Unit9Option..doc

Unit 9 Option Definition of Option　期权合同定义 Chapter 22 Definition of Option期权合同定义 期权合约是一种外延极广的投资工具。广义上的期权不仅指在期货或证券交易所交易的期权合约。事实上，金融市场上的许多金融产品都具有期权特性或是由期权组合而成的衍生工具：如股市中的认股权证；债券市场中的可转换债券；货币市场的信用卡等等。因此有人认为期权是筑起金融证券大厦的砖块。本章从期权的概念入手，并着重介绍了期权的风险与收益特征。在分析过程中，我们使用了假说基础上的例子，浅显易懂并触及本质。 An option is a contract in which the writer of the option grants the buyer of the option the right, but not the obligation, to purchase from or sell to the writer something at a specified price within a specified period of time (or at a specified date). The writer, also referred to as the seller, grants this right to the buyer in exchange for a certain sum of money, which is called the option price or option premium. The price at which the asset may be bought or sold is called the exercise or strike price. The date after which an option is void is called the expiration date. Our focus in this chapter is on options where the something underlying the option is a financial instrument, financial index, or financial futures contract. An option is a contract in which the writer of the option grants the buyer of the option the right, but not the obligation, to purchase from or sell to the writer something at a specified price within a specified period of time (or at a specified date). An option is a contract in which the writer of the option grants the buyer of the option the right, but not the obligation,　 期权是期权的鉴发者赋予其购买者权力而不是义务的一项合同。 writer of the option 期权的鉴发者 buyer of the option Grant：　to give someone something or allow them to have something that they have asked for:　赋予，给予。Grant sb the right: 赋予某人某种权利。 to purchase from or sell to the writer something at a specified price within a specified period of time (or at a specified date).在这种合同项下，期权购买者可以在特定时期(或特定日期)以特定价格从鉴发者手中购买或向其出售某种产品。 The writer, also referred to as the seller, grants this right to the buyer in exchange for a certain sum of money, which is called the option price or option premium. 鉴发者，也称作卖方，以收取一定数额的货币作为条件给予买者这项买或卖