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1、7.1MechanicsofOptionsMarketsChapter7Options,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.2TypesofOptions•Acallisanoptiontobuy•Aputisanoptiontosell•AEuropeanoptioncanbeexercisedonlyattheendofitslife•AnAmericanoptioncanbeexercisedatanytimeOptions,Futures,andOther
2、Derivatives,5thedition©2002byJohnC.Hull7.3AssetsUnderlyingExchange-TradedOptionsPage151-152•Stocks•ForeignCurrency•StockIndices•FuturesOptions,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.4SpecificationofExchange-TradedOptions•Expirationdate•Strikeprice•Europea
3、norAmerican•CallorPut(optionclass)Options,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.5TerminologyMoneyness:–At-the-moneyoption–In-the-moneyoption–Out-of-the-moneyoptionOptions,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.6Terminology(continued)•Op
4、tionclass•Optionseries•Intrinsicvalue•TimevalueOptions,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.7Dividends&StockSplits(Page154-155)•SupposeyouownNoptionswithastrikepriceofK:–Noadjustmentsaremadetotheoptiontermsforcashdividends–Whenthereisann-for-mstocksplit
5、,•thestrikepriceisreducedtomK/n•theno.ofoptionsisincreasedtonN/m–StockdividendsarehandledinamannersimilartostocksplitsOptions,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.8Dividends&StockSplits(continued)•Consideracalloptiontobuy100sharesfor$20/share•Howshouldt
6、ermsbeadjusted:–fora2-for-1stocksplit?–fora5%stockdividend?Options,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.9MarketMakers•Mostexchangesusemarketmakerstofacilitateoptionstrading•Amarketmakerquotesbothbidandaskpriceswhenrequested•Themarketmakerdoesnotknowwhet
7、hertheindividualrequestingthequoteswantstobuyorsellOptions,Futures,andOtherDerivatives,5thedition©2002byJohnC.Hull7.10Margins(Page158-159)•Marginsarerequiredwhenoptionsaresold•Whenanakedoptioniswrittenthemarginisthegreaterof:1Atotalof100%oftheproceedsofthesaleplus20%oftheu
8、nderlyingsharepricelesstheamount(ifany)bywhichtheoptionisoutofthemoney2Atotalof100%ofthep
