Built-in premium effects within exotic FX options

Purpose: This paper explains the analysis of built-in premium within ‘premium-free’ FX Option strategies, also known as ‘exotic options’. The aim is to analyse whether such an increase in built-in premium would have an effect on the outcome of the strategies. Methodology: The analysis was conducted through three different currency pairs, namely, the EURUSD, EURJPY and EURGBP, throughout a period between 2007 to 2014. The authors used the Bloomberg terminal to design two different option strategies: Window Forward Extra and At Expiry Forward Extra. These strategies are known as low risk hedging strategies within the FX options industry. The authors examined different combinations of changes in built-in premium and analysed the respective outcome with each combination. The outcomes were compared to analyse whether an increase in built-in premium would have an effect on the outcome of the strategy. A test was also conducted should these strategies be used as a speculative tool. The strategies were built on a 1 year tenor which is rolled over every month. Hence, each month a hedge using the strategy for 1 year was conducted. The authors used back dated implied volatilies when performing the back-testing in order for results to be realistic. Findings: In most cases it was found that there was no effect on the outcome of the strategy. However, this was only valid if an expiry at a time is taken. On the other hand, when taking into account the whole sample, even though only 3% of the times there was an effect on the outcome of the strategy, the total result finds that an increase in built-in premium has an effect on the outcome of the strategy. Such result was found to be statistically significant using a paired sample t-test. This applied for all currency pairs under review. When analysing the exotic option strategies for speculative purposes, the authors found that in most cases it would have been better for brokers to take higher risk and receive an upfront Premium.peer-reviewe

Transient Heat Conduction Through Heat Producing Layers. EUR 4818.

Subin sub-metro interview results – responses/statements from respondents in Subin sub-metro of the Ashanti region. (DOCX 29 kb

Additional file 1: Table S1. of Severe maternal outcomes and quality of care at district hospitals in Rwanda– a multicentre prospective case-control study

Comparison table of WHO and Haydom criteria for near miss cases. (DOCX 18 kb

Evidence of West-East spread of influenza in Europe during the 2003–2004 season: the longitude of 23 countries correlated against the peak week of influenza activity per country

<p><b>Copyright information:</b></p><p>Taken from "Influenza activity in Europe during eight seasons (1999–2007): an evaluation of the indicators used to measure activity and an assessment of the timing, length and course of peak activity (spread) across Europe"</p><p>http://www.biomedcentral.com/1471-2334/7/141</p><p>BMC Infectious Diseases 2007;7():141-141.</p><p>Published online 30 Nov 2007</p><p>PMCID:PMC2216029.</p><p></p

Overview of the different phases of literature selection.

<p>Overview of the different phases of literature selection.</p

Average annual incidence rates of hospitalization with influenza for different respiratory syndromes (per 1,000 persons or person-years) in Kenya.

<p>Abbreviations</p><p>SARI = Severe acute respiratory illness</p><p>ARI = Acute respiratory illness.</p><p>^aIncidence reported per 1,000 persons or person-years</p><p>^bRange is the minimum-maximum in cases where two or more studies were involved.</p><p>Average annual incidence rates of hospitalization with influenza for different respiratory syndromes (per 1,000 persons or person-years) in Kenya.</p

Non-medically attended average annual incidence rates of Influenza reported for different respiratory syndromes (per 1,000 persons or person-years) in Kenya.

<p>^aIncidence reported per 1,000 persons or person-years</p><p>^bRange is the minimum-maximum in cases where two or more studies were involved.</p><p>Non-medically attended average annual incidence rates of Influenza reported for different respiratory syndromes (per 1,000 persons or person-years) in Kenya.</p

Map of Kenya showing the study sites which generated data that was used in the reviewed papers.

<p>Map of Kenya showing the study sites which generated data that was used in the reviewed papers.</p

Average annual incidence rates of medically-attended influenza A and/or B (hospitalized and outpatient) per 1,000 persons or person-years in Kenya.

<p>Abbreviations</p><p>SARI = Severe acute respiratory illness</p><p>ALRI = Acute lower respiratory illness</p><p>ILI = influenza-like illness</p><p>ARI = Acute respiratory illness</p><p>^aIncidence reported per 1,000 persons or person-years</p><p>^bRange is the minimum-maximum in cases where two or more studies were involved</p><p>^ǂARI in home was defined as cough, difficulty breathing or chest pain and reported fever</p><p>^¥Adjusted rates downward for asymptomatic detection of influenza in controls.</p><p>Average annual incidence rates of medically-attended influenza A and/or B (hospitalized and outpatient) per 1,000 persons or person-years in Kenya.</p

Additional file 1: of Does capitation payment under national health insurance affect subscribers’ trust in their primary care provider? a cross-sectional survey of insurance subscribers in Ghana

Household interview questionnaires. (DOCX 227 kb