February 15, 2026 at 6:46 PM
February 15, 2026 at 6:46 PM
![EFTA01383897 | EFTA01383897
From:
Sent:
To:
CC:
Subject:
Paul Barrett
7/26/2018 10:49:03 PM
Nadean Novogratz
Martin Zeman
; Stewart 0ldfield
; Davide-A Sferrazza
RE: Follow-up
; Xavier Avila
; Devin Anderson
Thanks Nadean
Will get the forms filled out and look at the pricing.
Best,
Paul
Paul Barrett
Alpha Group Capital LLC
142 W 57th Street, 11.1" Floor, New York, NY 10019
(c)
a
ALPHA GROUP
CAP
I TAL
From: Nadean Novogratz
Sent: Thursday, July 26, 2018 5:01PM
To: Paul Barrett
>; Stewart 0ldfield
Cc: Martin Zeman
Davide-A Sferrazza <Subject: Follow-up
>; Xavier Avila
>; Devin Anderson <
Hi Paul,
Great to meet you over the phone today and discuss our derivatives offerings / market color. As mentioned, Southern
Financial is fully onboarded to trade OTC equity derivatives here. We've reviewed our dots for listed options and just
need 2 simple forms completed (attached). They are pretty straight forward but we're here to answer any questions on
them that you have.
Per Devin's comments on short-term upside, below are charts that compare SPY ATM vs 2% out of the money upside in
the near-term experies. Vols are in the 8v range for the 2%0TM calls and as you can see for the next four weeks term
structure is flat. We've continued to see the spot up / vol up correlation remain positive and if this theme continues,
now is a good entry level into buying inexpensive vol.
SPY ATM Calls:
SPY 2/31Cail va 2P3-30
PTO
Tenor
MOW, Pupost a mu(
Frsday, Augua IC, 2012
PM" Assra 1T.201E
n6ay. Ali&St "1118
ado's, Ausarit ]1.2)18
rafay.Seatarobar p. 2016
Intet-Perlod Pwd Vol
:40
2,42
2.90
3.38
3.75
0.e%
069%
0117%
:C2%
US'S
9.5
92
9.2
9.2
9.5
9.6
&mood< Events
04 (bun). Ar.p, NFP, FCMC De‘sion
R.9 PPi IPt
93
9.1 FOIACM1,5 la4i
14.4 PC[
19 5 i5m acth) 4CP. NFP
areadotive laminas Reported1%)
61%
695
72ii
72%
74%
SPY 2% Upside Calls:
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0083801
SDNY_GM_00229985
EFTA01383897](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:ndjyym3ihrqu3g25gdztefrv/bafkreidjashgutk5v3c74bfhib6pt6b2d2d2guoo52rkm745r353p3lra4@jpeg)
February 15, 2026 at 6:21 PM
![EFTA01383804 | EFTA01383804
From:
Sent:
To:
CC:
Erik Lutkus
10/5/2018 2:55:23 PM
Nadean Novogratz
Martin Zeman
; Stewart Oldfield
; Davide-A Sferrazza
• Pengcong Lin
RE: Southern Financial - Listed Deny Docs
Subject:
Xavier Avila
Devin Anderson
Classification: For internal use only
I just double checked with PC, you should see them GEDX with customer code = Southern
Kind regards,
Erik Lutkus
Deutsche Bank Securities Inc.
Tel.
From: Nadean Novogratz
Sent: Friday, October 05, 2018 2:15 PM
To: Erik Lutkus c
Cc: Martin Zeman
Stewart Oldfield a;
Davide-A Sferrazza
Subject: Southern Financial - Listed Deny Docs [I]
Xavier Avila
; Devin Anderson
Classification: For Internal use only
Hi Erik,
Please see attached the 2 listed derive does for Southern Financial. What are next steps to getting them set-up? I can
speak to the GedApps team to have their name added to Axiom... anything else you need from me?
