February 2003
Beginner
208 pages
4h 55m
English
Content preview from Understanding the Markets
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right to sell, which is a fraction of the full value of the shares. Figure
4.2 illustrates the profit/loss profiles for the option trade described
above and also for the purchase of a call option.
It is important to understand the basic characteristic of derivatives
which, by definition, is ‘an instrument that derives its value from or
has its value linked to some other asset’.
Understanding the Markets56
Figure 4.2 Profit/loss profiles for the option trade and the purchase of
a call option. (Source: DMS Ltd)
Derivatives are quite separate instruments ...
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