From: "jeffrey E." <[email protected]> To: Vahe Stepanian < >, Richard Kahn Subject: Re: FW: Longer Dated EUR Downside (3y structures) [C] Date: Mon, 29 Jun 2015 19:53:58 +0000 why not full risk on both sides, much more likely to be 100 then 125 On Mon, Jun 29, 2015 at 3:38 PM, Vahe Stepanian Classification: Confidential • wrote: Jeffrey — to clarify, given Southern Financial would be long a 6m EURUSD digital put and short a 6m EURUSD digital call, if at expiry: EURUSD is below 1.0750, Southern Financial would receive 100% payout (or EUR 2mm) EURUSD is between the put and call strikes, Southern Financial would receive 0% payout EURUSD is above 1.1845, Southern Financial would pay 100% (or EUR 2mm) We will be back to you with 6m and ly pricing on 1.05 strike put, premium neutral digital risk reversals. Thank you, Vahe From: jeffrey E. [mailto:jee g acation mail.com] Sent: Monday, June 29, 2015 3:20 PM To: Vahe Stepanlan; Richard Kahn; Paul Mont Subject: Re: FW: Longer Dated EUR Downside (3y structures) [C] what is 2 million euro payout mean On Mon, Jun 29, 2015 at 1:19 PM, Vahe Stepanian < wrote: Classification: Confidential Jeffrey - 6m and 1y pricing on premium neutral, digital risk reversals are below per your request. Please note these were priced with 2mm EURO payout. EFTA00852910