Brent Last Day Financial Futures contratto Spec The Floating prezzo è pari al ICE Brent Index Crude Oil pubblicato un giorno dopo il giorno di negoziazione finale del mese del contratto. Cessazione della negoziazione per mesi di contratto fino al il febbraio 2016 del contratto, il commercio cessa lo stesso giorno di terminazione, come l'ICE Brent Crude Oil Futures contratto per i soggetti mese di consegna, vale a dire il giorno lavorativo immediatamente precedente il 15 ° giorno prima del primo giorno del mese di consegna, qualora tale giorno 15 è un giorno lavorativo a Londra. Se il 15 ° giorno è un giorno nonbanking a Londra (compreso il Sabato), il commercio cessa nel giorno lavorativo immediatamente precedente il primo giorno lavorativo prima del 15 ° giorno. Efficace con il contratto di marzo 2016, l'ultimo giorno di negoziazione sarà l'ultimo giorno lavorativo del Regno Unito del secondo mese che precede il mese del contratto, ad eccezione del giorno lavorativo che precede Capodanno, dove il commercio cessa il secondo giorno lavorativo nel Regno Unito precedente Capodanno Giorno. Commercio A Marker o commerciali Al Regole insediamento commerciale di conciliazione è disponibile per il primo posto, 2 °, e 3 ° mese e soggetti ai requisiti della regola 524.A. Trading in tutti i prodotti di TAS cessa ogni giorno alle 02:30 ET. Prodotti TAS compromesso di un prezzo base di 0 per creare un differenziale (più o meno 40 zecche a 0,0025 pari a 10 BZ zecche a 0.01) rispetto insediamento nel prodotto sottostante su base 1 a 1. Un commercio fatto al prezzo base di 0 corrisponde ad un commercio tradizionale TAS che cancella esattamente al prezzo di chiusura finale della giornata. TAM trading è analogo al nostro Trading esistente al Settlement (TAS) di trading in cui parti saranno autorizzati a commerciare con un differenziale che rappresenta un prezzo non ancora noto. TAM commercio utilizzerà un prezzo marcatore, mentre TAS di trading utilizza il prezzo di liquidazione di Exchange-determinato per il mese del contratto applicabile. Come con TAS negoziazione, parti saranno in grado di immettere ordini TAM al prezzo TAM o un differenziale tra uno e dieci zecche superiore o inferiore al prezzo TAM. Trading a marcatore è disponibile per il mese posto l'ultimo giorno di negoziazione. Brent Crude Oil Future finanziari (BZ) spot, mesi 2 ° e 3 e mese nearbysecond, mese secondthird e nearbythird mese spread di calendario. Nessuna attività Periodi: 04:30 ora di Londra ndash 05:50 ora della costa orientale ora di Londra Venerdì ndash sito ora della costa orientale SundayThis 05:20 04:30 Lunedi ndash Giovedi utilizza i cookie 8211 piccoli file di testo che vengono depositati sul Vostro macchina aiutare il sito a fornire una migliore esperienza utente. In generale, i cookie vengono utilizzati per mantenere le preferenze degli utenti, memorizzano le informazioni per cose come carrelli della spesa, e fornire dati di monitoraggio anonimi per applicazioni di terze parti come Google Analytics. Come regola generale, i cookie renderanno la vostra esperienza di navigazione migliore. Tuttavia, si può scegliere di disabilitare i cookie su questo sito e su altri. Il modo più efficace per farlo è quello di disabilitare i cookie nel proprio browser. Si consiglia di consultare la sezione Guida del browser o di dare un'occhiata al sito Informazioni sui cookie, che offre una guida per tutti i browser moderni LEGGERE QUESTI TERMINI DI UTILIZZO PRIMA DI UTILIZZARE IL SITO Queste condizioni di utilizzo (insieme ai documenti di cui al presente documento) governano come si può fare uso di questo sito web (il nostro sito), sia come ospite o un utente registrato. L'utilizzo del nostro sito include accesso, la navigazione, o la registrazione per utilizzare il nostro sito. Si prega di leggere queste Condizioni d'uso con attenzione prima di iniziare a utilizzare il nostro sito. Utilizzando il nostro sito, si conferma che accetti queste Condizioni d'uso e che si impegna a rispettare con loro. Se non accetti queste Condizioni d'uso, non si deve utilizzare il nostro sito. Potremmo rivedere le presenti Condizioni d'Uso in qualsiasi momento modificando questa pagina. Si prega di controllare questa pagina di tanto in tanto per prendere atto di eventuali modifiche che abbiamo fatto, in quanto sono vincolanti per l'utente. Altri Termini Applicabili Le presenti Condizioni di Utilizzo si riferiscono alle seguenti condizioni aggiuntive, che si applicano anche per l'utilizzo del nostro sito: l'avviso normativo del Regno Unito. che contiene importanti informazioni su questo sito e le entità Mako Gruppo nostre condizioni sulla privacy che stabilisce le condizioni alle quali abbiamo elaborare tutti i dati personali che raccogliamo da voi o che ci fornite. Utilizzando il nostro sito, l'utente acconsente a tale trattamento e garantisce che tutti i dati forniti sono accurati e la nostra politica COOKIE che illustra le informazioni sui cookie sul nostro sito site. This è di proprietà e gestito da Mako Europe Ltd, membro del il Gruppo Mako che comprende le seguenti società: Mako Europe Ltd, una società a responsabilità limitata registrata in Inghilterra e Galles (con numero di registrazione 05.015.714) la cui sede legale è presso la sede del Gruppo Mako Mako globali derivati Partnership LLP, una società a responsabilità limitata registrata in Inghilterra e il Galles (con numero di registrazione OC306610), autorizzata e regolamentata dall'Autorità comportamento finanziario (FRN 231154) e la cui sede legale è al Mako Group Headquarters Mako Fixed Income Partnership LLP, una società a responsabilità limitata registrata in Inghilterra e Galles (con numero di registrazione OC301401), autorizzata e regolamentata dall'Autorità comportamento finanziario (FRN 210.887) e la cui sede legale è al Mako Group Headquarters Mako Financial Markets Partnership LLP, una società a responsabilità limitata registrata in Inghilterra e Galles (con numero di registrazione OC306611), autorizzata e regolamentata dall'Autorità finanziaria condotta (FRN 231157) e la cui sede legale è presso la sede del Gruppo Mako Mako Global Investors LLP, una società a responsabilità limitata registrata in Inghilterra e Galles (con numero di registrazione OC361320), autorizzata e regolamentata dalla Financial Conduct Authority (FRN 214.498) e la cui sede legale è presso la sede Mako Gruppo e Mako Futures USA, LP, una società in accomandita costituita nel Delaware (con numero di registrazione 3.318.192), e la cui sede legale è a co Corporation Service Company, 80 State Street, New York, NY 12207-2543, e comprende anche i genitori, le società controllate e collegate di cui sopra Mako Gruppo. Vedere UK Regulatory preavviso per ulteriori informazioni importanti. L'indirizzo Sede Mako Group può essere trovato qui. Informazioni legali e limitazione della nostra responsabilità Le informazioni fornite sul nostro sito o in qualsiasi comunicazione contenente un link al nostro sito non è destinato alla distribuzione, o utilizzare da parte di qualsiasi persona o entità in qualsiasi giurisdizione o paese in cui tale distribuzione o l'uso sarebbe contrario alla legge o regolamento o che sottoporre Mako Gruppo a qualsiasi obbligo di registrazione entro tale giurisdizione o paese. Né l'informazione, né alcun parere contenuta nel nostro sito costituisce una sollecitazione o offerta da parte Mako Group di acquistare o vendere titoli, futures, opzioni o altri strumenti finanziari o di fornire qualsiasi consulenza o servizi di investimento. Informazioni sul nostro sito possono essere soggette a modifiche senza preavviso. Anche se facciamo ogni ragionevole sforzo per aggiornare le informazioni sul nostro sito, non rilascia alcuna dichiarazione, garanzia o garanzie, esplicita o implicita, che il contenuto del nostro sito siano accurate, complete o aggiornate. Il nostro sito contiene link ad altre società del Gruppo Mako. Ogni sito è stato approvato dalla competente entità Mako Group e può contenere ulteriori restrizioni in materia di accesso sia per le aree del nostro sito o dei servizi forniti. Il nostro sito può contenere link ad altri siti estranei a qualsiasi società del Gruppo Mako. Questi collegamenti sono stati forniti solo a scopo informativo. Il Gruppo Mako non ha esaminato il contenuto di tali siti e non è responsabile per il collegamento o il contenuto dei siti non collegati. Le informazioni contenute in questi siti può essere correlato a un'attività che si ritiene essere un'attività regolata e quindi il collegamento a questi siti è realizzato interamente a proprio rischio. I servizi Mako Group8217s sono disponibili solo per i professionisti del mercato (le controparti ammissibili Andor clienti professionali, come definito dalla direttiva sui mercati degli strumenti finanziari (MiFID) e le regole del Financial Conduct Authority) e possono essere protette da password per limitare l'accesso. Il Gruppo Mako non concludere affari con o per la clientela retail. I servizi, inoltre, non possono essere disponibili per alcuni investitori a causa di regolamentazione o di altri vincoli o nel Regno Unito o altrove. Il nostro sito è riservato esclusivamente a persone non statunitensi e non deve essere accessibile da qualsiasi persona negli Stati Uniti. Le informazioni qui non è per la distribuzione o per il beneficio di soggetti statunitensi. Ci possono essere le società del Gruppo Mako che può in qualsiasi momento essere lungo o corto di qualsiasi titolo o strumento finanziario di cui al nostro sito, o agire come market maker o in altro modo trattare o fornire, o hanno fornito consulenza o servizi, in relazione a tale titoli o strumenti finanziari. Il nostro sito può contenere informazioni riguardanti ricerca intrapresa dal Gruppo Mako ai fini di trading intraprese da qualsiasi società del Gruppo Mako, i suoi funzionari, dipendenti e per la distribuzione ai clienti. Tale ricerca non costituisce un consiglio di investimento o una sollecitazione a fini di acquisto o vendita di titoli o strumenti finanziari. Anche se le informazioni di ricerca e le opinioni espresse sul nostro sito sono stati considerati validi al momento l'informazione è stata pubblicata sul nostro sito, il Gruppo Mako non fornisce alcuna dichiarazione o garanzia circa l'esattezza e la completezza di queste informazioni e chiunque immetta affidamento su questo informazioni lo fa a proprio rischio e il Gruppo Mako non si assume alcuna responsabilità a seguito di tale dipendenza. Il Gruppo Mako non sarà responsabile per qualsiasi perdita o danno che potrebbe derivare da intercettazioni da parte di terzi di tutte le informazioni messe a disposizione tramite il nostro sito. Né il gruppo Mako, né alcuno dei suoi, amministratori, dirigenti o dipendenti, né alcun fornitore di terze parti saranno responsabili o hanno alcuna responsabilità di alcun tipo per qualsiasi perdita o danno che si incorre in caso di guasto o interruzione del nostro sito , o derivanti da l'atto o l'omissione di qualsiasi altra parte coinvolta nel rendere il nostro sito o dei dati in esso contenuti a disposizione di voi, o da qualsiasi altra causa relativa al vostro accesso, impossibilità di accesso o l'utilizzo del nostro sito o di questi materiali, o meno le circostanze che hanno dato origine a tale causa potrebbe essere stata sotto il controllo del Gruppo Mako o di qualsiasi fornitore di software o di servizi di supporto. In nessun caso il Gruppo Mako, o tali parti essere responsabili per eventuali danni diretti, speciali, indiretti, consequenziali, accidentali o altri danni di qualsiasi tipo, anche se il gruppo Mako o qualsiasi altra parte sono stati informati della possibilità loro. Nulla in queste condizioni di utilizzo esclude o limita la nostra responsabilità per morte o lesioni personali derivanti dalla nostra negligenza, o il nostro frode o dichiarazione fraudolenta, o qualsiasi altra responsabilità che non può essere esclusa o limitata dalla legge inglese. Nella misura consentita dalla legge, escludiamo tutte le condizioni, garanzie, dichiarazioni o altri termini che possono essere applicate al nostro sito o di qualsiasi contenuto su di esso, sia espressa o implicita. Oltre alle esclusioni di cui sopra, non saremo responsabili per qualsiasi utente per qualsiasi perdita o danno, sia in contratto, torto (inclusa la negligenza), violazione di obblighi di legge, o altrimenti, anche se prevedibili, derivanti o in connessione con: L'utilizzo di, o dall'impossibilità di utilizzare il nostro sito o uso o l'affidamento su qualsiasi contenuto visualizzato sul nostro sito. Se sei un utente business, si ricorda che, in particolare, non saremo responsabili per: perdita di profitti, le vendite, le imprese, o la perdita di interruzione I ricavi della gestione delle anticipata perdita risparmio di opportunità di business, avviamento o reputazione o qualsiasi perdita indiretta o consequenziale o danni. Lei accetta di non utilizzare il nostro sito per qualsiasi scopo commerciale o imprenditoriale, e non abbiamo alcuna responsabilità per qualsiasi perdita di profitto, perdita di affari, interruzione dell'attività, perdita di opportunità di business. Non saremo responsabili per qualsiasi perdita o danno causato da un virus, distributed denial-of-service attacco, o altro materiale tecnologicamente dannoso che possa infettare il vostro computer, programmi per