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IMPACT OF FINANCIAL CRISIS ON TRADING OPTIONS

Abstract

Opcija je pogodba med dvema stranema, ki imetniku daje pravico in ne dolžnost kupiti ali prodati v pogodbi določen predmet po vnaprej določeni ceni do dogovorjenega časovnega roka. Imetnik opcije pridobi pravico, za katero plača premijo, in sicer ne glede na to, če se odloči, da bo svojo pravico uveljavil ali ne. Opcija spada med izvedene finančne instrumente, kar pomeni, da je njena vrednost povezana z osnovnim finančnim instrumentom, na katerega je napisana. V osnovi ločimo dva tipa opcij. Nakupna opcija (call option) omogoča imetniku opcije pravico kupiti osnovni instrument, na katerega se nanaša, po vnaprej določeni ceni na določen dan. Prodajna opcija (put option) imetniku omogoča pravico prodati osnovni instrument po vnaprej določeni ceni na določen dan. Z opcijami se največ trguje na organiziranih tržiščih (borzah), na OTC (»over the counter«) tržiščih, ter na trgu principal-to-principal. Razvoj telekomunikacijske tehnologije in novosti so v obdobju pred krizo poskrbele za hiter porast trgovanja na opcijskih trgih. Finančna kriza, ki je dobila svoj povod ob poku nepremičninskega balona v ZDA, je zajela ves svet in omajala celotno gospodarsko stabilnost. V velikih težavah so se znašle številne finančne institucije, porušeni so bili finančni sistemi, borzni indeksi neprestano padajo. Globalna finančna kriza je močno zmanjšala trgovanje z vrednostnimi papirji in na ta način trgovanje z opcijami. Do zmanjšanja trgovanja z opcijami je postopoma prihajalo v vseh svetovnih regijah. Gibanje borz in trgovanje z opcijskimi pogodbami v naslednjih letih bo predvsem odvisno od tega, kako močno bo okrevanje svetovnega gospodarstva.Option is an agreement between two parties that provides one of the parties with the right but not the obligation to buy or sell a specific asset at an agreed upon price at some time in the future. The option owner gains the right for which he has to pay the premium which does not depend on his decision whether to assert his right or not. Options are one of the derivatives, which means that their value is connected with basic financial instrument to which it refers. There are two main types of options. The call option gives the option owner the right to buy the basic instrument to which it refers at a specified price within a specific time period. On the other hand, the put option gives the owner the right to sell the basic instrument at a specified price within a specific time period. Most of the option trading is done through organised markets (exchanges), OTC (Over-the-counter) markets, and on Principal-to-principal markets. The development of telecommunications and novelties are in the period before the crisis of fast growth on option markets. Financial crisis, which started with the collapse on the real estate business in USA, has now spread all over the world and threatened the entire economic stability. A lot of financial institutions got into big financial problems, financial systems were ruined, and the exchange indexes are constantly declining. The global financial crisis reduced trading with securities and therefore trading with options. Gradually, reduced options trading occurred in all worlds’ regions. In next few years exchange movements and trading with option agreements will mostly be dependent on the recovery of the world’s economy

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oaioai:dk.um.si:IzpisGradiva.php?id=15974Last time updated on 11/18/2016View original full text link

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