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  • Give Me Options - Calls and Puts


    股票期权打响2015“第一枪”
    2015-01-10 04:07:33 来源:解放网-解放日报

    证监会昨天宣布,批准上交所从2月9日起试点股票期权,这是继沪港通后,中国资本市场迎来的重要突破。随着上交所股票期权产品的推出,中国资本市场将进入期权时代,这也打响了2015中国资本市场创新的“第一枪”。

    专家认为,股票期权的落地,不仅要搭脉全球衍生品发展方向,更要符合A股市场特有环境,成为国内投资者风险管理的一大利器。股票期权具备期货等其他产品无法实现的市场化风险转移功能,在丰富资本市场风险管理工具的同时,将完善资本市场的产品结构,全面促进参与机构的业务转型。

    上交所ETF市值近300亿美元
    上海交通大学证券金融研究所所长杨朝军认为,当前我国股票市场市值规模已接近40万亿元,位居全球第二,但产品结构单一的问题仍比较突出。股票期权在丰富投资者风险管理手段、完善市场功能、推动行业创新发展和培育多元化投资者等方面意义重大。

    目前,我国已具备推出股票ETF期权的现货市场基础。另一方面,市场对股票ETF期权产品呼声很高。一份针对七万名投资者的调查问卷显示,约7成个人投资者、100%的机构投资者期待股票ETF期权的推出。中信证券股权衍生品业务负责人薛继锐表示,目前场外股权衍生品交易的合约规模估计超过2000亿元,这些产品主要通过场外期权实现,这些场外期权迫切需要场内期权进行套保、对冲、构造结构化产品等进行风险管理。

    提升大盘蓝筹估值水平
    从估值角度看,期权推出短期有望提升大盘蓝筹的估值水平,长期引导价格回归合理。

    申银万国证券研究所首席分析师杨国平认为,期权结合现货有丰富的交易策略。例如,备兑卖出认购期权是海外机构投资者最常用的期权策略之一,投资者出于交易策略的需要会增加标的现货的需求。其次,期权是有效灵活的现货管理工具,期权推出将间接增加投资者对于现货的配置型需求。长期看,上市公司基本面、宏观政策等因素决定着现货市场的估值水平。但专家认为,随着期权市场逐渐发展成熟,期权的价格发现功能将发挥主导作用。

    金融管制过严抑制行业创新
    有市场观点认为,在强调ETF期权避险功能时,也应高度重视价格发现功能。如果流动性不好,价格发现的功能就大打折扣。只有机构投资者充分参与,才能提高流动性,实现更好的价格发现功能,进而更大影响标的物的交易量。

    国研中心金融研究所所长张承惠则认为,目前的制度设计偏严,保证金偏高,流动性会受到影响,在试点一定时间以后,应对制度进行重新梳理。但他同时表示,对推出新产品要有清醒的认识,金融市场不可能没有风险,投资者在管制中不可能成长,过去很长时间里国内投资者是在游泳池里竞争,而不是在大海里竞争。“金融管制过严,抑制金融机构和产品创新,中国的金融市场是发展不起来的”。


    Options Basics - Call and Puts


    There are two kinds of options. A call grants its buyer a right (but not an obligation) to buy 100 shares of stock at a specific, fixed price per share before a specific date. Anyone who sells a call grants these rights to a buyer on the other side of the transaction.

    A put grants its buyer a right (but not an obligation) to sell 100 shares of stock at a specific, fixed price per share before a specific date. Anyone who sells a put grants these rights to a buyer of the put.

    An option’s premium is its current value, equivalent to a stock’s market price. The premium value is expressed in a short-hand format representing dollars and cents. For example, if an option is listed with a value of 2, that means $200. If the value is 2.25, a single option is worth $225.

    Every option comes with a specific expiration date. Most options expire within a few months, although a LEAPS (Long-Term Equity Anticipation Security) option may extend out as far as 30 months. As expiration gets near, the premium will fall in value. At the end of the expiration day (the third Friday of the expiration month), the option is worthless.

    If you buy an option, one of four actions is going to occur before expiration. First, you can exercise the option, meaning you will buy or sell 100 shares of stock for each option you own. (Remember that a call entitles you to buy, and a put entitles you to sell.) Second, the option might be subject to automatic exercise, meaning that exercise takes place if the option is in the money. For a call, this means the market value of stock is higher than the strike price; for a put, it means the market value is lower than the strike price. That price is the price at which a specific option can be exercised in all cases. Third, the option might be out of the money, in which case automatic exercise will not take place. The option is out of the money when the stock’s market value is lower than a call’s strike price or higher than a put’s strike price. Fourth, the stock’s price may be exactly the same as an option’s strike price. In this case, the option is at the money. These positions describing proximity between the strike price and current value of the stockare all-important because they determine an option’s premium value.

    The Figure below summarizes in the money, out of the money, and at the money for a call.



    This Figure below provides the same information for a put.



    The names of options are derived from the action occurring upon exercise. For anyone on the short side (meaning the option was sold), exercise means stock is called away upon exercise of a call, or that stock is put to the short seller upon exercise of a put. Exercise is also called assignment because at the time of exercise, a specific call is assigned to a trader. Not all options are necessarily exercised, so assignment occurs when an option owner executes early exercise of his or her long position (you are long when you buy an option and short when you have sold).

    The figure below shows an example of a buy order of 10 General Electric (GE) put options on the CBOE in the old days




    The figure below shows an example of a sell order of 25 Standard & Poor 100 index (OEX) call options on the CBOE in the old days




    All options are defined by a series of terms that cannot be transferred or changed. First is the kind of option (call or put). Second is the strike price. Third is the expiration month. And fourth is the underlying security, the stock (or other instruments, e.g., a futures contract, an index etc) to which the option refers. All of these terms are needed to distinguish one option from another.

    Below is an example of the currently listed options on MicroSoft (MSFT) stock underlying (for March 2015, there are a lot more for other expiries). The listed prices are quoted on a per share basis. As each opition "controls" 100 shares of stocks of MSFT, when you buy or sell these options, the quoted price should be x100.


    Conclusions:

    1. An option is a legal contract that gives the buyer the right, but the not the obligation (it gives the seller the obligation, but not the right), to buy or to sell, a certain amount of stocks, futures contract, FX, or other underlyings (e.g., indices) at a certain price before or on a certain date at a certain price
    2. There are two basic types of options: calls and puts, both can be bought or sold (long or short)
    3. Other major aspects of options are the strike price, the expiration date etc
    4. Options are widely used in the world financial markets to give investors ways to mitigate/transfer risk or fine-tune their portfolio risk management. Options can also be used, when it is done wisely, as strategic investment vehicles
    5. China has the 2nd largest (after the US) financial markets (for both stocks and futures) in the world. And it will soon start to offer options for the stock market (on ETFs). This creates tremendous opportunities for institutional and retail investors
    6. Our company is dedicated to world-class trading/investing technology R&D and training, including options trading and training. Our mission to fulfil unmet needs for high-quality investment management and training in global financial markets.



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