Unit 9 OptionWord文档下载推荐.docx
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Unit 9 OptionWord文档下载推荐.docx
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本章从期权的概念入手,并着重介绍了期权的风险与收益特征。
在分析过程中,我们使用了假说基础上的例子,浅显易懂并触及本质。
Anoptionisacontractinwhichthewriteroftheoptiongrantsthebuyeroftheoptiontheright,butnottheobligation,topurchasefromorselltothewritersomethingataspecifiedpricewithinaspecifiedperiodoftime(orataspecifieddate).Thewriter,alsoreferredtoastheseller,grantsthisrighttothebuyerinexchangeforacertainsumofmoney,whichiscalledtheoptionpriceoroptionpremium.Thepriceatwhichtheassetmaybeboughtorsoldiscalledtheexerciseorstrikeprice.Thedateafterwhichanoptionisvoidiscalledtheexpirationdate.Ourfocusinthischapterisonoptionswherethe"
something"
underlyingtheoptionisafinancialinstrument,financialindex,orfinancialfuturescontract.
Anoptionisacontractinwhichthewriteroftheoptiongrantsthebuyeroftheoptiontheright,butnottheobligation,topurchasefromorselltothewritersomethingataspecifiedpricewithinaspecifiedperiodoftime(orataspecifieddate).
Anoptionisacontractinwhichthewriteroftheoptiongrantsthebuyeroftheoptiontheright,butnottheobligation, 期权是期权的鉴发者赋予其购买者权力而不是义务的一项合同。
writeroftheoption:
期权的鉴发者
buyeroftheoption:
期权的购买者
Grant:
togivesomeonesomethingorallowthemtohavesomethingthattheyhaveaskedfor:
赋予,给予。
Grantsbtheright:
赋予某人某种权利。
topurchasefromorselltothewritersomethingataspecifiedpricewithinaspecifiedperiodoftime(orataspecifieddate).在这种合同项下,期权购买者可以在特定时期(或特定日期)以特定价格从鉴发者手中购买或向其出售某种产品。
Thewriter,alsoreferredtoastheseller,grantsthisrighttothebuyerinexchangeforacertainsumofmoney,whichiscalledtheoptionpriceoroptionpremium.鉴发者,也称作卖方,以收取一定数额的货币作为条件给予买者这项买或卖的权利,这部分货币金额称作期权价格或期权费
inexchangefor:
作为交换
optionpriceoroptionpremium:
期权价格或期权费即 “期权手续费”。
是指期权买方为获得在规定期限内买卖某种商品或资产的权利而向期权卖方支付的费用
Thepriceatwhichtheassetmaybeboughtorsoldiscalledtheexerciseorstrikeprice.合同项下资产可能被买或卖的价格称作执行或履约价格。
exerciseorstrikeprice:
执行或履约价格
Thedateafterwhichanoptionisvoidiscalledtheexpirationdate.期权变为无效的日期称作到期日。
Void:
acontractorofficialagreementthatisvoidisnotlegalandhasnoeffect无效
Ourfocusinthischapterisonoptionswherethe"
underlyingtheoptionisafinancialinstrument,financialindex,orfinancialfuturescontract. 本章集中讨论那些期权项下的“标的”是金融工具、金融指数或金融期货合同的期权交易。
Whenanoptiongrantsthebuyertherighttopurchasethedesignatedinstrumentfromthewriter(seller),itisreferredtoasacalloption,orcall.Whentheoptionbuyerhastherighttosellthedesignatedinstrumenttothewriter,theoptioniscalledaputoption,orput.
Whenanoptiongrantsthebuyertherighttopurchasethedesignatedinstrumentfromthewriter(seller),itisreferredtoasacalloption,orcall.当一项期权赋予买者从卖者那里购买一特定工具的时候,该期权称作看涨期权或买权。
Designated:
指定的,特定的
calloption,orcall:
看涨期权或买权
Whentheoptionbuyerhastherighttosellthedesignatedinstrumenttothewriter,theoptioniscalledaputoption,orput.当一项期权赋予买者向卖者出售特定工具的时候,则该期权称作看跌期权或卖权。
putoption,orput.:
跌期权或卖权。
Anoptionisalsocategorizedaccordingtowhentheoptionbuyermayexercisetheoption.Thereareoptionsthatmaybeexercisedatanytimeuptoandincludingtheexpirationdate.SuchanoptionisreferredtoasanAmericanoption.Thereareoptionsthatmaybeexercisedonlyattheexpirationdate.AnoptionwiththisfeatureiscalledaEuropeanOption.
