Measures

A measure is a metric that can be calculated on an instrument, like a dollar price. Below is a table of supported measures and their definitions.

Measure	Definition
Dollar Price	Price of the instrument in US Dollars
Price*	Price of the instrument (In local currency unless currency specified in parameters)
ForwardPrice	Price of the instrument at expiry in the local currency
CDDelta	Change in option Dollar Price relative to the change in underlying index Dollar Price, due to a 1bp shift in the underlying index spread
CDGamma	Change in option Delta relative to the change in underlying index Delta, due to a 1bp shift in the underlying index spread
CDTheta	Change in option Dollar Price over one day
CDVega	Change in option Dollar Price due to a 1bp shift in the implied volatility of the underlying index
EqDelta*	Change in Dollar Price (USD present value) due to individual 1% move in the spot price of underlying equity security
EqGamma*	Change in EqDelta for a 1% move in the price of the underlying equity security
EqVega*	Change in Dollar Price (USD present value) due to individual 1bp moves in the implied volatility of the underlying equity security
FXDelta*	Dollar Price sensitivity of the instrument to a move in the underlying spot such that dSpot * FXDelta = PnL
FXGamma*	FXDelta sensitivity of the instrument to a move in the underlying spot such that dSpot * FXGamma = dDelta
FXAnnualImpliedVol	FX daily implied volatility (in percent)
FXAnnualATMImpliedVol	FX daily implied volatility (in basis points)
FXSpot	FX spot reference
FXVega*	Change in Dollar Price due to a 1 vol move in the implied volatility of ATM instruments used to build the volatility surface
IRBasis*	Change in Dollar Price (USD present value) due to individual 1bp moves in the interest rate instruments used to build the basis curve(s)
IRDelta*	Change in Dollar Price (USD present value) due to individual 1bp moves in the interest rate instruments used to build the underlying discount curve
IRGamma*	Change in aggregated IRDelta for a aggregated 1bp shift in the interest rate instruments used to build the underlying discount curve
IRVega*	Change in Dollar Price (USD present value) due to individual 1bp moves in the implied volatility (IRAnnualImpliedVol) of instruments used to build the volatility surface
IRAnnualImpliedVol	Interest rate annual implied volatility (in percent)
IRAnnualATMImpliedVol	Interest rate annual implied at-the-money volatility (in percent)
IRDailyImpliedVol	Interest rate daily implied volatility (in basis points)
IRSpotRate	Interest rate at-the-money spot rate (in percent)
IRFwdRate	Interest rate par rate (in percent)
IRXccyDelta*	Change in Price due to 1bp move in cross currency rates.
InflationDelta*	Change in Price due to 1bp move in inflation curve.

Note - * indicates parameterised risk measures. See Parameterised Risk Measure section below.

Calculating Price Measures

Let's price an instrument. For information on how to define an instrument, please refer to the Instruments tutorial.

Note, below we resolve the swaption parameters that will be used to price the swaption, thereby mutating the swaption object. If resolve(), is not called prior to calling price(), the object will be copied and resolved on the fly without mutating the original swaption object. The preferred behavior may depend on the PricingContext - more on this in the Pricing Context guide.

price() method will return price in the local currency.

IR Swaps

from gs_quant.instrument import IRSwap
from gs_quant.common import PayReceive, Currency
# Creating Swaps - spot starting, forward starting
swap = IRSwap(PayReceive.Receive, '10y', 'GBP', fixed_rate='atm+50', notional_amount=1e8)  # running
swap_fwd_start = IRSwap(PayReceive.Pay, '5y', 'EUR', fixed_rate='atm+20', effective_date='3y')  # fwd starting
# View Instrument w/ specified relative parameters
swap_fwd_start.as_dict()

Output:

{'asset_class': Rates,
 'fee': 0,
 'termination_date': '5y',
 'fixed_rate': 'atm+20',
 'pay_or_receive': Pay,
 'notional_currency': EUR,
 'type': Swap,
 'effective_date': '3y'}

# Resolve Instrument, View fixed parameters
swap_fwd_start.resolve()
swap_fwd_start.as_dict()

Output:

