us know if the caveat still applies? As of now the client has enough cash in house to meet the IA requirement — we can revisit if he wishes to post other assets. Best, Vahe From: Andrew Xu Sent: Tuesday, June 28, 2016 11:00 AM To: Vahe Stepanian; Roddy Moore Cc: Daniel Sabba; Keith Buckholz EFTA01418789 Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only Hi Vahe, We can do 40% IM for this trade. Caveat, we need updated financials and brokerage statements. Additionally we need to discuss what type of collateral they are going to post. If non standard we should talk now, but if standard(cash, munis, treasuries) we have no issues. Thank you. Andrew Xu, CFA From: Vahe Stepanian Sent: Tuesday, June 28, 2016 8:24 AM To: Roddy Moore; Andrew Xu Cc: Daniel Sabba Subject: RE: Southern Financial - IA Request [I] Classification: For internal use only Roddy / Andrew — please let us know. Best, Vahe From: Vahe Stepanian EFTA01418790 Sent: Monday, June 27, 2016 11:44 AM To: Roddy Moore; Andrew Xu Cc: Daniel Sabba Subject: Southern Financial - IA Request [I] Classification: For internal use only Roddy/Andrew — Southern Financial has indicated that they would like to enter into a TRS on the attached basket of preferreds. The total notional size would be $20mm and assume ly tenor. What would be the required IA for the attached basket? Thank you, Vahe Vahe Stepanian Key Client Partners Deuts • ' s Inc. Tel. Mobil Email EFTA01418791

📷 Images in this document (7 detected; 6 largest described)

AI-generated factual descriptions of embedded images (llava:13b). These are searchable across the corpus.

[Image 1] The image shows a scanned document, which appears to be an email. The email is from a sender named "Vivek" to a recipient named "Stephen." The email is dated "Wed, 29 Jun 2016 09:09:59 AM" and is addressed to "Stephen." The subject line of the email reads "Re: Southern Financial." The body of the email contains a message that is too small to read clearly. The email is signed off with "Best," indic [Image 2] The image shows a text document with a series of emails or messages. The content of the text is not visible in the image. The document appears to be a collection of correspondence, possibly related to business or personal matters. The visible elements include the sender's name, recipient's name, date, and subject line of each email or message. The text is in English, and the document is presented [Image 3] The image shows a text document with several lines of text, which appears to be an email or a letter. The text includes a subject line, a sender's name, a recipient's name, and the date. The body of the text contains a message that seems to be related to a request or a query, possibly regarding a task or a project. The text is informal and appears to be a professional or business communication. Th [Image 4] The image shows a text message conversation on a mobile device. The conversation includes several messages with different senders and recipients. The messages are informal and appear to be related to a financial or business matter, as indicated by the references to "Southern Financial" and "Southern Financial Group." There are also mentions of "Caveat," which could be a term related to financial t [Image 5] The image shows a printed document with a list of names and corresponding numbers. The document appears to be a list or a record of some sort, possibly related to financial transactions or accounting, given the numbers and the context provided. The names are listed in a column, and there are numerical values next to each name. The document is not a photograph and does not contain any images or des [Image 6] The image appears to be a screenshot of an email conversation. The email is from a sender named "Keith" to a recipient named "Anna." The subject line of the email reads "Classification for internal use only." The body of the email contains a message that includes a classification statement and a thank you note. The classification statement indicates that the email is for internal use only and cont