computer, dati o altro materiale di proprietà a causa di l'utilizzo del nostro sito o al download di qualsiasi contenuto su di esso, o su qualsiasi sito web ad esso collegato. Il tuo account e la password se si sceglie, o si sono dotati di un codice di identificazione utente, password o qualsiasi altro pezzo di informazioni come parte delle nostre procedure di sicurezza, è necessario trattare tali informazioni riservate. Non devi divulgarle a terzi. Ci riserviamo il diritto di disattivare qualsiasi codice di identificazione utente o la password, se scelto da voi o assegnato da noi, in qualsiasi momento, se a nostro avviso ragionevole avete mancato di rispettare una delle disposizioni delle presenti Condizioni d'Uso e qualsiasi altro termine fornito all'utente sul rilascio di tutte le informazioni di sicurezza. Se si sa o si sospetta che qualcuno diverso da te conosce il codice di identificazione utente o la password, è necessario informare immediatamente a enquiriesmako. Tutte le informazioni detenute dal Gruppo Mako e che è soggetta al Data Protection Act 1998 si terrà solo per gli scopi che ci avete contattato e per l'utilizzo di informarvi su prodotti e servizi che riteniamo possano essere adatto per voi. Aderiamo ad un rigoroso codice di riservatezza del cliente e non vogliamo rivelare tali informazioni al di fuori del Gruppo Mako eccezione, come ci viene richiesto dalla legge e regolamento. Se trasferiamo le informazioni a un membro del gruppo Mako di fuori del Regno Unito faremo in modo che lo stesso livello di diritti di proprietà intellettuale. Siamo il proprietario o il licenziatario di tutti i diritti di proprietà intellettuale nel nostro sito e nel materiale pubblicato su di esso. Tali opere sono protette dalle leggi sul copyright e dai trattati in tutto il mondo. Tutti i diritti sono riservati. Si può stampare una copia, e scaricare estratti di qualsiasi pagina (s) dal nostro sito per uso personale e si può attirare l'attenzione degli altri all'interno dell'organizzazione per i contenuti pubblicati sulle aree senza restrizioni del nostro sito. Non si deve ridistribuire qualsiasi ricerca o altri materiali forniti su qualsiasi parte riservata del nostro sito o modificare la carta o digitali copie di tutti i materiali che avete stampato o scaricato in qualsiasi modo, e non si deve utilizzare alcun illustrazioni, fotografie, il video o sequenze audio o qualsiasi grafica separatamente dal testo di accompagnamento. Il nostro status (e quella dei collaboratori identificati) come di contenuti sul nostro sito gli autori devono essere sempre riconosciuti. Non si deve usare qualsiasi parte del contenuto sul nostro sito per scopi commerciali senza ottenere una licenza di farlo da noi o dai nostri licenziatari. Se si stampa fuori, copiare o scaricare qualsiasi parte del nostro sito in violazione di queste Condizioni d'Uso, il diritto di utilizzare il nostro sito cesserà immediatamente e si deve, a nostra scelta, restituire o distruggere tutte le copie dei materiali che avete fatto. Non garantiamo che il nostro sito sarà sicuro o privo di errori o virus. L'utente è responsabile per la configurazione informatica, programmi informatici e la piattaforma al fine di accedere al nostro sito. Si dovrebbe utilizzare il proprio software antivirus. Non si deve abusare del nostro sito introducendo consapevolmente virus, trojan, worm, bombe logiche o altro materiale doloso o tecnologicamente dannoso. Non si deve cercare di ottenere accesso non autorizzato al nostro sito, il server su cui è memorizzato il nostro sito o qualsiasi server, computer o database collegato al nostro sito. Non si deve attaccare il nostro sito tramite un attacco denial-of-service o un denial-of service attacco distribuito. Con la violazione di questa disposizione, si potrebbe commettere un reato ai sensi del Computer Misuse Act 1990. segnalerà tale violazione alle autorità preposte all'applicazione della legge e noi cooperare con tali autorità rivelando la propria identità a loro. In caso di violazione, il diritto di utilizzare il nostro sito cesserà immediatamente. Il collegamento al nostro sito può creare un collegamento alla nostra home page con il nostro previo consenso scritto e fornito di farlo in un modo che è giusto e legale e che non danneggi la nostra reputazione o trarre vantaggio da esso. Non si deve stabilire un collegamento in modo tale da suggerire qualsiasi forma di associazione, approvazione o avallo da parte nostra dove non esiste. Non si deve stabilire un link al nostro sito in qualsiasi sito web che non è di proprietà di voi. Il nostro sito non deve essere inserito in qualsiasi altro sito, né può si crea un collegamento a qualsiasi parte del nostro sito diverso da quello della home page. Ci riserviamo il diritto di ritirare il permesso di collegamento senza preavviso. Se si desidera creare un collegamento o fare qualsiasi uso dei contenuti sul nostro sito diverso da quello di cui sopra, non esitate a contattarci. Queste condizioni di utilizzo, la loro materia e la formazione del contratto formato qui di seguito (e le eventuali controversie o reclami non contrattuali) sono regolate dalla legge inglese. L'utente accetta la giurisdizione non esclusiva dei tribunali di Inghilterra e Galles. Il Gruppo Mako è costituito dalle seguenti aziende globali: Mako Europe Limited Mako globali derivati Partnership LLP Mako Partnership Fixed Income LLP Mako Financial Markets Partnership LLP Mako Global Investors LLP Mako Futures USA LP e comprende le sue controllanti, le controllate e collegate (Mako Group). Le informazioni fornite su questo sito o in qualsiasi comunicazione contenente un link a questo sito non è destinato alla distribuzione, o utilizzare da parte di qualsiasi persona o entità in qualsiasi giurisdizione o paese in cui tale distribuzione o l'uso sarebbe contrario alla legge o regolamento o che sarebbe sottoporre il Gruppo Mako a qualsiasi esigenza di registrazione entro tale giurisdizione o paese. Né l'informazione, né alcun parere contenuto in questo sito costituisce una sollecitazione o offerta da parte del Gruppo Mako di acquistare o vendere titoli, futures, opzioni o altri strumenti finanziari o fornire consulenza o servizi di investimento. Le informazioni su questo sito possono essere soggette a modifiche senza preavviso. Questo sito contiene link ad altre società del Gruppo Mako e le società in cui il Gruppo Mako hanno un interesse investimento. Ogni sito è stato approvato dalla società interessata e può contenere ulteriori restrizioni in materia di accesso sia per il sito o dei servizi forniti. Questo sito può contenere link ad altri siti che estranei a qualsiasi società del Gruppo Mako. Questi collegamenti sono stati forniti solo a scopo informativo. Il Gruppo Mako non ha esaminato il contenuto di tali siti e non è responsabile per il collegamento o il contenuto dei siti non collegati. Le informazioni contenute in questi siti può essere correlato a un'attività che si ritiene essere un'attività regolata e quindi il collegamento a questi siti è fatta interamente a proprio rischio. I servizi di Mako del Gruppo sono disponibili solo per i professionisti del mercato (le controparti ammissibili Andor clienti professionali, come definito dalle regole del Financial Conduct Authority) o sono protette da password per limitare l'accesso. Il Gruppo Mako non concludere affari con o per la clientela retail. I servizi, inoltre, non possono essere disponibili per alcuni investitori a causa di regolamentazione o di altri vincoli o nel Regno Unito o altrove. Questo sito è riservato esclusivamente a persone non statunitensi e non deve essere accessibile da qualsiasi persona negli Stati Uniti. Le informazioni qui non è per la distribuzione o per il beneficio di soggetti statunitensi. Ci possono essere le società del Gruppo Mako che può in qualsiasi momento essere lungo o corto di eventuali titoli o strumenti finanziari menzionati in questo sito, o agire come market maker o in altro modo trattare o fornire, o che hanno fornito consulenza o servizi, in relazione a tale titoli o strumenti finanziari. Questo sito può contenere informazioni riguardanti ricerca intrapresa dal Gruppo Mako ai fini di trading intraprese da qualsiasi società del Gruppo Mako, i suoi funzionari, dipendenti e per la distribuzione ai clienti. Tale ricerca non costituisce un consiglio di investimento o una sollecitazione allo scopo di acquisto o vendita di titoli o strumenti finanziari, anche se le informazioni di ricerca e le opinioni espresse in questo sito sono stati considerati validi al momento le informazioni sono state pubblicate su questo sito, il Mako Gruppo non fa alcuna dichiarazione o garanzia circa l'esattezza e la completezza di queste informazioni e chiunque immetta affidamento su queste informazioni lo fa a proprio rischio e il Gruppo Mako non accetta alcuna responsabilità di conseguenza. Il Gruppo Mako non sarà responsabile per qualsiasi perdita o danno che potrebbe derivare da intercettazioni da parte di terzi di tutte le informazioni messe a disposizione tramite questo sito. Né il gruppo Mako, né alcuno dei suoi, amministratori, dirigenti o dipendenti, né alcun fornitore di terze parti saranno responsabili o hanno alcuna responsabilità di alcun tipo per qualsiasi perdita o danno che si incorre in caso di guasto o interruzione di questo sito , o derivanti da l'atto o omissione di qualsiasi altra parte coinvolta nella realizzazione di questo sito o dei dati in esso contenuti a disposizione di voi, o da qualsiasi altra causa relativa al vostro accesso, impossibilità di accesso o l'utilizzo del sito o di questi materiali, o meno le circostanze che hanno dato origine a tale causa potrebbe essere stata sotto il controllo del Gruppo Mako o di qualsiasi fornitore di software o di servizi di supporto. In nessun caso il Gruppo Mako, o tali parti essere responsabili per eventuali danni diretti, speciali, indiretti, consequenziali, accidentali o altri danni di qualsiasi tipo, anche se il gruppo Mako o qualsiasi altra parte sono stati informati della possibilità loro. Protezione dei dati e altri avvisi se si scarica qualsiasi informazione o software da questo sito, l'utente accetta che non copiare o rimuovere o oscurare qualsiasi copyright o altri avvisi o leggende contenute in tali informazioni. Tutte le informazioni detenute dal Gruppo Mako e che è soggetta al Data Protection Act 1998 si terrà solo per gli scopi che ci avete contattato e per l'utilizzo di informarvi su prodotti e servizi che riteniamo possano essere adatto per voi. Aderiamo ad un rigoroso codice di riservatezza del cliente e non vogliamo rivelare tali informazioni al di fuori del Gruppo Mako eccezione, come ci viene richiesto dalla legge e regolamento. Se trasferiamo le informazioni a un membro del gruppo Mako di fuori del Regno Unito faremo in modo che lo stesso livello di protezione vengono applicati come ci viene richiesto di applicare alle informazioni contenute nel Regno Unito. Questo sito è gestito e rilasciato da Mako Europe Limited, la società madre di tutte le imprese Mako Gruppi del Regno Unito che sono autorizzate e regolamentate dall'Autorità finanziaria condotta. I dettagli delle Mako singoli gruppi regolato imprese possono essere trovati a register. fca. org. uk Mako Europe Limited è una società registrata ai sensi delle leggi di Inghilterra e Galles, Registrazione della società No.05015714. Sede legale: 2 ° piano, quartiere Broadgate, 9 Appold Street, Londra, EC2A 2AP, Regno Unito. Mako Globale Derivati Partnership LLP (MGD) sede è a 2 ° Piano, Broadgate Quarter, 9 Appold Street, Londra EC2A 2AP. MGD è registrata ai sensi delle leggi di Inghilterra e Galles con il numero d'iscrizione OC306610, ed è autorizzata e regolamentata dalla FCA indicando il riferimento 231154. Mako Fixed Income Partnership LLP (MFI) sede legale è a 2 ° Piano, Broadgate Quarter, 9 Appold Street, Londra EC2A 2AP. IFM è registrata ai sensi delle leggi di Inghilterra e Galles con il numero d'iscrizione OC301401, ed è autorizzata e regolamentata dalla FCA indicando il riferimento 210.887 Mako Financial Markets Partnership LLP (MFM) sede legale è a 2 ° Piano, Broadgate Quarter, 9 Appold Street, Londra EC2A 2AP. MFM è registrata ai sensi delle leggi di Inghilterra e Galles con il numero d'iscrizione OC306611, ed è autorizzata e regolamentata dalla FCA indicando il riferimento 231157 Mako Global Investors LLP (MGI) sede legale è a 2 ° Piano, Broadgate Quarter, 9 Appold Via , Londra EC2A 2AP. MGI è registrata ai sensi delle leggi di Inghilterra e Galles con il numero d'iscrizione OC361320, ed è autorizzata e regolamentata dalla FCA indicando il riferimento 576153. UK Regulatory Avviso dove tutto comunicata su questo sito costituisce una promozione finanziaria ai sensi della sezione 21 del Financial Services and Markets Act 2000, è stato rilasciato e approvato per la distribuzione nel Regno Unito da Mako globale Derivati Partnership LLP, Mako Fixed Income Partnership LLP, Mako Financial Markets Partnership LLP e Mako Global Investors LLP. Questo sito è rivolto a controparti ammissibili e solo i client professionali, come definito dalla direttiva sui mercati degli strumenti finanziari (MiFID) e le regole del Financial Conduct Authority. Questo sito e le informazioni oi documenti contenuti o attaccati non devono essere agito o invocati da qualsiasi altra persona o categoria