{'fixed_rate_day_count_fraction': 30/360,
 'principal_exchange': None,
 'fixed_rate_frequency': '1y',
 'notional_amount': 100000000.0,
 'roll_convention': 'Default',
 'floating_rate_business_day_convention': Modified Following,
 'fee_payment_date': datetime.date(2020, 10, 29),
 'floating_rate_designated_maturity': '6m',
 'fixed_last_stub': datetime.date(2028, 10, 30),
 'asset_class': Rates,
 'fixed_first_stub': datetime.date(2023, 10, 30),
 'floating_hols': 'Target',
 'floating_rate_option': 'EUR-EURIBOR-Telerate',
 'floating_rate_day_count_fraction': ACT/360,
 'fixed_rate_business_day_convention': Modified Following,
 'floating_rate_spread': 0.0,
 'floating_rate_frequency': '6m',
 'fee': 0.0,
 'termination_date': datetime.date(2028, 10, 30),
 'fixed_rate': -0.0003280328013176625,
 'floating_first_stub': datetime.date(2023, 10, 30),
 'pay_or_receive': Pay,
 'fee_currency': EUR,
 'fixed_hols': 'Target',
 'notional_currency': EUR,
 'type': Swap,
 'clearing_house': NONE,
 'effective_date': datetime.date(2023, 10, 30),
 'floating_last_stub': datetime.date(2028, 10, 30)}

Calculating Risk Measures

We can also calculate risk measures for the defined instrument. Please refer to the Risk Package for the available risk measures. Calling calc(risk_measure) calculates the value of the risk measure and can return a float, a dataframe or a future thereof, depending on how PricingContext is being used - more on this in the Pricing Context tutorial.

Calculate a scalar value like implied volatility:

import gs_quant.risk as risk

swaption.calc(risk.IRAnnualImpliedVol) * 10000

Output:

65.75327244844051

Calculate a structured value like vega:

swaption.calc(risk.IRVega)

Output:

 marketDataType	      assetId	pointClass	point	      value
0       IR VOL	USD-LIBOR-BBA	SWAPTION	5Y;9M	-833.270880
1	    IR VOL	USD-LIBOR-BBA	SWAPTION	5Y;1Y	11436.482786
2	    IR VOL	USD-LIBOR-BBA	SWAPTION	5Y;15M	6506.953414
3	    IR VOL	USD-LIBOR-BBA	SWAPTION	5Y;18M	-881.193556

Calculate IR Delta (Aggregated Scalar and Ladder) for Swaps

ir_risk = swap.calc((risk.IRDelta(aggregation_level=AggregationLevel.Type), risk.IRDelta(aggregation_level=AggregationLevel.Type, currency='local'), risk.IRDelta))

# Print Risks
print(ir_risk[risk.IRDelta(aggregation_level=AggregationLevel.Type)])
print(ir_risk[risk.risk.IRDelta(aggregation_level=AggregationLevel.Type, currency='local')])
print(ir_risk[risk.IRDelta])

Output:

