copyrighted material · 2017. 7. 18. · trimsize:170mmx244mm wystup bindex.tex v1-06/13/2017...

Trim Size: 170mm x 244mm Wystup bindex.tex V1 - 06/13/2017 6:43am Page 433�

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Index

Absolute derivative, 342Accrued forward, 215Accumulative forward, 218–224Accumulator, 218Adjusted drift, 149American lookback options, 129American style barrier, 81American style corridor, 158, 160American style corridor with

continuously observed knockout,158

American style corridor with discreteknock-out, 159

American style forward, 231American style forward plus, 373American style options, 6, 85Amortizing forward, 225–227Annualization factor, 34Antonio Castagna on FX Options

and Smile Risk, 1Arithmetic average options, 123Arrew-Debreu security, 70Asian options, 117–126Asymmetric power options, 138–140ATM delta-neutral, 45ATM forward, 45ATM volatility spreads, 411At-the-money, 39, 41, 44, 45Aussie, 15Australian derivatives, 169Autobahn, 414Auto-callable PRDC, 316Auto-renewal forward, 227–228Average option, 123

Back office, 414Backwardation, 8, 198–199Barings Bank, collapse of, 335

Barrier bending, 92Barrier best-of/worst-of options, 190Barrier events, 86Barrier monitoring, 88Barrier option crisis (1994–1996),

87–88Barrier options, 81–93popularity of, 86–87pricing, 405–406risk management of, 88–92terminology, 85–86types of, 83–85

Barrier Option Supplement (ISDA),77, 81

Barx, 414Base currency, 5Basis adjustment (BA), 369–370Basis spread (margin), 288–289,

292–293Basis swaps, 288, 289, 309Basket-linked note, 312–313Basket options, 179–185BBM, 220Bermudan cancellation right, cross

currency swap with, 293Bermudan style options, 6Best-of options, 188BFIX fixing, 418Bid-ask prices, 413Bid-ask spreads, 101, 410–413Big figure, 15Black-Scholes formula, 7Black-Scholes model, 4, 18, 90for the actual spot, 27vanilla Greeks in, 8–11variations in, 6–7

Black-Scholes partial differentialequation, 6

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434 INDEX

Bloomberg, 50, 413Bloomberg fixing, 419–420Bloomberg OVDV, 50Bloomberg OVLM, 414Bonus forward, 214, 301Bonus swap, 301Boomerang forward, 224–225Boosted forward, 229–230Boosted spot, 229–230Branch sales, 416Bretton Woods System, 2Brexit, trade ideas for FX risk

management, 328–330British Bankers’ Association (BBA), 49Buck, 14Buffered cross currency swap, 298–299,

301Butterfly, 40, 41, 67–70, 405Butterfly arbitrage, 70Butterfly forward, 212–214Buy-below-market, 220

Cable, 15–16Calendar arbitrage, 75Calendar spread, 75Call spread, 56–58Calypso, 414Cantorspeed 90, 50Capital guaranteed deposit, 270Capped call, 56Capped put, 56Carriators, 323Carry trade, 198, 323Cash flow hedge, 358–359, 370, 372Cash settlement, 27–28Casino FX products, 417CCY1, 5CCY2, 5Change in fair value method, 370Change in variable cash flow method,

371Charm, 9Chicago Board of Exchange (CBOE), 3Chicago Board of Trade (CBOT), 2Chicago Mercantile Exchange, 2Choice quotation, 412

Chooser option, 176Chooser TARN, 319Classification of financial instruments,

346–349Cliquet, 138CMS spread-linked FX forward, 320Cody-Algorithm, 115Collar, 61Collar extra series, 269Color, 9Compound financial instruments, 341Compound option on the forward, 29Compound options, 29, 105–106Conditional derivative, 342Condor, 70–72Constant gamma exposure, 142Constant maturity swap (CMS), 320Contango, 8, 198–199Contingent payment, 168Contingent rebate structure, 237Continuous payment plan, installment

options with, 116–117Convertible bond, 341Convexity, 40Corporate sales, 417Correlation, 183Correlation, FX, 148Correlation hedge, 184Correlation risk, 150Correlation swap, 156, 191, 192Corridor, 156, 157–160Corridor deposit, 160, 277–279Corridor forward, 218Corridor swap, 301–303, 309Counter currency, 5Counters, 163Counter tarf, 251Credit spread, 313Credit vegetarian, 250Critical term match, 365Cross, 16Cross currency swap, 286–288with Bermudan cancellation right, 293

