New faces
Ncm/^1 fW
in brief
What'S NewS Issue 5 September 1995
This year's erop of 10 trainees
began their intensive two-year
course at the beginning of this
month. We thought you might
like to know who's who.
1 Tjard Westbroek2 Frank
Huis; 3 Menno Zetsma; 4 Ge-
rard Boekhoven; 5 Luis Santine;
6 Frank van Waesberghe;
7 Chantal van Oers; 8 Willem-
Hein van der Loo; 9 Laura Scha-
gen; Robert Wolthuis is missing
from the photo.
Rabobank is to co-lead the
second phase of the Dutch PTT
(KPN) privatization. As well as
the Dutch placement, the bank
will be involved in both the UK
and rest of the world syndi-
cationsi'We will need the as-
sistance of the whole interna
tional network to achieve this,'
says Dominique Bech of Rabo
Effectenbank.
(what's in a word)j
We're staying with financial
markets for this month's clutch
of odd terms.
Strike price: the price agreed in
an option contract which gives
the purchaser the right, but not
the obligation, to buy or sell an
underlying at a certain price on
or before a certain date.
Underlying: the variable used
as basis for a futures or option
contract.
Straddle: the sale or purchase of
a put option and a call option,
with the same strike price, on
the same underlying and expiry.
Strangle: as above, but at strike
prices equally out of the money.
Out-of-the-money: an option
whose underlying is above the
strike price in the case of a call,
or below in the case of a put.
From 25 to 29 September, 22 new Rabobankers from 11 countries
will gather in Utrecht for the so-called 'introduction week'.The five-
day program will allow new staff from all over the world to become
acquainted with colleagues from the various divisions. But they will
also be getting back to the bank's roots through a visit to a rural
member bank.
people
Brazil: Divaldo Barbosa joins the
bank documentary payments
department. He replaces Georgia
Tomita who is relocating to Italy.
Chile: Harry van Eelen reinforces
the current two-person team as
account manager. He comes from
the same position in the Rotter
dam office.
Curaqao: Barry Marttin has been
appointed senior account
manager.
France: Vincent Granados joins
Masthead
Editorial Staff Anne Lavelle (Editor), Stan
Polman (Editor in Chief), NoorTania (Final
Editor/Marketing Services).
Editorial Address Rabobank Nederland,
Piet Philipsen, Editorial
assistant, UC-R 519, P.O. Box 17100,3500
HG UTRECHT.
Telephone: +31 (0)30 90 2807
Telefax:+31 (0)30 90 1904
E-Mail address (for internal use only);
Philipsen, P. @ico_uc@comm
Designed and printed by
Hoonte-Holland, Utrecht.
Please send change of address cards to:
A.de Keijzer, BC 102 A.
the bank as head of structured fi-
nance. He will also be responsible
for the non-agri commercial team.
Germany: Ingo Janssen becomes
Institutional Sales trader at the
Frankfurt office.
Indonesia: The Jakarta office has a
new deputy general manager in
Christian Mol.
Ireland: Risk manager Ethna Mur-
phy strengthens the Dublin team.
North America: Brian Klatt be
come senior financial analyst at
the Chicago office.
Singapore: Lee Wah Seng has
been appointed designated head
of derivatives operations.The
treasury also has a new senior
forex dealer in Jessline Ang.
Hidzer Kiewiet de Jonge joins
corporate finance as manager.
Switzerland: Private banking con
sultant Heinz Zimmer has been
appointed general manager of
Rabobank in Zurich. He brings a
broad range of specialized ex-
perience to the bank and was
also instrumental in structuring
Rabobank's longer-term private
banking strategy.
Utrecht: Account manager Jan
Leeuwenburg left the Rotterdam
office. Ab Gillhaus has relocated
back to the Netherlands from Lon-
don Branch. He takes up a position
as assistant to Hans Megens,
deputy general manager interna
tional, responsible for food and
agribusiness.
CORRECTION
Due to an unfortunate printing
error,a section of last issue's
People column was left out.
We would like to correct this
mistake and apologise to the
people concerned.The first
few lines of the previous
column should have read:
Curaqao: Mario Lotufo leaves
his position as area manager in
Utrecht to become commercial
banking officer in Curacao.
Germany: Chieh-Mi Chan has
been appointed DTB/OTC
dealer,financial markets,
Valerie Schlegel becomes
head of equity derivatives,
financial markets.
Once again, our apologies.
European-style: an option in
which the buyer has exercise
right only at expiration.
Butterfly spread: the simul-
taneous sale of an at-the-money
straddle and purchase of an
out-of-the-money strangle.
Condor: the simultaneous pur- 1
chase (sale) of an out-of-the-
money strangle and an even fur-
ther out-of-the-money strangle.
Black-Scholes model: the orig-
inal closed-form solution to op
tion pricing developed by Fischer
Black and Myron Scholes in 1973.
At-the-money: two types, one
is a forward.the other a spot.
The first is an option whose
strike is set at the same level as
the prevailing market price of
the underlying forward con
tract. Using a Black-Scholes
model, the delta of a European
style at-the-money forward op
tion will always be 0.5.The price
of the second, the at-the-money^
spot, is the same but the delta
may not be equal to 0.5 as for-
wards commonly trade at a pre
mium or discount to the spot.