-126266.81091040764
-96980.10870167123
   mkt_type mkt_asset mkt_class  mkt_point         value
0        IR       GBP      CASH      1 DAY  1.739874e+00
1        IR       GBP      CASH  CASH STUB  1.759617e+03
2        IR       GBP       FRA      DEC20  3.164005e+03
3        IR       GBP       FRA      MAR21  1.459212e+03
4        IR       GBP       FRA      JUN21 -3.191050e+01
5        IR       GBP       FRA      SEP21 -2.765180e+01
6        IR       GBP       FRA      DEC21 -2.575705e+01
7        IR       GBP       FRA      MAR22 -1.708280e+01
8        IR       GBP       FRA      JUN22 -1.008386e+01
9        IR       GBP       FRA      SEP22 -1.347198e+01
10       IR       GBP  SWAP OIS         3Y -1.644059e+02
11       IR       GBP  SWAP OIS         4Y -3.068205e+02
12       IR       GBP  SWAP OIS         5Y -1.554243e+02
13       IR       GBP  SWAP OIS         6Y -4.754207e+02
14       IR       GBP  SWAP OIS         7Y -3.978586e+02
15       IR       GBP  SWAP OIS         8Y -4.717499e+02
16       IR       GBP  SWAP OIS         9Y -6.641736e+02
17       IR       GBP  SWAP OIS        10Y -1.298433e+05
18       IR       GBP  SWAP OIS        12Y -4.921439e+01
19       IR       GBP  SWAP OIS        15Y  7.086755e+00
20       IR       GBP  SWAP OIS        20Y -5.343531e-01
21       IR       GBP  SWAP OIS        25Y -1.732565e-03
22       IR       GBP  SWAP OIS        30Y  2.842251e-04
23       IR       GBP  SWAP OIS        40Y -8.279800e-06
24       IR       GBP  SWAP OIS        50Y -7.247925e-08
25       IR       GBP  SWAP OIS        60Y  1.945496e-08
26       IR       GBP  SWAP OIS        70Y  3.051758e-08
27       IR       GBP  SWAP OIS        80Y  1.564026e-08
28       IR       USD      CASH        O/N -1.800790e+00
29       IR       USD      CASH  CASH STUB -1.800005e+00
30       IR       USD       FRA      DEC20  8.923584e-04
31       IR       USD       FRA      MAR21 -2.621010e-04
32       IR       USD       FRA      JUN21  2.066803e-06
33       IR       USD       FRA      SEP21  1.328514e-04
34       IR       USD       FRA      DEC21 -3.990868e-04
35       IR       USD       FRA      MAR22  3.143867e-04
36       IR       USD       FRA      JUN22  1.238235e-04
37       IR       USD       FRA      SEP22  0.000000e+00
38       IR       USD       FRA      DEC22  0.000000e+00
39       IR       USD       FRA      MAR23  0.000000e+00
40       IR       USD       FRA      JUN23  3.814697e-10
41       IR       USD       FRA      SEP23  0.000000e+00
42       IR       USD      SWAP         4Y  0.000000e+00
43       IR       USD      SWAP         5Y  3.814697e-10
44       IR       USD      SWAP         6Y -3.814697e-10
45       IR       USD      SWAP         7Y  0.000000e+00
46       IR       USD      SWAP         8Y  3.814697e-10
47       IR       USD      SWAP         9Y -7.629395e-10
48       IR       USD      SWAP        10Y -7.629395e-10
49       IR       USD      SWAP        12Y  3.814697e-10
50       IR       USD      SWAP        15Y  0.000000e+00
51       IR       USD      SWAP        20Y -3.814697e-10
52       IR       USD      SWAP        25Y  3.814697e-10
53       IR       USD      SWAP        30Y  0.000000e+00
54       IR       USD      SWAP        35Y  7.629395e-10
55       IR       USD      SWAP        40Y  3.814697e-10
56       IR       USD      SWAP        45Y  0.000000e+00
57       IR       USD      SWAP        50Y -7.629395e-10

Calculate a conditional risk measure. Show IRDelta Ladder only where exposure >1e-2

ird_ladder=ir_risk[risk.IRDelta]
print(ird_ladder[abs(ird_ladder.value)>1e-2])

Output:

   mkt_type mkt_asset mkt_class  mkt_point          value
0        IR       GBP      CASH      1 DAY       1.739874
1        IR       GBP      CASH  CASH STUB    1759.617323
2        IR       GBP       FRA      DEC20    3164.005345
3        IR       GBP       FRA      MAR21    1459.211995
4        IR       GBP       FRA      JUN21     -31.910504
5        IR       GBP       FRA      SEP21     -27.651800
6        IR       GBP       FRA      DEC21     -25.757052
7        IR       GBP       FRA      MAR22     -17.082804
8        IR       GBP       FRA      JUN22     -10.083864
9        IR       GBP       FRA      SEP22     -13.471984
10       IR       GBP  SWAP OIS         3Y    -164.405861
11       IR       GBP  SWAP OIS         4Y    -306.820500
12       IR       GBP  SWAP OIS         5Y    -155.424287
13       IR       GBP  SWAP OIS         6Y    -475.420745
14       IR       GBP  SWAP OIS         7Y    -397.858642
15       IR       GBP  SWAP OIS         8Y    -471.749941
16       IR       GBP  SWAP OIS         9Y    -664.173632
17       IR       GBP  SWAP OIS        10Y -129843.283225
18       IR       GBP  SWAP OIS        12Y     -49.214390
19       IR       GBP  SWAP OIS        15Y       7.086755
20       IR       GBP  SWAP OIS        20Y      -0.534353
28       IR       USD      CASH        O/N      -1.800790
29       IR       USD      CASH  CASH STUB      -1.800005

See measures table for information on units.

