重要!financialinstruments金融工具考试要点.pptVIP

Purchaser’s and Sellers Rights Option Purchasers Rights Buy Call: Right to Buy underlying security Buy Put: Right to sell underlying security Option Sellers Obligations Sell Call: Obligation to sell underlying security Sell Put: Obligation to buy underlying security Key Terminology Strike Price The price at which an underlying stock can be purchased or sold. Expiration Date The last day an options contract can be exercised. Most options expire on the Saturday after the third Friday of each expiration month. Futures Contracts A futures contract is a type of derivative instrument, or financial contract, in which two parties agree to transact a set of financial instruments or physical commodities for future delivery at a particular price. Futures contract is an agreement between two parties: a short position, the party who agrees to deliver a commodity, and a long position, the party who agrees to receive a commodity Agricultural goods Currencies Treasury bonds Securities (securities futures) Characteristics of the Futures Market Margins margin refers to the initial deposit of “good faith” made into an account in order to enter into a futures contract Initial Margin original deposit of money. When the contract is liquidated, initial margin is refunded plus or minus any gains or losses that occur over the span of the futures contract. Maintenance margin the lowest amount an account can reach before needing to be replenished Margin call If the margin account drops to a certain level because of a series of daily losses, brokers are required to make a margin call and request that you make an additional deposit into your account to bring the margin back up to the initial amount. Example: Lets say that you had to deposit an initial margin of $1,000 on a contract and the maintenance margin level is $500. A series of losses dropped the value of your account to $400. This would then prompt the broker to make a margin call to you, requesting a deposit of at