<?xml version="1.0" encoding="UTF-8"?>
<!--
  == Copyright (c) 2002-2003. All rights reserved.
  == Financial Products Markup Language is subject to the FpML public license.
  == A copy of this license is available at http://www.fpml.org/documents/license
  --><!-- Example 23 Simple FX Option With Delta Hedge
  == FX Option
  ==              Trade Date      : 2001-12-04
  ==              Expiry Date     : 2002-06-04
  ==              Option Buyer    : Chase
  ==              Option Seller   : ABN Amro
  ==              European Option : 75m AUD Put on 36.9m USD @ 0.4920
  ==              Option Premium  : 36,900 USD
  ==              Business Center : New York
  ==              Cut Name        : New York
  == 
  == Delta Hedge:
  ==              Value Date      : 2001-12-06
  ==              CCY1/CCY2       : AUD/USD 
  ==              Spot            : 0.5193
  ==              Chase Buys      : 18,750,000 AUD
  ==              ABN Buys        :  9,736,875 USD                                        
  --><FpML version="4-0" xsi:type="DataDocument" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.fpml.org/2003/FpML-4-0 ../fpml-main-4-0.xsd" xmlns="http://www.fpml.org/2003/FpML-4-0"><trade><tradeHeader><partyTradeIdentifier><partyReference href="CHASE"/><tradeId tradeIdScheme="http://www.markets.Reuters.com/rss/spec/2001/trade-id-3-0">123456789</tradeId></partyTradeIdentifier><partyTradeIdentifier><partyReference href="ABN"/><tradeId tradeIdScheme="http://www.markets.Reuters.com/rss/spec/2001/trade-id-3-0">123456789</tradeId></partyTradeIdentifier><tradeDate>2001-12-04</tradeDate></tradeHeader><strategy><productType>Delta-Hedge</productType><fxSimpleOption><productType>European FX Option</productType><buyerPartyReference href="CHASE"/><sellerPartyReference href="ABN"/><expiryDateTime><expiryDate>2002-06-04</expiryDate><expiryTime><hourMinuteTime>14:00:00</hourMinuteTime><businessCenter>USNY</businessCenter></expiryTime><cutName>New York</cutName></expiryDateTime><exerciseStyle>European</exerciseStyle><fxOptionPremium><payerPartyReference href="CHASE"/><receiverPartyReference href="ABN"/><premiumAmount><currency>USD</currency><amount>36900</amount></premiumAmount><premiumSettlementDate>2001-12-06</premiumSettlementDate><premiumQuote><premiumValue>0.001</premiumValue><premiumQuoteBasis>PercentageOfCallCurrencyAmount</premiumQuoteBasis></premiumQuote></fxOptionPremium><valueDate>2002-06-06</valueDate><putCurrencyAmount><currency>AUD</currency><amount>75000000</amount></putCurrencyAmount><callCurrencyAmount><currency>USD</currency><amount>36900000</amount></callCurrencyAmount><fxStrikePrice><rate>0.4920</rate><strikeQuoteBasis>CallCurrencyPerPutCurrency</strikeQuoteBasis></fxStrikePrice><quotedAs><optionOnCurrency>AUD</optionOnCurrency><faceOnCurrency>USD</faceOnCurrency><quotedTenor><periodMultiplier>6</periodMultiplier><period>M</period></quotedTenor></quotedAs></fxSimpleOption><fxSingleLeg><productType>Spot-Hedge</productType><exchangedCurrency1><payerPartyReference href="ABN"/><receiverPartyReference href="CHASE"/><paymentAmount><currency>AUD</currency><amount>18750000</amount></paymentAmount></exchangedCurrency1><exchangedCurrency2><payerPartyReference href="CHASE"/><receiverPartyReference href="ABN"/><paymentAmount><currency>USD</currency><amount>9736875</amount></paymentAmount></exchangedCurrency2><valueDate>2001-12-06</valueDate><exchangeRate><quotedCurrencyPair><currency1>AUD</currency1><currency2>USD</currency2><quoteBasis>Currency2PerCurrency1</quoteBasis></quotedCurrencyPair><rate>0.5193</rate></exchangeRate></fxSingleLeg></strategy></trade><party id="CHASE"><partyId>CHASUS33</partyId><partyName>CHASE</partyName></party><party id="ABN"><partyId>ABNANL2A</partyId><partyName>ABN Amro</partyName></party></FpML>