2011 SPX Index call option with an exercise price of 1,300 is out of t terjemahan - 2011 SPX Index call option with an exercise price of 1,300 is out of t Bahasa Indonesia Bagaimana mengatakan

2011 SPX Index call option with an

2011 SPX Index call option with an exercise price of 1,300 is out of the money, given that the
index level on this day in March 2011 was 1,293.77. This contract could be purchased at the
ask price for $4,100 (= 41.00 × 100) and would only be exercised to acquire $130,000 worth of
the index if the S&P rises above 1,300 by the expiration date.
Chapter 16 introduced us to exchange-traded funds (ETFs) as an effective way to make an
investment in a stock index. Given the popularity of these products, it is not surprising that
the derivatives market now offers options based on them as well. Panel B of Exhibit 22.3 lists
a price and volume data for SPDR S&P 500 ETF (SPY) options, which are traded on the
CBOE. Since the underlying ETF is a security (unlike the index itself), these options are designed
like regular stock options and permit physical delivery. For example, the June 2011
SPY Index put option with an exercise price of 132 is in the money, since SPY traded at
129.29. In exchange for an upfront payment of $636 (= 6.36 × 100), the owner of this put contract
would find it advantageous to sell $13,200 worth of the index ETF, assuming it remained
below 132 at the expiration date.
Foreign Currency Options In our analysis of currency futures contracts in Chapter 21,
we saw that those agreements are generally designed from the viewpoint of a U.S. dollar–based
investor who thinks of the foreign (i.e., non–U.S. dollar) currency as the underlying asset in the
transaction. Foreign currency options traded on U.S. exchanges are similar in that each contract
allows for the sale or purchase of a set amount of foreign currency at a fixed exchange (FX)
rate. A currency call option permits, but does not obligate, the contract holder to buy the
currency at a later date, while a put allows the holder to sell the foreign currency if she so
desires. FX option contracts exist for several major currencies, including the euro, Australian
dollars, Japanese yen, Canadian dollars, British pounds, and Swiss francs. Although the majority
of currency options trade in OTC markets, exchange-traded versions have also existed
since being launched by the PHLX in 1982. Exhibit 22.4 shows the prevailing USD/GBP
spot rate as well as quotes for some of the British pound contracts that were available on
March 22, 2011.
Consider an investor in New York who holds British pound–denominated government
bonds in her portfolio. It is March, and, when the bonds mature in three months, she will
need to convert the proceeds back into U.S. dollars. This exposes the investor to the risk that
the British currency will weaken (i.e., will be exchangeable for fewer dollars) by June. To hedge
this risk, she buys the June put on the British pound with an exercise price of USD 163/GBP,
which is expressed in U.S. cents per pound. Thus, her initial cost to acquire a put option
allowing her to sell 10,000 pounds is USD 286 (= 0.0286 × 10,000), using the ask price (second
entry under the “Puts—Jun11” block) and delivery amount associated with the contract. This
option would allow the investor to exchange the GBP 10,000 that will come from the maturing
British bond in June for USD 16,300 (= 10,000 × 1.63). She will only exercise the contract if
the spot USD/GBP rate prevailing in June weakens to a level less than 1.63, which was her
original concern. Finally, because the spot rate at the time the put is acquired in March is
USD 1.6367/GBP, this contract is out of the money and the entire purchase price represents
a time premium.
3571/5000
Dari: Inggris
Ke: Bahasa Indonesia
Hasil (Bahasa Indonesia) 1: [Salinan]
Disalin!
2011 SPX Index call option with an exercise price of 1,300 is out of the money, given that theindex level on this day in March 2011 was 1,293.77. This contract could be purchased at theask price for $4,100 (= 41.00 × 100) and would only be exercised to acquire $130,000 worth ofthe index if the S&P rises above 1,300 by the expiration date.Chapter 16 introduced us to exchange-traded funds (ETFs) as an effective way to make aninvestment in a stock index. Given the popularity of these products, it is not surprising thatthe derivatives market now offers options based on them as well. Panel B of Exhibit 22.3 listsa price and volume data for SPDR S&P 500 ETF (SPY) options, which are traded on theCBOE. Since the underlying ETF is a security (unlike the index itself), these options are designedlike regular stock options and permit physical delivery. For example, the June 2011SPY Index put option with an exercise price of 132 is in the money, since SPY traded at129.29. In exchange for an upfront payment of $636 (= 6.36 × 100), the owner of this put contractwould find it advantageous to sell $13,200 worth of the index ETF, assuming it remainedbelow 132 at the expiration date.Foreign Currency Options In our analysis of currency futures contracts in Chapter 21,we saw that those agreements are generally designed from the viewpoint of a U.S. dollar–basedinvestor who thinks of the foreign (i.e., non–U.S. dollar) currency as the underlying asset in thetransaction. Foreign currency options traded on U.S. exchanges are similar in that each contractallows for the sale or purchase of a set amount of foreign currency at a fixed exchange (FX)rate. A currency call option permits, but does not obligate, the contract holder to buy thecurrency at a later date, while a put allows the holder to sell the foreign currency if she sodesires. FX option contracts exist for several major currencies, including the euro, Australiandollars, Japanese yen, Canadian dollars, British pounds, and Swiss francs. Although the majorityof currency options trade in OTC markets, exchange-traded versions have also existedsince being launched by the PHLX in 1982. Exhibit 22.4 shows the prevailing USD/GBPspot rate as well as quotes for some of the British pound contracts that were available onMarch 22, 2011.Consider an investor in New York who holds British pound–denominated governmentbonds in her portfolio. It is March, and, when the bonds mature in three months, she willneed to convert the proceeds back into U.S. dollars. This exposes the investor to the risk thatthe British currency will weaken (i.e., will be exchangeable for fewer dollars) by June. To hedgethis risk, she buys the June put on the British pound with an exercise price of USD 163/GBP,which is expressed in U.S. cents per pound. Thus, her initial cost to acquire a put optionallowing her to sell 10,000 pounds is USD 286 (= 0.0286 × 10,000), using the ask price (secondentry under the “Puts—Jun11” block) and delivery amount associated with the contract. Thisoption would allow the investor to exchange the GBP 10,000 that will come from the maturingBritish bond in June for USD 16,300 (= 10,000 × 1.63). She will only exercise the contract ifthe spot USD/GBP rate prevailing in June weakens to a level less than 1.63, which was heroriginal concern. Finally, because the spot rate at the time the put is acquired in March isUSD 1.6367/GBP, this contract is out of the money and the entire purchase price representsa time premium.
