Handelsbetingelser for aktieoptioner

Kunders margin-/handelsprofil og optionsstrategier

I forbindelse med handel med aktieoptioner arbejder Saxo Bank med to handelsprofiler:

  • Basis, hvor kunden udelukkende har mulighed for at købe optioner.
  • Avanceret, hvor kunden udover at købe optioner også har mulighed for at sælge optioner og eksekvere kombinationsstrategier (herunder kombinationer, der indeholder både underliggende aktie og andre strikes).

For yderligere information om margin-/sikkerhedskrav og eventuel reduktion af margin-/sikkerhedskrav, henvises der til sektionerne Margin-/sikkerhedskrav og Mulighed for nedsættelse af margin/sikkerhed.

Såfremt kunden overskrider margin-/sikkerhedskrav vil Saxo Bank automatisk lukke alle positioner i aktieoptioner.

Yderligere detaljer om margin-/sikkerhedskrav under den avancerede handelsprofil opsummeres nedenfor:

Strategy Krav for åbning og opretholdelse af position

Long straddle
Long strangle

Ingen
Out-of-the-money naked calls

Stock Options

Call Price + Maximum((X%* Underlying Price) - Out of the Money Amount), (Y% * Underlying Price))

Out-of-the-Money Amount in case of a Call option equals: Max (0, Option Strike Price - Underlying Future Price)

Example:short 1 DTE jan14 12.50 Call at 0.08

Spot at 12.30
(0.08*100shares)+((0.15*12.30)-(12.50-12.30)*100shares) 8€ of premium + 164.5€ of margin

 

Uncovered put write

Stock Options

Put Price + Maximum((X%* Underlying Price) - Out of the Money Amount), (Y% * Strike Price))

Out-of-the-Money Amount in case of a Put option equals: Max (0, Underlying Future Price – Option Strike Price)

Example:short 1 DTE jan14 12 Put at 0.06

Spot at 12.30
(0.06*100shares)+((0.15*12.30)-(12.30-12)*100shares)
6€ of premium + 154.5€ of margin

 

Bear call spread

Maximum ((Strike Long Call - Strike Short Call), 0)

Example:short DTE Jan14 12.5 Call at 0.10 and long DTE Jan14 13.5 Call at 0.02
(0.10-0.02)*100 shares + (13.5-12.5)*100 shares

8€ of premium + 100€ of margin

Bull put spread

Example:Short DTE Jan14 Put 12 Put at 0.08 and long DTE Jan14 11 Put at 0.02
(0.08-0.02)*100 shares + (12-11)* 100 shares

6€ of premium + 100€ of margin

Short straddle
Short strangle

If Initial Margin Short Put > Initial Short Call, then
Initial Margin Short Put + Price Short Call
else
If Initial Margin Short Call >= Initial Short Put, then
Initial Margin Short Call + Price Short Put

Margin-/sikkerhedskrav

Ved at kombinere short-positioner i optioner med long-positioner i enten aktieoptioner eller den underliggende aktie, har du mulighed for at handle med nedsatte margin-/sikkerhedskrav. Ved eksekvering af følgende strategier, er der mulighed for at opnå reducerede krav til margin/sikkerhed:

  • Covered Call
  • Call/Put Spread
  • Short Straddle

Covered Call

Risikoen ved short-salg af optioner kan afdækkes ved at købe et tilsvarende antal aktier af den underliggende aktie på optionen. Positionen kan også initieres ved at sælge optioner på aktier, der allerede er en del af sin portefølje.

Call / Put Spread

En spread position giver mulighed for at en long-position i en option kan afdække en del af risikoen for en short-position i samme option med samme underliggende aktie. 

Det anbefales at en spread position lukkes ved først at lukke short ”benet” af positionen. På denne måde undgår kunden de relativt høje margin-/sikkerhedskrav forbundet med en naked short position i optioner. I visse situationer er det nødvendigt at realisere long positionen først for at frigøre kontanter til tilbagekøb af short-positionen. I disse tilfælde kan det være nødvendigt for kunden at indbetale yderligere midler.

