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Accra Ghana had its first exam as a new centre. Quite a healthy number to start with. About 80% of the candidates were ERP candidates (and each of them wished they had had Bionic Turtle to study with), though, and the rest, FRM I. Quite a good exam; we await Jan 4, 2012.

Thought so too (writing a straddle IS indeed scary). Good insight and reinforcement of the point! Thanks.

Hi David. Just wondering: why would an investor choose a butterfly spread over a straddle write if the expectation is that the stock price movement would be minimal? Purely risk considerations? And why would the reverse happen, i.e. an investor chooses a straddle write over a butterfly spread?

Good response, David. Would have been disappointed if you had been less resolute in stressing how imperative sound ethical practice is to an FRM exam candidate.