, ,

, ,


.

" "

|: | III |
| |, |
| |737. |
| | .. |
| : | |
| | |

_________

., 2003.

1

2
I . 3
1.1 4

4

5
1.2 put call 6
1.3 7
1.4 9

9

10
1.5 12

12

13

14

14
II 17
2.1 18
2.2 20
2.3 21

21

27
2.4 - 28
33


.

(OPTION) ,
,



. , ,
, . ,
, ,
.

, .
. . , , . .

1.

˻ һ.
. ,
(.. Ȼ,
ʻ)
, . :
. ,
; -
.

1

- (call option) . () . , :

. , .

. .

. , (exercise price), .

. , ,

(expiration date).

, W . 100 a Wopov W $50 . Wopov $45 . - - Wopov . W- - : $50.

W ? , . , . ,
Wopov $50. W $50 . , $60, w $6000 ($60
100 ).
$5000 ($50 100 ). , W $1000 ($6000 -
$5000).

, , . (premium), . , $3 . , $300 ($3 100 ) W, . Wopov, , Wopov
$45. , , $3 .

2

- (put option). . 4 :

. , ;

. ;

. , ( )

. , , .

, W . 100 XYZ W $30 . XYZ $35 .
, , , . W, , XYZ, : $30 .

, Wopov, W , , . , XYZ
$30. W $30
B, . , XYZ $20, W $3000 ($30 100 ) , $2000 ($20 100 ). W $1000 ($3000 - $2000). $1000 XYZ a. $2000 W $3000.

2. put call

CALL. W
˻, W
.
. W
. WOPOV
$55, , , $7
[ $700 ($7 100 )]. S400
($300 - $700), $400. ,
$40, , , $0,50 .
W $250 ($300 -50), $250.

. W , , (, ). , Wopov $55, , , W WW, , 7$ ( $700 ).
, , WW, W .

. -, Wopov .

, (), .
, ( ,
) .

, , , / , . .

3.


.
(). ,
.
, .
, .

,
.
.
,
.
, .

. , .. - , . , . , .
(closing sale), . , , .

. , .
- (closing purchase) ,
, .

, .

:

. CBOE Chicago Board Options Exchange

. CME Chicago Mercantile Exchange

. AMEX American Stock Exchange

. NYSE New York Stock Exchange

. PSE Pacific Stock Exchange

. PHLX Philadelphia Stock Exchange


LIFFE London International Financial Futures and Options Exchange.

4.

,
. ,
˻ ,
, һ
, .
,
,
.

, . , , .

. . . ,
. , . .

3

(covered call writing), .. , . , , . . , . , .

(naked call writing), .. , . , , . 20% , ( , , ). 10% .

, 60 $3 . $58, , .

1:

| |$3x100 |$300 |
|20% |0,20 $58 100 |$1160 |
| | | |
| |($60 - $58) 100 |-$200 |
| | | |
| | | |
| | | |
| | | |
| | |$1260 |

2:

| |$3x100 |$300 |
|10% |0,10 $58 100 |$580 |
| | | |
| | |$880 |

, . , $1260.
, $1260. ,
$960 ($1260 - $300).

4

. "" ( ) , . , , , , , .

( ), (naked put writing). , , , . , .
20% . ( ,
, , .) ,
,.. 10% .

, 40 $4 . $41, , :

1

| |$4x100 |$400 |
|20% |0,20 $41 100 |$820 |
| | | |
| , |($41 - $40) 100 |-$100 |
| | | |
| | | |
| | | |
| | |$1120 |

2

| |$4x100 |$400 |
|10% |0,10 $41 100 |$410 |
| | | |
| | |$810 |

, .
, $1120. , $1120 . , $720 ($1120 - $400).

, . , (, , ). , (20% 15%), , .

5.

,
˻. .
( ),
32.
,
.
.
.

5

( ) - , .
(, ), . , .. . , , .

: 1, 2, 3


09.12.2013 - 16.12.2013

09.12.2013 - 16.12.2013




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- .