<?xml version="1.0" encoding="utf-8" ?>
<!--View is confirmation-->
<!--Version is 5-10-->
<!--NS is http://www.fpml.org/FpML-5/confirmation-->
<!--
  == Copyright (c) 2014-2018 All rights reserved.
  == Financial Products Markup Language is subject to the FpML public license.
  == A copy of this license is available at http://www.fpml.org/license/license.html
  -->
<!--
  == This example describes a package that is a switch 
Execution details of one trade: 
Switch tenors   5x10YR
Notional        50M
bps     123
        
Standard switches and flies are executed on a DV01 neutral basis. Meaning for a switch the DV01 of payer swap will be the same as the receiver swap.    
The switch basis is calculated by subtracting the rate of the shorter tenor from the rate of the longer tenor.  
Switches are traded in basis points as opposed to rate.         
        
For example, 5x10 switch with 10yr rate trading 2.232% and 5yr rate trading 1.002% would net a switch basis of;         
        
Payer Swap DV01 = Receiver Swap DV01    
223 - 100 = 123 basis points.   

  -->
<executionNotification
    xmlns="http://www.fpml.org/FpML-5/confirmation"
    xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
    fpmlVersion="5-10"
    xsi:schemaLocation="http://www.fpml.org/FpML-5/confirmation ../../fpml-main-5-10.xsd http://www.w3.org/2000/09/xmldsig# ../../xmldsig-core-schema.xsd"
>
  <header>
    <messageId messageIdScheme="http://www.sefco.com/message-id">123453212</messageId>
    <sentBy>SEF</sentBy>
    <sendTo>IM</sendTo>
    <creationTimestamp>2014-01-15T09:57:00Z</creationTimestamp>
  </header>
  <isCorrection>false</isCorrection>
  <correlationId correlationIdScheme="http://www.sefco.com/correlation-id">234231132</correlationId>
  <sequenceNumber>1</sequenceNumber>
  <tradePackage>
    <packageHeader>
      <packageIdentifier>
        <issuer>SEF123</issuer>
        <tradeId tradeIdScheme="http://sefco.com/package_id">123</tradeId>
      </packageIdentifier>
    </packageHeader>
    <trade>
      <tradeHeader>
        <partyTradeIdentifier>
          <partyReference href="sef" />
          <tradeId tradeIdScheme="http://www.sefco.com/swaps/trade-id">1</tradeId>
        </partyTradeIdentifier>
        <tradeDate>2014-01-15</tradeDate>
      </tradeHeader>
      <swap>
<!-- mega client pays 2.232 on 50MM for 10 years -->
        <swapStream>
          <payerPartyReference href="dealer" />
          <receiverPartyReference href="im" />
          <calculationPeriodDates id="floatingCalcPeriodDates1">
            <effectiveDate>
              <unadjustedDate>2014-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>NONE</businessDayConvention>
              </dateAdjustments>
            </effectiveDate>
            <terminationDate>
              <unadjustedDate>2024-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>MODFOLLOWING</businessDayConvention>
                <businessCenters id="primaryBusinessCenters1">
                  <businessCenter>USNY</businessCenter>
                </businessCenters>
              </dateAdjustments>
            </terminationDate>
            <calculationPeriodDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters1" />
            </calculationPeriodDatesAdjustments>
            <calculationPeriodFrequency>
              <periodMultiplier>3</periodMultiplier>
              <period>M</period>
              <rollConvention>17</rollConvention>
            </calculationPeriodFrequency>
          </calculationPeriodDates>
          <paymentDates>
            <calculationPeriodDatesReference href="floatingCalcPeriodDates1" />
            <paymentFrequency>
              <periodMultiplier>3</periodMultiplier>
              <period>M</period>
            </paymentFrequency>
            <payRelativeTo>CalculationPeriodEndDate</payRelativeTo>
            <paymentDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters1" />
            </paymentDatesAdjustments>
          </paymentDates>
          <resetDates id="resetDates1">
            <calculationPeriodDatesReference href="floatingCalcPeriodDates1" />
            <resetRelativeTo>CalculationPeriodStartDate</resetRelativeTo>
            <fixingDates>
              <periodMultiplier>-2</periodMultiplier>
              <period>D</period>
              <dayType>Business</dayType>
              <businessDayConvention>NONE</businessDayConvention>
              <businessCenters>
                <businessCenter>GBLO</businessCenter>
                <businessCenter>USNY</businessCenter>
              </businessCenters>
              <dateRelativeTo href="resetDates1" />
            </fixingDates>
            <resetFrequency>
              <periodMultiplier>3</periodMultiplier>
              <period>M</period>
            </resetFrequency>
            <resetDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters1" />
            </resetDatesAdjustments>
          </resetDates>
          <calculationPeriodAmount>
            <calculation>
              <notionalSchedule>
                <notionalStepSchedule>
                  <initialValue>50000000.00</initialValue>
                  <currency currencyScheme="http://www.fpml.org/coding-scheme/external/iso4217">USD</currency>