di persone. Qualsiasi investimento o di investimento attività alla quale questa comunicazione si riferisce è disponibile solo per le persone di cui sopra. Tutte le note legali e le comunicazioni al Gruppo Mako devono essere indirizzate a capo del legale, Mako Europe Limited, con sede al 2 ° piano, Broadgate occidentale, 9 Appold Street, Londra EC2A 2AP. Registrata ai sensi delle leggi di Inghilterra amp Galles al numero d'iscrizione 05015714. Il numero IVA per Mako Europe Limited è 835679581. Nel Regno Unito, Mako Globale Derivati Partnership LLP (FRN 231154), Mako Financial Markets Partnership LLP (FRN 231157), Mako Fixed Income Partnership LLP (FRN 210.887) e Mako Global Investors LLP (FRN 576.153) sono autorizzati e regolati dalla Financial Conduct Authority. I dettagli possono essere trovati a fca. org. uk Visita mako per tornare al sito principale. Un servizi finanziari di business diversificato Sfidando norme del settore e abbracciare il cambiamento, Mako vuole essere in prima linea del suo settore, offrendo collaudata gestione del rischio e servizi al cliente su misura. Mako ha un track record di prestazioni costanti e di alta a lungo termine sostenuta da una cultura dinamica e imprenditoriale. Mako resta impegnata a collaborazioni di fiducia con gli investitori, clienti e controparti e alla responsabilità sociale. Dal 1999, Mako è evoluto da essere una casa di commercio di nicchia in un eterogeneo gruppo di servizi finanziari. FONDATA 1999 Mako è fondata attraverso un management buy out di Saratoga, una società di negoziazione di opzioni con sede a Londra. Cambiamento del mercato, 2000 London Business si muove da grida alla schermata scambiato mercati a seguito chiusura del LIFFE piano. COMMODITIES, 2000 Mako Commodities Trading è stabilito a Chicago, Stati Uniti. Fondatore e Presidente David Segel è fondatore e Presidente del Gruppo Mako, al servizio della società e la sua rete di imprese con indicazioni su iniziative strategiche, le principali società di persone e lo sviluppo di nuovi asset. David attualmente gestisce un ufficio di famiglia, la SGL, come la piattaforma per la supervisione di un portafoglio di business di intrattenimento, tecnologia e attività mediatiche, così come la filantropia. E 'co-fondatore e Presidente del Consiglio del indipendente produttore cinematografico Mpower Pictures. Davids più recente venture è un avvio tech, SDI - la cui tecnologia hanno sviluppato metodi proprietari per l'elaborazione dei dati per essere utilizzato da aziende di media digitali, fornitori di contenuti, distributori e sviluppatori di applicazioni di terze parti. Altri investimenti commerciali degne di nota sono una gestione su misura aerei e attività charter, Peak Aero, una scuola di formazione avanzata per jet proprietari-piloti, SGL Aviation, e un'agenzia di comunicazione digitale, SGLMedicast. SGL gestisce la rivista bimestrale digitale, telescopio Mag, di contenuti di ispirazione. David è un outdoorsmen avidi, un marinaio competitivo in classe Swan e la classe J70. Hes un pilota d'aereo qualificato ed opera aerei e warbirds cespuglio così come jet aziendali. Egli ha esplorato gran parte del mondo non visitati, tra cui un viaggio con gli sci al vero polo nord nel 2004, e un viaggio shorthanded su una barca gonfiabile rigida attraverso il passaggio a nord-ovest da Terranova a superiore Alaska nel 2010. Chris Welsh Chris è Amministratore Delegato del gruppo Mako. Chris è responsabile della supervisione e lo sviluppo di tutta l'ampiezza delle attività di gruppi, nonché la gestione dei rapporti esterni Makos. Chris supervisiona tutte le nuove strategie del Gruppo e le opportunità di sviluppo del business. Chris si è unito Mako nel 2001 come un commerciante di proprietà concentrandosi su Arb dei rischi e le strategie di credito Driven ed è diventato un consulente strategico per il CEO del Gruppo nel 2002. Nel 2003, Chris ha istituito e ha portato un business OTC e le vendite azionari strutturati. Ha preso la responsabilità di supervisionare il business Mako Gruppo nel 2006. Prima di lavorare a Mako, Chris ha fatto parte del team di gestione esposizione creditizia del Credit Suisse. Ha iniziato la sua carriera di Morgan Stanley sul Programma Analyst Laurea ed è stato membro della Stanley Foundation Morgan. Chris è impegnata ad estendere Makos sforzi filantropici. E 'un fiduciario di un WeSeeHOPE, un ente di beneficenza, che si sforza di fornire opportunità e sostegno agli orfani e bambini vulnerabili in tutta l'Africa sub-sahariana. Chris ha un economia BA, Heriot-Watt University ed è un Dottore Commercialista. Roger Heaton Head of Business Development Responsabile Business Development Roger è responsabile per lo sviluppo del business in tutto il Gruppo. Egli fornisce una vasta esperienza e visione strategica per Makos nuovi ed esistenti iniziative di business. Roger ha oltre 20 anni di esperienza in derivati e la più ampia settore dei servizi finanziari. Roger si è unito Mako nel 2002 come Head of Equity Sales per Mako mercati finanziari, sulla base dei suoi rapporti con un certo numero di fondi pensione, compagnie di assicurazione e asset manager. Nel corso del tempo, Roger ha assunto un ruolo più centrale all'interno del Gruppo Mako, con particolare attenzione alla gestione delle risorse, sia interne che esterne, e lo sviluppo di nuove attività. Nel 2012, è stato determinante nella creazione di Makos nuovo Gestore, Mako Global Investors LLP (MGI). Prima di entrare in Mako, Roger trascorso 10 anni presso RNL, un futures e broker di opzioni, sia in Francoforte e Londra. Ha maturato esperienza in una gamma di prodotti finanziari, tra cui i futures a reddito fisso e azionari e opzioni, CFD e titoli azionari. Roger ha una laurea con lode comune in francese e tedesco da Kings College di Londra. Kevin dolce Kevin è Makos Chief Technology Officer e socio fondatore del Gruppo Mako. Kevin è l'architetto di Makos sistema di trading proprietario ed è l'autore principale della sua infrastruttura di routing gestione pricingrisk e l'ordine. Kevin era il capo della tecnologia per la sede a Londra società di trading di opzioni Saratoga per due anni prima Mako è stata fondata. Tra il 1993 e il 1998, Kevin è stato un partner della società di negoziazione di opzioni con sede a Chicago Hull Trading Company dove è stato il capo sviluppatore di scafi elettronico braccio commerciale prima del suo acquisto da parte di Goldman Sachs. Prima della sua carriera nella finanza, Kevin ha lavorato presso Scienza Orizzonti 1989-1993 dove ha sviluppato sistemi di acquisizione ed elaborazione dei dati sismici utilizzati per il monitoraggio nucleare Test Ban Treaty. Dal 1985 al 1989 ha lavorato presso Sistemi, Scienza e software di modellazione effetti di armi nucleari. Kevin received a Bachelor of Science degree in Mechanical Engineering (1985) and a Masters degree in Applied Mechanics (1988) from the University of California, San Diego where he was pursuing a PhD in Structural Mechanics. Kevin has been a member of the University of California, Berkeley Parents Board for charitable giving. Trystan Morgan Schauer Trystan Morgan Schauer Trystan is Makos Chief Operating Officer whose primary role is to direct and co-ordinate Makos internal operational activities across sales, trading and asset management. Trystan helps shape strategic vision while overseeing the planning and implementation of strategic goals. Trystan joined Makos risk team in 2006 and became Head of Risk for the Group in 2013 with responsibility for the management of the Groups market and operational risk, the implementation of company policies and regulatory guidelines. Trystan has wide-ranging experience of risk and operations across a number of different business strategies and has an informed understanding of developments and regulation across the industry. Trystan began his career at Certus, a risk management consultancy, first in operations and subsequently as a risk analyst. During this time Trystan was also responsible for managing the operations of a charity, Life Of Your Own, set up to support individuals subject to exclusion to live in the community. Trystan has a degree in Mechanical Engineering with Aeronautics from Brunel university. James Cole Head of Trading Miles has extensive industry and product knowledge as well as strong and far-reaching relationships with institutional clients, service and liquidity providers. He joined MFM to set up and run the fixed income sales trading business in 2001 and was appointed head of the business in 2014. Miles embarked on his career in finance in 1987 with Cobbald Roach working as a European equities trader before moving on to work for County Natwest. He extended his trading experience by moving to Germany and trading on the Munich Stock Exchange floor for a number of years. Miles moved to Frankfurt in 1993 to work for GNI, a futures and options broker, before transferring to London in 1995 and subsequently joined Salomon Brothers on the derivatives desk in 1998. Miles is committed to charitable giving and chairs Makos Charity Committee which administers and oversees the Groups philanthropic activities. He is also an ambassador of WeSeeHOPE and works with his local community. Miles is also a fluent German speaker. Alistair Heaton-Armstrong Head of MGI, COO Head of MGI, COO Alistair is Mako Global Investors (MGI) Chief Operating Officer and is responsible for the day to day running of MGIs investment management business. Alistair led the set up and launch of MGIs LongShort Equity fund in 2014. Alistair was previously the Managing Director of Capstone Investment Advisors UK LLP between 2008 and 2014, which manages a volatility arbitrage hedge fund, where he had responsibility for all aspects of the business across European trading, risk and local operations. Alistair was a member of the Executive Team and the Risk Committee. Between 2003 and 2008, Alistair worked at Mako and was Head of Mako Financial Markets for three years with responsibility for operational management and strategic planning including the design and execution of the sales and marketing strategy. Before joining Mako in 2003, Alistair worked for five years at KPMG Audit Ltd and KPMG Consulting in London and worked on a variety of financial restructuring, MA, tax and IT integration projects for FTSE 100 companies. He graduated in 1993 with a BSc Joint Honours in GeographyGeology from Bristol University. Richard Berliand Richard Berliands career in the Financial Services sector spans nearly 30 years. He retired from a full time executive role at J. P.Morgan in 2011. During his 23 years with J. P.Morgan, he was involved in multiple asset classes and geographies, most recently as Managing Director leading the Global Cash Equities and Prime Services businesses and chairing the firms Market Structure practice. Since moving into a non-executive role, his governance activities include membership of the Supervisory Board of Deutsche Brse AG in Frankfurt (where he is Deputy Chairman) as well as its Eurex derivatives subsidiaries, Directorship of Man Group plc, Rothesay Life plc and ITRS Group (where is Chairman of the Board). He is also a member of CFTCs Global Markets Advisory Committee in Washington DC. Richards previous roles have included Chairmanship of the Futures Industry Association in Washington and Deputy Chairmanship of LIFFE. In addition to his non-executive work, Richard has built a portfolio of direct private equity participations, primarily in the FinTech sector. Investments include ITRS, operator of the Geneos real-time trading performance monitoring software platform, and CloudMargin, a cross product cloud-based margin management technology solution for the buy-side. Lorraine Baines Lorraine was Mako groups Chief Financial Officer and Director and has been at Mako since 2002. Lorraine brings strong financial acumen and invaluable strategic insight to her role and has a deep understanding of the financial services sector. Between 2000-2002, Lorraine served as Chief Financial Officer for JP Morgans Institutional Trust Business in London. Prior to this, Lorraine had managerial responsibility for financial control at Cedef Asset Management, having joined from Charterhouse Bank where she worked for eight years from 1991. Lorraine embarked on her financial career at Coopers and Lybrand as a chartered accountant. Lorraine is FCA qualified and holds a Bachelor of Commerce degree from University College Dublin, as well as a Diploma in Professional Accountancy. Angus Winther Angus Winther is a Senior Advisor at Evercore Partners, a leading independent investment banking firm, with over 25 years of corporate finance experience. Angus is based in London and specialises in advising clients who operate in the insurance and diversified financial sectors, and has advised on a number of significant transactions in these sectors over the past few years. Angus was one of the co-founders of Lexicon Partners, the London based corporate finance advisory business which was acquired by Evercore in 2011. He helped grow the business from 5 people in a single team and location to over 100 people based in London, New York and Hong Kong and covering clients in the insurance, financial services, utilities, infrastructure and oil and gas sectors. Prior to founding Lexicon Partners in July 2000, he worked at Donaldson, Lufkin