September 2005
Intermediate to advanced
272 pages
9h 8m
English
Content preview from Clearing and Settlement of Derivatives
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86 Clearing and settlement of derivatives
The investor will have to pay a premium of £200, being 1000
shares the price of 20p, to secure the right to take delivery at a
day of their choice of 1000 shares at 330p until expiry in October.
If the buyer exercises their right they will then pay 1000
330p £3300 to take delivery of the 1000 BP shares irrespective
of the price BP might be in the stock market at that time.
Workflow road map
We can use the option shown in the above example to follow the work-
flow associated with on-exchange option transactions.
In the following text we describe the process from the point of view
of the broker, ...
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