EFTA Document EFTA01451369

fx 77.70). Price 4.7% of USD notional This option has four notable characteristics If SY stays at these levels the option decays positively by approx 15-20% per year If SY trades 90.00 at any time (arguably a scenario in which the option is no longer wanted) the option "knocks-out" and becomes worthless. while SY might decline to 90, our quantitative analysis indicates the probability of such a decline is significantly (double?) overpriced by the options market The premium of the option