Jenrette, where he also specialised in mergers and acquisitions in the financial institutions sector. He was previously the youngest partner in The Phoenix Partnership, a corporate advisory and private equity business which was acquired by DLJ in 1997, and prior to Phoenix spent four years working for Chase Manhattan Bank. Angus also has a variety of charitable interests, including being the Chairman of WeSeeHope, a charity which strives to provide opportunities and support orphans and vulnerable children across sub-Saharan Africa, and Treasurer of Holy Trinity Brompton, a leading Anglican church based in London. He has a BA Honors degree (2:1) in politics from Durham University. This site uses cookies 8211 small text files that are placed on your machine to help the site provide a better user experience. In general, cookies are used to retain user preferences, store information for things like shopping carts, and provide anonymised tracking data to third party applications like Google Analytics. As a rule, cookies will make your browsing experience better. However, you may prefer to disable cookies on this site and on others. The most effective way to do this is to disable cookies in your browser. We suggest consulting the Help section of your browser or taking a look at the About Cookies website which offers guidance for all modern browsers PLEASE READ THESE TERMS OF USE BEFORE USING THIS SITE These Terms of Use (together with the documents referred to herein) govern how you may make use of this website (our site), whether as a guest or a registered user. Use of our site includes accessing, browsing, or registering to use our site. Please read these Terms of Use carefully before you start using our site. By using our site, you confirm that you accept these Terms of Use and that you agree to comply with them. If you do not agree to these Terms of Use, you must not use our site. We may revise these Terms of Use at any time by amending this page. Please check this page from time to time to take notice of any changes we made, as they are binding on you. Other Applicable Terms These Terms of Use refer to the following additional terms, which also apply to your use of our site: The UK REGULATORY NOTICE. which contains important information about this website and Mako Group entities Our PRIVACY POLICY which sets out the terms on which we process any personal data we collect from you or that you provide to us. 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This site is owned and operated by Mako Europe Ltd, a member of the Mako Group which includes the following companies: Mako Europe Ltd, a limited liability company registered in England and Wales (with registration number 05015714) whose registered office is at the Mako Group Headquarters Mako Global Derivatives Partnership LLP, a limited liability partnership registered in England and Wales (with registration number OC306610), authorised and regulated by the Financial Conduct Authority (FRN 231154) and whose registered office is at the Mako Group Headquarters Mako Fixed Income Partnership LLP, a limited liability partnership registered in England and Wales (with registration number OC301401), authorised and regulated by the Financial Conduct Authority (FRN 210887) and whose registered office is at the Mako Group Headquarters Mako Financial Markets Partnership LLP, a limited liability partnership registered in England and Wales (with registration number OC306611), authorised and regulated by the Financial Conduct Authority (FRN 231157) and whose registered office is at the Mako Group Headquarters Mako Global Investors LLP, a limited liability partnership registered in England and Wales (with registration number OC361320), authorised and regulated by the Financial Conduct Authority (FRN 214498) and whose registered office is at the Mako Group Headquarters and Mako Futures US, LP, a limited partnership incorporated in Delaware (with registered number 3318192), and whose registered office is at co Corporation Service Company, 80 State Street, New York, NY 12207-2543, and also includes parents, subsidiaries and affiliated companies of the above Mako Group. See UK Regulatory Notice for further important information. The Mako Group Headquarters address can be found here. Legal Disclaimer and Limitation of Our Liability The information provided on our site or in any communication containing a link to our site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject Mako Group to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in our site constitutes a solicitation or offer by Mako Group to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or service. Information on our site may be subject to change without notice. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up-to-date. Our site contains links to other companies within the Mako Group. Each site has been approved by the relevant Mako Group entity and may contain additional restrictions on access either to areas of our site or the services provided. Our site may contain links to other sites which are unconnected with any company within the Mako Group. These links have been provided for informational purposes only. The Mako Group has not reviewed the contents of these sites and is not responsible for linking to or the contents of unconnected sites. Information contained on these sites may be related to an activity that is deemed to be a regulated activity and therefore connection to these sites is made entirely at your own risk. The Mako Group8217s services are only available to market professionals (Eligible Counterparties andor Professional Clients as defined by the Markets in Financial Instruments Directive (MiFID) and the rules of the Financial Conduct Authority) and may be password protected to restrict access. The Mako Group does not transact business with or for retail customers. Services also may not be available to certain investors due to regulatory or other constraints either in the UK or elsewhere. Our site is reserved exclusively for non-US persons and should not be accessed by any person in the United States. The information herein is not for the distribution to or for the benefit of US persons. There may be companies within the Mako Group that may at any time be long or short of any securities or financial instrument mentioned in our site, or act as market maker or otherwise deal or provide, or have provided advice or services, in relation to such securities or financial instruments. 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The Mako Group consists of the following global companies: Mako Europe Limited Mako Global Derivatives Partnership LLP Mako Fixed Income Partnership LLP Mako Financial Markets Partnership LLP Mako Global Investors LLP Mako Futures US LP and includes its parents, subsidiaries and affiliated companies (Mako Group). The information provided on this site or in any communication containing a link to this site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject the Mako Group to any registration requirement within such jurisdiction or country. Neither the information, nor any opinion contained in this site constitutes a solicitation or offer by the Mako Group to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. Information on this site may be subject to change without notice. This site contains links to other companies within the Mako Group and companies in which the Mako Group have an investment interest. Each site has been approved by the company concerned and may contain additional restrictions on access either to the site or the services provided. This site may contain links to other sites which are unconnected with any company within the Mako Group. These links have been provided for informational purposes only. The Mako Group has not reviewed the contents of these sites and is not responsible for linking to or the contents of unconnected sites. Information contained on these sites may be related to an activity that is deemed to be a regulated activity and therefore connection to these sites is done entirely at your own risk. The Mako Group services are only available to market professionals (Eligible Counterparties andor Professional Clients as defined by the rules of the Financial Conduct Authority) or are password protected to restrict access. The Mako Group does not transact business with or for retail customers. Services also may not be available to certain investors due to regulatory or other constraints either in the UK or elsewhere. This site is reserved exclusively for non-US persons and should not be accessed by any person in the United States. The information herein is not for the distribution to or for the benefit of US persons. There may be companies within the Mako Group that may at any time be long or short of any securities or financial instrument mentioned in this site, or act as market maker or otherwise deal or provide, or have provided advice or services, in relation to such securities or financial instruments. This site may contain information regarding research undertaken by the Mako Group for the purposes of trading undertaken by any company in the Mako Group, its officers, employees and for distribution to clients. Such research does not constitute investment advice or a solicitation for the purpose of the purchase or sale of securities or financial instruments, although the research information and opinions expressed on this site were considered valid at the time the information was posted on this site, the Mako Group does not make any representation or warranty as to the accuracy or completeness of this information and any person placing reliance on this information does so entirely at their own risk and the Mako Group does not accept any liability as a result. The Mako Group will not be responsible for any loss or damage that could result from interception by third parties of any information made available to you via this site. 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All legal notices and communications to the Mako Group should be addressed to Head of Legal, Mako Europe Limited, whose registered office is at 2nd Floor, Broadgate West, 9 Appold Street, London EC2A 2AP. Registered under the laws of England amp Wales under Company Registration No. 05015714. The VAT number for Mako Europe Limited is 835679581. In the United Kingdom, Mako Global Derivatives Partnership LLP (FRN 231154), Mako Financial Markets Partnership LLP (FRN 231157), Mako Fixed Income Partnership LLP (FRN 210887) and Mako Global Investors LLP (FRN 576153) are authorised and regulated by the Financial Conduct Authority. Details can be found at fca. org. uk Visit mako to return to the main site. Glossary Of Options Terminology Updated 1 Jan 2017 Index by alphabetical order Accumulation - When stocks start moving sideways after a significant drop as investors start accumulating. Adjusted Options - Non-standardized stock options with customized terms in order to price in major changes in the underlying stocks capital structure. Read the full tutorial on Adjusted Options. All-or-None (AON) Order - An order that must be completely filled or else it will not be executed. This is a useful order for option traders executing complex option strategies which needs to be precisely filled. Types Of Options Orders Explained . American-Style Option - An option contract that may be exercised at any time between the date of purchase and the expiration date. Most exchange-traded options are American-style. Read The Tutorial On American Style Options. Arbitrage - The simultaneous purchase and sale of financial instruments in order to benefit from price discrepancies. Option traders frequently look for price discrepancies of the same option contract between different option exchanges, thereby benefiting from a risk free trade. Read more about Options Arbitrage . Ask Price - As used in the phrase bid and asked it is the price at which a potential seller is willing to sell. Another way of saying this is the asking price for what someone is selling. You buy option contracts and stocks on their Ask price. Read more about Options Prices . Assign - to designate an option writer for fulfillment of his obligation to sell stock (call option writer) or buy stock (put option writer). The writer receives an assignment notice from the Options Clearing Corporation. Read More About Options Assignment . At the Money - When an options strike price is the same as the prevailing stock price. Read More About At The Money Options . Automatic Exercise - A protection procedure whereby the Options Clearing Corporation attempts to protect the holder of an expiring in-the-money option by automatically exercising the option on behalf of the holder. Auto-trading - A three way agreement to have your options broker automatically execute trade recommended by your options advisory service. Read more about Auto-Trading. Backspread - see Reverse Strategy. Read More About Backspreads . Barrier Options - Exotic options which comes into existence or goes out of existence when certain prices has been reached. Read More About Barrier Options Here Bearish - An opinion that expects a decline in price, either by the general market or by an underlying stock, or both. Bearish Options Strategies - Different ways to use options in order profit from