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O (..

):
, , . ..

.. () ..
() 2002.
O, .
(ASSIGNMENT): O
(short call)
(short put) (stock options). T
,
, .
(long call)
(long put) (call exercise),
, , /
( ),
(
) .
.
:
- (
short call) +3

(call assignment - ).
- (
short put)
+3
(put assignment -
).
OO O (BULL SPREAD):
( ).
.
(
) ( )
.
,
.

O (HOOO) (CALENDARSPREAD):
()
(, )
, , , . O

. , ,
.
AO OO - (BID-ASK SPREAD):

, ,
. O .
bid ask. O ,
, ( ask)
( bid).
O (OPEN INTEREST, OPEN POSITION):
, ,
.
2005 14.000
,
14.000 14.000
.
. ,
,

.
O (SHORT SELLING):
, ,
.
, ,
. , ,
, ,
market ( -)
. , ,
,
,

.
(SWAP):
, ,

,

O (HEDGING):
(
),
, ,
.

( ) ,
, .
O (LONG HEDGE):
,
,
.
,
.
(
) .

:
- , long hedgers
,
. , .
- , long hedgers
,
. ,
. ,
, ,
.
(SHORT HEDGE):
,
, .

:
- , short hedgers
,
.
,

.
- , short hedgers
,
. , .
,
, ,

OO (TIME VALUE):
,
,

.
.
.
, .
(premium)

.
(OOO): ..,

-
.
(BASIS):
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. ,
.
O, (
)
,
.
O (STOCK LENDING):
( ),


,
.
stock repos reverse stock repos.
(DELTA):
, ()

. ,
(premium)
. 0
+1. 0 -1.
+1, -1.
O O (DIAGONAL SPREAD):

,

O (CALL OPTION):
, ,
,
( )
( ), ( exercise
price).
(PUT OPTION):
, ,
,
( )
( ), ( ).
O (OPTIONS):
( ),
, , ( call) ( - put)
( )
( ),

).
O:
.

100
.
(IN-THE-MONEY OPTION):
(),
, ()
.

.
(OUT-OF-THE-MONEY
OPTION): (),
,
() .

.
O O O (AMERICAN
OPTION):
. (
) .
O O O (EUROPEAN OPTION):

.

O (AT-THE-MONEY OPTION):
( )
, ( )
.

.
O OO (BINOMIAL MODEL):
,

,
. .
O (ARKET MAKER):
,
. O

() ,

().
(CASH SETTLEMENT):
,
/
,
, /

.
OO O ()
O (SETTLEMENT BY PHYSICAL DELIVERY):
,

.
O OO (LIMIT ORDER):
,

, , . O
.
(EXERCISE):

( ) (
) .
-

(OVER-THE-COUNTER
DERIVATIVES):

.
,
, .

OO O (RISK FREE RATE): , ,


.
, Euribor,
(benchmark) .
(INTRINSIC VALUE):
( ).
()
() .
():
(clearing house) .

.
O O O (DAILY STATISTICAL BULLETIN):
www.adex.ase.gr
dexData/ ,
,
(, , , ),
, ,
. 2
. ,
.
O OO (MARK-TO-MARKET):
,

. O / (

).
O (EXPIRATION/MATURITY DATE): .
O.
(POSITION): :
(long position) (short position).
( ), ,
( ) (..
O 2005 , ,
O 2005
O 2005).
, , ,
,
long

short,
.

/ (THEORETICAL PRICE, VALUE):


(fair price, value)
. ,

()
.
- () (spot)
, ,

.
- () ,
.
- H

.
(THETA): O ()

. (time decay),

. , ,
.
O O O - O
(PUT-CALL PARITY): ,
,
.
(premium) ,
,
, , .
O O (HISTORICAL VOLATILITY):
, (
) . ,
,
. 3 , 9
, 1 , 2 , ( )
.
O OO O (BEAR SPREAD):

. .
,

.
, , ,
. ,

.

O
OO.

/:

O O (COVERED CALL):
,
.
,
. ,
.
,

.
O UP-TICK (UP-TICK RULE):
.
,
( market)
. , (short seller)
.

.
OO (SPECULATION):
.
(, , ..),
,
.
( ), ,
, ,

.
O ,

.
O O: ,
,

(arbitrage).
O (RISK):
. ,
: ,
. ..,
, ..
O O (MARKET RISK): . O O.

O (CLOSE OUT A POSITION):


.
,
. ..,
FTSE/ASE-20, 1.200 ,

. ( )
,
. , ,
, .
- (profit taking) (stop
loss).

(CALL):

O.

O (CLEARING ACCOUNT):

O
.
,
,
.
,
,

(.
).
O (TRADING ACCOUNT):

.. O
..
.
,
..