Cross currency swap with protection ofthe final exchange notional, 293

CRS (currency related swap), 303–307


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Index 435

Cubic splines, 46Cumulative dollar-offset ratio, 382, 389Curnow and Dunnett integral reduction

technique, 110Currency codes, 422–423Currency one, 14Currency options, 3–4Currency option transaction, definition,

3–4Currency pairs, 421Currency related swap, 303–307Currency swap, 199Currency triangle, 148Currency two, 14Currenex, 419Cuttoffs, 417Cylinder, 61

Daughter option, 106Day-by-day dollar-offset ratio, 382, 384,

385, 386, 389DCD, 270–272, 285, 330DCI, 270, 330Decumulator, 220Default premium currency, 19Deferred delivery, 29–30, 315Deferred delivery driven by forward, 32Delivery date, 26Delivery settlement, 28–29Delta, 8, 96, 399Delta hedge, 89Delta-neutral strike, 12Delta parity, 45Delta quotations, examples, 19Delta-symmetric strike, 12Deposits, 270Derecognition, 354–356Derivatives, 4, 328, 341–346accountant’s definition, 342conditional or absolute, 342embedded, 344–346exchange traded FX derivatives, 417IAS 39 and, 335purposes of, 335, 341retail FX derivatives, 417typical contracts, 343

Derivatives trading process engineering,415

Diagonal spread, 75Digital barrier options, 162Digital options, 77applications of, 81drift sensitivity of, 80replication of, 78–80volatility implied by, 80

Digital TPF, 251Disclaimers, 415Discrete target accumulator, 251Dollar-offset method, 363, 365–366,

368, 370, 382, 384, 391Dollar-offset ratio, 378–380DOM, 5Domestic, 5, 11Double barrier options, 85, 406Double-no-touch, 102, 104, 105Double no-touch contracts, pricing, 406Double-no-touch linked deposit, 275Double-no-touch linked swap, 307–309Double-one-touch, 100, 104, 105Double shark forward, 209, 228–229Down-and-out American barrier, 82D pips, 17Dual asset range accrual note, 321Dual currency deposit (DCD), 191,

270–272, 285, 330Dual currency investment (DCI), 270,

330Dual currency loan, 272Dual delta, 11, 23–25Dual gamma, 11Dual theta, 11dvannadvol, 10dvega/dspot, 10, 399dvega/dvol, 399dvolgadvol, 10

EBS, 419ECB fixing, 418Electronic Broking Service (EBS), 419EM, 322Embedded derivatives, 344–346Emerging markets (EM), 322


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436 INDEX

Enhanced deposit, 270Enhanced forward, 206, 394Equity instruments, 340–341Escalator ratio forward, 232–234Euclidian distance, 191Euro, 3European barrier options (EKO), 81, 407European Currency Unit (ECU), 3European digital options, 77, 407European geometric average price call,

119European Medium Term Note (EMTN)

program, 283European style barrier, 81European style corridor, 157–158, 160,

176European style options, 6, 85EUR put, 326Exchange option, 177–179, 192Exchange traded FX derivatives, 417Exotic forward contracts, 197Expiry date, 26Expiry spot date, 26Express certificate, 284

Fade-in forward, 176, 203–205, 241Fade-in option, 160Fade-out call, 176Fade-out forward, 205Fade-out option, 160Fader forward extra, 211–212Fader forward plus, 210–211Fader payoff, 176Faders, 156, 160–162, 163Fader shark forward, 210–211Fair correlation rate, 192Fair value hedge, 357–358, 365–366,

368, 369–371FAS 133, 370FEDFX fixing, 418FENICS, 413Feynman-Kac Theorem, 6Financial assets, 346defined, 338–339offsetting of, 339–340

Financial bias, 288

Financial instruments:classification of, 346–349de-recognition of, 354–356evaluation of, 349–356general definition, 338impairment of, 353–354initial measurement, 350–351initial recognition, 349–350subsequent measurement, 351–354

Financial liabilities, 346defined, 339offsetting of, 339–340

Fincad, 260, 414First generation exotics:classification of, 76–77spreads for, 412–413

