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By Cross S.Y.

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It is relatively easy to determine the value of a European option at its expiration. The value of a European option at expiration is its intrinsic value—the absolute amount by which the strike price of the option is more advantageous to the holder that the spot exchange rate. ” difficult. Before expiration, the total value of an option is based, not only on its intrinsic value (reflecting the difference between the strike price and the then current exchange rate), but also on what is called its time value, which is the additional value that the market places on the option, reflecting the time remaining to maturity, the forecast volatility of the exchange rate, and other factors.

The two electronic broking systems currently operating in the United States are Electronic Brokerage Systems, or EBS, and Reuters 2000-2. In the 1998 survey, electronic broking accounted for 13 percent of total market volume in the United States, more than double its market share three years earlier. In the brokers market, 57 percent of turnover is now conducted through order-matching systems, compared with 18 percent in 1995. With these electronic systems, traders can see on their screens the bid and offer rates that are being quoted by potential counterparties acceptable to that trader’s institution (as well as quotes available in the market more broadly), match an order, and make the deal electronically, with back offices receiving proper notification.

Tend toward an equilibrium point at which any difference in Eurocurrency interest rates between the two currencies would be exactly offset, or neutralized, by a premium or discount in the forward rate. If, for example, six-month Euro-dollar deposits pay interest of 5 percent per annum, and six-month Euro-yen deposits pay interest of 3 percent per annum, and if there is no premium or discount on the forward yen against the forward dollar, there would be an opportunity for “round-tripping” and an arbitrage profit with no exchange risk.

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