Anoptionisalsocategorizedaccordingtowhentheoptionbuyermayexercisetheoption.期权也根据期权的购买者可以何时执行期权进行分类。
Thereareoptionsthatmaybeexercisedatanytimeuptoandincludingtheexpirationdate. 有些期权可以在到期前的任何时间(包括到期日)执行,SuchanoptionisreferredtoasanAmericanoption.这类期权称作美式期权。
Thereareoptionsthatmaybeexercisedonlyattheexpirationdate. 有些期权仅可以在到期日执行, AnoptionwiththisfeatureiscalledaEuropeanOption. 具有这一特征的期权称为欧式期权。
Todemonstratethefundamentaloptioncontractsupposethatjackbuysacalloptionfor$3(theoptionrice)withthefollowingterms.
1.TheunderlyingassetisoneunitofAssetXYZ.
2.Thestrikepriceis$100.
3.Theexpirationdateisthreemonthsfromnow,andtheoptioncanbeexercisedanytimeuptoandincludingtheexpirationdate(thatis,itisanAmericanoption).
Todemonstratethefundamentaloptioncontractsupposethatjackbuysacalloptionfor$3(theoptionrice)withthefollowingterms.为了说明基本的期权合同,假设杰克以3美元(期权价格)购买了一项买权,其购买的期权条件如下:
1.TheunderlyingassetisoneunitofAssetXYZ. 期权项下隐含的资产是XYZ资产的一个单位.
2.Thestrikepriceis$100.履约价格是100美元。
3.Theexpirationdateisthreemonthsfromnow,andtheoptioncanbeexercisedanytimeuptoandincludingtheexpirationdate(thatis,itisanAmericanoption).到期日是现在起3个月,期权可以在包括到期日在内及之前的任何时间执行(也就是说这是一个美式期权)。
Atanytimeuptoandincludingtheexpirationdate,jackcandecidetobuyfromthewriterofthisoptiononeunitofAssetXYZ,forwhichhewillpayapriceof$100.Ifitisnotbeneficialforjacktoexercisetheoption,hewillnot,andwillexplainshortlyhowhedecideswhenitwillbebeneficial.Whetherjackexercisestheoptionornot,the$3hepaidfortheoptionwillbekeptbytheoptionwriter.Ifjackbuysaputoptionratherthanacalloption,thenhewouldbeabletosellAssetXYZtotheoptionwriterforapriceof$100.
Atanytimeuptoandincludingtheexpirationdate,jackcandecidetobuyfromthewriterofthisoptiononeunitofAssetXYZ,forwhichhewillpayapriceof$100.在包括到期日在内的之前的任何时间,杰克可以决定从这项期权的出售者那里购买一单位的XYZ资产,这种情况下他将为此支付100美元。
Ifitisnotbeneficialforjacktoexercisetheoption,hewillnot,andwillexplainshortlyhowhedecideswhenitwillbebeneficial.如果执行期权对杰克来说不利,他将不去执行;
并简短地解释他如何决定何时将对他有利。
Whetherjackexercisestheoptionornot,the$3hepaidfortheoptionwillbekeptbytheoptionwriter. 无论杰克是否执行该期权,他为期权支付的3美元将为期权的出售者所有。
Ifjackbuysaputoptionratherthanacalloption,thenhewouldbeabletosellAssetXYZtotheoptionwriterforapriceof$100.如果杰克购买了一项卖权而不是买权,那么他可以向期权出售者以100美元的价格出售XYZ资产。
Themaximumamountthatanoptionbuyercanloseistheoptionprice.Themaximumprofitthattheoptionwritercanrealizeistheoptionprice.Theoptionbuyerhassubstantialupsidereturnpotential,whiletheoptionwriterhassubstantialdownsiderisk.