                </notionalStepSchedule>
              </notionalSchedule>
              <floatingRateCalculation>
                <floatingRateIndex>USD-CMS-Reuters</floatingRateIndex>
                <indexTenor>
                  <periodMultiplier>3</periodMultiplier>
                  <period>M</period>
                </indexTenor>
              </floatingRateCalculation>
              <dayCountFraction>ACT/365.FIXED</dayCountFraction>
            </calculation>
          </calculationPeriodAmount>
        </swapStream>
        <swapStream>
          <payerPartyReference href="im" />
          <receiverPartyReference href="dealer" />
          <calculationPeriodDates id="fixedCalcPeriodDates1">
            <effectiveDate>
              <unadjustedDate>2014-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>NONE</businessDayConvention>
              </dateAdjustments>
            </effectiveDate>
            <terminationDate>
              <unadjustedDate>2019-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>MODFOLLOWING</businessDayConvention>
                <businessCentersReference href="primaryBusinessCenters1" />
              </dateAdjustments>
            </terminationDate>
            <calculationPeriodDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters1" />
            </calculationPeriodDatesAdjustments>
            <calculationPeriodFrequency>
              <periodMultiplier>6</periodMultiplier>
              <period>M</period>
              <rollConvention>17</rollConvention>
            </calculationPeriodFrequency>
          </calculationPeriodDates>
          <paymentDates>
            <calculationPeriodDatesReference href="fixedCalcPeriodDates1" />
            <paymentFrequency>
              <periodMultiplier>6</periodMultiplier>
              <period>M</period>
            </paymentFrequency>
            <payRelativeTo>CalculationPeriodEndDate</payRelativeTo>
            <paymentDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters1" />
            </paymentDatesAdjustments>
          </paymentDates>
          <calculationPeriodAmount>
            <calculation>
              <notionalSchedule>
                <notionalStepSchedule>
                  <initialValue>50000000.00</initialValue>
                  <currency currencyScheme="http://www.fpml.org/coding-scheme/external/iso4217">USD</currency>
                </notionalStepSchedule>
              </notionalSchedule>
              <fixedRateSchedule>
                <initialValue>0.02232</initialValue>
              </fixedRateSchedule>
              <dayCountFraction>30E/360</dayCountFraction>
            </calculation>
          </calculationPeriodAmount>
        </swapStream>
      </swap>
    </trade>
    <trade>
      <tradeHeader>
        <partyTradeIdentifier>
          <partyReference href="sef" />
          <tradeId tradeIdScheme="http://www.sefco.com/swaps/trade-id">2</tradeId>
        </partyTradeIdentifier>
        <tradeDate>2014-01-15</tradeDate>
      </tradeHeader>
      <swap>
<!-- mega client receives 1.002% on 94.6mm for 10 years -->
        <swapStream>
          <payerPartyReference href="im" />
          <receiverPartyReference href="dealer" />
          <calculationPeriodDates id="floatingCalcPeriodDates2">
            <effectiveDate>
              <unadjustedDate>2014-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>NONE</businessDayConvention>
              </dateAdjustments>
            </effectiveDate>
            <terminationDate>
              <unadjustedDate>2024-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>MODFOLLOWING</businessDayConvention>
                <businessCenters id="primaryBusinessCenters2">
                  <businessCenter>USNY</businessCenter>
                </businessCenters>
              </dateAdjustments>
            </terminationDate>
            <calculationPeriodDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters2" />
            </calculationPeriodDatesAdjustments>
            <calculationPeriodFrequency>
              <periodMultiplier>3</periodMultiplier>
              <period>M</period>
              <rollConvention>17</rollConvention>
            </calculationPeriodFrequency>
          </calculationPeriodDates>
          <paymentDates>
            <calculationPeriodDatesReference href="floatingCalcPeriodDates2" />
            <paymentFrequency>
              <periodMultiplier>3</periodMultiplier>
              <period>M</period>
            </paymentFrequency>
            <payRelativeTo>CalculationPeriodEndDate</payRelativeTo>
            <paymentDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters2" />
            </paymentDatesAdjustments>
          </paymentDates>
          <resetDates id="resetDates2">
            <calculationPeriodDatesReference href="floatingCalcPeriodDates2" />
            <resetRelativeTo>CalculationPeriodStartDate</resetRelativeTo>
            <fixingDates>
              <periodMultiplier>-2</periodMultiplier>
              <period>D</period>
              <dayType>Business</dayType>
              <businessDayConvention>NONE</businessDayConvention>
              <businessCenters>
                <businessCenter>GBLO</businessCenter>
                <businessCenter>USNY</businessCenter>