Kind regards,
Nadean
From: Paul Barrett [mailto:
Sent: Friday, October 05, 2018 2:09 PM
To: Nadean Novogratz
Cc: Martin Zeman; Stewart Oldfield; Xavier Avila; Davide-A Sferrazza; Devin Anderson
Subject: RE: Follow-up
Finally
Paul Barrett
Alpha Group Capital LLC
142 W Sr" Street, ll th Floor, New York, NY 10019
al
ALPHA GROUP
CAPITAL
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0083639
SDNY_GM_00229823
EFTA01383804](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:ndjyym3ihrqu3g25gdztefrv/bafkreibhw2p4lxszqt4ordoyszjho5l5bpo53vbsglodbnr7ypivesu76a@jpeg)
February 15, 2026 at 6:17 PM
February 15, 2026 at 3:50 PM
February 15, 2026 at 3:50 PM
February 15, 2026 at 3:26 PM
![EFTA01375727 | EFTA01375727
From:
Sent:
To:
CC:
Nadean Novogratz
7/26/2018 5:01:05 PM
Paul Barrett
Martin Zeman
; Xavier Avila
• Stewart Oldfield
; Davide-A Sferrazza
Devin Anderson
Subject:
Follow-up
Attachments: Options Execution Agreement (AUG15).pdf; Options Questionnaire (AUG15).pdf
Hi Paul,
Great to meet you over the phone today and discuss our derivatives offerings / market color. As mentioned, Southern
Financial is fully onboarded to trade OTC equity derivatives here. We've reviewed our dots for listed options and just
need 2 simple forms completed (attached). They are pretty straight forward but we're here to answer any questions on
them that you have.
Per Devin's comments on short-term upside, below are charts that compare SPY ATM vs 2% out of the money upside in
the near-term experies. Vols are in the 8v range for the 2% OTM calls and as you can see for the next four weeks term
structure is flat. We've continued to see the spot up / vol up correlation remain positive and if this theme continues,
now is a good entry level into buying inexpensive vol.
SPY ATM Calls:
SPY 1)34 011 Vt 21020
Rico
Tent
Pudgy, &gust a 2018
Friday. Auin IC. 2018
Fliday.Autest 17.2018
Friday. AugsSt 24, 2015
Friday, Mpg 33.1038
irisay.Seacktnber 07, 2018
5
I
140
:96
2.57
2.90
338
1 75
Vol
%
649%
069%
0.87%
:02%
1.19%
:12%
inter.Perfirirtvd Vol
55
92
92
92
9.5
96
Eton omk Events
151A 02000, AOP,. %FP, I:064C Deastan
89 PP]. CPI
9.3
9.1 refeC mini (Awe
1,14 Pa
10 5 ISM (both), ACP . NFO
Cumulative Comings Reported 00
61%
7774
72%
74%
75%
SPY 2% Upside Calls:
Tow
Friday, August a 2018
today, Au6vg
2016
Friday. August 17.2018
Filmy. August DI, MIS
rtidag. Aistid 31. 2".
Frk245.540tember C7, 2018
S
SPY US Call vs 283.90
Irk.
%
I
0.19
020%
047
017%
076
051X
:09
065%
3.9
(18018
:69
092%
Vol
1ntar.Porlod Nod Vol
8.3
81
80
8.0
82
8.4
Feenomk Events
ISM Moth), ADP„Plf P, cC1 Oeesien
64 PM. CPI
84
Si GCMG mrat IA.Agi
96 PCf
la 1 ISM tooth), ADP, Nr P
Cum' 06v* timings](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:ndjyym3ihrqu3g25gdztefrv/bafkreib7yni5t62lladraroxjhfdvqb24ragn2fno2ksktowjzdl5g3mny@jpeg)
February 15, 2026 at 11:33 AM
February 15, 2026 at 11:08 AM
![EFTA01362555 | EFTA01362555
Ian
Sent with BlackBerry Work
(www.blackberrv.com)
From: Devitt Anderson
Date: Monday. Nov 12, 2018, 09:47
To: Erik Lutkus naggl
Cc: Danicl-E Kaiser
Nadean Novogratz
Subject: ACO for KCP client: Parkwood [I]
ocavalieri
lAlan Brody
Ian Salters
Lori Arndt
Classification: For internal use only
Erik/Mike,
I am receiving an ACO acknowledgement for Parkwood, which is a private bank / key client partners
account.