a downwards move in the underlying stock. Read the tutorial on Bearish Options Strategies . Bear Spread - an option strategy that makes its maximum profit when the underlying stock declines and has its maximum risk if the stock rises in price. The strategy can be implemented with either puts or calls. In either case, an option with a higher striking price is purchased and one with a lower striking price is sold, both options generally having the same expiration date. See also Bull Spread. Option Strategy Library . Bear Trap - Any technically unconfirmed downward move that encourages investors to be bearish. It usually precedes strong rallies and often catches the unwary. Beta - A figure that indicates the historical propensity of a stock price to move with the stock market as a whole. Bid Price - The price at which a potential buyer is willing to buy from you. This means that you sell at the Bid Price. Read more about Options Prices . BidAsk Spread - The difference between the prevailing bid and ask price. Generally, option contracts that are more liquid tend to have a tighter BidAsk Spread while option contracts that are less liquid and are thinly traded tend to have a wider BidAsk Spread. Read more about Options Prices . Binary Options - Options that either pay you a fixed return when it ends up in the money by expiration or nothing at all. Read more about Binary Options . Black-Scholes Model - A mathematical formula designed to price an option as a function of certain variables-generally stock price, striking price, volatility, time to expiration, dividends to be paid, and the current risk-free interest rate. Read More About Black-Scholes model . Box Spread - A complex 4 legged options trading strategy meant to take advantage of discrepanies in options prices for a risk-free arbitrage. Learn More About Box Spreads . Break - Even Point-the stock price (or prices) at which a particular strategy neither makes nor loses money. It generally pertains to the result at the expiration date of the options involved in the strategy. A quotdynamicquot break-even point is one that changes as time passes. Breadth - The net number of stocks advancing versus those declining. When advances exceed declines the breadth of the market is inclining. When the declines exceed advances the market is declining. Breakout - What occurs when a stock price or average moves above a previous high resistance level or below a previous low support level. The odds are that the trend will continue. Bullish - An opinion in which one expects a rise in price, either by the general market or by an individual security. Bullish Options Strategies - Different ways to use options in order profit from an upwards move in the underlying stock. Read the tutorial on Bullish Options Strategies . Bull Call Spread - A bullish options strategy which aims to reduce the upfront cost of buying call options in order to profit from stocks that are expected to rise moderately. Read the Tutorial on Bull Call Spread . Bull Spread - an option strategy that achieves its maximum potential if the underlying security rises far enough, and has its maximum risk if the security falls far enough. An option with a lower striking price is bought and one with a higher striking price is sold, both generally having the same expiration date. Either puts or calls may be used for the strategy. Option Strategy Library . Bull Trap - Any technically unconfirmed move to the upside that encourages investors to be bullish. Usually precedes important declines and often fools those who do not wait form confirmation by other indicators. Butterfly Spread - A neutral option strategy that has both limited risk and limited profit potential, constructed by combining a bull spread and a bear spread. Three strike prices are involved, with the lower two being utilized in the bull spread and the higher two in the bear spread. The strategy can be established with either puts or calls there are four different ways of combining options to construct the same basic position. Learn Everything About The Butterfly Spread . Buy To Open - To establish an options position by going long. Read the Buy To Open tutorial . Call - see Call Option. Call Broken Wing Butterfly Spread - A Butterfly Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to downside. This is achieved by buying further strike out of the money call options than a regular butterfly spread. Read the tutorial on Call Broken Wing Butterfly Spread . Call Broken Wing Condor Spread - A Condor Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to downside. This is achieved by buying further strike out of the money call options than a regular Condor spread. Read the tutorial on Call Broken Wing Condor Spread . Call Ratio Backspread - A credit options trading strategy with unlimited profit to upside and limited profit to downside through buying more out of the money calls than in the money calls are shorted. Read the tutorial on Call Ratio Backspread . Call Ratio Spread - A credit options trading strategy with the ability to profit when a stock goes up, down or sideways through shorting more out of the money calls than in the money calls are bought. Read the tutorial on Call Ratio Spread . Call Time Spread - Another name for Call Calendar Spread. An Options Trading strategy where long term call options are bought and near term call options are written in order to profit from time decay. Read the tutorial on Call Time Spread . Called Away - The process in which a call option writer is obligated to surrender the underlying stock to the option buyer at a price equal to the strike price of the call option. Read the tutorial on Called Away . Calendar Spread - A type of options trading strategy that uses a combination of options with different expiration dates in order to profit primarily from time decay. Read all about Calendar Spreads . Calendar Straddle or Combination - A complex neutral options strategy involving the purchase of a long term straddle and the sale of a short term straddle. Read all about Calendar Straddle. Calendar Strangle - A complex neutral options strategy involving the purchase of a long term strangle and the sale of a short term strangle. Read all about Calendar Strangle. Call Options - Options which gives the holder the right to buy the underlying security at a specified price for a certain, fixed period of time. Read All About Call Options . Capitalization - The total amount of securities issued by a corporation. This may include: bonds, debentures, preferred stock, common stock and surplus. Cash Secured Put - Short put options that are fully covered by cash needed in the event of an assignment. Read All About Cash Secured Put . Cash Settlement Cash Delivered - Options which, when exercised, delivers the profit in cash instead of an underlying asset. Read All About Cash Settled Options . CBOE - The Chicago Board Options Exchange the first national exchange to trade listed stock options. CBOE VIX - See VIX. Chain - A list of options quotes across multiple strike prices. Read more about Options Chains . Class of Options - Option contracts of the same type and style that covers the same underlying asset. Close - Period at the end of a trading day where final prices for the day are calculated. Closing Order - The buying back or selling off of an option for which an option trader has the opposite position. An option trader who writes a call option will execute a closing order by buying to close that call option. An option trader who bought a call option will execute a closing order by selling to close that call option. Types Of Options Orders Explained . Condor Spread - A complex neutral option strategy that profits from a stock trading within a predetermined range. Read All About Condor Spreads Here Contango - A term originating from the oil market. This is when farther month implied volatility is higher than nearer month implied volatility. This is indicative of a normal market condition. Contingent Order - An advanced customizable options order that triggers contingent upon the fulfillment of predetermined criteria. Read more about Contingent Orders . Correction - When a stock drops in price temporarily before rebounding later. Contract Size - The amount of underlying asset covered by the option contract. This is generally 100. If an option is quoted for 2.50, then one contract would cost 2.50 x 100 250 and would cover 100 shares. Contract Neutral Hedging - A static hedging technique involving buying 1 put option or selling 1 call option for every 1 share held. Read More About Contract Neutral Hedging Here Contrary Opinion - The belief opposite that of the general public andor Wall Street. It is most significant at major market turning points. An overall consensus of opinion, whether bullish or bearish, usually marks an extreme. An investor taking a contrary view will usually benefit in time. Conversion - The transformation of a long stock position into a position which is short the stock using options, without closing the original long stock position, through the use of synthetic positions. Read more about Conversions. Consolidation - When stocks starts going sideways after a significant rise as investors start selling some of their holdings to take profit. Contract Range - The highest and lowest price that an options contract has traded at. Find out more about Contract Range . Cover - to buy back as a closing transaction an option that was initially written. Covered Call Write - a strategy in which one writes call options while simultaneously owning an equal number of shares of the underlying stock. Read All About Covered Calls Here Covered Put Write - a strategy in which one sells put options and simultaneously is short an equal number of shares of the underlying security. Learn Everything About The Covered Put . Covered Straddle Write - the term used to describe the strategy in which an investor owns the underlying security and also writes a straddle on that security. This is not really a covered position. Covered Warrant - the term used for structured warrants that works almost exactly the same as call options and put options. Read about the Differences Between Warrants Options . Credit - Money received in an account. A credit transaction is one in which the net sale proceeds are larger than the net buy proceeds (cost), thereby bringing money into the account. There are many credit option strategies. Read All About Debit And Credit Spreads Here Credit Spread - A Credit Spread position is an option spread in which the net sale proceeds are larger than the net buy proceeds (cost), thereby bringing money into the account. Read more about Credit Spreads . Day Order - An order that expires at the end of the trading day if it is not executed. Read All About Options Orders Here Day trader Daytrader - Traders who open and close option positions or multiple option positions all within the same trading day. Day trading Daytrading - Trading methodolody that involves making multiple trades that are opened and closed all within the same trading day. Read more about Options Trading Styles . Debit - An expense, or money paid out from an account. A debit transaction is one in which the net cost is greater than the net sale proceeds. Debit Spread - Option spreads which you have to pay money to put on. Read more about Debit Spreads. Decay - See Time Decay Deliverables - The financial assets that are delivered to the options holders when options are exercised. Delta - the amount by which an option146s price will change for a corresponding change in price by the underlying entity. Call options have positive deltas, while put options have negative deltas. Technically, the delta is an instantaneous measure of the option146s price change, so that the delta will be altered for even fractional changes by the underlying entity. Consequently, the terms quotup deltaquot and quotdown deltaquot may be applicable. They describe the option146s change after a full 1-point change in price by the underlying security-either up or down. The quotup deltaquot may be larger than the quotdown deltaquot for a call option, while the reverse is true for put options. For more detailed explanation on Delta and other option greeks, please go to Options Delta . Delta Neutral - When positive delta options and negative delta options offset each other to produce a position which neither gains nor decreases in value as the underlying stock moves slightly up or down. Such a position will return a profit no matter which way the underlying stock eventually moves as long as the move is significant. Learn How To Perform Delta Neutral Trading . Delta Spread - A ratio spread that is established as a neutral position by utilizing the deltas of the options involved. The neutral ratio is determined by dividing the delta of the purchased option by the delta of the written option. Derivatives - A financial instrument whose value is derived in part from the value and characteristics of another financial instrument. Examples of derivatives are options, futures and warrants. Diagonal Call Time Spread - A neutral options trading strategy profiting primarily through time decay by buying long term at the money call options and shorting short term out of the money call options against them. Read the Diagonal Call Time Spread Tutorial. Diagonal