EFTA Document EFTA01434406

Subject: RE: [/] FX Trade idea: Time to buy USDJPY FVA? [C] From: Xavier Avila <ffi Date: Fri, 22 Sep 2017 08:50:35 -0400 To: Paul Barrett Martin Zeman Cc: Vahe Stepanian Stewart Oldfield Joshua Shoshan Davide-A Sferrazza Paul, FVA is typically a forward delivered FX straddle, you buy (or sell) the fwd straddle at the preagreed spot price today. Before it settles you have no delta risk as strike not set, once it settles you have delta risk but typically you sell the straddle as you