In these cases, KCP retains the ACO responsibility and these clients are not in the markets client
perimeter.
Please escalate appropriately to make sure the process correctly reflects the proper ACO for Parkwood
and that the process accounts for KCP clients correctly. In Navigator I have rejected this request and
noted policy, and to direct questions to Dan Kaiser.
Thanks,
devin
<image002.jpg>
Devin Anderson
Solutions I Equity Derivatives, New York
Deutsche Bank
0:
C:
Disclaimer
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0052021
SDNY_GM_00198205
EFTA01362555](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:ndjyym3ihrqu3g25gdztefrv/bafkreignuksxacgitpx4mj6ryyydouehiigevtfpwjljiq2gvamcoynpj4@jpeg)
February 15, 2026 at 12:35 AM
![EFTA01357124 | EFTA01357124
From:
Sent:
To:
Martin Zeman
7/26/2018 4:15:52 PM
Nadean Novo ratz I
I • Stewart Oldfield
• Davide-A Sferrazza
CC:
Erik Lutkus [
I; Devin Anderson
Subject:
RE: Options Agreement & Questionnaire [C]
Attachments: N4G023804 LTA.PDF
; Xavier Avila
Classification: Confidential
Nadean,
Please send to him directly with the vol analysis. Please copy the team on all the stuff with Paul as discussed. Attached is
the trading authorization for Paul signed by Jeffrey.
Thanks for your time on the call today. I am working on setting up a similar call for Tradelnvest which is being onboarded
in GED now.
Martin
From: Nadean Novogratz
Sent: Thursday, July 26, 2018 3:58 PM
>; Martin Zeman
To: Stewart Oldfield <
Davide-A Sferrazza <
Cc: Erik Lutkus <
>; Devin Anderson <
Subject: Options Agreement & Questionnaire [Cj
Importance: High
>; Xavier Avila
Classification: Confidential
Team — As mentioned in chat, please see attached the Options Execution Agreement and Options Questionnaire. I'm
happy to send these to Paul and cc you when I send the vol analysis we discussed on the call. Please confirm. Thanks
From: Erik Lutkus
Sent: Thursday, July 26, 2018 3:55 PM
To: Nadean Novogratz
Subject: Options Agreement & Questionnaire [C]
Importance: High
Classification: Confidential
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
CONFIDENTIAL
DB-SDNY-0043467
SDNY_GM_00189651
EFTA01357124](https://cdn.bsky.app/img/feed_thumbnail/plain/did:plc:ndjyym3ihrqu3g25gdztefrv/bafkreihqihgcbol3xbnjdwie55sbq5kdfc73klhdkpviorpedglzk5y3o4@jpeg)
February 14, 2026 at 8:04 PM
Galaxy CEO Mike Novogratz Says Crypto's 'Age of Speculation' Is Ending, Sees Shift From Hype To Real-World Assets
Galaxy CEO Mike Novogratz Says Crypto’s ‘Age of Speculation’ Is Ending, Sees Shift From Hype To Real-World Assets
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Galaxy Digital Inc. (NASDAQ: GLXY) CEO Mike Novogratz has forecasted a major transformation in the…
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Galaxy CEO Mike Novogratz Says Crypto's 'Age of Speculation' Is Ending, Sees Shift From Hype To Real-World Assets
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Novogratz says we’re leaving the speculation era behind 🌎 Launched a $100M fund betting on real-world use cases
"...We Know Gold Is A $12 Trillion Asset, [Crypto] Is About A 10th Of Gold. Could It Be Half Of Gold? ... It Will Be Larger Than Gold." Mike Novogratz (Investor and CEO of Galaxy Digital.)