O (MATURITY, EXPIRATION DATE, EXPIRY):


(, , ),

:
- , 3
.
: , 2
3 , , ,
, . ,

.
- T 3
- - - (4 ),
(..,
O 2004,
2004).
- -
2 3 - ,
.
OO O (MARGIN ACCOUNT):
, ,
,
. O
,
.
,

.
O OO (CONTRACT SIZE):
(, , ),

:
- ,
5 . .., FTSE/ASE Mid 40
2.000 , 10.000 .
5 /

.
- ,
100 . , .., 4
, 400
( 400

).
- ,

62.500
.

: , ,
( )
( ). .. ,
(premium) ,
long strangle , ..
O O: , ,
( )
( ). ..,
,
short straddle ..
OO OO (INFORMATION DATA VENDOR): O

, .

..
O (MARGIN):

.
( ), , .

. ,

:
410% , .
412%-20% ,
.
44,25% ,

/.

(
RI.VA).

,
. ,
.

.
O O (CREDIT MARGIN):

repo , . O
,

O OO (CONTRACT MULTIPLIER):
,
:
5
4100

,
,

.
.

462.500 , /.
.., 8 O,
800 O

800

O.
OO O : ..

:
- , : ) FTSE/ASE-20 FTSE/ASE Mid 40 (index
futures), ) 11 : , Alpha Bank, , EFG
Eurobank , O, 3, , O, CosmOTE, Intracom, (stock futures)
)

/
(currency
futures).
- : ) FTSE/ASE-20 FTSE/ASE Mid 40
(index options), ) 4 : , Alpha Bank, O, Intracom (stock
options).
- (stock lending) 70

..
-

Repurchase

Agreements.

OO (PROTECTIVE PUT):
.
,
. O (long stock) +
(long put) (long call).
- , ,
. O

.
- , ,
,
.

.
O (EARLY EXERCISE):
,
.

O O (SHORT CALL, WRITE CALL, CALL


WRITER):
.
. O

. ,
(
).
O (SHORT PUT, WRITE PUT, PUT
WRITER):
.
. O

. ,
( ).
(SHORT FUTURES):
.
,
.
.
(.

).
(STRATEGIES):
(, ) ,
,
. ,

.
OO O - (FUTURES
CONTRACT):
. (long position)
(short position)
,
. O ()
, .
(SYNTHETIC POSITIONS): O ,
,
, ,

(SENSITIVITY FACTORS GREEKS):


O (premium)
, ,
, .. ,
,
. O
: delta (), gamma (), theta (), rho () vega () kappa
(k).
(BETA COEFFICIENT): To

. ..
0,75 ,
() 1%
() 0,75%. ,
( )
- .
, ( ) .
, -

.
OO (PORTFOLIO BETA):

- (benchmark).
,

.
O O O O (SYSTEMIC RISK
MARKET RISK): O
,
. O
.
/ (TRADING SYSTEM):
O (O),

.
O (IMPLIED VOLA-TILITY):
, , , (imply) ()

, Black & Scholes.
Black & Scholes
,

(implies) .
.
,

(ASK): ask
.
(bid). O
.
OO (BID):
.

(ask).
O (OPTION PREMIUM):
, ,
.
, , ,
,
. To
, , .
,
, .
.
, .
:

(.
).
OO (SETTLEMENT BANK):

.
Alpha Bank. Alpha
Bank
/
. ,
(
).
O (MARGIN BANK):

(margin accounts) .
,

.
:
.
,
,

.
O :
, premium
(
).

OOO O : O
() RI.VA.
(Rsk Vluation).
,

. O
,
.
OO :
, discount (
).
O (PHYSICAL DELIVERY, SETTLEMENT BY
PHYSICAL DELIVERY):
, ,
.

. ,
. O
(. ).
O (CONTRACTS SPECIFICATIONS):
, ,
( ,
..)
O OO (CASH SETTLEMENT):
,
,
( ) ,
. O
, /
. O
(. ).
: , ,
(hedging) (speculation). O
. ,
,

(arbitrage).
OO (TIME TO EXPIRATION):
(. ).
O
.

(TRADING HOURS):
.. 10:45 16:15, ,
/,

10:30

16:30.
CROSS MARGIN: ,
(.. Alpha Bank, , EFG
Eurobank Ergasias, ), (.. O,
Cosm-OTE) ..
, ..
,

.
cross margin,

. O cross margin

RI.VA.
REPO O (STOCK REPO STOCK LENDING): repo

. O ,
,

. , ,
, !
. repo
100 (..,
630 , 6 repos , 30

).
O
.

..,

.
REVERSE REPO O (REVERSE STOCK REPO STOCK
BORROWING): repo
reverse repo .
( 100)
(short selling)
.
, ,
.

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