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April 1997 || Vol.2, No.4

Brain Drain at the OCC
Plus: Tail Wags Dog at BT...Hagay Shefi Enters the Middleware Wars.

Joint Clearing for the CME and CBOT?
Plus: ABN-AMRO Buys A Futures Business...Better Audit Reports...Peso Play, Part II.

Regulatory Watch
Another Win for OTC Derivatives
Plus: Lugar Stirs a Hornet's Nest.

Tech Notes
Software Via Junk Mail?!
Plus: Merging Energy Physicals and Derivatives...FENICS...MathSoft...FNX.

European Notes
RX for Shaky Soverign Debt.

Energy Hedging Lessons of 1996.


Valuing Converts and Preferreds
New tax laws and market factors have whetted investors' appetites. Izzy Nelken, president of Super Computer Consulting, shows how to price these tricky instruments.

Deep Throat
Saving $$$ on Swaps and Options Trades
A veteran-and anonymous- swap dealer reveals a simple trading technique that can help end-users cut costs.


The New Beat of Equity Derivatives

Long the Street's wallflowers, equity derivatives are capturing the spotlight with an attractive combination of risk-management and yield-enhancement features.
By Nilly Ostro

The Jorion-Taleb Debate

In Defense of VAR.
By Philippe Jorion

Against VAR.
By Nassim Taleb

Hedging Multiple Curency Exposures The Easy Way

Corporates with exposures to multiple currencies have a new solution: let the dealer worry.
By Miriam Bensman

The World According to Robert Jarrow

Interview by Joe Kolman


April 1997 || Asia Focus Supplement


Asian Notes
Westpac's Disposable Triple-A Sub
Plus: Kick Starting Long-Term Swaps in Taiwan...Ivers Riley on Hong Kong


Crossed Wires
Cross-listing established contracts in Asia has proved harder than anybody thought.
By John Thackray

Asian Regulators Loosen Up
As memories of Barings and other debacles fade, the Far East derivatives business is coming back to life.