September 2005
Intermediate to advanced
272 pages
9h 8m
English
Content preview from Clearing and Settlement of Derivatives
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5
Options processing
Option contracts have different characteristics to futures. The key
differences are that options are based on calls and puts. Options are
traded on- and off-exchange and are usually referred to as traded
options when based on a security or currency and as options on
futures or futures options when the underlying is a futures contract.
A call option gives the buyer the right, but not an obligation, to take
delivery of the underlying, whilst a put option confers the right but
not the obligation to make delivery of the underlying.
As a result of this characteristic the risk/reward profile is
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