Parameterised Risk Measures

Some risk measures now support extra parameters

You can now specify which currency you want the price of an instrument to be expressed in

eur_swap = IRSwap(PayReceive.Pay, '5y', 'EUR', fixed_rate='atm+20')
price = eur_swap.price(currency='PLN')
print(f'{price} {list(price.unit.keys())[0]}')

Output:

-4634381.565442756 Polish Zloty

For some finite difference risk measures (noted * in the table above), you can now pass in the specifics of the calculation methodology.

Parameters supported in finite difference risk measures

Parameter name	Type	Description
currency	string	Currency of risk result
aggregation_level	gs_quant.target.common.AggregationLevel	Level of aggregate shift
local_curve	bool	Change in Price (present value in the denominated currency)
finite_difference_method	gs_quant.target.common.FiniteDifferenceParameter	Direction and dimension of finite difference
mkt_marking_mode	string	Market marking mode
bump_size	float	Bump size
scale_factor	float	Scale factor

print(swap.calc(risk.IRDelta))

Output:

-4634381.565442756 Polish Zloty

print(swap.calc(risk.IRDelta))

Output:

mkt_type mkt_asset mkt_class  mkt_point mkt_quoting_style         value
0        IR       GBP      CASH      1 DAY                    3.975320e+01
1        IR       GBP      CASH  CASH STUB                   -1.712791e+01
2        IR       GBP       FRA      SEP21                   -3.340941e+01
3        IR       GBP       FRA      DEC21                   -3.304035e+01
4        IR       GBP       FRA      MAR22                   -3.388328e+01
5        IR       GBP       FRA      JUN22                   -2.238591e+01
6        IR       GBP       FRA      SEP22                   -1.839452e+01
7        IR       GBP       FRA      DEC22                   -1.489927e+01
8        IR       GBP       FRA      MAR23                   -1.882270e+01
9        IR       GBP       FRA      JUN23                   -4.702490e+00
10       IR       GBP  SWAP OIS         3Y                   -1.963525e+02
11       IR       GBP  SWAP OIS         4Y                   -2.661177e+02
12       IR       GBP  SWAP OIS         5Y                   -3.323207e+02
13       IR       GBP  SWAP OIS         6Y                   -3.993289e+02
14       IR       GBP  SWAP OIS         7Y                   -4.709492e+02
15       IR       GBP  SWAP OIS         8Y                   -5.330585e+02
16       IR       GBP  SWAP OIS         9Y                   -6.006114e+02
17       IR       GBP  SWAP OIS        10Y                   -1.356210e+05
18       IR       GBP  SWAP OIS        12Y                    1.755524e-05
19       IR       GBP  SWAP OIS        15Y                   -1.166458e-05
20       IR       GBP  SWAP OIS        20Y                    4.046631e-06
21       IR       GBP  SWAP OIS        25Y                   -5.867004e-07
22       IR       GBP  SWAP OIS        30Y                    2.937317e-08
23       IR       GBP  SWAP OIS        40Y                    6.866455e-09
24       IR       GBP  SWAP OIS        50Y                   -2.162933e-07
25       IR       GBP  SWAP OIS        60Y                   -2.059937e-08
26       IR       GBP  SWAP OIS        70Y                    3.128052e-08
27       IR       GBP  SWAP OIS        80Y                   -3.433228e-08
28       IR       USD      CASH        O/N                   -1.874307e+00
29       IR       USD      CASH  CASH STUB                   -5.621533e+00
30       IR       USD       FRA      SEP21                    7.039375e-05
31       IR       USD       FRA      DEC21                   -4.110413e-05
32       IR       USD       FRA      MAR22                    1.529045e-05
33       IR       USD       FRA      JUN22                   -9.892464e-05
34       IR       USD       FRA      SEP22                    1.229893e-04
35       IR       USD       FRA      DEC22                    1.500053e-04
36       IR       USD       FRA      MAR23                   -1.602684e-04
37       IR       USD       FRA      JUN23                   -1.144409e-09
38       IR       USD       FRA      SEP23                    0.000000e+00
39       IR       USD       FRA      DEC23                    0.000000e+00
40       IR       USD       FRA      MAR24                    0.000000e+00
41       IR       USD       FRA      JUN24                   -3.814697e-10
42       IR       USD      SWAP         4Y                    1.525879e-09
43       IR       USD      SWAP         5Y                    0.000000e+00
44       IR       USD      SWAP         6Y                    3.814697e-10
45       IR       USD      SWAP         7Y                   -3.814697e-10
46       IR       USD      SWAP         8Y                   -7.629395e-10
47       IR       USD      SWAP         9Y                    0.000000e+00
48       IR       USD      SWAP        10Y                   -1.144409e-09
49       IR       USD      SWAP        12Y                   -3.814697e-10
50       IR       USD      SWAP        15Y                   -3.814697e-10
51       IR       USD      SWAP        20Y                    1.525879e-09
52       IR       USD      SWAP        25Y                    0.000000e+00
53       IR       USD      SWAP        30Y                    1.144409e-09
54       IR       USD      SWAP        35Y                    0.000000e+00
55       IR       USD      SWAP        40Y                    3.814697e-10
56       IR       USD      SWAP        45Y                    0.000000e+00
57       IR       USD      SWAP        50Y                   -3.814697e-10

