## Forward Surprise

Subtype of Job RequestThis is the part of the

**described in PnL due exclusively to the impact of the realized forward value at the given horizon date**

*PnL***being different than what had been expected at the given spot date (denoted as**

*T***).**

*0*It is also part of the PnL Explain table PnLExplain Table that is produced in association with the key PnL Explain when a tradable is priced with the Advanced Pricing model input.

It is calculated as the difference:

(Horizon Price) - (Forward Price)

where the two terms are described at Horizon Price and Forward Price

Plugging

**for the first term and**

*H***for the second, we get:**

*F*H - F

The remaining part of

**is given by Carry Surprise**

*PnL*