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ID:40234926
大小:423.01 KB
页数:34页
时间:2019-07-27
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1、lIntroductionslOptionsisatypeofcontractbetweentwopeoplewhereinonepersongrantstheotherpersontherighttobuyaspecificassetataspecificpricewithinaspecifictimeperiod.lThenthecontractmaygranttheotherpersontherighttosellaspecificassetataspecificpricewithinaspecific
2、timeperiod.lThepersonwhohasreceivedtheright,andthushasadecisiontomake,isknownastheoptionbuyerbecauseheorshemustpayforthisright.lThepersonwhohassoldtheright,andthusmustrespondtothebuyer’sdecision,isknownastheoptionwriter(seller).lThekeydifferencebetweensome‘
3、options”lIncentiveoptionslWarrantslPreemptiverightslConvertiblebondslTheunderlyingassetsofoptionslStocklForeignexchangelIndexlFutureslTypesofoptioncontractslCalloptionslCalloptiongivesthebuyertherighttobuy(callaway)aspecificnumberofsharesofaspecificcompanyf
4、romtheoptionwriterataspecificpurchasepriceatanytimeuptoandincludingaspecificdate.Notethatthecontractspecifies4items:lThecompanywhosesharescanbeboughtlThenumberofsharesthatcanbeboughtlThepurchasepriceforthoseshares,knownastheexercisepriceorstrikingpricelThed
5、atewhentherighttobuyexpires,knownastheexpirationdate(orexercisedate,maturitydate)lThepointisthatthebuyerofacalloptionwillhavetopaythewritersomethinginordertogetthewritertosignthecontract.Theamountpaidiscalledpremium.lClosedtheoptionslThewritercouldbuythecon
6、tractbackfrombuyerorfindsomeoneelsetotakethepositioninthecontract.lThebuyercouldlookforsomeonewhoiswillingtopayanagreed—uponsumofmoneytopossesstheoption’sright.lRoleofExchangelPutoptionslPutoptiongivesthebuyertherighttosell(toputaway)aspecificnumberofshares
7、ofaspecificcompanytotheoptionwriterataspecificsellingpriceatanytimeuptoandincludingaspecificdate.lThecompanywhosesharescanbesoldlThenumberofsharesthatcanbesoldlThesellingpriceforthoseshares,knownastheexercisepriceorstrikingpricelThedatewhentherighttosellexp
8、ires,knownastheexpirationdatelAmericanoptionslEuropeanoptionslOTCoptionslBermudanoptionslAsianoptionslPositionofoptionlLongpositionlShortpositionlPositionlimitlOptiontradinglExchangesbegintradinganewse
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