The Notional Was in a Picture for Eight Slots. Two Houses Published It and They Are 400 Million Apart.
For eight slots this desk wrote that option notionals were locked inside an image.
This morning two publishers put the full 16 October ladder out in plain text - and they disagree. Four of the eight shared rows match to the last million: 1.1160 at 765 million euros, 157.00 at 680 million dollars, 0.6950 at 714 million, 0.8450 at 749 million. The other four do not. Euro-dollar 1.1200 is 1.30 billion at one house and 1.1 billion at the other; 1.1225 is 2.30 billion against 1.9 billion, a gap of 400 million or 21 per cent; dollar-yen 158.00 is 925 against 825 million. One house carries a fourth euro-dollar strike at 1.1350 that the other omits. The two strikes the morning's pin argument rested on are 600 million apart, 20 per cent, and price has already walked 41 pips out of the top of the band. And the dollar-Swiss row gives the same notional to within two million at strikes 35 pips apart, which is one option and one wrong digit.