EFTA00603737Set 9
17p11,455w
LETTER doE10.1038/nature14971
A spatial model predicts that dispersal and cell
turnover limit intratumour heterogeneity
Bartlomiej WaclawI, Ivana Bozic13, Meredith E. Pittman'', Ralph H. Hruban4, Bert Vogelstein“ & Martin A. NowaIc2 ... unclear. Here we describe a model for tumour evolution that shows
how short-range dispersal and cell turnover can account for rapid
cell mixing inside the tumour. We show that ... regrow (Extended Data Fig. 4a). Figure 3b, c shows the
If there is little dispersal (M .6 0), the shape of the tumour becomes probability of regrowth versus the time
https://www.justice.gov/epstein/files/DataSet%209/EFTA00603737.pdf
EFTA00631131Set 9
2015-01-304p761w
Richard rK , Paul Morris < >, Daniel
Sabba
Subject: RE: Trade Recap - 01.30.2015 - Call options on dispersion - SPX, EEM, SXSE, HSCEI,
NKY [C]
Date ... Attachments: Global_Basket_Vanilla_Dispersion_Termsheet_-_SF_-_01_30_2015.pdf
Inline-Images: image002.png; image003.png; image004.png; image005.png; image006.jpg
Classification: Confidential
Jeffrey- please find attached final termsheet for the dispersion trade.
Note that ... Richard Kahn; Paul Morris; Vahe Stepanian
Subject: Trade Recap - 01.30.2015 - Call options on dispersion - SPX, EEM, SXSE, HSCEI, NKY [C]
Classification: Confidential
Jeffrey,
Southern Financial LLC entered into the following
https://www.justice.gov/epstein/files/DataSet%209/EFTA00631131.pdf
EFTA01472059Set 10
2015-01-306p752w
Subject: RE: Trade Recap - 01.30.2015 - Call options on dispersion - SPX,
EEM, SXSE, HSCEI, NKY [C]
From: Vahe Stepanian ‹ >
Date: Fri, 30 Jan 2015 18:13:55 -0500
To: jeffrey ... Paul Morris
Daniel Sabba
Classification: Confidential
Jeffrey- please find attached final termsheet for the dispersion trade.
Note that the premium settlement date is Feb. 4th, 2015 instead ... Richard Kahn; Paul Morris; Vahe Stepanian
Subject: Trade Recap - 01.30.2015 - Call options on dispersion - SPX, EEM,
SX5E, HSCEI, NKY [C]
Classification: Confidential
Jeffrey,
Southern Financial LLC entered into the following
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01472059.pdf
EFTA00606068Set 9
2017-05-0812p8,894w
simplest form by benzene) attract each other by van der Waals-type
London dispersion forces, which then couple and oscillate. As dispersion forces tend to be stronger between mol-
ecules ... that are easily polarized, and as these dispersion forces contribute to protein folding and protein-protein
interactions", the effect of anesthetic polarizability on tubulin has implications for the dynamics ... anesthetics F6
and TFMB, as well as the convulsant flurothyl on the London dispersion interactions between highly polarizable
aromatic amino acids in tubulin. To investigate how molecular solubility and polarizability
https://www.justice.gov/epstein/files/DataSet%209/EFTA00606068.pdf
EFTA01421812Set 10
2015-01-304p533w
Subject: RE: One idea for diver in policies - calls on global dispersion [C]
From: Stewart Oldfield
Date: Fri, 30 Jan 2015 10:32:00 -0500
To: Paul Morris ‹ >
Classification: Confidential ... Stewart Oldfield
Subject: Fw: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
From: Daniel Sabba
Sent: Friday, January 30, 2015 10:23 AM
To: jeffrey ... Richard Kahn < >; Paul Morris
Subject: RE: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
Our London desk was able to improve the ATMF strike
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01421812.pdf
EFTA01140073Set 9
2015-01-293p455w
Richard Kahn >,
Paul Morris
Subject: RE: One idea for diverging policies - calls on global dispersion [C]
Date: Thu, 29 Jan 2015 22:12:01 +0000
Inline-Images: image001.jpg
Classification: Confidential ... Stepanian; Richard Kahn; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary ... articulate this theme, and it trickling down to equity markets, are calls on dispersion. This is an OTC
transaction in which a client pays a premium and receives a payout
https://www.justice.gov/epstein/files/DataSet%209/EFTA01140073.pdf
EFTA01375534Set 10
2015-01-291p285w
Stepanian; Richard Kahn; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary ... articulate this theme, and it trickling down to equity markets, are calls on dispersion. This is an OTC
transaction in which a client pays a premium and receives a payout ... based on the average realized dispersion across
global markets. It is a way to be economically short correlation and long volatility across markets, similarly to
outperformance index options. I have
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01375534.pdf
EFTA01472054Set 10
2015-01-303p415w
Subject: RE: One idea for diver in policies - calls on global dispersion [C]
From: Vahe Stepanian
Date: Fri, 30 Jan 2015 10:09:59 -0500
To: Paul Morris
Daniel Sabba ... Daniel Sabba; Vahe Stepanian
Subject: Re: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Did this get filled?
