bankers' acceptance

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Bankers' Acceptance Trading Strategy

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LB 15 19

LB 46 55

Bankers' Acceptance LB From 1/1/1991 to 9/30/2005

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

10

12

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70

72

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82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance LB From 10/1/2005 to 9/28/2007

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

10

12

14

16

18

20

22

24

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28

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70

72

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76

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80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance LB From 1/1/1991 to 9/28/2007

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

10

12

14

16

18

20

22

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82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

MA 26 26

MA 81 81

Bankers' Acceptance MA From 1/1/1991 to 9/30/2005

-0.6%

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

10

12

14

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20

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62

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68

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance MA From 10/1/2005 to 9/28/2007

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

10

12

14

16

18

20

22

24

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28

30

32

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36

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48

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70

72

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76

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80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance MA From 1/1/1991 to 9/28/2007

-0.4%

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

10

12

14

16

18

20

22

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48

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72

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82

84

86

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90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance MAC From 1/1/1991 to 9/30/2005

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

10

12

14

16

18

20

22

24

26

28

30

32

34

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42

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46

48

50

52

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58

60

62

64

66

68

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance MAC From 10/1/2005 to 9/28/2007

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

40

42

44

46

48

50

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60

62

64

66

68

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance MAC From 1/1/1991 to 9/28/2007

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

40

42

44

46

48

50

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62

64

66

68

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance BO From 1/1/1991 to 9/30/2005

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

10

12

14

16

18

20

22

24

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28

30

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62

64

66

68

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance BO From 10/1/2005 to 9/28/2007

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

1.8%

10

12

14

16

18

20

22

24

26

28

30

32

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38

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46

48

50

52

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62

64

66

68

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

Bankers' Acceptance BO From 1/1/1991 to 9/28/2007

-0.2%

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

40

42

44

46

48

50

52

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62

64

66

68

70

72

74

76

78

80

82

84

86

88

90

92

94

96

98

10

0

Horizon

PN

L

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