Spread - An options spread on the same underlying, same type but different expiration month and strike. Read the Diagonal Spread Tutorial. Discount - An option is trading at a discount if it is trading for less than its intrinsic value. A future is trading at a discount if it is trading at a price less than the cash price of its underlying index or commodity. See also Intrinsic Value and Parity. Discount Broker - A brokerage firm that offers low commission rates. Get A List Of Option Brokers Here Dividend - When a company pays a share of the profit to existing shareholders. This share of profit may be in cash or options. Read about the Effects of Dividends on Stock Options . Downside Protection - Generally used in connection with covered call writing, this is the cushion against loss, in case of a price decline by the underlying security, that is afforded by the written call option. Alternatively, it may be expressed in terms of the distance the stock could fall before the total position becomes a loss (an amount equal to the option premium), or it can be expressed as percentage of the current stock price. Dynamic Hedging - A hedging technique which requires constantly rebalancing in order to maintain the hedge ratio. Early Exercise (assignment) - The exercise or assignment of an option contract before its expiration date. Employee Stock Options - Stock options granted to employees by their companies as a mean of compensation and incentive. Read More About Employee Stock Options. Equity Option - An option that has common stock as its underlying security. ETF - Exchange Traded Funds. Open ended funds tradable over an exchange just like a stock. ETFs made it possible for investors to invest in a variety of other instruments like gold and silver just like investing in stocks. European Exercise - A feature of an option that stipulates that the option may only be exercised at its expiration. Therefore, there can be no early assignment with this type of option. Read The Tutorial On European Style Options. Exercise - To invoke the right granted under the terms of a listed options contract. The holder is the one who exercises. Call holders exercise to buy the underlying security, while put holders exercise to sell the underlying security. Read the tutorial on how to Exercise an Option . Exercise Limit - The limit on the number of contracts which a holder can exercise in a fixed period of time. Set by the appropriate option exchange, it is designed to prevent an investor or group of investors from quotcorneringquot the market in a stock. Exercise Price - The price at which the option holder may buy or sell the underlying security, as defined in the terms of his option contract. It is the price at which the call holder may exercise to buy the underlying security or the put holder may exercise to sell the underlying security. For listed options, the exercise price is the same as the Strike Price. Expected Return - A rather complex mathematical analysis involving statistical distribution of stock prices, it is the return which an investor might expect to make on an investment if he were to make exactly the same investment many times throughout history. Expiration Date - The day on which an option contract becomes void. The expiration date for listed stock options is the Saturday after the third Friday of the expiration month. All holders of options must indicate their desire to exercise, if they wish to do so, by this date. Read the full tutorial on Options Expiration . Expiration Time - The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 5:00 PM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30 PM on the business day preceding the expiration date. The times are Eastern Time. Expire Worthless - When out of the money options lose all their value and expire on expiration day. Read the full tutorial on Expire Worthless. Extrinsic Value - Also known as Premium Value or Time Value. It is the difference between an options price and the intrinsic value. Read the full tutorial on Extrinsic Value. Fair Value - A term used to describe the worth of an option or futures contract as determined by a mathematical model. Fiduciary Call - An option trading stratey which buys call options as a replacement for a protective put or married put in the same proportion. Read More About Fiduciary Calls Here Financial Instrument - A physical or electronic document that has intrinsic monetary value or transfers value. For example, cash, shares, futures, options and precious metals are financial instruments. Frontspreads - Options strategies designed to profit from neutral market conditions where prices change very little. Read more about Frontspreads. Fundamental Analysis - A method of analyzing the prospects of a security by observing accepted accounting measures such as earnings, sales, assets, and so on. Gamma - The rate of change of a stock options delta for one unit change in the price of the underlying stock. Read All About Options Gamma. Gamma Neutral - A position which has zero or near zero gamma value resulting in the delta value of the position staying stagnant no matter how its underlying stock moves. Read All About Gamma Neutral. Goldilock Economy - An economy that has steady growth and moderate inflation which is neither too heated nor cold and allows for stock market friendly monetary policies. Good Until Canceled (GTC) - A designation applied to some types of orders, meaning that the order remains in effect until it is either filled or cancelled. Read All About Options Orders Here Going Forward - Analysts Jargon. Meaning In The Future. 12 months going forward means 12 months in the future. Greeks - A set of mathematical criteria involved in the calculation of stock option prices. Please read more about Option Greeks. Grocession - A prolonged period of 0 to 2 growth in GDP that will feel like a recession. Hedge - Transactions that will protect against loss through a compensatory price movement. Read All About Hedging Here Hedge Ratio - The mathematical quantity that is equal to the delta of an option. It is useful in facilitation in that a theoretically riskless hedge can be established by taking offsetting positions in the underlying stock and its call or put options. Read All About Hedge Ratio Here Historical Volatility - Volatility of past price movement of the underlying asset. Also known as Realised Volatility. Horizontal Call Time Spread - An option strategy in which longer term at the money call options are bought and short term at the money call options are written in order to profit when the underlying stock remains stagnant. Read the tutorial on Horizontal Call Time Spread. Horizontal Put Time Spread - An option strategy in which longer term at the money put options are bought and short term at the money put options are written in order to profit when the underlying stock remains stagnant. Read the tutorial on Horizontal Put Time Spread. Horizontal Spread - An option strategy in which the options have the same strike price, but different expiration dates. Implied Volatility - A measure of the volatility of the underlying stock, it is determined by using prices currently existing in the market at the time, rather than using historical data on the price changes of the underlying stock. Read more about Implied Volatility . Incremental Return Concept - A strategy of covered call writing in which the investor is striving to earn an additional return from option writing against a stock position which he is targeted to sell-possibly at substantially higher prices. Index - A compilation of the prices of several common entities into a single number. Index Option - An option whose underlying asset is an index instead of a hard asset such as stocks. Most index options are cash-based. Read the full tutorial on Index Options. In the Money - A term describing any option contract that has intrinsic value. A call option is in-the-money if the underlying security is higher than the strike price of the call. A put option is in-the-money if the security is below the strike price. Read ALL About In The Money Options here. Intrinsic Value - The value of an option if it were to expire immediately with the underlying stock at its current price the amount by which an option is in-the-money. For call options, this is the difference between the stock price and the striking price, if that difference is a positive number, or zero otherwise. For put options it is the difference between the striking price and the stock price, if that difference is positive, and zero otherwise. Read the full tutorial on Intrinsic Value Last Trading Day - The third Friday of the expiration month. Options cease trading at 3:00 PM Eastern Time on the last trading day. Leg - (Verb) A risk oriented method of establishing a two-sided position. Rather than entering into a simultaneous transaction to establish the position (a spread, for example), the trader first executes one side of the position, hoping to execute the other side at a later time and a better price. The risk materializes from the fact that a better price may never be available, and a worse price must eventually be accepted. (Noun) In an option strategy involving many kinds of options, each option type is known as a leg. Read the full tutorial on Options Leg Legging - Entering each leg of a complex options trading position seperately and individually. Read the full tutorial on Legging LEAPS - Long-Term Equity Anicipation Securities. Simply said, it is option contracts that expires 1 year or more in the future. Sometimes option contracts that expires 6 months to a year later are also known as a LEAPS. Read more aboutLEAPs . Level II Quotes - Real time quotes provided by NASDAQ outlining the specific bid ask spread provided by each market maker. Read All About Level II Quotes Here . Leverage - In investments, the attainment of greater percentage profit and risk potential. A call holder has leverage with respect to a stock holder-the former will have greater percentage profits and losses than the latter, for the same movement in the underlying stock. Read About How To Calculate Options Leverage. Limit - See Trading Limit. Limit Order - An order to buy or sell securities at a specified price (the limit). Read more about Limit Order . Liquid Liquidity - The ease at which a purchase or sale can be made without disrupting existing market prices. Read About What Affects Stock Option Liquidity Here Listed Option - A put or call option that is traded on a national option exchange. Listed options have fixed striking prices and expiration dates. Long - To be long is to own something. Read more about Long Options Positions. LookBack Options - Exotic options which allows the holder to Look Back at the price action of the underlying asset during expiration to decide the optimal price at which to exercise the Lookbacks Options. Read More About LookBack Options Here Margin (stocks) - To buy a security by borrowing funds from a brokerage house. The margin requirement-the maximum percentage of the investment that can be loaned by the brokerage firm-is set by the Federal Reserve Board. Margin (options) - Cash deposit needed to be held in account when writing options. Read the full tutorial on Options Margin. Marked-To-Model - A valuation method using financial models for level 2 assets, which are less liquid assets that are hard to value due to an absence of a readily available market. Market Maker - An exchange member whose function is to aid in the making of a market, by making bids and offers for his account in the absence of public buy or sell orders. Several market-makers are normally assigned to a particular security. The market-maker system encompasses the market-makers and the board brokers. Read All About Market Makers Here Market Order - An order to buy or sell securities at the current market price. The order will be filled as long as there is a market for the security. Read All About Options Market Order Market On Close (MOC) - An option trading order that fills a position at or near market close. Read All About Options Orders Here Married Put and Stock - a put and stock are considered to be married if they are bought on the same day, and the position is designated at that time as a hedge. Read More About Married Puts Here Mini Index Options - Index options that are only one-tenth the size of regular index options. Read More About Mini Index Options Here Mini Options - Stock options that covers only 10 shares instead of 100 shares. Read More About Mini Options Here Model - A mathematical formula designed to price an option as a function of certain variables-generally stock price, striking price, volatility, time to expiration, dividends to be paid, and the current risk-free interest rate. The Black-Scholes model is one of the more widely used models. Moneyness - The strike price of an option in relation to the prevailing price of the underlying asset. Read More About Moneyness Here Multiple Compression - Where the overall market sell off over a period of time in order to generally reduce PE ratios across the board due to pessimism about the macro economy. Multiple Expansion - Where the overall market rallies over a period of time in order to generally increase PE ratios across the board due to optimism about the macro economy. NASDAQ - National Association