From: Daniel Sabba
Sent: Thursday, January ... Richard Kahn Paul Morris
Subject: RE: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
Per our conversation, we received your order to bid on this
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01472054.pdf
EFTA01432580Set 10
2015-01-304p476w
Subject: Fw: One idea for diver in policies - calls on global dispersion [C]
From: Paul Morris
Date: Fri, 30 Jan 2015 10:26:26 -0500
To: Stewart Oldfield ‹ >
Classification: Confidential ... Richard Kahn Paul Morris
Subject: RE: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
Our London desk was able to improve the ATMF strike ... Richard Kahn; Paul Morris
Subject: RE: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
EFTA01432580
Per our conversation, we received your order
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01432580.pdf
EFTA01412995Set 10
2015-12-079p984w
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 ... 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 ... 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
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01412995.pdf
EFTA01139516Set 9
2015-01-292p363w
Stepanian , Richard Kahn <
Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Date: Thu, 29 Jan 2015 19:53:46 +0000
Infirm-Images: image001.jpg
Classification: Confidential ... Jeffrey,
As we look at the world, the enormous dispersion of monetary and fiscal policies is obvious. One transaction we have
used in the past to articulate this theme ... trickling down to equity markets, are calls on dispersion. This is an OTC
transaction in which a client pays a premium and receives a payout based on the average realized
https://www.justice.gov/epstein/files/DataSet%209/EFTA01139516.pdf
EFTA01479195Set 10
2015-01-293p392w
Subject: RE: One idea for diver in olicies - calls on global dispersion [C]
From: Caroline Kitidis
Date: Thu, 29 Jan 2015 1 . . -
To: Daniel Sabba
Dario Schirald
Chip Packard <
Classification ... Caroline Kitidis; Chip Packard
Subject: Fw: One idea for diverging policies - calls on global dispersion [C]
EFTA01479195
Classification: Confidential
Dario - this is the trade I mentioned to you earlier. Printed ... Stepanian; Richard Kahn Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01479195.pdf
look at the world, the enormous dispersion of monetary and fiscal policies is obvious. One transaction we have
used in the past to articulate this theme, and it trickling down ... equity markets, are calls on dispersion. This is an OTC
transaction in which a client pays a premium and receives a payout based on the average realized dispersion across
global ... markets, similarly to
outperformance index options. I have plotted the historical 1y average realized dispersion between S&PS00,
EuroStoxx50, Nikkei, EEM and HSCEI to illustrate.
Historical Average Realized Dispersion
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385135.pdf
EFTA01400679Set 10
2015-01-293p375w
Subject: FW: One idea for diver in policies - calls on global dispersion [C]
From: Paul Morris
Date: Thu, 29 Jan 2015 17:22:41 -0500
To: Stewart Oldfield ‹ >
Classification: Confidential ... Richard Kahn; Paul Morris
Subject: RE: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
Per our conversation, we received your order to bid on this ... Stepanian; Richard Kahn; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01400679.pdf
EFTA01361917Set 10
2015-01-291p296w
Stepanian; Richard Kahn; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary ... articulate this theme, and it trickling down to equity markets, are calls on dispersion. This is an OTC
transaction in which a client pays a premium and receives a payout ... based on the average realized dispersion across
global markets. It is a way to be economically short correlation and long volatility across markets, similarly to
outperformance index options. I have
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01361917.pdf
EFTA01472051Set 10
2015-01-303p372w
Subject: Re: One idea for diver in policies - calls on global dispersion [C]
From: Paul Morris
Date: Fri, 30 Jan 2015 10:04:50 -0500
To: Daniel Sabba
Vahe Stepanian ... Richard Kahn >; Paul Morris
Subject: RE: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
Per our conversation, we received your order to bid on this ... Stepanian; Richard Kahn; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
EFTA01472051
As we look at the world, the enormous dispersion
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01472051.pdf
EFTA01400488Set 10
2015-01-293p290w
Subject: FW: One idea for diver in policies - calls on global dispersion [C]
From: Paul Morris
Date: Thu, 29 Jan 2015 14:57:29 -0500
To: Stewart Oldfield ‹ >
Classification: Confidential ... Stepanian; Richard Kahn; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary ... articulate
this theme, and it trickling down to equity markets, are calls on
dispersion. This is an OTC transaction in which a client pays a premium and
receives a payout
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01400488.pdf
EFTA01479193Set 10
2015-01-292p301w
Subject: Fw: One idea for diver in policies calls on global dispersion [C]
From: Daniel Sabba
Date: Thu, 29 Jan 2015 15:27:20 -0500
To: Dario Schiraldi
Caroline Kiti ... Richard Kahn .ffi; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary ... articulate
this theme, and it trickling down to equity markets, are calls on
dispersion. This is an OTC transaction in which a client pays a premium and
receives a payout
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01479193.pdf
EFTA01472039Set 10
2015-01-293p307w
Subject: RE: One idea for diver in policies - calls on global dispersion [C]
From: Paul Morris
Date: Thu, 29 Jan 2015 16:03:05 -0500
To: Daniel Sabba
Vahe Stepanian ... Stepanian; Richard Kahn; Paul Morris
Subject: One idea for diverging policies - calls on global dispersion [C]
Classification: Confidential
Jeffrey,
As we look at the world, the enormous dispersion of monetary ... articulate
this theme, and it trickling down to equity markets, are calls on
dispersion. This is an OTC transaction in which a client pays a premium and
receives a payout
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01472039.pdf