Introduction to Currency Options
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2
3 Introduction to Currency Options
4 The Foreign Exchange (FX) Market Largest and most liquid market. Trades 24 hours except weekends. Average daily turnover estimated at 3.2 trillions. Driven by macroeconomic factors and international monetary flow. 4
5 Trading Convention USD/CAD Number of CAD equal to 1 USD USD = Base currency CAD = Quoted currency 5
6 What is a Currency Option? Based on a currency pair value. Reflects an exchange rate. USX reflects USD/CAD. The value of $1.00 U.S in Canadian dollars. U.S. dollar is considered the base currency. 6
7 USX Trading Unit U.S.$10, USX option contract gives the holder the right to buy or sell US$10,000. 7
8 USX Quote Spot Market Currency Quote USD/CAD = USX Quote Expressed in cents per unit of foreign currency. 100 U.S. cents = Canadian cents 8
9 How is a Currency Option Used Directional trading Buying calls or puts Shorting calls or puts Straddle or strangle Hedging U.S. portfolio 9 Cash flow for importers and exporters
10 USX Trading Parameters Same trading parameters as equity options. Option types Strike prices Expiration months Pricing variables 10
11 USX Option Types USD/CAD to increase Buy a call USD/CAD to decrease Buy a put 11
12 USX Strike Prices Strike prices are listed in.50 penny intervals. USD/CAD is at 105 Call option example: Strike Price Spot Market Interpretation 1-Month Premium Cost per Contract $2.45 $ $2.20 $ $1.85 $ $1.70 $
13 USX Expiration Months Nearest three months Next two months in the designated quarterly cycle March, June, September and December 13 March March April May June September
14 USX Pricing Variables Value of the underlying Strike price Time until expiration implied volatility Risk free rate of interest 14
15 Calculating Premium Premium X US$10,000 X C$1 100 cents CAD 10, X 0.01 = X 100 = $ Premium may be expressed as.0245 Multiply by 10, to obtain premium cost 15
16 Settlement European style exercise Cash settled in Canadian dollars. Settlement based on Bank of Canada USD/CAD noon rate. If the option does not have intrinsic value on expiration, it will expire worthless. 16
17 Settlement Example Call Option USX is 110 at expiration. Call option strike is 105. Settlement Value = USD/CAD noon rate - Call Strike = 5.00 points per contract 17
18 Settlement Example Call Option To determine the settlement value: 5.00 points X $ = $ The USX call option holder will receive a credit $ Canadian dollars. The USX Call option writer s trading account will be debited by C$ No shares are delivered, the position is cash settled. 18
19 Settlement Example Put Option USX is 101 at expiration. Put option strike is 105. Settlement Value = Put Strike USD/CAD noon rate = 4.00 points per contract 19
20 Settlement Example Put Option To determine the settlement value 4.00 points X $ = $ The USX put option holder will receive a credit C$ The USX put option writer s trading account will be debited by C$ No shares are sold, the position is cash settled. 20
21
Calendar Spreads Calendar Spreads
Disclaimer The views and opinions expressed in this presentation reflect those of the individual authors/presenters only and do not represent in any way Bourse de Montréal Inc. s (the Bourse ) opinion
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How Volatility Influences your Option Value
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Trade a directional bias with a limited and identifiable risk exposure. Protect and preserve investment capital.
Disclaimer The views and opinions expressed in this presentation reflect those of the individual authors/presenters only and do not represent in any way Bourse de Montréal Inc. s (the Bourse ) opinion
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