Short Straddle / Strangle

Princippet omkring nedsættelse af margin/sikkerhed er anderledes for short straddle / strangle strategien, idet de to ”ben”, der udgør positionen, ikke afdækker hinanden. En short straddle / strangle kombinerer en short call position med en short put position. Eftersom eksponeringen på de to ben er i modsat retning i forhold til markedskursen, vil der udelukkende blive stillet margin-/sikkerhedskrav lig med ”Yderligere Margin”, som beskrevet under afsnittet ”Margin-/sikkerhedskrav”.

Margin requirements

For certain instruments, including Stock Options, we require a margin charge to cover potential losses involved on holding a position in the instrument. Stock Options are treated as full premium style options.

Full premium example:

When acquiring a long position in a full premium option, the premium amount is deducted from the client’s cash balance. The value from an open long option position will not be available for margin trading other than indicated in the margin reduction schemes.

In the following example, a client buys one Apple Inc. DEC 2013 530 Call @ $25 (Apple Inc. stock is trading at $529.85. One option equal 100 shares, buy/sell commissions $6.00 per lot and exchange fee is $0.30. With a cash balance of $10,000.00, his account summary will show:

Cash and Position Summary

Position Value

1 * 25 * 100 shares =

$2,500.00

Unrealized Profit/Loss

--

Cost to Close

- 1* ($6 + $0.30) =

- $6.30

Unrealised Value of Positions

$2,493.70

Cash Balance

$10,000.00

Transactions not Booked

- ($2,500 + $6.30) =

- $2,506.30

Account Value

$9,987.40

Not Available as Margin Collateral

- 1 * 25 * 100 shares =

- $2,500.00

Used for Margin Requirement

--

Available for Margin Trading

$7,487.40

In case of a full premium option, the transactions not booked will be added to the client’s cash balance in overnight processing. The next day, when the options market has moved to $41 (spot at 556.50), the account summary will show:

Cash and Position Summary

Position Value

1 * 41 * 100 shares =

$4,100.00

Unrealised Profit/Loss

--

Cost to Close

- 1*($6+$0.30) =

-$6.30

Unrealised Value of Positions

$4,093.70

Cash Balance

$7,493.70

Transactions not Booked

--

Account Value

$11,587.40

Not Available as Margin Collateral

- 1 * 41 * 100 shares =

-$ 4,100.00

Used for Margin Requirement

--

Available for Margin Trading

$7,487.40

Position Value: Increased due to the price of the option being higher.

Unrealised Value of Positions: Increased due to the price of the option being higher.

Cash Balance: Reduced by the price of the option. ‘Transactions not Booked’ is now zero.

Account Value: Increased due to the price of the option being higher.

Not Available as Margin Collateral: Increased due to the new value of the position.

Short Option Margin

A short option position exposes the holder of that position to being assigned to deliver the underlying proceeds when another market participant who holds a long position exercises his option right. Losses on a short option position can be substantial when the market moves against the position. We will therefore charge premium margin to ensure that sufficient account value is available to close the short position and additional margin to cover overnight shifts in the underlying value. The margin charges are monitored in real-time for changes in market values and a stop out can be triggered when the total margin charge for all margined positions exceeds the client’s margin call profile.

The generic formula for the short option margin charge is:

  • Short Option Margin = Premium Margin + Additional Margin

The premium margin ensures that the short option position can be closed at current market prices and equals the current Ask Price at which the option can be acquired during trading hours. The additional margin serves to cover overnight price changes in the underlying value when the option position cannot be closed because of limited trading hours.

Stock Options

For options on Stocks, the additional margin equals a percentage of the underlying reference value minus a discount for the amount that the option is out-of-the-money.

  • Additional Margin Call = Max (X% * Underlying Spot) – Out-of-the-Money Amount, Y% * Underlying Spot)
  • Additional Margin Put = Max (X% * Underlying Spot) – Out-of-the-Money Amount, Y% * Strike Price)

The margin percentages are set by Saxo Bank and are subject to change. The actual values can vary per option contract and are configurable in the margin profiles. Clients can see the applicable values in the trading conditions of the contract.

The out-of-the-money amount for a call option equals:

  • Max (0, Option Strike – Underlying Spot)

The out-of-the-money amount for a put option equals:

  • Max (0, Underlying Spot Price – Option Strike)

To get the currency amount involved, the acquired values need to be multiplied with the trading unit (100 shares).