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Hasil (Bahasa Indonesia) 2:[Salinan]
Disalin!
2011 call option SPX Indeks dengan harga pelaksanaan 1300 adalah dari uang, mengingat bahwa
tingkat indeks pada hari ini Maret 2011 adalah 1,293.77. Kontrak ini bisa dibeli di
meminta harga untuk $ 4.100 (= 41,00 × 100) dan hanya akan dilakukan untuk memperoleh $ 130.000 senilai
indeks jika S & P naik di atas 1.300 dengan tanggal kedaluwarsa.
Bab 16 memperkenalkan kita untuk bertukar-traded funds ( ETF) sebagai cara yang efektif untuk membuat
investasi dalam indeks saham. Mengingat popularitas produk ini, tidaklah mengherankan bahwa
pasar derivatif sekarang menawarkan pilihan berdasarkan pada mereka juga. Panel B dari pameran 22,3 daftar
harga dan data volume untuk SPDR S & P 500 ETF (SPY) pilihan, yang diperdagangkan di
CBOE. Karena ETF yang mendasari adalah keamanan (tidak seperti indeks itu sendiri), pilihan ini dirancang
seperti opsi saham biasa dan mengizinkan pengiriman fisik. Sebagai contoh, Juni 2011
SPY Indeks put option dengan harga pelaksanaan 132 adalah uang, karena SPY diperdagangkan pada
129,29. Dalam pertukaran untuk pembayaran dimuka dari $ 636 (= 6.36 × 100), pemilik put kontrak ini
akan merasa menguntungkan untuk menjual $ 13.200 senilai ETF indeks, dengan asumsi itu tetap
di bawah 132 pada tanggal kedaluwarsa.
Kurs Pilihan Dalam analisis kami kontrak berjangka mata uang dalam Bab 21,
kita melihat bahwa perjanjian tersebut umumnya dirancang dari sudut pandang berbasis dolar AS
investor yang berpikir dari luar negeri (yaitu, non-dolar AS) mata uang sebagai aset dasar dalam
transaksi. Pilihan mata uang asing yang diperdagangkan di bursa AS adalah serupa bahwa setiap kontrak
memungkinkan untuk penjualan atau pembelian satu set jumlah mata uang asing pada tukar tetap (FX)
tingkat. Panggilan mata uang izin pilihan, tetapi tidak mewajibkan, pemegang kontrak untuk membeli
mata uang di kemudian hari, sedangkan put memungkinkan pemegangnya untuk menjual mata uang asing jika dia begitu
keinginan. Kontrak opsi FX ada untuk beberapa mata uang utama, termasuk euro, Australia
dolar, yen Jepang, dolar Kanada, poundsterling Inggris, franc Swiss dan. Meskipun sebagian
dari pilihan mata uang perdagangan di pasar OTC, versi yang diperdagangkan di bursa juga ada
sejak diluncurkan oleh PHLX pada tahun 1982. Bukti 22.4 menunjukkan USD / GBP berlaku
spot rate serta kutipan untuk beberapa kontrak pound Inggris yang tersedia di
22 Maret 2011.
Pertimbangkan investor di New York yang memegang pemerintahan pound-mata Inggris
obligasi dalam portofolio nya. Hal ini Maret, dan, ketika obligasi jatuh tempo tiga bulan, dia akan
perlu mengkonversi hasil kembali ke dolar AS. Ini memperlihatkan investor untuk risiko yang
mata uang Inggris akan melemah (yaitu, akan ditukar dengan dolar lebih sedikit) pada bulan Juni. Untuk lindung nilai
risiko ini, dia membeli Juni mengenakan pound Inggris dengan harga pelaksanaan Rp 163 / GBP,
yang dinyatakan dalam sen AS per pon. Dengan demikian, biaya awal dia untuk memperoleh put option
yang memungkinkan dirinya untuk menjual 10.000 pon adalah USD 286 (= 0,0286 × 10.000), menggunakan meminta harga (kedua
entri di bawah "Puts-JUN11" block) dan jumlah pengiriman yang terkait dengan kontrak. Ini
pilihan akan memungkinkan investor untuk bertukar GBP 10.000 yang akan datang dari jatuh tempo
obligasi Inggris pada bulan Juni untuk USD 16.300 (= 10.000 x 1,63). Dia hanya akan latihan kontrak jika
tempat USD / GBP kurs yang berlaku pada bulan Juni melemah ke level kurang dari 1,63, yang dia
keprihatinan asli. Akhirnya, karena kurs spot pada saat put tersebut diperoleh Maret adalah
USD 1,6367 / GBP, kontrak ini adalah dari uang dan harga pembelian seluruh mewakili
premi waktu.
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