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挂牌指数期权的好处

同利用普通股期权一样,投资者可以利用指数期权来赚利于预期的市场运动或者是保护所拥有的底层证券。两者的区别是后者的底层证券是指数。这些指数可以用来反映通盘资产市场作为一个整体的特征或者是市场内某些行业的特征。

分散化

投资者可利用指数期权进入作为一个整体的市场或者是市场中的某些个别行业。而且这种进入只需一个买卖决定, 并且通常只需作一个交易。如若想利用个别股票或者个别普通股期权来获得同等程度的分散化,则需要作大量的决定和交易。利用指数期权既可以降低成本,又可以减少这些工作的复杂性。

买家的预先确定的风险

对买家来说,指数期权的的风险是预知的。其它类型的投资的风险可能是无限的。指数期权的买家的损失绝不会超过期权的价格,也就是权利金。

杠杆力

指数期权可提供杠杆力。这就是说,指数期权的买家只需支付相对合同价值较小的权利金来进入市场。投资者可从底层指数向有利方向的相对较小的百分比的变化获得大的百分比收益。如果指数没有向预期的方向移动,买家的风险限于所支付的权利金。然而,由于这种杠杆力,市场的小的不利的移动会导致买家损失大量或者是全部的权利金。指数期权的立权人会承受远远巨大,甚至是无限的风险。

受到保证的合同绩效

期权清算公司的规定和附则建立的系统(这个系统包括涉及某种期权交易的经济人和结算成员)和期权清算公司建立的某些基金保证合同的绩效。期权的拥有者可以依靠这个系统和这些基金,而不是依靠某个期权立权人, 来保证合同的绩效。在期权交易所和期权清算公司成立之前,希望履行期权合同的期权拥有者依赖于他的经济公司或者是期权立权人的的道德和财政的水平来保证合同的绩效。另外,在合同到期前,没有平仓的方便的方法。

作为美国交易所交易的所有证券期权交易的共同结算实体,期权清算公司解决了这些问题。期权清算公司一旦确定有来自买家和卖家的相对订单,它就分开两者之间的关系。期权清算公司实际上成为相应于卖家的买家和相应于买家的卖家。因此,卖家就可以买回他所立的同一期权,平掉最初的交易,取消他对期权清算公司的交付等同于期权履约数量的现金的义务。这绝不会影响最初的买家卖出, 持有或执行其合同的权利。所有的权利金和结算的支付都是付给期权清算公司和由期权清算公司支付。




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