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1、Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.1,Mechanics of Options MarketsChapter 7,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.2,Types o
2、f Options,A call is an option to buyA put is an option to sellA European option can be exercised only at the end of its lifeAn American option can be exercised at any time,Options, Futures, and Other Derivatives, 5th
3、edition © 2002 by John C. Hull,7.3,Assets UnderlyingExchange-Traded OptionsPage 151-152,StocksForeign CurrencyStock IndicesFutures,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. H
4、ull,7.4,Specification ofExchange-Traded Options,Expiration dateStrike priceEuropean or AmericanCall or Put (option class),Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.5,Terminol
5、ogy,Moneyness :At-the-money optionIn-the-money optionOut-of-the-money option,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.6,Terminology(continued),Option class Option series I
6、ntrinsic value Time value,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.7,Dividends & Stock Splits (Page 154-155),Suppose you own N options with a strike price of K :No adjust
7、ments are made to the option terms for cash dividendsWhen there is an n-for-m stock split,the strike price is reduced to mK/n the no. of options is increased to nN/mStock dividends are handled in a manner similar to
8、stock splits,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.8,Dividends & Stock Splits(continued),Consider a call option to buy 100 shares for $20/shareHow should terms be adjus
9、ted:for a 2-for-1 stock split?for a 5% stock dividend?,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.9,Market Makers,Most exchanges use market makers to facilitate options trading
10、A market maker quotes both bid and ask prices when requestedThe market maker does not know whether the individual requesting the quotes wants to buy or sell,Options, Futures, and Other Derivatives, 5th edition © 20
11、02 by John C. Hull,7.10,Margins (Page 158-159),Margins are required when options are soldWhen a naked option is written the margin is the greater of:A total of 100% of the proceeds of the sale plus 20% of the underlyi
12、ng share price less the amount (if any) by which the option is out of the moneyA total of 100% of the proceeds of the sale plus 10% of the underlying share priceFor other trading strategies there are special rules,Opti
13、ons, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.11,Warrants,Warrants are options that are issued (or written) by acorporation or a financial institutionThe number of warrants outstanding
14、 is determined by the size of the original issue and changes only when they are exercised or when they expire,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.12,Warrants(continued),Wa
15、rrants are traded in the same way as stocks The issuer settles up with the holder when a warrant is exercisedWhen call warrants are issued by a corporation on its own stock, exercise will lead to new treasury stock bei
16、ng issued,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.13,Executive Stock Options,Option issued by a company to executivesWhen the option is exercised the company issues more stock
17、 Usually at-the-money when issued,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.14,Executive Stock Options continued,They become vested after a period ot timeThey cannot be soldTh
18、ey often last for as long as 10 or 15 years,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.15,Convertible Bonds,Convertible bonds are regular bonds that can be exchanged for equity at
19、 certain times in the future according to a predetermined exchange ratio,Options, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull,7.16,Convertible Bonds(continued),Very often a convertible is ca
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