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Heath Windcliff,* Martin Le Roux,^ Peter Forsyth,^^ and Kenneth Vetzal sec

* Heath Windcliff is a Ph.D. candidate in the Department of Computer Science, University of Waterloo, Waterloo ON N2L 3G1, Canada, e-mail: hawi ndcl iff@elora.math.uwaterloo.ca.

^ Martin K. Le Roux is Director, Product Development, ING Institutional Markets, 1290 Broadway, Denver CO 80203-5699, e-mail: martin.le.roux@ing-im.com.

^^ Peter A. Forsyth is Professor, Department of Computer Science, University of Waterloo, Waterloo ON N2L 3G1, Canada, e-mail: paforsyt@elora. math.uwaterloo.ca.

sec Kenneth R. Vetzal is Associate Professor, Centre for Advanced Studies in Finance, University of Waterloo, Waterloo ON N2L 3G1, Canada, e-mail: kvetzal@watarts.uwaterloo.ca.