*****************************************************
			   FUTCAL32 - FUTCALC 32 Bit
			   FIS LTD
			   Evaluation Version 7.0
			   Release Date - Apr 1997
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FIS Ltd. provides a limited license for you to evaluate this product
for a period of 30 days in your own work environment. This "try before
you buy" approach allows you to determine if the product meets your
individual needs before you purchase it.If you continue to use this
product after the 30 day evaluation period, you are required to
purchase a licensed version.
     
PLEASE READ THIS ENTIRE FILE AND DISCLAIM.TXT BEFORE INSTALLING
AND USING FUTCAL32.

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Installation
************

The evaluation version of FUTCAL32 is provided in compressed format
(i.e. in ZIP format)

     1. The simplest form of installation is to copy the compressed
	file to a single directory (i.e. \FUTCAL32).  If you have a
	previous version of FUTCAL32 on your hard drive, and you want
	to retain it, create a different directory (i.e., \FUTCBKP).

     2. Decompress the file using the decompression program. All
	distribution files should remain in the same directory.
	(e.g. pkunzip FUTCAL32.zip)

     3. Start Excel 7 (or later) and load FUTCAL32.XLL addin.

     4. Open FUTCALC.XLS to see how to use the addin.


List of Files
-------------

DISCLAIM.TXT
ORDER.TXT
README.TXT
FUTCAL32.XLL
FUTCALC.XLS

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Description
***********

FUTCAL32.XLL is an Excel addin for Excel 7 or later and evaluates
futures fair values, deltas, thetas, rhos.

(Please note that the gamma and vega exposure for Futures are zero 
and therefore are not necessary to be calculated).

FutDrvr also determines the premium, basis, index value, 
and implied dividend of the future.

The index value is what the underlying's spot value should be
given futures price.

The implied dividend shows how the future's fair value differs from
the market price.

All calculations are accessed by the driver function FUTCALC:-

	FUTCALC(ResType, Price Spot, DaysToMat, Intrate, DivYield)


Parameters              Comments
----------              --------
ResType                 See below
Price			Future's Market Price
Spot			Future's Underlying Spot value
DaystoMat		Number of days to Future's maturity
Rate (%)		Interest Rate
Div Yield (%)  		Annual Div. Yield

	
Restype         Comments
-------         --------
		
1               Fair Value      
2               Delta   
3               Theta   
4               Rho
5		Premium
6		Index Val
7		Implied Dividend
8		Basis


Please refer to FUTCALC.XLS to see how models are used.

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Registering as a Licensed User
******************************

As a registered user, you will receive a licensed copy of the latest
FUTCAL32.XLL addin. The difference between the licensed copy and the
evaluation copy is that the calculator is not restricted to options
with short term maturity dates (45 days to maturity at most) or to
interest rates equal to 10%. In such cases the evaluation copy
returns #N/A.

Please refer to the file order.txt for details on how to register for
your licensed copy. 

Please feel free to contact us at any time if you have any questions,
comments or suggestions at:-

	FIS Ltd.
	28 Drakes Drive
	Northwood, Middx. HA6 2SL
	UK

Or:-	Electronic Mail: 100613.3010@compuserve.com