Example:

Let’s suppose FORM applied an X margin of 15% and a Y margin of 10% on Apple stocks.

A Client shorts an Apple DEC 2013 535 Call at $1.90 (Apple stock at 523.74). The option figure value is 100 shares. The OTM amount is 11.26 stock points (535 – 523.74), resulting in an additional margin of 67.30 stock points ($6,730). In the account summary, the premium margin is taken out of the position value:

Cash and Position Summary

Position Value

- 1 * $1.90 * 100 shares =

- $190.00

Unrealized Profit/Loss

--

Cost to Close

- (6 + $0.30) =

- $6.30

Unrealized Value of Positions

- $196.30

Cash Balance

$10,000.00

Transactions not Booked

$190 - ($6 + $0.30) =

$183.70

Account Value

$9,987.40

Not Available as Margin Collateral

--

Used for Margin Requirement

- 100 shares *( (0.15 * 523.74) – 11.26)

- $6,730.00

Available for Margin Trading

$3,257.40

Corporate Actions

Corporate Actions on shares can affect any options that are listed on those shares. It might be required to adjust the option contracts in such way that the value of a position in such an option before and after the corporate action remains the same.

Definitions

“Corporate Actions” shall mean a corporate event that may impact the share price/outstanding share amount of the relevant company. Corporate Actions include share issues, mergers, conversions, share splits, sell-offs and dividends;

“Ex-Date” shall mean the effective date of the Corporate Action, the date on which or the date after a security trades without its previously declared dividend or distribution.

Dealings between Saxo Bank and the client

The underlying stock can be subject to corporate actions. As a result of a corporate action, the Stock option contract might need to be adjusted. Various exchanges have different ways of treating corporate actions. The option exchanges will decide on case by case bases how a corporate action will affect the option contract and positions on the option contracts.

The two common methods for adjustment are the ‘Ratio Method’ and the ‘Package Method’. Saxo Bank will follow the exchange notice in regards to applying the adjustment on the option series and the client’s position. However Saxo Bank reserve the right to close out clients open positions prior to an option adjustment on ex-date if a corporate action adjustment is not supported by Saxo Bank.

An example is when an underlying deliverable for the adjusted option contract can be a basket of securities and cash components. Especially for spin-offs and demergers, the corporate action could result into a basket of deliverables where the original option contract would settle into a number of deliverable components. The option contracts by themselves do not need to be adjusted in case of this method; instead the underlying deliverable is redefined. Whenever the underlying deliverable is redefined either as a basket/package containing multiple components, or any ratio of underlying shares, Saxo Bank will not support the action and will close out any open client positions.

To know more about Corporate Action please to go The Options Industry Council online course:

http://education.optionseducation.org/oic_courses/OIC320C/stockSplits_01.html

Early Exercise of Options

Holders of a long position in American Style options can exercise the option any time prior to expiry. To exercise a long option position, an exercise request can be entered in the trading application; in the “Account Summary”.

When the exercise request is entered, the option position is closed at price 0 and a position in the underlying instrument is created at the strike price. This happens instantly.

Clients should always consider closing the option position in the market and acquiring the underlying instrument separately. Often the market value of the option exceeds the unrealized profit from opening the underlying position at the strike price.

Exercise Cut-off

Exercise requests need to be entered before the exercise cut-off time as specified by Saxo Bank; see these in Contract Options Settlement Conditions. The Exercise cut-off time facing Saxo Bank clients is prior to the cut-off times as defined by the exchange in order to give Saxo Bank and its brokers the time to forward the request to the exchanges. If exercise requests are entered after the cut off time clients will be rejected and the client must wait until the next day to exercise before the cut off time.

Last Trading day

On the last trading day, clients will not be able to exercise any position, since the expiry auto-exercise process will manage exercising against the exercise settlement value.

Updated 12 November 2014

Risikoadvarsel for handel med aktieoptioner

Optioner er kategoriseret som et rødt produkt, fordi de vurderes som et investeringsprodukt med høj kompleksitet og høj risiko.

Danske banker har pligt til at kategorisere investeringsprodukter, der tilbydes retail-kunder, som grønne, gule eller røde, afhængigt af produktets kompleksitet og risiko.

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