# Calculate delta calculated due to change in Price only in the denominated currency
print(swap.calc(risk.IRDelta(currency='local')))

Output:

mkt_type mkt_asset mkt_class  mkt_point mkt_quoting_style         value
0        IR       GBP      CASH      1 DAY                   -1.068222e+00
1        IR       GBP      CASH  CASH STUB                   -1.641412e+01
2        IR       GBP       FRA      SEP21                   -2.409039e+01
3        IR       GBP       FRA      DEC21                   -2.382426e+01
4        IR       GBP       FRA      MAR22                   -2.443204e+01
5        IR       GBP       FRA      JUN22                   -1.614180e+01
6        IR       GBP       FRA      SEP22                   -1.326354e+01
7        IR       GBP       FRA      DEC22                   -1.074325e+01
8        IR       GBP       FRA      MAR23                   -1.357251e+01
9        IR       GBP       FRA      JUN23                   -3.390803e+00
10       IR       GBP  SWAP OIS         3Y                   -1.415830e+02
11       IR       GBP  SWAP OIS         4Y                   -1.918883e+02
12       IR       GBP  SWAP OIS         5Y                   -2.396250e+02
13       IR       GBP  SWAP OIS         6Y                   -2.879423e+02
14       IR       GBP  SWAP OIS         7Y                   -3.395852e+02
15       IR       GBP  SWAP OIS         8Y                   -3.843700e+02
16       IR       GBP  SWAP OIS         9Y                   -4.330801e+02
17       IR       GBP  SWAP OIS        10Y                   -9.779165e+04
18       IR       GBP  SWAP OIS        12Y                    1.270790e-05
19       IR       GBP  SWAP OIS        15Y                   -8.369064e-06
20       IR       GBP  SWAP OIS        20Y                    2.946854e-06
21       IR       GBP  SWAP OIS        25Y                   -4.714966e-07
22       IR       GBP  SWAP OIS        30Y                    5.264282e-08
23       IR       GBP  SWAP OIS        40Y                    2.021790e-08
24       IR       GBP  SWAP OIS        50Y                   -1.125336e-07
25       IR       GBP  SWAP OIS        60Y                    3.433228e-08
26       IR       GBP  SWAP OIS        70Y                    0.000000e+00
27       IR       GBP  SWAP OIS        80Y                   -8.659363e-08

from gs_quant.common import AggregationLevel
# Calculate delta using an aggregated 1bp shift and using change in Price only in the denominated currency
print(swap.calc(risk.IRDelta(aggregation_level=AggregationLevel.Type, currency='local')))

Output:

-100327.21051493683

Related Content

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Measures
Calculating Price Measures
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Australia: This material is distributed by Goldman Sachs Asset Management Australia Pty Ltd ABN 41 006 099 681, AFSL 228948 (‘GSAMA’) and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). This document may not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced or distributed to any person without the prior consent of GSAMA. To the extent that this document contains any statement which may be considered to be financial product advice in Australia under the Corporations Act 2001 (Cth), that advice is intended to be given to the intended recipient of this document only, being a wholesale client for the purposes of the Corporations Act 2001 (Cth). Any advice provided in this document is provided by either of the following entities. They are exempt from the requirement to hold an Australian financial services licence under the Corporations Act of Australia and therefore do not hold any Australian Financial Services Licences, and are regulated under their respective laws applicable to their jurisdictions, which differ from Australian laws. Any financial services given to any person by these entities by distributing this document in Australia are provided to such persons pursuant to the respective ASIC Class Orders and ASIC Instrument mentioned below.