First hitting time, properties of, 98–99Fixed maturity pillars, interpolation of

volatility on, 45–48Fixed strike average option, 121Fixing calendar, 131Fixing date, 26Fixings, 159, 417calculations, 419–420sources, 418–419

Fixing schedule, 157, 159Fixing source, 159Fixing spot date, 26Flexible deals, 414Flexi forward, 231Flip forward, 238Flip swap, 298, 299–301Floan, 323Floating strike Asian options, 119Floating strike lookback options, 130,

132, 134Fluffy barrier options, 164FOR, 5Foreign, 5, 11Foreign-domestic symmetry, 14Foreign-domestic symmetry for barrier

options, 85Foreign Exchange Committee, 93Foreign Exchange Option Pricing

(Clark), 1Forward contact, 8


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Index 437

Forward contracts (accounting issues),350

Forward contract value, 8Forward delta, 8, 20, 30Forward dual delta, 11Forward extra, 206, 329–330, 394Forward plus, 206, 372–392, 394Forward plus plus, 207Forward plus with extra strike, 207Forward price, 8Forward setting currency option

transaction, 174Forward start chooser forward, 229Forward start corridor, 159Forward start option, 136–138Forward start straddle, 174Forward super plus, 207Forward variance swap, 173–174Forward volatility, 106–107, 137Forward volatility agreement (FVA), 137,

156, 174–175Forward with knock-out chance,

239–240Forward with profit potential, 394Free style forward, 229Front office, 414Future delta, 9Futures contract, 8FVA, 137, 174–175FX and Currency Option Definitions, 77FX as an asset class, 310FX Barrier Options, 81FX-express certificate, 284FX-linked bonds, 283–284FX smile, brokers’ version, 42FX smile, smile version, 42FX swap, 199FX swap rate, 199FX TARN, 318–319

Gamma, 9, 96Gamma exposure, 58Garman-Kohlhagen model, 6Gaussian kernel, 46, 47Geometric average options, 119–123Geometric average price call, 121

Geometric Brownian motion, 5, 8Geometric mirror, 13Gold participation note, 310–312Gold performance note, 310Greece (ancient), options and futures

traded in, 1Greeks, 8, 95–98Greeks in binomial tree model, 32–33Greeks in terms of deltas, 22–25G10 currencies, 421

Handbook of Exchange Rates, The, 1Hanseatic swap, 293–295Harmonic Asian swap, 170Harmonic average contracts, 169–170Heat equation, 7Hedge accounting under IAS 39,

335–392basic requirements, 359–364conclusion, 390–391evaluation of financial instruments,

349–356financial instruments, 336–349hedge accounting overview, 356–357introduction, 335–336methods for testing hedge effectiveness,

364–372relevant original sources for accounting

standards, 392stopping hedge accounting, 364testing for effectiveness – case study of

forward plus, 372–390types of hedges, 357–359

Hedge accounting under IFRS 9,392–398

conclusion and outlook, 397–398documentation and qualifying criteria,

393hedge effectiveness defined, 392shark forward case study, 393–397

Hedge amortized costs (HAC), 369Hedged item, 361–362Hedge effectiveness, 362–364IFRS 9 definition, 392

Hedge fair value (HFV), 363, 369Hedge of a net investment, 359


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438 INDEX

Hedging, delta and vega, 89Hedging instruments, 360–361Held-to-maturity investments, 347–348High net worth individual, 260Hi-lo option, 129Himalaya option, 191Hindsight option, 126, 127Historic correlation, 36–37Historic volatility, 33–36Hit binary, 94HNWI, 260Homogeneity, 13Horizon date, 26Horizon spot date, 26Host contract, 344Hybrid forward contracts, 320–321Hybrid FX products, 314–321Hybrid strike, 320Hypothetical derivative method, 371