of Securities Dealers Automatic Quotation System. It is an electronic market place in USA where securities are listed and traded electronically. Naked Option - see Uncovered Option. Narrow Based - Generally referring to an index, it indicates that the index is composed of only a few stocks, generally in a specific industry group. Narrow-based indices are NOT subject to favorable treatment for naked option writers. Near The Money Options - Options with strike prices near to the spot price of the underlying stock. Read the tutorial on Near The Money Options . Neutral - Describing an opinion that is neither bearish or bullish. Neutral option strategies are generally designed to perform best if there is little or no net change in the price of the underlying stock. Neutral Options Strategies - Different ways to use options in order profit a stock remains stagnant or within a tight trading range. Read the tutorial on Neutral Options Strategies . Non-Equity Option - An option whose underlying entity is not common stock typically refers to options on physical commodities, but may also be extended to include index options. One Sided Market - A market condition where there are significantly more sellers than buyers or more buyers than sellers. In this case, there are not enough buyers putting up offers to buy from sellers or that there are not enough sellers putting up offers to sell to buyers. Open Interest - The net total of outstanding open contracts in a particular option series. An opening transaction increases the open interest, while any closing transaction reduces the open interest. Read More About Volume and Open Interest . Option - The right to buy or sell specific securities at a specified price within a specified time. A put gives the holder the right to sell the stock, a call the right to buy the stock. Options Chains - Tables presenting the various options that a stock offers over various strike price and expiration dates. Read the full tutorial on Options Chains . Options Contracts - Contingent claims contracts that allows its holder to buy or sell a specific asset when exercised. Read the full tutorial on Options Contracts . Options on Futures - Options that have futures contracts as their underlying asset. Read the full tutorial on Options on Futures . Optionable Stocks - Stocks with tradable options. Option Pain - Also known as Max Pain or Max Option Pain. It is the stock price which will result in the most number of options contracts expiring out of the money. Read More About Option Pain . Option Pricing Curve - A graphical representation of the projected price of an option at a fixed point in time. It reflects the amount of time value premium in the option for various stock prices, as well. The curve is generated by using a mathematical model. The delta (or hedge ratio) is the slope of a tangent line to the curve at a fixed stock price. Option Trader - Also known as Options Trader. It is anyone who buys and sells options in the capital market. Read more about Option Traders . Option Trading - Also known as Options Trading. It is the buying and selling of stock and index options in the capital market so as to speculate for leveraged profits in every market condition or perform hedging to reduce portfolio risk. Read more about Option Trading . Options Clearing Corporation (OCC) - The issuer of all listed option contracts that are trading on the national option exchanges. Options Margin - See Margin (Options). Options Trading - The buying and selling of stock and index options in the capital market so as to speculate for leveraged profits in every market condition or perform hedging to reduce portfolio risk. Read more about Options Trading . Options Trader - Anyone who buys and sells options in the capital market. Read more about Option Trading . Options Strategist - An investment professional who specializes in research, analysis and execution of options strategies. Options Symbol - A string of alphabets that define specific options contracts. Can be referred to as the name of an options contract. Read more about Reading Options Symbols. Out of the Money - Describing an option that has no intrinsic value. A call option is out-of-the-money if the stock is below the strike price of the call, while a put option is out-of-the-money if the stock is higher than the strike price of the put. Read More About Out Of The Money Options . Over-the-Counter Option (OTC) - An option traded over-the-counter, as opposed to a listed stock option. The OTC option has a direct link between buyer and seller, has no secondary market, and has no standardization of striking prices and expiration dates. Overvalued - Describing a security trading at a higher price than it logically should. Normally associated with the results of option price predictions by mathematical models. If an option is trading in the market for a higher price than the model indicates, the option is said to be overvalued. Parity - Describing an in-the-money option trading for its intrinsic value: that is, an option trading at parity with the underlying stock. Also used as a point of reference-an option is sometimes said to be trading at a half-point over parity or at a quarter-point under parity, for example. An option trading under parity is a discount option. Physical Option - An option whose underlying security is a physical commodity that is not stock or futures. The physical commodity itself typically a currency or Treasury debt issue-underlies that option contract. Physically Settled Option - An option which the actual underlying asset exchange hands when exercised. Read more about Physically Settled Options. Portfolio - Holdings of securities by an individual or institution. A portfolio may contain options of different stocks or a combination of shares, options and other financial instruments. Position - Specific securities in an account or strategy. A covered call writing position might be long 1,000 XYZ and short 10 XYZ January 30 calls. It also refers to facilitate buy or sell a block of securities, thereby establishing a position. Position Trading - The use of options trading strategies in order to profit from the unique opportunities presented by stock options, such as time decay, volatility and even arbitrage to make safe, fixed, albeit lower profit. Read more about Options Trading Styles . Premium - The total price of an option contract is made up of the sum of the intrinsic value and the time value premium. Even though most people refer to the price of an option contract as the Premium, it is actually an inaccurate expression. The Premium of an option contract is the part of the price that is not intrinsic. Please read more about Options Premium. Premium Over Parity - See Extrinsic Value. Profit Range - The range within which a particular position makes a profit. Generally used in reference to strategies that have two break-even points-an upside break-even and a downside breakeven. The price range between the two break-even points would be the profit range. Profit Table - A table of results of a particular strategy at some point in time. This is usually a tabular compilation of the data drawn on a profit graph. Protected Strategy - A position that has limited risk. A protected short sale (short stock, long call) has limited risk, as does a protected straddle write (short straddle, long out-of-the-money combination). The Ride The Flow System is an example of a protected strategy. Protective Call - An option trading hedging strategy that protects profits made in a short stock position using call options. Read More About Protective call Here Protective Put - An option trading hedging strategy that hedges against a drop in stock price using put options. Read More About Protective Put Here Public Book (of orders) - The orders to buy or sell, entered by the public, that are away from the current market. The board broker or specialist keeps the public book. Market-makers on the CBOE can see the highest bid and lowest offer at any time. The specialist146s book is closed (only he knows at what price and in what quantity the nearest public orders are). Pull back - A temporary fall in price after a rally. The rally usually continues after a Pull Back. This is also known as a Correction. Put Broken Wing Butterfly Spread - A Butterfly Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular butterfly spread. Read the tutorial on Put Broken Wing Butterfly Spread . Put Broken Wing Condor Spread - A Put Condor Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular put condor spread. Read the tutorial on Put Broken Wing Condor Spread . Put - An option granting the holder the right to sell the underlying security at a certain price for a specified period of time. See also Call. Read About Put Options Here . Put Call Parity - Put Call Parity is an option pricing concept that requires the extrinsic values of call and put options to be in equilibrium so as to prevent arbitrage. Put Call Parity is also known as the Law Of One Price. Read About Put Call Parity Here . Put Call Ratio - The ratio of the number of open put options against the number of open call options. The higher the resulting number, the more put options are bought or shorted on the underlying asset. For daily total equity put call ratio, please visit Option Traders HQ. Read more about Put Call Ratio . Put Ratio Backspread - A credit options trading strategy with unlimited profit to downside and limited profit to upside through buying more out of the money puts than in the money puts are shorted. Read the tutorial on Call Ratio Backspread . Put Ratio Spread - A credit options trading strategy with the ability to profit when a stock goes up, down or sideways through shorting more out of the money puts than in the money puts are bought. Read the tutorial on Put Ratio Spread . Quadruple Witching - The third Friday of March, June, September and December when Index Futures, Index Options, Stock Futures and Stock Options expire. This is one of the most volatile trading days of the year, with exceptionally high trading volume. Read all about Quadruple Witching . Quarterlies Quarterly Options - Options with quarterly expiration cycle. Read more about Quarterly Options . Ratio Backspread - Credit volatile options trading strategy that opens up one leg for unlimited profit through selling a smaller amount of in the money options against the purchase of at the money or out of the money options of the same type. Read the Tutorial on Ratio Backspreads . Ratio Calendar Combination - A strategy consisting of a simultaneous position of a ratio calendar spread using calls and a similar position using puts, where the striking price of the calls is greater than the striking price of the puts. Ratio Calendar Spread - Selling more near-term options than longer-term ones purchased, all with the same strike either puts or calls. Ratio Spread - Constructed with either puts or calls, the strategy consists of buying a certain amount of options and then selling a larger quantity of out-of-the-money options. Ratio Strategy - A strategy in which one has an unequal number of long securities and short securities. Normally, it implies a preponderance of short options over either long options or long stock. Ratio Write - Buying stock and selling a preponderance of calls against the stock that is owned. Realize (a profit or loss) - The act of closing a position, incurring a profit or a loss. As long as a position is not closed, the profit or loss remains unrealized. Resistance - A term in technical analysis indicating a price area higher than the current stock price where an abundance of supply exists for the stock, and therefore the stock may have trouble rising through the price. Reward Risk Ratio - A gauge of how risky a position can be by dividing its maximum profit potential against the maximum loss potential. A ratio of above 1 means that the potential reward is higher than the potential loss. Read the full tutorial on Calculating Reward Risk Ratio . Return On Investment (ROI) - The percentage profit that one makes, or might make, on his investment. Return If Exercised - The return that a covered call writer would make if the underlying stock were called away. Return If Unchanged - The return that an investor would make on a particular position if the underlying stock were unchanged in price at the expiration of the options in the position. Reversal - The transformation of a short stock position into a position which is long the stock using options, without closing the original short stock position, through the use of synthetic positions. Read more about reversals and synthetic positions. Reverse Hedge - A strategy in which one sells the underlying stock short and buys calls on more shares than he has sold short. This is also called a synthetic straddle and is an outmoded strategy for stocks that have listed puts trading. Reverse Strategy - A general name that is given to strategies which are the opposite of better known strategies. For example, a ratio spread consists of buying calls at a lower strike and selling more calls at a higher strike. A reverse ratio spread also known as a backspread consists of selling the calls at the lower strike and buying more calls at the higher strike. The results are obviously directly opposite to each other. Risk Graph - A graphical