http://gcc.gnu.org/bugzilla/show_bug.cgi?id=48766
--- Comment #3 from joseph at codesourcery dot com <joseph at codesourcery dot com> 2011-04-26 21:18:56 UTC --- The combination -fwrapv -ftrapv is not particularly meaningful; it ought to act exactly the same as -ftrapv (i.e. -ftrapv should override any previous -fwrapv, and vice versa; -fwrapv -fno-trapv should mean -fwrapv and -ftrapv -fno-wrapv should mean -ftrapv, as at present).
