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To: Haim R. Branisteanu who wrote (39524)	10/12/2003 10:29:08 AM
From: Haim R. Branisteanu	Respond to of 74559

Actual FX pricing including spreads (Bid ASk) for Oct 20, 2003: - 200 Put 23 Buy - 500 Put 0 Sell ?? -200 Call 216 Buy -500 Call 489 Sell Net Spread 28 Cash 272 pips @ 3% volatility equals in cost to the plain vanilla put. DELTA is 0.9913 v. 0.825 Plain vanilla Put DELTA is -0.182 Working lower spreads (-150 -450) -150 Put 33 (DELTA 0.25) -450 Put 0 ???? -150 Call 177 (bid is 167) buy -450 Call 440 (ask is 450) Sell actual cost is 37 DELTA is 0.984 v. 0.756 but less of an EUR/USD sensibility

To: Haim R. Branisteanu who wrote (39524)	10/12/2003 10:04:53 PM
From: TobagoJack	Respond to of 74559

Hi Haim, I had purchased a few currency options in the past, and have not had good experience with them. I also do not care to buy equity options, except to close open short positions. My currency plays are simply long the currency, and they are primarily not driven by desire to gain on currency transaction, but merely that I do not care for paper assets (stocks/bonds), wish for high cash allocation, but do not desire to go down with the USD. It is interesting that you believe the easy money has already been made betting against the USD. This is probably the case, although I do not exactly see the USD rising against its competitors any time soon, and the hard money may still not be that difficult. Chugs, Jay