Tăng tuổi thọ, cạnh tranh toàn cầu hóa, và tính lưu động của thị trường đã tạo ra một cảnh quan mới cho sự phát triển của các sản phẩm hưu trí. Hoàn thành sự phụ thuộc vào hệ thống an ninh truyền thống xã hội và lương hưu lợi ích được xác định là không còn một sự thay thế trong nền kinh tế mới nổi. Sự phát triển của hệ thống lương hưu quy định đóng góp trong quá trình tích lũy và giai đoạn thanh toán đã thu hút được sự chú ý từ các nhà hoạch. | 1 The basics of calls In the previous chapter we saw that options are used in association with a variety of basic everyday items. They derive their worth from these items. For example our home insurance premium is derived naturally from the value of our house. In the options business each of these basic items is known as an underlying asset or simply an underlying . It may be a stock or share a bond or a commodity. Here in order to get started we will discuss an underlying with which we are all familiar namely stock bond or commodity XYZ. Owning a call XYZ is currently trading at a price of 100. It may be 100 dollars euros or pounds sterling. Suppose you are given free of charge the right to buy XYZ at the current price of 100 for the next two months. If XYZ stays where it is or if it declines in price you have no use for your right to buy you can simply ignore it. But if XYZ rises to 105 you can exercise your right you can buy XYZ for 100. As the new owner of XYZ you can then sell it at 105 or hold it as an asset worth 105. In either case you make a profit of 5. What you do by exercising your right is to call XYZ away from the previous owner. Your original right to buy is known as a call option or simply a call . It is important right from the start to visualise profit and loss potential in graphic terms. Figure is a profit loss graph of your call or call position before you exercise your right. 8 Part 1 Options fundamentals Figure Owning a call If you choose you can wait for XYZ to rise further before exercising your call. Your profit is potentially unlimited. If XYZ remains at 100 or declines in price you have no loss because you have no obligation to buy. Offering a call Now let s consider the position of the investor who gave you the call. By giving you the right to buy this person has assumed the obligation to sell. Consequently this investor s profit loss position is exactly the opposite of yours. The risk for this investor is that XYZ will rise in .
