GFI closes FX options mark-to-market gap

The service is designed to enable risk managers to assign a fair value to derivatives positions, a requirement set out by accounting regulation FAS 133 in the US and the upcoming legislation for Europe, IAS 39, which is planned for introduction in January 2005.

The FX options market, unlike other markets -- such as interest rate swaps -- does not have market-standard benchmark prices against which participants can mark their positions.

GFI’s new service targets risk managers in banks and fina