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The Option Market
An option market is 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 choice(or 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 a“premium”)to hold a long position in a future contract at a predetermined price line(the 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 purchaser(or 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 mercial traders, and second , they provide speculators with an opportunity to profit from price movement.
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第六章期权及期权交易
一、概述
: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。
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(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。
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第六章期权及期权交易
一、概述
:
(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。
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Basic Differences Between Future Contracts and Option Exchange
Alternative position
Trading right
Trader obligations
Margin
required
Future contract buyer
modity at contract price
Yes
Future contract seller
modity 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