the previous section deals with models for the unconditional and con-

Many other subordinated models were proposed in literature. In partic ular we recall the Clark model (1973), the log-student t model (see Praetz, 1972 Blattberg and Gonedes, 1974), the log Laplace model (see Mittnik and Rachev, 1993), the hyperbolic model (see Barndorff-Nielsen, 1994, Eberlein and Keller 1995). These subordinated models were recently analyzed and compared by Hurst, Platen and Rachev (1997). For alternative approaches to option pricing with stable distributions that do not use subordinated pro cesses see McCulloch (1996) Rachev and Mittnik (2000) and the references therein.