Tarifs

Tarif des Options Vanille


Une tarification primée

En tant que leader mondial du trading sur options Forex de gré à gré (OTC), Saxo Banque vous donne accès à une grande liquidité et aux cours en continu en temps réel. Les prix des options Saxo Banque sont affichés sur vos plateformes de trading sous forme d'écarts Cours acheteur / Cours vendeur (« spreads ») dynamiques. Les écarts Cours acheteur / Cours vendeur des options varient en fonction de l'échéance du contrat et de la paire de devises sous-jacente.

Des exemples de spreads sur les Options vanilles FX en temps réel, peuvent être consultés dans le paragraphe "Spread" ci-dessous.

Modèle d'évaluation

Le modèle de pricing de Saxo Banque qui est appliqué aux Options FX repose sur des données de volatilité implicite du modèle Black-Scholes, basé sur le marché interbancaire.

Les écarts (« spreads ») varient en fonction de l'échéance et de la paire de devises. Les cours affichés correspondent aux écarts Cours acheteur / Cours vendeur dynamiques.

Saxo’s FX Vanilla option offering provides the possibility to both buy and sell European style options, giving clients the opportunity to express a directional view in two different ways. FX options not only enable clients to express a directional trading view but also offer more alternatives in relation to controlling risk, in addition to a traditional stop loss order.

The holder of an option (long) pays a premium for the right to exercise the option at a profit, or let the option expire with no further obligation. The writer of an option (short) receives the premium and assumes the possible liability of having to pay the difference between the strike price and market price at maturity.

The pricing model Saxo Bank applies for FX Vanilla options is based on an implied volatility surface for the Black-Scholes model. The price is calculated in pip terms of the 2nd currency. Pricing is available for options with maturities from 1 day to 12 months, providing you with maximum flexibility to implement your trading strategies and market views. 

Spreads

The spread is defined as the distance between the bid/ask price. Spreads may vary depending on the life of the option and the currency pair. 

See all live FX options spreads for 30 day at-the-money options.

Saxo reserves the right to apply different spreads for notional amounts exceeding market standard or for clients requiring a specific level of service.

Minimum trade size

Trades can not be executed below the minimum trade size. Minimum trade sizes are as follows:

  • XAUUSD: 10 Oz

  • XAGUSD: 100 Oz

  • NOK/SEK: 50,000 NOK

  • All others: 10,000 units of base currency

Request for Quote (RFQ) on amounts above the maximum streaming amount will be executed manually by the FX trading desk.

Note. Maximum streaming amounts are subject to change without prior notice.

Minimum ticket fee

Small trade sizes incur a minimum ticket fee of 10 USD. A small trade size is any trade below the commission threshold which for most currency pairs is 50,000 units of base currency, however variations occur. Full details can be found here.

Touch Options


Saxo’s FX Touch option offering provides the possibility to both buy and sell One Touch and No Touch options, giving clients the opportunity to express a directional view in two different ways.

The holder of an option (long) pays a premium and possibly receives a payout. The writer of an option (short) receives the premium and possibly has to pay the payout. The pricing model that Saxo uses is similar to the one applied to Vanilla options (based on Black-Scholes model), with the price being expressed as a percentage of the potential payout. Spreads may vary depending on the life of the option and the currency pair.

Un tableau d'options FX innovant
  • Une solution « Click & Trade » intégrée aux plateformes de trading de Saxo Banque vous permet de négocier en un click
  • Un espace de travail intuitif et personnalisé permettant l'affichage de vues dédiées des options sur devises vanilles
  • Une matrice de cotations parmi une large fourchette de dates d'échéance et de prix d'exercice standardisés
  • Un aperçu des positions ouvertes nettes
  • Un suivi continu des cours sur de multiples contrats
Trade size & Liquidity

The maximum streaming amount is 25,000 units of base currency, with a minimum ticket size of 100 units. Notional amounts above the maximum streaming amount are available on a Request for Quote (RFQ) basis. Tradeable tenors from 1 day to 12 months.

Pricing / Premium

The price of a Touch option is called the Premium and is expressed as a percentage of the potential payout. For instance, for a notional size of 1,000 and a price of 10%, the Premium will be 100 units of base currency and the Payout will be 1,000 units of base currency. For long positions you pay the premium and for short positions you receive the premium.

Example:

  • You are looking for a potential payout of EUR 1,000 if EURUSD touches 1.1500 within two weeks. The premium of the One Touch option is 20%.

  • You pay EUR 200 (EUR 1,000 x 20%) for the option.

  • If the EURUSD spot price touches 1.1500 before it expires you receive the pay-out of EUR 1,000 (net profit of EUR 800).

  • If it doesn't reach the trigger level of 1.1500 your loss on the trade is the initial premium you paid for the option (EUR 200).

FX Options Risk Warning

An option is categorised as a red product as it is considered an investment product with a high complexity and a high risk.

You should be aware that in purchasing Foreign Exchange Options, your potential loss will be the amount of the premium paid for the option, plus any fees or transaction charges that are applicable, should the option not achieve its strike price on the expiry date

Certain options markets operate on a margined basis, under which buyers do not pay the full premium on their option at the time they purchase it. In this situation you may subsequently be called upon to pay margin on the option up to the level of your premium. If you fail to do so as required, your position may be closed or liquidated.

If you write an option, the risk involved is considerably higher than buying an option. You may be liable for margin to maintain your position and a loss may be sustained well in excess of the premium received.

By writing an option, you accept a legal obligation to purchase or sell the underlying asset if the option is exercised against you; however far the market price has moved away from the strike. If you already own the underlying asset that you have contracted to sell, your risk will be limited.

If you do not own the underlying asset the risk can be unlimited. Only experienced persons should contemplate writing uncovered options, then only after securing full detail of the applicable conditions and potential risk exposure.

Danish banks are required to categorise investment products offered to retail clients depending on the product’s complexity and risk as: green, yellow or red. For more information click here. 

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