Условия торговли валютными опционами

Ванильные опционы

Валютные пары 

Доступны опционы на 44 валютные пары, включая серебро и золото.

Типы

Опционы колл (опционы на покупку валюты по цене страйк) и опционы пут (опционы на продажу валюты по цене страйк).

Сумма

Максимальная сделка для потокового исполнения - 25.000.000 единиц базовой валюты, минимальный размер сделки - 10 тыс. единиц.  Сделки на номинальные суммы сверх упомянутого максимума доступны по запросу (RFQ).

Примечание. Максимальные суммы сделки могут быть изменены без предварительного уведомления в условиях высокой волатильности или низколиквидного рынка.

Maturity

Tradable tenors from 1 day to 12 months.

 Цена 

Цена рассчитывается в пунктах для второй валюты в котировке. При покупке опциона максимальная прибыль равна выплаченной премии, в случае продажи эмитент получает премию, но потенциальный убыток может быть гораздо больше.

Expiry

European-style (the option can only be exercised on the expiry date, i.e. at a single pre-defined point in time).

Expiry is an automatic process, meaning you do not have to call in to manage the exercise or expiry. If the option is in the-money it will automatically settle in the pre-defined exercise method (described in the next point), or the option will automatically expire (cease to exist) at 10am Eastern Standard Time (New York cut) on the expiry date.

 
Exercise / Settlement

At trade entry, you have the choice of the exercise method that will apply should the option end up in-the-money. Options can be converted into a spot position on expiry or cash settled. The cash settled exercise method is available on both long and short positions and will always be executed at the mid-price of the best bid/offer spread. This applied even in volatile market conditions. The exercise method can be modified up to one hour prior to expiry.

Margin

The margin requirement is calculated per currency pair, to align with FX Spot tiered margins, and per maturity date. Read more about Margins.

Touch Options


Currency Pairs

EURUSD, GBPUSD, EURGBP, USDJPY, EURJPY and AUDUSD.

Types

One Touch and No Touch options are available.

Amount

Expressed as the potential payout. 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.

Note. Maximum streaming amounts may be changed without prior notice under volatile or illiquid markets.

Maturity

Tradable tenors from 1 day to 12 months.

Price (premium)

Expressed as a % payout in the 1st currency. When buying an option the maximum loss is the premium paid, but when selling an option the writer receives the premium. The payout is reserved on account (and can not be used as collateral).

Barrier (trigger)

Trade barriers above or below the current spot price, in increments of 50 pips.

Unlike FX Vanilla options, Touch options are exercised when a trigger level is reached at any time prior to the expiry date. If the trigger level has not been reached, a No Touch option generates a payout, whereas a One Touch option expires automatically.

A trigger (or barrier) level is considered reached if the spot mid-price of the currency pair reaches the trigger level. 

Коммерческая реализуемость

Существуют меры предосторожности для предотвращения ошибочной торговли. В частности, для каждой валютной пары задано значение «реализуемости». Смысл этого параметра — ограничить вашу торговлю, когда вероятность срабатывания (или несрабатывания) триггера очень близка к 100 %. Это позволяет защитить клиента от такой ошибки, как, например, плата 100 % за One Touch или продажа No Touch, когда ставка составляет 0 %. 

Текущие параметры 

Валютный кросс Значение коммерческой реализуемости
 
Валютный кросс Значение коммерческой реализуемости
EURGBP 0,25% GBPUSD 0,15%
EURJPY 0,20 % USDJPY 0,25%
EURUSD 0,15% AUDUSD 0,20 %

Обращаем ваше внимание на то, что значения коммерческой реализуемости могут быть изменены без предварительного уведомления. 

Несомненно, вы всегда можете закрыть существующую открытую позицию независимо от близости уровня триггера к текущему споту. Цены закрытия, если они близки к истечению срока, могут быть предложены только по RFQ.

Пример

Вы хотите купить опцион One Touch с истечением срока через 3 месяца, а цена триггера (или барьера) на 10 пипс отличается от рыночной. В этом случае премия составит 100 % (или близкий к этому показатель), и Saxo Bank автоматически отклонит сделку.

Expiry

One Touch options will generate the payout automatically if triggered before expiry. Otherwise (if the barrier has not been touched) the option will automatically expire and cease to exist at 10am Eastern Standard Time (New York cut). No Touch options will cease to exist if triggered before expiry (the barrier level is touched). If a No Touch option has not been triggered prior to expiry, the payout will automatically be generated.

Exercise / Settlement

Touch option positions are cash settled automatically when they generate a payout. The payout is 100% of the base currency. If the option expires without exercising, then the payout is 0%. For a One Touch option, that is once the trigger level is reached. For a No Touch option, it is at maturity, assuming the trigger level has not been reached. 

Although profit/loss from a closed Touch option (e.g. buying and selling an option before it exercises/expires) will be available for use in trading other margin products, final settlement takes place at end of day (EOD), similar to the way Vanilla options are settled.

Margin

The FX option margin calculation does not apply.

Netting of positions

Touch options of same type, expiry, and payout can net out.  No other netting of Touch options is allowed.

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.