Domestic Payoff: Asset or Nothing Call option. Formula: Hd = Sd * heavy (Sd - Xd) Xd = 1.1

Foreign Payoff: Cash or Nothing Put option.

Similar to the case with the Asset or Nothing Put option, the Asset or Nothing Call option's financially equivalent foreign counterpart's shape does not resemble its domestic origin. The shape of the original payoff does somewhat resemble a Gap Call option. However, the foreign payoff, as identified by PAT, obviously does not match the foreign counterpart of a Gap Call option. In this case, the foreign financially equivalent counterpart has the shape of a Cash or Nothing Put option (page 15).