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Forumu saraksts/Derivatīvi/Margin izmainas
 
Follower
Pievienots: 17.08.2004
Ziņojumi: 50
Margin izmainas
25.09.2006 10:42
Sodien Barron`s interesants raksts par option margin jauno likumu:

Investors are likely to hear much this fall about a pair of changes to the way options are traded and treated.

Here is a brief preview:

The Securities and Exchange Commission is currently considering changes to decade-old rules that could dramatically alter how brokerage firms assess margin requirements on investors who use options as risk-management tools.

Margin requirements are the amount of collateral a broker requires from a client buying a stock or option.

The new rules will allow brokers to take account of all related stock and option positions in a portfolio before making this determination. Current rules fail to consider the potential for options to lower risk -- as in the case of a put option's ability to serve as insurance against a drop in a stock's price.

The changes could free up a lot of capital that is currently locked up, said William Brodsky, chief executive of the Chicago Board Options Exchange, who has championed the revision. "This is a sea change in the way customers can manage money in their portfolios from the point of view of margins," he said.

Mr. Brodsky illustrated by applying the new rules to a hypothetical investor who bought 500 shares of International Business Machines Corp. for $82.60 and also five IBM put options that give the investor the right to sell those 500 shares for $80.

Under current rules, the investor has a margin requirement of $20,875 when making this investment. Under the proposed new rules, the requirement is $1,525, Mr. Brodsky said, reflecting the fact that the put options will protect against a decline in the stock.

The options industry is also gearing up for a pilot program to test the impact of quoting options in penny increments.

Right now, options are quoted in five-cent and 10-cent increments, and a shift to pennies has repercussions industrywide, including for individual investors. Just what the impact is, though, won't be known for sure until the pilot is under way.
Muks
Muks
Pievienots: 19.10.2004
Ziņojumi: 1526
Re: Margin izmainas
25.09.2006 13:59
Mr. Brodsky illustrated by applying the new rules to a hypothetical investor who bought 500 shares of International Business Machines Corp. for $82.60 and also five IBM put options that give the investor the right to sell those 500 shares for $80.

Under current rules, the investor has a margin requirement of $20,875 when making this investment. Under the proposed new rules, the requirement is $1,525, Mr. Brodsky said, reflecting the fact that the put options will protect against a decline in the stock.


Misters Brodskis nekorekti parādījis piemēru. Put opcijai jābūt norādītam ekspirācijas gadam ,un mēnesim, un 80$ līmeni sauc par strike. Nopērkot 500 IBM akcijas mēs iztērēsim 41 300+5 opcijas.Tā kā mēnesis nav zināms, tad varam tikai zīlēt, kuram mēnesim, vai gadam atbilst opcijas. Izskatās,ka margins būs 1:3.

Veiksmi!
kingpin
Pievienots: 30.07.2005
Ziņojumi: 91
Re: Margin izmainas
25.09.2006 23:53
Tagad vēl pēc "jokdaru" "Amaranth" izgājiena džeki priekšvēlēšanu populismā bliež baigās spekulācijas par papildus regulāciju tirgum (sevišķi attiecībā uz gāzi un naftu  , tjip grib paraut uz vidēja cilvēka jūtām laugh  )... Lieta jau vienkārša , ja šie kko kārtīgi pastiprinās (99% ka nē)  visi vnk ies uz citiem tirgiem ... Bet vispār ir smieklīgi paklausīties viņu diskusijas ar diametrāli pretējiem viedokļiem - izklausās pēc mazu bērnu - IR GAN ! - NAV GAN ! ... smile
 
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