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Το Γλωσσάρι Των Παραγώγων
Το Γλωσσάρι Των Παραγώγων
):
, , . ..
.. () ..
() 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):
. ,
. ,
.
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):
.
,
, .
.
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,
.
()
.
- () (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.
(CALL):
O.
O (CLEARING ACCOUNT):
O
.
,
,
.
,
,
(.
).
O (TRADING ACCOUNT):
.. O
..
.
,
..
:
- , 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):
,
.
).
(STRATEGIES):
(, ) ,
,
. ,
.
OO O - (FUTURES
CONTRACT):
. (long position)
(short position)
,
. O ()
, .
(SYNTHETIC POSITIONS): O ,
,
, ,
.
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)
.
, ,
.