IAS 39, 335IASB, 392ICOM, 93IFRS 9, 392–398Implied volatilities, 46Independent derivative, 344Installment option, 29, 107–117Installment options with a continuous

payment plan, 116–117Institutional sales, 416Inter bank sales, 416Interest rate parity, 289, 291Interest rate parity with basis spread

margin, 291–292Interest rate swap, 286International Accounting Standards, aim

of, 335International Accounting Standards

Board, 392International Monetary Market (IMM), 3International Organization for

Standardization (ISO), 421International Organization of Securities

Commissions (IOSCO), 419International Swaps and Derivatives

Association (ISDA), 3

Interpolation between maturitypillars, 48

Intrinsic value ratio knock-out forward,234–236

Inverse dual currency deposit, 330–331ISDA Definitions of Currency Options,

93ISO 4217 currency code list, 421–423ISO 4217 standard, 421Issuer swap, 313

James Bond range, 166Jump diffusion models, 52

Kernel interpolation, 47–48Kick-in, 84Kick-out, 84KIKO, 165–166KIKO tarn, 255–259, 265Kiwi, 15Kiwi forward, 241Knock-in-knock-out options, 165–166Knock-in on strategy contract, 165Knock-in options, 84Knock-out call option, 81Knock-out forward, 205–206, 320Knock-out options, 84, 166Kondor+, 414Kristall, 414

Large barrier contracts, market effects,92–93

Law of cosine, 148Leeson, Nick, 335Leverage, 219Leveraged collar, 202Leveraged forward, 200Leveraged target forward, 244–246LIBOR rate, 286Limited risk options, 129Listed FX option, 417Loans and receivables, 348–349Local volatility (LV), 260Local volatility model, 260London fixing, 418Long-term FX options, 315


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Index 439

Long-term knock-out forward series,320–321

Lookback gamma asymmetry, 133Lookback option, 126–136Lookback straddle, 129Loonie, 15

Maastricht Treaty, 3Madonna option, 191Malz parabola, 55Managing Currency Risk Using Foreign

Exchange Options (Hicks), 1Margin account, 8Margin call, 58Margin requirements, 342–343Marked to market, 259Market following TPF, 252Markit, 414Master agreement (ICOM), 93Mathematical Models for Foreign

Exchange (Lipton), 1MathFinance, 414Maturity, 261Maximum intrinsic value (IV), 412Mean subtracted, 174Merlin, 414Middle office, 414Milano strategy, 267MNCs, 417Moneyness probability, 100Mother option, 106Mountain range option, 191Moving strike turbo spot unlimited,

313–314Mrs. Watanabe, 317, 323Multi-currency, 185Multi-currency deposit, 191Multi-currency derivatives, 177Multi-currency protection, 190Multi-national companies (MNCs),

417Multiple range deposit, 281Multiple strike option, 190Multiplicity power option, 156Murex, 414Mustache graph, 407–408

NDF, 200Neo (UBS), 414New York Cotton Exchange, 2Nokkies, 15Non-capital-guaranteed deposits, 270Non-deliverable forward, 200Non-resurrecting corridor, 158No-touch, 94No-touch probability, 407Numeraire currency, 5, 14Numerix, 260, 414

Obligation to pay, one-touch contractsand, 94

Occupation time derivatives, 163Off-balance sheet transaction, 342Olsen Data, 49One-touch, 94, 95One-touch contracts, 94–95One-touch-digital, 94One-touch MTM, 407–409One-touch spreads, 412Onion deposit, 281Onion loan, 281Option on the Euclidian distance, 191Option on the forward, 31Option on the maximum norm, 191Option prices, quotation of, 16–17Options:derivatives and, 4history of, 1–3

Options on the maximum/minimum ofseveral underlyings, 188

OPTREF, 418Other comprehensive income (OCI), 396Outright forward, 198–200, 324, 326,

328, 329Outside barrier option, 85, 185–188Overhedge, 221, 222, 399, 402, 408

Parabolic smile interpolation, 332Parameterization, 46Parasian barrier option, 164Parasian style knock-out, 221Par correlation rate, 192Par forward, 267


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440 INDEX

Parisian barrier option, 164Parity risk, 222Par swap rate, 286Partial barrier option, 163Partial fixed lookback options, 130Partial lookback options, 129Participating collar, 202–203Participating forward, 200–202Participation notes, 310–314Participator, 200Par volatility, 182Pass-through arrangement, 354Path-dependent options, pricing, 407Pay-later options, 166–168, 176Pay-later price, 168Performance linked deposits, 273–275,

285, 303Performance notes, 310Period-by-period dollar-offset method,

386Perpetual double-one-touch, 153Perpetual no-touch, 153Perpetual one-touch, 153Pin risk, 141Pip, 15Pivot target forward, 252–255Plain target forward, 241–244Post trade valuation, 119, 120Power ball, 318Power coupon, 316Power options, 138–146Power reset forward, 240Power reverse dual currency bond

