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