#PIVX #TheMoreYouKnow #Cryptocurrency
#PIVX #TheMoreYouKnow #Cryptocurrency
February 12, 2026 at 2:34 PM
"...We Know Gold Is A $12 Trillion Asset, [Crypto] Is About A 10th Of Gold. Could It Be Half Of Gold? ... It Will Be Larger Than Gold." Mike Novogratz (Investor and CEO of Galaxy Digital.)
#PIVX #TheMoreYouKnow #Cryptocurrency
#PIVX #TheMoreYouKnow #Cryptocurrency
Crypto’s ‘age of speculation’ may be ending: Galaxy’s Novogratz
Galaxy CEO Mike Novogratz says crypto's high-risk, high-reward reputation could be replaced by lower, steadier returns brought by real-world asset tokenization.
#crypto #news
Galaxy CEO Mike Novogratz says crypto's high-risk, high-reward reputation could be replaced by lower, steadier returns brought by real-world asset tokenization.
#crypto #news
Crypto’s ‘age of speculation’ may be ending: Galaxy’s Novogratz
Galaxy CEO Mike Novogratz says crypto's high-risk, high-reward reputation could be replaced by lower, steadier returns brought by real-world asset tokenization.
cointelegraph.com
February 11, 2026 at 11:56 PM
Galaxy’s Mike Novogratz says we’re leaving pure speculation and entering real-world asset season 🌎💼 Just dropped a $100M fund to play both crypto and finance stocks
February 11, 2026 at 10:11 PM
Galaxy’s Mike Novogratz says we’re leaving pure speculation and entering real-world asset season 🌎💼 Just dropped a $100M fund to play both crypto and finance stocks
#Novogratz says #crypto "speculation is over". Fair take — but still a working thesis 😛
Read more about it -> byteandblock.com/news-byte-11...
Read more about it -> byteandblock.com/news-byte-11...
February 11, 2026 at 7:07 PM
#Novogratz says #crypto "speculation is over". Fair take — but still a working thesis 😛
Read more about it -> byteandblock.com/news-byte-11...
Read more about it -> byteandblock.com/news-byte-11...
Galaxy CEO Mike Novogratz declared the “age of speculation” in cryptocurrency is ending, shifting toward real-world asset tokenization and “much lower returns.” He compared market sentiment after the November 2022 FTX collapse to the October 2025 flash crash that wiped out $19 billion in…
Novogratz Declares End of Crypto “Age of Speculation,” Shifts Focus to Tokenization
Galaxy CEO Mike Novogratz declared the “age of speculation” in cryptocurrency is ending, shifting toward real-world asset tokenization and “much lower returns.” He compared market sentiment after the November 2022 FTX collapse to the October 2025 flash crash that wiped out $19 billion in derivatives. Despite this shift, Galaxy is launching a $100 million hedge […]
satoshisbrain.com
February 11, 2026 at 4:17 PM
Galaxy CEO Mike Novogratz declared the “age of speculation” in cryptocurrency is ending, shifting toward real-world asset tokenization and “much lower returns.” He compared market sentiment after the November 2022 FTX collapse to the October 2025 flash crash that wiped out $19 billion in…
🚀 El 'jefe' de Galaxy, Mike Novogratz, predice el fin de la era especulativa de las criptomonedas. La tokenización de activos del mundo real promete rendimientos más estables y menos riesgos. ¿El futuro es menos 'moon' y más 'real'?
February 11, 2026 at 12:16 PM
🚀 El 'jefe' de Galaxy, Mike Novogratz, predice el fin de la era especulativa de las criptomonedas. La tokenización de activos del mundo real promete rendimientos más estables y menos riesgos. ¿El futuro es menos 'moon' y más 'real'?
Crypto's 'age of speculation' is over, says Galaxy CEO Mike Novogratz
Crypto’s ‘age of speculation’ is over, says Galaxy CEO Mike Novogratz
Justin Tallis | Afp | Getty Images Throughout its history, bitcoin and other cryptocurrencies have been subject to significant price fluctuations, whether that’s due to larger macro factors impacting…
beyondlink.live
February 11, 2026 at 2:04 AM
Crypto's 'age of speculation' is over, says Galaxy CEO Mike Novogratz