(PRDC), 315Power reverse dual double TARN, 318Power reverse dual FX TARN, 318Power reverse dual target redemption

note, 318Power straddle, 138PRDC, 315PRD TARN, 318Preferred share, 341Premium-adjusted delta, 18, 19Premium-adjusted forward delta,

31–32Premium-adjusted spot delta, 31

Pre-trade valuation, 119Price spreads, vanilla, 411Pricing Partners, 260Private banking, 417Proprietary trading, 416Prospective hedge effectiveness, 362Pure interpolation, 46–48Put-call delta parity, 12Put-call parity, 12, 199Put-call symmetry, 13Put spread, 56–58Puttable TPF, 250Pyramid option, 191

Quanto barrier, 147Quanto best-of/worst-of options, 190Quanto capped call, 311Quanto digital, 150Quanto drift adjustment, 147–149Quanto exotics, 191Quanto factor, 147, 275Quanto forward, 149–150Quanto options, 147–152Quanto plain vanilla, 147Quanto vanilla, 149Quid, 14Quotation conventions, 101

Rainbow exotics, 177Rainbow options, 191Range, 129Range accrual forward, 160, 215–218Range accrual (RAC), 157Range deposit, 275Range forward, 61, 214–215Range accrual note, 278Range option, 129Range reset swap, 308Ratchet, 138Rates symmetry, 13–14Ratio call spread, 58–60, 286, 323Raw delta spot, 17Rebates, 85Rebates, delta, 96Recognition, 349–350Reflection principle, 101


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Index 441

Regression analysis, 363, 368,370, 382, 383, 384, 386, 387,390, 391

Regular barrier option, 89Regular knock-out, 89–90Regular way contracts, 343Re-hedge threshold, 134Reoccurring identities, 11–12Resettable barrier option, 164–165Resettable cross currency swap, 287Resetting strike TPF, 251Reset trade, 251Resurrecting corridor, 157Retail FX derivatives, 417Retrospective hedge effectiveness, 362Reuters, 50, 51Reuters fixing, 419Reverse convertible bond, 270, 330Reverse knock-out, 91–92Reverse knock-out (RKO), 84, 90–91,

406Rho, 10–11RICs, 50Right to receive, one-touch contracts

and, 93–94Risk controlling, 414–415Risk reversal, 40, 41, 43, 61–63, 326,

405Risk reversal case study in EUR-USD,

332–333Risk reversal flip, 63–64

Sales-driven trading, 416SAM, 220Scandies, 15Scandie vols, 50Seagull, 72–74, 322Second chance TPF, 251Second generation exotics:multiple currency pairs, 177–192single currency pair, 156–176

Self-quanto, 275Self-quanto as power, 140Self-quanto forward, 156Self-quanto option, 140Sell-above-market (SAM), 220

Semi-static replication:for barrier options, 88of one-touch, 101

Semi-static rollover strategy, 133Series of strategies, 266–270Settlement, 26–30Settlement differential, 192Shadow barrier, 92Shark forward, 87, 206–210, 326–327Shark forward case study, 393–397hedge effectiveness, 394–395minimum documentation

requirements, IFRS 9, 395–397overall assessment, 397

Shark forward plus, testing foreffectiveness, 372–392

calculation of forecast transaction’svalue, 377–378

calculation of shark forward plusvalue, 375–376

calculation of the forward rates,376–377

conclusion, 390–391dollar-offset ratio – prospective test

for effectiveness, 378–380regression analysis – prospective test

for effectiveness, 382relevant original sources for accounting

standards, 392result, 382–384retrospective test for effectiveness,

384–390simulation of exchange rates,

373–374variance reduction

measure – prospective test foreffectiveness, 381–382

Shark forward series, 267–269Short-cut method, 365Shout forward, 231Shout TF, 251Sick floan, exit strategies for, 323–328Single barrier option, 85Skew, 40Slice kernel, 47Smile effect, 100


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442 INDEX

Snowball, 318Soft barrier option, 163Soft barriers, 163Soft strike option, 141Space-homogeneity, 13Speed, 9Spot delta, 8Spreading, 412Spreading vanilla structure, 412Spread options, 177–179Static replication for barrier options, 88Step barriers, 163Step option, 168Stochastic dynamic programming,

valuation of installment options,113–115

Stochastic-local volatility (SLV), 260Stochastic-local volatility with jumps

(JLSV), 260Stochastic volatility, 52–54Stochastic volatility inspired (SVI), 48Stockies, 15STP, 414–415Straddle, 32, 64–65Straight through processing (STP),