Themaximumamountthatanoptionbuyercanloseistheoptionprice.期权购买者的最大损失是期权费。
Themaximumprofitthattheoptionwritercanrealizeistheoptionprice.而期权出售者能实现的最大利润也是期权价格。
Theoptionbuyerhassubstantialupsidereturnpotential,whiletheoptionwriterhassubstantialdownsiderisk. 期权购买者有走势向上的巨大潜在回报,而期权出售者有巨大的损失风险。
Upside走势向上
Downside走势向下
MarginRequirements
Therearenomarginrequirementsforthebuyerofanoptiononcetheoptionpricehasbeenpaidinfull.Becausetheoptionpriceisthemaximumamountthattheinvestorcanlose,nomatterhowadversethepricemovementoftheunderlyingasset,thereisnoneedformargin.Becausethewriterofanoptionhasagreedtoacceptalloftherisk(andnoneofthereward)ofthepositionintheunderlyingasset,thewriterisgenerallyrequiredtoputuptheoptionpricereceivedasmargin.Inaddition,aspricechangesoccurthatadverselyaffectthewriter'
sposition,thewriterisrequiredtodepositadditionalmargin(withsomeexceptions)asthepositionismarkedtomarket.
保证金要求
Margin:
保证金
Therearenomarginrequirementsforthebuyerofanoptiononcetheoptionpricehasbeenpaidinfull.当期权价格全额支付时对于期权的买者来说没有保证金要求
Becausetheoptionpriceisthemaximumamountthattheinvestorcanlose,nomatterhowadversethepricemovementoftheunderlyingasset,thereisnoneedformargin.。
因为期权价格是投资者可能损失的最大金额,不论隐含资产的价格如何走低,都没有支付保证金的需要。
Adverse:
notgoodorfavourable:
不好,不利
Becausethewriterofanoptionhasagreedtoacceptalloftherisk(andnoneofthereward)ofthepositionintheunderlyingasset,thewriterisgenerallyrequiredtoputuptheoptionpricereceivedasmargin.因为期权的出售者已经同意接受对于隐含资产的所有风险(没有任何报酬),所以就要求他把期权价格积累起来当作期权保证金。
Inaddition,aspricechangesoccurthatadverselyaffectthewriter'
sposition,thewriterisrequiredtodepositadditionalmargin(withsomeexceptions)asthepositionismarkedtomarket.此外,当影响出售期权者头寸的价格出现反向变化时,该出售者必须存入额外的保证金(除某些例外情况以外),因为期权交易采取逐日结算的头寸制度。
markedtomarket:
逐日结算
(这段话告诉我们,期权买方不需要交纳保证金,而期权的卖方因为其在交易中的风险损失是很难预测的,为此必须预先交纳一定数量的履约保证金。
而在期货交易中,交易双方都要根据交易所的规定,向交易所预先交纳一定数量的保证金。
)
Exchange-TradedversusOTC(over-the-counter)Options
Options,likeotherfinancialinstruments,maybetradedeitheronanorganizedexchangeorintheover-the-countermarket.AnexchangethatwantstocreateanoptionscontractmustobtainapprovalfromeithertheCommoditiesFuturesTradingCommissionortheSecuritiesandExchangeCommission.Optionstradedonanorganizedexchangehavethreeadvantages.First,expirationdateofthecontractarestandardized.Second,asinthecaseoffuturescontracts,thedirectlinkbetweenbuyerandsellerisseveredaftertheorderisexecutedbecauseoftheinterchangeabilityofexchange-tradedoptions.Theclearinghouseassociatedwiththeexchangewheretheoptiontradesperformsthesamefunctionintheoptionsmarketthatitdoesinthefuturesmarket.Finally,thetransactionscostsarelowerforexchange-tradedoptionsthanforOTCoptions.
Exchange-TradedversusOTCOptions场内交易期权与店头交易期权
Options,likeotherfinancialinstruments,maybetradedeitheronanorganizedexchangeorintheover-the-countermarket.期权像其他金融工具一样可以在有组织的交易所交易也可以在场外市场进行交易。
Anexchangethatwantstocreateanoptionscontractmustobtainapprovalfrom
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