September 2005
Intermediate to advanced
272 pages
9h 8m
English
Content preview from Clearing and Settlement of Derivatives
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By settling with clearing members on a daily basis the clearing house
restricts the level of risk itself and the other market members are
exposed to.
Options on futures positions are margined in the same way as
futures contracts with initial and VM requirements.
Long premium paid or traded option positions are not charged ini-
tial margin because once the premium has been paid for the option,
on T 1, then there is no further risk to the clearing house. The
worst that can happen is that the option can expire at zero.
If a long option is exercised then the clearing house will call margin
to cover the delivery obligations. ...
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