On April 28, 1995, the Paine Webber Group introduced a new type of security on the NYSE: U.S. dollar increase warrants on the yen. At exercise, each warrant entitled the holder to an amount of U.S. dollars calculated as Greater of (i) 0 and (ii) $100 - [$100 83.65/$ / Spot rate)] The "spot rate" in the formula refers to the yen/dollar rate on any day during the exercise period, which extended until April 28, 1996. The 1-year forward rate on April 28 was 79.72/$, and the spot rate was 83.65/$