速寫 Day26

來源：赤倉

• 作者推特
  

來源：むっしゅ

• 作品連結
• 作者推特
  

恭喜PSG晉級~

最近uber eat用了優響方案
第一個月免費
所以我打算快到期前
再解除方案
爽薛
西西><

然後今天吃了鴨肉許
超飽==

今日日文單字：

• 冗談（じょうだん）はさておき ─ 先不開玩笑了，…
• 結果（けっか）はどうあれ、悔（く）いはない ─ 不管結果如何，我不後悔。
• どんな理由（りゆう）であれ ─ 無論何種理由
• Nはおろか～（も／まで／すら） ─ 別說N了，連…
• Nなら（は）いざ知らず ─ N的話不知道
• 嘆（なげ）くにはあたらない ─ 用不著唉聲嘆氣
• 想像（そうぞう）に難（かた）くない ─ 不難想像
• 願（ねが）っ／祈（いの）っ／信（しん）じ／尊敬（そんけい）てやまない ─ 無比祝福、祈願、相信、尊敬
• 汚職（おしょく）でなくてなんだろう ─ 不是貪汙是甚麼

稍微的筆記

ch36 Option Markets

• out-of-the-market: Intrinsic value = 0

Underlying Assets:

• 1. Stock options: Typically exchange-traded and American-style options. Each optoin contract is normally for 100 shares of stock.
• 2. Index options: Typically European-style options and are cash settled. Also, Index options can be found on both OTC and exchange-traded markets.
• 3. ETF options: Typically American-style options and utilize delivery of shares rather than cash at settlement.

Option Expiration:

• 1. actual day of expiration is the third Friday of the expiration month.
• 2. Before the third Friday of the expiration month, maturities are current month, the following month, and the next two months in the 3-months circle.
• 3. After the third Friday of the expiration month, maturities are next month, the month after that, and the next two months in the 3-months circle.
• be dictated by ─ 主宰
• increments ─ 增量

Nonstandard Products

• 1. FLEX options: flexible exchange options are exchange-traded options on equity indices and equities that allow some alteration of the options contract specifications.
• 2. Asian options: generate payoffs calculated on the average price of the underlying for the life of the option.
• 3. Cliquet options: generate payoffs calculated as the sum of the monthly capped return earned by the asset.

Margin Requirements

• Option with maturities of nine months or fewer cannot be purchased on margin (保證金開槓桿). This is because the leverage would be too high.
• Uncovered calls (those in which the writer doesn’t own a position in the underlying asset.)

Other Option-Like Securities:

• 1. Warrants (認股權)
• 2. Employee stock options
• 3. Convertible bonds

Conclusion:

• 1. Position limits are usually the same as exercise limits.
• 2. Writing covered calls doesn’t require any margin.
• 3. Options are adjusted for stock dividends (stock split), not cash dividends.
     For instance, if a stock experiences a b-for-a split, the number of shares underlying the option \(\times \space \dfrac{b}{a}\), and the strike price becomes \(\times \space \dfrac{a}{b}\) .
• 4. LEAPS (Long-term equity anticipation securities) expire on the third Friday of January of each year

今日其他進度：

• 日文N1文法、N1題目
• FRM ebook ch36
• 一堆的動畫

我會繼續努力的。