Target Redemption Forward – TARF

Last updated 9 November 2026

Function reference › FX Derivatives › Other Products

3 GIAnalyzer functions for Excel. Optional arguments are shown in [brackets].

GIA_FXD_TARF_Value

Returns the value of a TARF, given volatility and interest rates for the base and counter currrencies, using the Monte-Carlo method.

GIA_FXD_TARF_Value(Type, Notional, Strike, Leverage, Target, TargetType, S, InterestRateB, InterestRateC, Volatility, FixingDates, FixingRates, VDate, SDate, Comp, DaysB, DaysC, n, Seed, OutputType, ValueCur)

Returns: Value of a TARF

Argument	Use	Description
`Type`	Required	The TARF's type (Call, Put)
`Notional`	Required	The TARF's type notional amount, in terms of the base currency. For a long position, the sign is positive, and for a short position, it is negative.
`Strike`	Required	The TARF's strike price.
`Leverage`	Required	The TARF's leverage factor.
`Target`	Required	The TARF's target sum, in terms of the counter currency.
`TargetType`	Required	The type of the payment when the target is reached (Full, Capped, None).
`S`	Required	The spot rate
`InterestRateB`	Required	The interest rate of the base currency.
`InterestRateC`	Required	The interest rate of the counter currency.
`Volatility`	Required	The volatility of the underlying asset.
`FixingDates`	Required	The array of all - past and future - fixing dates.
`FixingRates`	Required	The array of past fixing spot rates.
`VDate`	Required	The value date.
`SDate`	Required	The spot date.
`Comp`	Required	The compounding basis of the interest rates (Annual, SemiAnnual, Quarterly, Monthly, Simple, Continuous)
`DaysB`	Required	The time basis of the base currency interest rate (act/360, act/365, act/act, 30E/360, 30I/360)
`DaysC`	Required	The time basis of the counter currency interest rate (act/360, act/365, act/act, 30E/360, 30I/360)
`n`	Required	The number of Monte-Carlo simulations to be performed.
`Seed`	Required	The RNG seed.
`OutputType`	Required	The output type (Value, AccumulatedSoFar).
`ValueCur`	Required	The output currency (Base, Counter).

GIA_FXD_TARF_ValueFromCurves

Returns the value of a TARF, given volatility and interest rate curves for the base and counter currrencies, using the Monte-Carlo method.

GIA_FXD_TARF_ValueFromCurves(Type, Notional, Strike, Leverage, Target, TargetType, S, CurveDatesB, CurveRatesB, CurveDatesC, CurveRatesC, Volatility, FixingDates, FixingRates, VDate, SDate, Comp, DaysB, DaysC, Interp, n, Seed, OutputType, ValueCur)

Returns: Value of a TARF

Argument	Use	Description
`Type`	Required	The TARF's type (Call, Put)
`Notional`	Required	The TARF's type notional amount, in terms of the base currency. For a long position, the sign is positive, and for a short position, it is negative.
`Strike`	Required	The TARF's strike price.
`Leverage`	Required	The TARF's leverage factor.
`Target`	Required	The TARF's target sum, in terms of the counter currency.
`TargetType`	Required	The type of the payment when the target is reached (Full, Capped, None).
`S`	Required	The spot rate
`CurveDatesB`	Required	The array of dates in the base currency interest rate curve.
`CurveRatesB`	Required	The array of rates in the base currency interest rate curve.
`CurveDatesC`	Required	The array of dates in the counter currency interest rate curve.
`CurveRatesC`	Required	The array of rates in the counter currency interest rate curve.
`Volatility`	Required	The volatility of the underlying asset.
`FixingDates`	Required	The array of historical fixing dates.
`FixingRates`	Required	The array of historical fixing spot rates.
`VDate`	Required	The value date.
`SDate`	Required	The spot date.
`Comp`	Required	The compounding basis of the interest rates (Annual, SemiAnnual, Quarterly, Monthly, Simple, Continuous)
`DaysB`	Required	The time basis of the base currency interest rates (act/360, act/365, act/act, 30E/360, 30I/360)
`DaysC`	Required	The time basis of the counter currency interest rates (act/360, act/365, act/act, 30E/360, 30I/360)
`Interp`	Required	The interpolation method (Linear, LogLinear, CubicSpline, Exponential)
`n`	Required	The number of Monte-Carlo simulations to be performed.
`Seed`	Required	The RNG seed.
`OutputType`	Required	The output type (Value, AccumulatedSoFar).
`ValueCur`	Required	The output currency (Base, Counter).

GIA_FXD_TARF_ValueFromCurvesAndVolatilityCurve

Returns the value of a TARF, given a volatility curve and interest rate curves for the base and counter currrencies, using the Monte-Carlo method.

GIA_FXD_TARF_ValueFromCurvesAndVolatilityCurve(Type, Notional, Strike, Leverage, Target, TargetType, S, CurveDatesB, CurveRatesB, CurveDatesC, CurveRatesC, VolatilityDates, VolatilityRates, FixingDates, FixingRates, VDate, SDate, Comp, DaysB, DaysC, Interp, n, Seed, OutputType, ValueCur)

Returns: Value of a TARF

Argument	Use	Description
`Type`	Required	The TARF's type (Call, Put)
`Notional`	Required	The TARF's type notional amount, in terms of the base currency. For a long position, the sign is positive, and for a short position, it is negative.
`Strike`	Required	The TARF's strike price.
`Leverage`	Required	The TARF's leverage factor.
`Target`	Required	The TARF's target sum, in terms of the counter currency.
`TargetType`	Required	The type of the payment when the target is reached (Full, Capped, None).
`S`	Required	The spot rate
`CurveDatesB`	Required	The array of dates in the base currency interest rate curve.
`CurveRatesB`	Required	The array of rates in the base currency interest rate curve.
`CurveDatesC`	Required	The array of dates in the counter currency interest rate curve.
`CurveRatesC`	Required	The array of rates in the counter currency interest rate curve.
`VolatilityDates`	Required	The array of dates in the volatility curve.
`VolatilityRates`	Required	The array of values in the volatility curve.
`FixingDates`	Required	The array of historical fixing dates.
`FixingRates`	Required	The array of historical fixing spot rates.
`VDate`	Required	The value date.
`SDate`	Required	The spot date.
`Comp`	Required	The compounding basis of the interest rates (Annual, SemiAnnual, Quarterly, Monthly, Simple, Continuous)
`DaysB`	Required	The time basis of the base currency interest rates (act/360, act/365, act/act, 30E/360, 30I/360)
`DaysC`	Required	The time basis of the counter currency interest rates (act/360, act/365, act/act, 30E/360, 30I/360)
`Interp`	Required	The interpolation method (Linear, LogLinear, CubicSpline, Exponential)
`n`	Required	The number of Monte-Carlo simulations to be performed.
`Seed`	Required	The RNG seed.
`OutputType`	Required	The output type (Value, AccumulatedSoFar).
`ValueCur`	Required	The output currency (Base, Counter).