The document provides an analysis of a EURUSD binary option with a strike price of 1.3120, which pays out EUR1 million if the EURUSD falls by more than 5% from current levels. The upfront premium is EUR210k. The document discusses the low FX volatility in currency pairs like EURUSD, making the option inexpensive to put on. It includes a table showing mid-market premiums in % of notional as spot and time change, with a focus on a 1-year expiry.
doj/DataSet10/EFTA01447142.pdf
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