WELCOME TO GTAnet#2
GTAnet is a free newsletter published 3-4 times a
year for clients and friends of Greenwich Treasury
Advisors. This second issue focuses on option hedging
strategies under FAS 133, including the impact of DIG
issue G20. It begins with a brief, but comprehensive,
summary of FAS 133 option accounting and the advantages
of G20 vs. the previously required exclusion of option
time value. It concludes with an analysis of various
option hedging strategies under G20, supported by
benchmarking data from GTA's FX studies with 50
American MNC's with average sales of $22 billion.

Download the issue at www.greenwichtreasury.com. It is
in .pdf file format, which is read with Adobe's Acro-
bat Reader, a free download at
http://www.adobe.com/products/acrobat/readermain.html

PREVIEW OF ISSUE #3
GTAnet#3 will discuss two little-known, but powerful
treasury techniques: non-recourse receivable factoring
by an in-house bank and "virtual" Pan-European cash
consolidation using your existing interco netting
system.

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Best regards,

Jeff Wallace
Greenwich Treasury Advisors
jeff.Wallace@greenwichtreasury.com
Phone: 203-531-0835/Fax: 203-531-7018