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AMEX OFFERS NEW OPPORTUNITY TO PARTICIPATE IN JAPANESE CURRENCY MARKET; LEHMAN BROTHERS HOLDINGS INC. ISSUES 3 MILLION YEN BEAR WARRANTS

 NEW YORK, Sept. 15 /PRNewswire/ -- The American Stock Exchange today listed a new issue of Japanese Yen Bear Warrants expiring on Sept. 15, 1995. Trading under ticker symbol, "YEN.WS," the yen warrants trade much like a call option on the U.S. dollar and a put option on the yen.
 Lehman Brothers Holdings Inc. issued 3 million of the warrants which were underwritten by Lehman Brothers and Oppenheimer & Co., Inc. The securities opened for trading at 6-3/4 on 27,500 warrants.
 The new warrants carry a strike price of 106.27 yen/U.S. $1. Upon exercise, the holder of a warrant will receive an amount in U.S. dollars calculated by reference to decreases in the value of the Japanese yen relative to the U.S. dollar.
 The trading price of the warrants may be affected by factors including, but not limited to: changes in the value of the spot U.S. dollar/yen exchange rate (current price), the volatility of the U.S. dollar/yen exchange rate, the changes in interest rates on yen and U.S. dollar fixed income instruments, and the time remaining to expiration.
 Crooks, Osher & Co. is the specialist unit for the new warrants.
 "The continued growth in international equity investing underlies the importance of providing financial instruments that allow hedging opportunities as well as a relatively simple way to make a judgement on the direction of one currency versus another," said Benjamin D. Krause, Amex senior vice president of capital markets.
 A leader in creating and bringing new derivative security products to market, the Amex previously listed the first exchange-traded U.S. dollar/yen warrants in 1987, followed closely by warrants on the Deutsche mark, and in 1992, by U.S. dollar/British pound warrants. Currency warrants based on the U.S. dollar in relation to the combined currencies of the pound, yen and mark were also added last January.
 The Amex is the only U.S. marketplace that currently trades warrants based on London's Financial Times Stock Exchange Eurotrack 200 Index and France's CAC-40 Index. In addition, it is the home of Standard & Poor's Depositary Receipts(tm), SPDRs(tm) (pronounced SPIDERS) -- based on the domestic S&P 500 Index, and Stock Index Return Securities on the S&P MidCap 400 Index.
 -0- 9/15/93
 /CONTACT: Kathleen Fitzpatrick, manager, derivative securities communications, American Stock Exchange, 212-306-1697/


CO: American Stock Exchange ST: New York IN: FIN SU:

TW -- NY077 -- 2351 09/15/93 15:30 EDT
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Publication:PR Newswire
Date:Sep 15, 1993
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