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To: sergio who wrote (33460)	1/17/1998 8:25:00 PM
From: donald sew	Read Replies (1) \| Respond to of 58727

Sergio, I do not have any formal study on the volitility, just from experience. You mentioned that premiums are directly related to volitility. I have noticed that is also is related to the size of the index, not just the volitility. For example the XOI and the OSX, recently were moving in about the same dollar figure on a daily basis, but the OSX premiums were substantially lower. I can only contribute that to the fact that the OSX was a 100 point index and the XOI was a 400 point index. Very recently, they have increased the premiums to the OSX. Seeya