衍生工具與風(fēng)險(xiǎn)管理 Don M. Chance 02

Chapter2:TheStructureofOptionsMarketsIfthefinancialmarketsareawarzone,thisisthetheaterofhand-to-handcombat.RichardThomsonApocalypseRoulette,1998,p.49D.M.ChanceCh.2:1AnIntroductiontoDerivativesandRiskManagement,6thed.ImportantConceptsinChapter2DefinitionsandexamplesofcallandputoptionsInstitutionalcharacteristicsofoptionsmarketsOptionsavailablefortradingPlacinganoptionsorderTheclearinghouseAccessingoptionpricequotationsTransactioncostsRegulationofoptionsmarketsMarginsandtaxesinoptiontransactionsD.M.Chance2AnIntroductiontoDerivativesandRiskManagement,6thed.Optionterminologyprice/premiumcallvs.putexerciseprice/strikeprice/strikingpriceexpirationdateEverydayexamplesofoptionsraincheckdiscountcouponairlineticketwithcancellationrightrighttodropacourseD.M.Chance3AnIntroductiontoDerivativesandRiskManagement,6thed.TheDevelopmentofOptionsMarketsEarlyoriginsPutandCallBrokersandDealersAssociationChicagoBoardOptionsExchange,1973Resurgenceofover-the-countermarketD.M.Chance4AnIntroductiontoDerivativesandRiskManagement,6thed.CallOptionsCurrentexampleObjectiveofacallbuyerMoneynessconceptsIn-the-moneyOut-of-the-moneyAt-the-moneyD.M.Chance5AnIntroductiontoDerivativesandRiskManagement,6thed.PutOptionsCurrentexampleObjectiveofaputbuyerMoneynessconceptsIn-the-moneyOut-of-the-moneyAt-the-moneyD.M.Chance6AnIntroductiontoDerivativesandRiskManagement,6thed.TheOver-the-CounterOptionsMarketWorldwideCreditriskCustomizedtermsPrivatetransactionsUnregulatedOptionsonstocksandstockindices,bonds,interestrates,commodities,swaps¤ciesD.M.Chance7AnIntroductiontoDerivativesandRiskManagement,6thed.OrganizedOptionsTradingListingRequirementsContractSizeExercisePricesExpirationDatesPositionandExerciseLimitsTheconceptofanoptionsexchangeD.M.Chance8AnIntroductiontoDerivativesandRiskManagement,6thed.OptionsExchangesandTradingActivitySeeTable2.1,p.29foroptionsexchangesD.M.Chance9AnIntroductiontoDerivativesandRiskManagement,6thed.OptionTradersTheMarketMakerBid,ask,andbid-askspreadScalpers,positiontraders,spreadersTheFloorBrokerDesignatedprimarymarketmakersDualtradingTheOrderBookOfficialLimitordersElectronicorderprocessingD.M.Chance10AnIntroductiontoDerivativesandRiskManagement,6thed.OptionsTraders(continued)OtherOptionTradingSystemsSpecialistsRegisteredoptionstradersElectronictradingsystemsOff-FloorOptionTradersCostandProfitabilityofExchangeMembershipSeeFigure2.1,p.32forCBOEseatpricesLeasingaseatHighrisk,stressfulworkD.M.Chance11AnIntroductiontoDerivativesandRiskManagement,6thed.TheMechanicsofTradingPlacinganOpeningOrderTypesofordersTheRoleoftheClearinghouseTheOptionsClearingCorporation(OCC)ClearingfirmsSeeFigure

2.2,p.34Margin(seeAppendix2.A)OpeninterestD.M.Chance12AnIntroductiontoDerivativesandRiskManagement,6thed.TheMechanicsofTrading(continued)PlacinganOffsettingOrderIntheexchange-listedoptionsmarketIntheover-the-counteroptionsmarketExercisinganOptionEuropeanvs.AmericanstyleAssignmentCashsettlementD.M.Chance13AnIntroductiontoDerivativesandRiskManagement,6thed.OptionPriceQuotationsSeewebsitesofnewspapersandoptionsexchangesProblemsDelayedinformationNonsynchronizedpricesD.M.Chance14AnIntroductiontoDerivativesandRiskManagement,6thed.TypesofOptionsStockOptionsIndexOptionsCurrencyOptionsOtherTypesofTradedOptionsinterestrateoptionscurrencyoptionsoptionsattachedtobondsexoticoptionswarrants,callablebonds,convertiblebondsexecutiveoptionsRealOptionsD.M.Chance15AnIntroductiontoDerivativesandRiskManagement,6thed.TransactionCostsinOptionTradingFloorTradingandClearingFeesCommissionsBid-AskSpreadOtherTransactionCostsD.M.Chance16AnIntroductiontoDerivativesandRiskManagement,6thed.TheRegulationofOptionsMarketsFederalregulationIndustryregulationOver-the-countermarketregulationTheissueofwhichagencyhasregulatoryresponsibilityhasoccasionallyarisen.SummaryD.M.Chance17AnIntroductiontoDerivativesandRiskManagement,6thed.Appendix2.A:MarginRequirementsDefinitionsMarginInitialmarginMaintenancemarginMarginRequirementsonStockTransactionsMarginRequirementsonOptionPurchasesMarginRequirementsontheUncoveredSaleofOptionsMarginRequirementsonCoveredCallsD.M.Chance18AnIntroductiontoDerivativesandRiskManagement,6thed.Appendix2.B:TaxationofOptionTransactionsTaxationofLongCallTransactionsTaxationofShortCallTransactionsTaxationofLongPutTransactionsTaxationofShortPutTransactionsTaxationofNon-EquityOptionsWashandConstructiveSalesD.M.Chance19AnIntroductiontoDerivativesandRiskManagement,6thed.(Returntotextslide)D.