representation of the riskreward profile of an option position. Learn All About Risk Graphs Now Risk Free Return - Profit on a risk free investment instrument such as the Treasury bills. It is a common standard of measuring the opportunity cost of having your money in anything other than Treasury bills. Roll Down - Close out options at one strike and simultaneously open other options at a lower strike. Read the tutorial about Roll Down . Roll Forward - Close out options at a near-term expiration date and open options at a longer-term expiration date. Read the tutorial about Roll Forward . Rolling - A follow up action in which the strategist closes options currently in the position and opens other options with different terms, on the same underlying stock. Roll Up - Close out options at a lower strike and open options at a higher strike. Read the tutorial about Roll Up . Rotation - A trading procedure on the option exchanges whereby bids and offers, but not necessarily trades, are made sequentially for each series of options on an underlying stock. Russell Sage - Renowned American Politician and Financier who introduced OTC call and put options in 1872. Read about the History of Options Trading Security Securities - (finance) A tradable financial instrument signifying ownership in financial assets issued by companies or governments. Such financial assets includes but are not restricted to stocks, bonds, futures and debts. Sell To Close - Closing a position by selling an option contract you own. Learn About Sell To Close Now Sell To Open - Opening a position by selling an option contract to a buyer. Learn About Sell To Open Now Selling Climax - Exceptionally heavy volume created when panic-stricken investors dump stocks. Often this marks the end of a bear market and is a spot to buy. Series - An option contracts on the same underlying stock having the same striking price, expiration date, and unit of trading. Settlement - The resolution of the terms of an options contract between the holder and the writer when the options contract is exercised. Read the full tutorial on Options Settlement. Short (to be short) - To Short means to Sell To Open. That means to write or sell an options contract to a buyer. This gives you the obligation to fulfill the exercise of the option should the buyer decides to do so. Read all about Short Options Positions Short Backspread - Volatile options strategies which are set up with a net credit and unlimited profit potential in one direction. Short Calendar Spread - Volatile options strategies that profit primarily through the difference in time decay of long term and short term options, achieved through writing longer term options and buying short term options. Read the full tutorial on Short Calendar Spreads . Short Horizontal Calendar Call Spread - Short Calendar Spread that uses only call options. Read the full tutorial on Short Horizontal Calendar Call Spreads . Short Covering - The process of buying back stock that has already been sold short. Spread - An options position consisting of more than one type of options on a single underlying asset. Read the full tutorial on Options Spreads. Spread Order - An order to simultaneously transact two or more option trades. Typically, one option would be bought while another would simultaneously be sold. Spread orders may be limit orders, not held orders, or orders with discretion. They cannot be stop orders, however. The spread order may be either a debit or credit. Spread Strategy - Any option position having both long options and short options of the same type on the same underlying security. Static Hedging - A hedging technique where a hedging trade is established and held without needing to rebalance. Stock Options - Options contracts with shares as the underlying asset. Read All About Stock Options. Stock Replacement Strategy - A trading strategy that seeks to reduce risk and volatility through owning deep in the money call options instead of the stock itself and using the remaining cash for hedging. Read All About Stock Replacement Strategy. Stock Repair Strategy - An options strategy that aims to recover lost value in a stock quickly through writing call options against it. Read All About Stock Repair Strategy. Stop Limit Order - Similar to a stop order, the stop-limit order becomes a limit order, rather than a market order, when the security trades at the price specified on the stop. Read All About Options Stop Loss Here Stop Order - A traditional stop loss method which closes a position when a predetermined price is hit. Read All About Options Orders Here Straddle - The purchase or sale of an equal number of puts and calls having the same terms. Strip Straddle - A Straddle with more put options than call options. Read the full tutorial on Strip Straddle. Strap Straddle - A Straddle with more call options than put options. Read the full tutorial on Strap Straddle. Strategy - With respect to option investments, a preconceived, logical plan of position selection and follow-up action. Strike Arbitrage - An options arbitrage strategy that locks in discrepancies in options pricing between strike prices for a risk-free arbitrage. Read More About Strike Arbitrage. Strike Price - The price at which the buyer of a call can purchase the stock during the life of the option or the price at which the buyer of a put can sell the stock during the life of the option. Read More About Strike Prices. Structured Warrants - An alternative to stock options which works almost exactly like stock options and traded in markets such as the Singapore market. See how Structured Warrants Are Traded In The Singapore Market. Support - A term in technical analysis indicating a price area lower than the current price of the stock, where demand is thought to exist. Thus a stock would stop declining when it reached a support area. See also Resistance. Swing Trading - A trading methodology that trades short term price swings for short term profits. Read more about Options Trading Styles. Synthetic Position - A combination of stocks andor options that return the same payoff characteristics of another stock or option position. Synthetic Put - A security which some brokerage firms offer to their customers. The broker sells stock short and buys a call, while the customer receives the synthetic put. This is not a listed security, but a secondary market is available as long as there is a secondary market in the calls. Synthetic Stock - An option strategy that is equivalent to the underlying stock. A long call and a short put is synthetic long stock. A long put and a short call is synthetic short stock. Synthetic Short Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Short Straddle. Read More About Synthetic Short Straddle. Synthetic Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Long Straddle. Read More About Synthetic Straddle. Systematic Risk Systemic Risk - Overall market risk that cannot be diversified away using a diversified portfolio based in the same market. Take Delivery - To fulfill the obligation of buying stocks when put options that you sold becomes exercised. Technical Analysis - The method of predicting future stock price movements based on observation of historical stock price movements. Thales of Miletus - The creator of options back in 332BC. Read about the History of Options Trading Theoretical Value - The price of an option, or a spread, as computed by a mathematical model. Theta - One of the 5 option greeks. Theta determines the rate of time decay of an option contracts premium. For more details on how Theta works and how it is calculated, please visit Option Greeks. Ticker Symbol - Symbol representing the shares and options of a companys shares traded in the stock market. MSFT is the ticker symbol for Micrsoft shares while MSQFB is the ticker symbol for Microsofts June29Call options. Time Decay - The reduction of a stock options extrinsic value as expiration date draws nearer. See Theta above. Read the full tutorial on Time Decay . Time Spread - see Calendar Spread. Read the full tutorial on Time Spreads. Time Value - Also known as Premium Value or Extrinsic Value. It is the difference between an options price and the intrinsic value. Read more about how Stock Options Are Priced. Topping Out - A peak point where the sellers begin to outnumber the buyers. Total Return Concept - A covered call writing strategy in which one views the potential profit of the strategy as the sum of capital gains, dividends, and option premium income, rather than viewing each one of the three separately. Trading Limit - The exchange imposed maximum daily price change that a futures contract or futures option contract can undergo. Trend - The direction of a price movement. A trend in motion is assumed to remain intact until there is a clear change. Triple Witching - Prior to 2001. The third Friday of March, June, September, and December, when stock options, index futures and options on index futures expire. After 2001, the introduction of Single Stock Futures transformed Triple Witching into Quadruple Witching as single stock futures expire on the third Friday of every quarterly month as well. Type - The designation to distinguish between a put or call option. Uncovered Option - A written option is considered to be uncovered if the investor does not have a corresponding position in the underlying security. Underlying Asset - The security which one has the right to buy or sell via the terms of a listed option contract. An underlying asset can be any financial instrument on which option contracts can be written based on. Some examples are. Stocks, ETFs, Commodities, Forex, Index. Undervalued - Describing a security that is trading at a lower price than it logically should. Usually determined by the use of a mathematical model. Variable Ratio Write - An option strategy in which the investor owns 100 shares of the underlying security and writes two call options against it, each option having a different striking price. Vertical Spread - Any option spread strategy in which the options have different striking prices, but the same expiration date. Read the full tutorial on Vertical Spreads . Vertical Ratio Spread - Vertical spreads that buy and short an unequal number of options on each leg. Read the full tutorial on Vertical Ratio Spreads . VIX - An index measuring the level of implied volatility in US index options and is used as a measurement of volatility in the US stock market. Read More About VIX . VIX Options - Non-equity options based on the CBOE VIX. Read More About VIX Options . Volatile - A stock or market that is expected to move up or down unexpectedly or drastically is known as a volatile market or stock. Volatile Strategy - An option strategy that is constructed to profit no matter if the underlying stock moves up or down quickly. Read All About Volatile Option Strategies . Volatility - A measure of the amount by which an underlying security is expected to fluctuate in a given period of time. Generally measured by the annual standard deviation of the daily price changes in the security, volatility is not equal to the Beta of the stock. Read More About Volatility . Volatility Crunch - A sudden, dramatic, drop in implied volatility resulting in a sharp reduction in extrinsic value and hence the price of options. Read More About Volatility Crunch . Volatility Index - Also known as VXN, is an index by the CBOE that measures volatility in the market using implied volatility of SP500 stock index options. Volatility Skew - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming a right skewed curve. Read More About Volatiliy Skew . Volatility Smile - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming the concave shape of a smile. Read More About Volatiliy Smile . Volume - The number of transactions that took place in a trading day. Read More About Volume and Open Interest . Write - To short an option. This is the act of creating a new options contract and selling it in the exchange using the Sell To Open order. The person who writes an option is known as the Writer. Read the full tutorial on Options Writing . WALK LIMITreg Order - WALK LIMITreg is a registered U. S trademark of optionsXpress Holdings Inc. covering securities and commodities trading and investment services and software. One of the services offered under the WALK LIMITreg mark is a type of automated limit order that walks your order from the National Best Bid or Offer (NBBO) in prescribed time and price increments up to (or down to) the asking price (bid price) in order to save you time while attempting to get the best fill prices for the orders. Important Disclaimer . Opzioni comportano rischi e non sono adatti a tutti gli investitori. I dati e le informazioni sono fornite solo a scopo informativo e non è destinato per scopi di negoziazione. Né optiontradingpedia, mastersoequity né alcuno dei suoi fornitori di dati o contenuti potranno essere ritenuti responsabili per eventuali errori, omissioni o ritardi nel contenuto, o per eventuali decisioni assunte in base ad essi. I dati sono ritenute accurate, ma non è garantito o garantite. optiontradinpedia e mastersoequity non sono un broker-dealer registrato e non avalla o raccomandare i servizi di qualsiasi società di intermediazione. 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