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The global market for exchange- traded currency options was notionally valued by the Bank for International Settlements at $1. For example, a GBPUSD contract could give the owner the right to sell ? December 3. 1. In this case the pre- agreed exchange rate, or strike price, is 2. USD per GBP (or GBP/USD 2. GBPUSD) ? 1,0. 00,0. GBP = 1. 00,0. 00 USD in the process. If instead they take the profit in GBP (by selling the USD on the spot market) this amounts to 1. GBP. To the contrary, much of the time corporates seem to use FX options to paper over accounting problems, or to disguise the true cost of speculative positioning, or sometimes to solve internal control problems. Options are typically portrayed as a form of financial insurance, no less useful than property and casualty insurance. This glossy rationale masks the reality: if it is insurance then a currency option is akin to buying theft insurance to protect against flood risk. In reality currency options do provide excellent vehicles for corporates' speculative positioning in the guise of hedging. Corporates would go better if they didn't believe the disguise was real. In this Chapter I argue the joint study of these two strands of literature and give an overview of FX option pricing concepts and terminology crucial for this interdisciplinary study. I also explain the three sources of information about market expectations and perception of risk that can be extracted from FX option prices and review empirical methods for extracting option- implied densities of future exchange rates. As an illustration, I conclude the Chapter by investigating time series dynamics of option- implied measures of FX risk vis- a- vis market events and US government policy actions during the period January 2. December 2. 00. 8. Chapter 2: This Chapter proposes using foreign exchange (FX) options with different strike prices and maturities to capture both FX expectations and risks. We show that exchange rate movements, which are notoriously difficult to model empirically, are well- explained by the term structures of forward premia and options- based measures of FX expectations and risk. Although this finding is to be expected, expectations and risk have been largely ignored in empirical exchange rate modeling. Using daily options data for six major currency pairs, we first show that the cross section options- implied standard deviation, skewness and kurtosis consistently explain not only the conditional mean but also the entire conditional distribution of subsequent currency excess returns for horizons ranging from one week to twelve months. Countless individuals and companies around the world rely on these rates to settle financial contracts, and this reliance is premised on faith in the fundamental integrity of these benchmarks. The market only works if people have confidence that the process of setting these benchmarks is fair, not corrupted by manipulation by some of the biggest banks in the world.”. The Commission finalized rules to implement the Dodd- Frank Wall Street Reform and Consumer Protection Act regarding Regulation of Off- Exchange Retail Foreign Exchange Transactions and Intermediaries. These include, among others, FCMs and affiliates of FCMs. FCMs and their affiliates that are not also regulated as one of the other enumerated financial entities, remain subject to the Commission's anti- fraud jurisdiction with respect to foreign currency transactions. Then, we document a finding that the stock variance risk premium can also predict the exchange rate return at a short 1- month horizon. Thus, currency and stock variance risk premiums seem to contain differential information content for the exchange rate return. 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Latest higlights: And that's that, the defending champions are out of it, Bipul Sharma bowling the final over of the truncated chase and first Gambhir, then Jaggi, working singles calmly off the first two balls, to win with four balls still to spare. SRH should be aware of the irony - - the shortened nature of the game seemed to make KKR's task harder, since they had to score at 8 RPO, but with wickets in hand, all it ever took was for one batsman to stick, and Gambhir is built for such occasions. But what if? What if the chase was for 1. Could SRH's bowling mastery have made something of it, particularly given how the KKR chase began here? We'll never know. But there's this: KKR deserved to win this; they bossed the entire first innings, and despite hiccups early in the chase, Gambhir had the ability, and the nerve, to calm things down and guide his team home. Click here to find out who the Orange and Purple Caps are with in IPL 2. GFP BUNNY: Eduardo Kac My transgenic artwork "GFP Bunny" comprises the creation of a green fluorescent rabbit, the public dialogue generated by the project, and the. Search settings; Web History : Advanced search Language tools. Bengaluru: Kolkata Knight Riders (KKR) will have to get back to their winning ways when they take on defending champions Sunrisers Hyderabad (SRH) in the Indian Premier League (IPL) Eliminator at the M Chinnaswamy Stadium here on Wednesday. The winner of of the match will face the loser of Qualifier 1 between Mumbai Indians and Rising Pune Supergiant on May 1. Qualifier 2, which will decide the second participant of the final on May 2. KKR, who lost four out of seven matches in the latter half of the season, will have to play out of their skins to make it to the second qualifier. David Warner and Gautam Gambhir, captain of Sunrisers Hyderabad and Kolkata Knight Riders. Sportzpics. In the last game against Mumbai Indians, their batting looked to have run out of patience and were guilty of poor shot selection more often than not. KKR were the team to beat early on in the season but they seemed to have peaked too early. The likes of Chris Lynn and Sunil Narine will have their task cut out at the top of the order with the likes of India seamer Bhuvneshwar Kumar on song having 2. Mohammed Siraj, who was bought for Rs 2. SRH after his brilliant bowling in domestic matches, taking four wickets in the must- win game against Gujarat Lions to help Hyderabad qualify for the play- offs, in their ranks. Afghanistan spinner Rashid Khan has also been a revelation, bagging 1. Besides Lynn and Narine, KKR have Manish Pandey and Robin Uthappa, who have scored 3. Gambhir too was in form in the first half of the season but seemed a off- colour in the business end and the skipper, who is placed in the third spot in the most runs list with 4. As far as KKR's bowling is concerned, Umesh Yadav and Kuldeep Yadav have been on song, but will have to stop red- hot David Warner. Sunrisers, on the other hand, won eight games while lost five in their 1. The team cemented their play- offs berth on the back of a resounding eight- wicket win over Gujarat in their last league match. Skipper Warner has been at his imperious best, scoring 6. He was the league's second- highest run- scorer during the franchise's maiden triumph last year. Southpaw Shikhar Dhawan has found form too. Dhawan has scored 4. ICC Champions Trophy. Hyderabad would also like Yuvraj Singh, who started the season with a bang hammering 7. Bangalore, to get runs. He has aggregated only 2. Squads: Kolkata Knight Riders: Gautam Gambhir (captain), Darren Bravo, Trent Boult, Piyush Chawla, Nathan Coulter Nile, Colin De Grandhomme, Rishi Dhawan, Sayan Ghosh, Sheldon Jackson, Ishank Jaggi, Kuldeep Yadav, Chris Woakes, Chris Lynn, Sunil Narine, Manish Pandey, Yusuf Pathan, Ankit Rajpoot, Suryakumar Yadav, Robin Uthappa and Umesh Yadav. Sunrisers Hyderabad: David Warner (captain), Tanmay Agarwal, Ricky Bhui, Bipul Sharma, Ben Cutting, Shikhar Dhawan, Eklavya Dwivedi, Moises Henriques, Deepak Hooda, Chris Jordan, Siddarth Kaul, Bhuvneshwar Kumar, Ben Laughlin, Abhimanyu Mithun, Mohammad Nabi Mohammed Siraj, Mustafizur Rahman, Ashish Nehra, Naman Ojha, Rashid Khan, Vijay Shankar, Barinder Sran, Pravin Tambe, Kane Williamson, Yuvraj Singh. With inputs from IANS. |
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