TheStructureofOptionMarketsChapter2解读.pptxVIP

Chapter 2 The Structure of Options Markets Learning Objectives: To define call and put options To Describe the institutional characteristics of options markets, including both the exchange and OTC markets To provide information on the options available for trading and the volume of trading on exchanges To describe the process of placing an order to trade an option on an exchange To illustrate the role of the clearinghouse(票据交换所) in exchange-listed options trading To show how to access option prices To present information on the magnitude and effects of transaction costs in options trading To discuss the regulatory structure of options markets Outline 1. Basic Concepts Call option （买入期权，或叫看涨期权）, an option to buy an asset Put option （卖出期权，或叫看跌期权）, an option to sell an asset Premium （期权金）, the fee that the buyer pays the sellers, i.e. the option’s price Exercise price（执行价格）or strike price（履约价格）, the fixed price at which the option buyer can either buy or sell the asset Expiration date（到期日）, the date that the buyer or seller can exercise the right 2. The development of Options Markets In the early of 1800s, the options emerged in Europe and the US. In the early 1900s, the OTC options market developed. In 1973, the Chicago Board of Trade (芝加哥交易所-世界最大的谷物交易所) organized an exchange exclusively for trading options on stocks, i.e. the Chicago Board Options Exchange (CBOE). And the first puts were added in June 1977. In the early 1980s, there is a revival(复活) of the OTC options markets. 3. Call Option Suppose S is the stock price, X is the exercise price, C is the premium If S?, X remains, then C ? If S?, X remains, then C ? In-the-money（ITM，实值期权，或叫价内）, a call in which the stock price exceeds the exercise price, i.e. SX Out-of-the-money（OTM，虚值期权，或叫价外）, a call in which the stock price is less than the exercise price, i.e. SX; Out-of-the-money calls should never be exercised. At-the-money（ATM，平值期权，或叫价平）, a call in which the stock price equals the exercise price, i.e. S=X The ho