Subject: FW: Southern Financial and Southern Trust ISDA/CSAs [I]
From: Paul Morris ‹ >
Date: Tue, 21 Jul 2015 11:58:07 -0400
To: Daniel Sabba
Vahe Stepanian
Please keep me posted and coordinated so I can post chip if needed as
compliance may reach out to him Thx
Original Message
From: Roddy Moore
Sent: Tuesday, July 21, 2015 11:53 AM Eastern Standard Time
To: Paul Morris; Vahe Stepanian; Troy-D Williams
Cc: Stewart Oldfield; Daniel Sabba; Andrew Xu
Subject: RE: Southern Financial and Southern Trust ISDA/CSAs [I]
As discussed with Daniel, the amendment is being worked in parallel with
Daniel's getting Compliance feedback. However, once completed, the draft
won't get released until we get Compliance's concurrence in writing.
Roddy Moore
Credit Risk Management
Deutsche Asset & Wealth Management
From: Paul Morris
Sent: Tuesday, July 21, 2015 11:32 AM
To: Vahe Stepanian; Troy-D Williams; Roddy Moore
Cc: Stewart Oldfield; Daniel Sabba; Andrew Xu
Subject: RE: Southern Financial and Southern Trust ISDA/CSAs [I]
Team where are we with this ? Please let me know if I can be helpful. Thanks
Original Message
EFTA01474017
From: Vahe Stepanian
Sent: Tuesday, July 07, 2015 10:27 AM Eastern Standard Time
To: Troy-D Williams; Roddy Moore
Cc: Paul Morris; Stewart Oldfield; Daniel Sabba; Andrew Xu
Subject: Southern Financial and Southern Trust ISDA/CSAs [I]
Classification: For internal use only
Troy/Roddy — we are following up on our conversations last week regarding
Southern Financial and Southern Trust's existing ISDAs with Deutsche Bank.
As mentioned, the CSAs currently have USD 40mm and USD 10mm "Tier I Ceiling
Limit" respectively (ISDA/CSAs are attached). The client has requested that
we increase Southern Financial LLC's Tier I Ceiling Limit to USD 100mm.
On Thursday 7/2/15, Southern Financial sold EURUSD calls to offset the cost
of purchasing EURUSD puts, which required that SFLLC post collateral. Per
the STG FX desk, given the size of the sold calls (EUR 75mm notional),
Southern Financial is using up a significant portion of its' current Tier 1
capacity per the CSA. Given the client has already indicated that he may
wish to add to his positions, we would like to understand the process by
which we can amend the CSA to grant the client additional capacity.
Back in November 2014 (<1y), we received the attached upd
EFTA01474018