414–415Strangle, 40, 41, 43, 65–67Strike, 39Strike-bonus option, 132Strike in terms of delta, 20–21Strike leverage forward, 232Strike-out, 84, 153Strike price, 153Strip, 266Stripping, 267Structured forward transactions, 197Structured forward with doubling

option, 238–239Structured forward with improved

exchange rate, 237–238Structured product, 168Subscription phase, 138Subsequent measurement, 351–353Successive Over-Relaxation (SOR), 38SuperDerivatives, 50, 51, 413SVI, 48

Swap 4175, 275, 307Swap points, 199Swap rate, 199Symmetric Brownian motion, 101Symmetric power options, 138,

139, 140Symmetric power straddle, 140Synthetic forward, 12, 199

TARF, 241Target, 257Target accumulator, 242Target coupon, 318Target feature, 221Target forward, 241–266, 323, 329Target profit forward, 246–252Target redemption forward, 241Target redemption note, 241Target redemption products, 241TARN, 241Telerate pages, 50Tender linked forward, 236–237Tenor, 251Term currency, 5Tetrahedron, 183Tetris bond, 281Theta, 9, 96Thomson Reuters Matching, 419Three range deposit, 281Three range loan, 281Time homogeneity, 13Time option, 231Time option replication with American

options, 241Time-Weighted Average Price (TWAP),

420Tolerant double-no-touch, 166, 176Totem, 414Touch contracts, 93–101Touch probability, 98, 100Tower deposit, 281–283Tower loan, 281, 283Tower note, 283Traders’ gamma, 9Traders’ rho, 11Traders’ rule of thumb, 399


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Index 443

Traders’ theta, 9Traders’ vega, 10Trading and sales, 415–421Transatlantic barrier option, 165Treasury case studies, 322–331Tremor, 414TRF, 241, 242, 243Triangular currency market, 180Tulipmania, 2Tullett Prebon, 50, 52Tunnel deposit, 275–277, 307Tunnel loan, 283Turbo cross currency swap, 296–298,

301, 303, 306Turbo deposit, 272, 278–281, 296Turbo loan, 279Turbo note, 153TV, 399Two-touch, 102Two-way express certificate, 284

UBS trader, 414Underlying exchange rate, quotation, 14Up-and-out American barrier option, 82USD call strip, 270US-GAAP, 365

Value function of a one-touch, derivationof, 99–100

Value parity, 45Vanilla-one-touch duality, 153Vanilla options, 329with basis spreads, 292–293retrieving volatility from, 37–38static replication with, 125–126technical issues for, 4

Vanilla spreads, 411Vanna, 97, 104, 399, 409Vanna-volga adjusted value, 401Vanna-volga pricing, 399–402, 405Vanunga, 10Variability reduction method, 366, 370Variance reduction measure (VRM), 363,

381–382, 383, 384, 386, 387,390, 391

Variance swap, 144, 145, 156, 170, 171,172, 173

Vega, 10, 96–97, 104, 399Vega bleed, 263Vega-delta, 31Vega exposure, 58Vega hedge, 89Vega in terms of delta, 25Vega matrix, 25Vega quanto plain vanilla, 151Vega-weighted butterfly, 69Volatility:definition, 33historic, 33–36sources, 49–52term structure of, 39

Volatility and delta for a given strike,21–22

Volatility cones, 52, 53, 55, 171Volatility interpolation, 45–46Volatility matrix, 39Volatility smile, 39Volatility surface, 39Volatility swaps, 156, 170, 171, 172Volga, 10, 97–98, 104–105, 399, 409Volgamma, 10, 409Volmaster, 52, 53, 260, 413Volunga, 10Vomma, 409

Wedding cake, 281Weighted Monte Carlo technique, 149,

184Windmill-adjustment, 80Windmill effect, 78–79Window barrier, 162–163Window barrier option, 162–163Window TPF, 250World Market fixing, 418Worst case structures, 322–323Worst-of options, 188

Yard, 14Yield enhancement, 270Yield enhancer, 270


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