Implied Volatility Rates
                                          For Foreign Currency Options*
                                          5/30/2008


Implied Vols 1 Week    1 Month   2 Month   3 Month   6 Month   12 Month   2 Year    3 Year
EUR            9.1       9.0       9.4       9.5       9.8       9.9       9.7       9.5
JPY            11.5      10.9      10.8      10.6      10.5      10.3      9.9       9.7
CHF            11.2      11.2      11.2      11.0      10.9      10.6      10.0      9.6
GBP            7.5       7.9       8.1       8.2       8.4       8.4       8.3       8.3
CAD            10.2      9.9       10.0      10.1      10.2      10.3      10.2      10.2
AUD            10.0      10.3      10.7      10.9      11.4      11.5      11.3      11.1
GBPEUR         7.9       7.8       8.0       8.0       8.1       8.1       8.1       8.0
EURJPY         9.7       9.7       9.9       9.9       10.0      10.1      9.4       10.0


* This release provides survey ranges of implied volatility mid rates for at the money options as of 11:00 AM.
The quotes are for contracts of at least $10 Million with a prime counterparty.

This information is based on data collected by the Federal Reserve Bank of New York from a sample of market
participants and is intended only for informational purposes.

The data were obtained from sources believed to be reliable but this bank does not guarantee their accuracy,
completeness, or correctness.

For background information on the release, see page VBGROUND.FRB


























































































































































































































































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