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1、Theory&PracticeofFinancialOptions1TypesofOptions?Acallisanoptiontobuy?Aputisanoptiontosell?AEuropeanoptioncanbeexercisedonlyattheendofitslife?AnAmericanoptioncanbeexercisedatanytime2AssetsUnderlyingExchange-TradedOptionsPage151-152?Stocks?ForeignCurrency?StockIndices?Futures3SpecificationofExcha
2、nge-TradedOptions?Expirationdate?Strikeprice?EuropeanorAmerican?CallorPut(optionclass)4TerminologyMoneyness:–At-the-moneyoption–In-the-moneyoption–Out-of-the-moneyoption5Terminology(continued)?Optionclass?Optionseries?Intrinsicvalue?Timevalue6Dividends&StockSplits(Page154-155)?SupposeyouownNopti
3、onswithastrikepriceofK:–Noadjustmentsaremadetotheoptiontermsforcashdividends–Whenthereisann-for-mstocksplit,?thestrikepriceisreducedtomK/n?theno.ofoptionsisincreasedtonN/m–Stockdividendsarehandledinamannersimilartostocksplits7Dividends&StockSplits(continued)?Consideracalloptiontobuy100sharesfor$
4、20/share?Howshouldtermsbeadjusted:–fora2-for-1stocksplit?–fora5%stockdividend?8MarketMakers?Mostexchangesusemarketmakerstofacilitateoptionstrading?Amarketmakerquotesbothbidandaskpriceswhenrequested?Themarketmakerdoesnotknowwhethertheindividualrequestingthequoteswantstobuyorsell9Margins(Page158-1
5、59)?Marginsarerequiredwhenoptionsaresold?Whenanakedoptioniswrittenthemarginisthegreaterof:1Atotalof100%oftheproceedsofthesaleplus20%oftheunderlyingsharepricelesstheamount(ifany)bywhichtheoptionisoutofthemoney2Atotalof100%oftheproceedsofthesaleplus10%oftheunderlyingshareprice?Forothertradingstrat
6、egiestherearespecialrules10Warrants?Warrantsareoptionsthatareissued(orwritten)byacorporationorafinancialinstitution?Thenumberofwarrantsoutstandingisdeterminedbythesizeoftheoriginalissueandchangesonlywhentheyareexercisedorwhentheyexpire11Warrants(continued)?Warrantsaretradedinthesamewayasstocks?T
7、heissuersettlesupwiththeholderwhenawarrantisexercised?Whencallwarrantsareissuedbyacorporationonitsownstock,exercisewillleadtonewtreasurystockbeingissued12ExecutiveStockOptions?Optionissuedbyacompanytoexecutives?Whentheoption