              </businessCenters>
              <dateRelativeTo href="resetDates2" />
            </fixingDates>
            <resetFrequency>
              <periodMultiplier>3</periodMultiplier>
              <period>M</period>
            </resetFrequency>
            <resetDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters2" />
            </resetDatesAdjustments>
          </resetDates>
          <calculationPeriodAmount>
            <calculation>
              <notionalSchedule>
                <notionalStepSchedule>
                  <initialValue>94600000.00</initialValue>
                  <currency currencyScheme="http://www.fpml.org/coding-scheme/external/iso4217">USD</currency>
                </notionalStepSchedule>
              </notionalSchedule>
              <floatingRateCalculation>
                <floatingRateIndex>USD-CMS-Reuters</floatingRateIndex>
                <indexTenor>
                  <periodMultiplier>3</periodMultiplier>
                  <period>M</period>
                </indexTenor>
              </floatingRateCalculation>
              <dayCountFraction>ACT/365.FIXED</dayCountFraction>
            </calculation>
          </calculationPeriodAmount>
        </swapStream>
        <swapStream>
          <payerPartyReference href="dealer" />
          <receiverPartyReference href="im" />
          <calculationPeriodDates id="fixedCalcPeriodDates2">
            <effectiveDate>
              <unadjustedDate>2014-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>NONE</businessDayConvention>
              </dateAdjustments>
            </effectiveDate>
            <terminationDate>
              <unadjustedDate>2024-01-17</unadjustedDate>
              <dateAdjustments>
                <businessDayConvention>MODFOLLOWING</businessDayConvention>
                <businessCentersReference href="primaryBusinessCenters2" />
              </dateAdjustments>
            </terminationDate>
            <calculationPeriodDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters2" />
            </calculationPeriodDatesAdjustments>
            <calculationPeriodFrequency>
              <periodMultiplier>6</periodMultiplier>
              <period>M</period>
              <rollConvention>17</rollConvention>
            </calculationPeriodFrequency>
          </calculationPeriodDates>
          <paymentDates>
            <calculationPeriodDatesReference href="fixedCalcPeriodDates2" />
            <paymentFrequency>
              <periodMultiplier>6</periodMultiplier>
              <period>M</period>
            </paymentFrequency>
            <payRelativeTo>CalculationPeriodEndDate</payRelativeTo>
            <paymentDatesAdjustments>
              <businessDayConvention>MODFOLLOWING</businessDayConvention>
              <businessCentersReference href="primaryBusinessCenters2" />
            </paymentDatesAdjustments>
          </paymentDates>
          <calculationPeriodAmount>
            <calculation>
              <notionalSchedule>
                <notionalStepSchedule>
                  <initialValue>94600000.00</initialValue>
                  <currency currencyScheme="http://www.fpml.org/coding-scheme/external/iso4217">USD</currency>
                </notionalStepSchedule>
              </notionalSchedule>
              <fixedRateSchedule>
                <initialValue>0.01002</initialValue>
              </fixedRateSchedule>
              <dayCountFraction>30E/360</dayCountFraction>
            </calculation>
          </calculationPeriodAmount>
        </swapStream>
      </swap>
    </trade>
  </tradePackage>
  <party id="sef">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso17442">549300RE0FSXJE8G1L65</partyId>
    <partyName>SEF Corp</partyName>
  </party>
  <party id="dealer">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso17442">FB0QLOLRQ9EUQ13C5P60</partyId>
    <partyName>Dealer, N.A.</partyName>
  </party>
  <party id="im">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso17442">969500EBDH6VO20UN688</partyId>
    <partyName>InvestmentManager, Inc.</partyName>
  </party>
  <party id="party1">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso17442">HWUPKR0MPOU8FGXBT394</partyId>
    <partyName>Megaclient</partyName>
  </party>
  <party id="party2">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso17442">549300Q4B2OQW6FDBA48</partyId>
    <partyName>EBY</partyName>
  </party>
  <party id="broker1">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso9362">BROKER1</partyId>
    <partyName>Broker Corp.</partyName>
  </party>
  <party id="fcm1">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso17442">969500A1DO2476C1ZL52</partyId>
    <partyName>FCM A</partyName>
  </party>
  <party id="fcm2">
    <partyId partyIdScheme="http://www.fpml.org/coding-scheme/external/iso17442">969500X8N10IIFS92509</partyId>
    <partyName>FCM B</partyName>
  </party>
  <account id="party1acct">
    <accountId>1111</accountId>
    <accountBeneficiary href="party1" />
    <servicingParty href="fcm1" />
  </account>
  <account id="party2acct">
    <accountId>2222</accountId>
    <accountBeneficiary href="party2" />
    <servicingParty href="fcm2" />
  </account>
</executionNotification>
