VOLATILITY SUMMARY - CURRENCY FUTURES

As of: 052202    :  JYM02 |  ECM02 |  SFM02 |  BPM02 |  CDM02 |        |
Underlying Settle:  .8062s| .92520s|  .6377s| 1.4566s|  .6518s|        |
           Change: -.0020 |+.00620 | +.0032 | -.0008 | +.0022 |        |
                 :        |        |        |        |        |        |
Implied Volatility  10.44s|   9.18s|  10.76s|   5.60s|   6.00s|        |
 Change from Prev:   -.03 |   +.59 |   +.64 |   -.40 |   +.11 |        |
 last 20Days High:  10.47 |   9.43 |  10.76 |   6.25 |   6.00 |        |
              Avg:   8.72 |   8.63 |   9.54 |   5.74 |   5.64 |        |
              Low:   8.19 |   7.43 |   8.16 |   5.34 |   5.47 |        |
 last 60Days High:  10.96 |   9.43 |  10.76 |   6.64 |   6.25 |        |
              Avg:   9.42 |   8.48 |   9.16 |   6.00 |   5.85 |        |
              Low:   8.19 |   7.43 |   8.16 |   5.34 |   5.47 |        |
                 :        |        |        |        |        |        |
Historical 20 Day: 10.63% | 10.45% | 10.85% |  5.61% |  3.92% |        |
Volatility 30 Day:  9.56% |  9.03% |  9.37% |  4.81% |  3.60% |        |
           50 Day:  9.34% |  8.23% |  8.99% |  4.77% |  4.71% |        |
          100 Day: 10.75% |  8.58% |  9.03% |  5.62% |  4.98% |        |
          200 Day:  9.86% |  9.38% | 10.29% |  7.36% |  5.05% |        |
Notes: Implied Volatility is interpolated for the at-the-money straddle.


VOLATILITY CHEAPNESS INDEX
Historical Volatility
          Max    :   27.5 |  N/A   |   29.0 |   30.5 |   11.7 |        |
          Median :    8.9 |  N/A   |   11.1 |    8.8 |    4.4 |        |
          Min    :    3.2 |  N/A   |    3.8 |    2.7 |    1.4 |        |
Vol Cheapness Ind:   64.7 |  N/A   |   47.2 |   20.7 |   83.8 |        |
   change        :    -.1 |  N/A   |   +6.9 |   -3.0 |   +1.0 |        |
   Last 20 sess  :        |        |        |        |        |        |
          High   :   64.8 |  N/A   |   47.2 |   23.7 |   83.8 |        |
          Avg    :   47.1 |  N/A   |   35.1 |   18.1 |   78.4 |        |
          Low    :   37.8 |  N/A   |   28.1 |   13.8 |   74.2 |        |
   Last 60 sess  :        |        |        |        |        |        |
          High   :   64.8 |  N/A   |   47.2 |   23.7 |   88.7 |        |
          Avg    :   44.5 |  N/A   |   22.6 |   13.2 |   82.7 |        |
          Low    :   32.4 |  N/A   |   13.1 |    7.4 |   74.2 |        |
Days to Expiration     16 |     16 |     16 |     16 |     16 |        |
Notes: VCI ranks implied vol on a percentile basis (100 max, 0 min)
against historical vol for given days to expiration.

SIGMA BOUNDARY
Today: +1 Std Dev:  .0053 | .00537 |  .0043 |  .0052 |  .0024 |        |
       -1 Std Dev:  .0053 | .00534 |  .0043 |  .0052 |  .0024 |        |
            68% H:  .8115 | .93057 |  .6420 | 1.4618 |  .6542 |        |
                L:  .8009 | .91986 |  .6334 | 1.4514 |  .6493 |        |
            95% H:  .8168 | .93594 |  .6463 | 1.4668 |  .6567 |        |
                L:  .7956 | .91452 |  .6291 | 1.4464 |  .6469 |        |
            99% H:  .8221 | .94131 |  .6507 | 1.4720 |  .6592 |        |
                L:  .7903 | .90918 |  .6248 | 1.4412 |  .6444 |        |
20Days +1 Std Dev:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |        |
  Out: -1 Std Dev:  N/A   |  N/A   |  N/A   |  N/A   |  N/A   |        |
To     +1 Std Dev:  .0178 | .01797 |  .0145 |  .0172 |  .0082 |        |
Expir- -1 Std Dev:  .0174 | .01762 |  .0142 |  .0170 |  .0081 |        |
ation       68% H:  .8240 | .94317 |  .6522 | 1.4738 |  .6600 |        |
                L:  .7887 | .90757 |  .6235 | 1.4396 |  .6436 |        |
            95% H:  .8418 | .96114 |  .6667 | 1.4910 |  .6683 |        |
                L:  .7713 | .88994 |  .6093 | 1.4226 |  .6355 |        |
            99% H:  .8597 | .97911 |  .6813 | 1.5082 |  .6765 |        |
                L:  .7539 | .87232 |  .5951 | 1.4056 |  .6274 |        |
Notes:  Shows probability of closing within price range based on
implied volatility on sub-annual basis.  Call for charts & info.