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Goldman Sachs Asset Management International (GSAMI), Goldman Sachs International (GSI), pursuant to ASIC Class Order 03/1099; regulated by the Financial Conduct Authority; GSI is also authorized by the Prudential Regulation Authority, and both entities are under UK laws.
Goldman Sachs Asset Management (Singapore) Pte. Ltd. (GSAMS), pursuant to ASIC Class Order 03/1102; regulated by the Monetary Authority of Singapore under Singaporean laws
Goldman Sachs Asset Management (Hong Kong) Limited (GSAMHK), pursuant to ASIC Class Order 03/1103 and Goldman Sachs (Asia) LLC (GSALLC), pursuant to ASIC Instrument 04/0250; regulated by the Securities and Futures Commission of Hong Kong under Hong Kong laws

No offer to acquire any interest in a fund or a financial product is being made to you in this document. If the interests or financial products do become available in the future, the offer may be arranged by GSAMA in accordance with section 911A(2)(b) of the Corporations Act. GSAMA holds Australian Financial Services Licence No. 228948. Any offer will only be made in circumstances where disclosure is not required under Part 6D.2 of the Corporations Act or a product disclosure statement is not required to be given under Part 7.9 of the Corporations Act (as relevant).

FOR DISTRIBUTION ONLY TO FINANCIAL INSTITUTIONS, FINANCIAL SERVICES LICENSEES AND THEIR ADVISERS. NOT FOR VIEWING BY RETAIL CLIENTS OR MEMBERS OF THE GENERAL PUBLIC

Canada: This presentation has been communicated in Canada by GSAM LP, which is registered as a portfolio manager under securities legislation in all provinces of Canada and as a commodity trading manager under the commodity futures legislation of Ontario and as a derivatives adviser under the derivatives legislation of Quebec. GSAM LP is not registered to provide investment advisory or portfolio management services in respect of exchange-traded futures or options contracts in Manitoba and is not offering to provide such investment advisory or portfolio management services in Manitoba by delivery of this material.

Japan: This material has been issued or approved in Japan for the use of professional investors defined in Article 2 paragraph (31) of the Financial Instruments and Exchange Law ("FIEL"). Also, any description regarding investment strategies on or funds as collective investment scheme under Article 2 paragraph (2) item 5 or item 6 of FIEL has been approved only for Qualified Institutional Investors defined in Article 10 of Cabinet Office Ordinance of Definitions under Article 2 of FIEL.

Interest Rate Benchmark Transition Risks: This transaction may require payments or calculations to be made by reference to a benchmark rate ("Benchmark"), which will likely soon stop being published and be replaced by an alternative rate, or will be subject to substantial reform. These changes could have unpredictable and material consequences to the value, price, cost and/or performance of this transaction in the future and create material economic mismatches if you are using this transaction for hedging or similar purposes. Goldman Sachs may also have rights to exercise discretion to determine a replacement rate for the Benchmark for this transaction, including any price or other adjustments to account for differences between the replacement rate and the Benchmark, and the replacement rate and any adjustments we select may be inconsistent with, or contrary to, your interests or positions. Other material risks related to Benchmark reform can be found at https://www.gs.com/interest-rate-benchmark-transition-notice. Goldman Sachs cannot provide any assurances as to the materialization, consequences, or likely costs or expenses associated with any of the changes or risks arising from Benchmark reform, though they may be material. You are encouraged to seek independent legal, financial, tax, accounting, regulatory, or other appropriate advice on how changes to the Benchmark could impact this transaction.

Confidentiality: No part of this material may, without GSAM's prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient.

GSAM Services Private Limited (formerly Goldman Sachs Asset Management (India) Private Limited) acts as the Investment Advisor, providing non-binding non-discretionary investment advice to dedicated offshore mandates, involving Indian and overseas securities, managed by GSAM entities based outside India. Members of the India team do not participate in the investment decision making process.

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Calculating Price Measures

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