期权及期权交易.docVIP

6期权及期权交易 a place where traders buy or sell the right to acquire a future contract As the name of implies the buyer of an option has the choiceor opportunity to buy or sell a future contract The seller provides the buyer with that opportunity for example the buyer of a call option purchases the right by paying apremiumto hold a long position in a future contract at a predetermined price linethe strike price Alternatively the buyer of a put option purchases the right to a short future position An option on a future contract gives the holder the right to purchaseror sell a future contract at a specific price the strike price with in a given period time Options are a derivative security because their value depends on the underlying future contract Like future contracts options play a dual financial role First they provide a form price insurance for commercial traders and second they provide speculators with an opportunity to profit from price movement 第六章 期权及期权交易 一概述 1期权交易的含义期权交易Options Trading又称选择权交易是指买方向卖方支付一定的期权费Premium即期权价格后在未来一定时期内即期权有效期内拥有按期权合约规定的履约价Exercise Price即敲定价Strike Price买进或卖出某一特定商品相关商品或期货合约的权利但不负有必须承担义务的交易方式 2期权交易的特点 1期权交易合约标准化规范化 2交易市场集约化 3期权交易管理制度化和科学化 4期权交易走向正规化法制化 5交易品种多元化交易国际化现代化 第六章期权及期权交易 一概述 3期权交易与期货交易的区别与联系 1联系 ①两者都是以买卖标准合约为特征的交易 ②期货合约价格变动对期权合约的履约价格和期权价格都有较大的影响 ③期权交易与期货交易都必须通过经纪人在期货市场经过公开叫价公平竞争进行都必须由结算所作为交易双方的第三方 2区别 ①交易内容不同 ②买卖双方的权利和义务不同 ③承担的价格风险不同 ④履约保证金的规定不同 ⑤交割方式不同 Basic Differences Between Future Contracts and Option Exchange Alternative position Trading right Trader obligations Margin required Future contract buyer Accept commodity at contract price Yes Future contract seller Delivery commodity at contract price Yes Put option buyer Sell future contract at strike price No Put option seller Buy future contract at strike price Yes Call option buyer Buy future contract at strike price No Call option seller Sell future contract at strike price Yes