Transakcje opcyjne

(ang. options) To transakcje nierzeczywiste mające formę umowy zawieranej pomiędzy nabywcą i sprzedawcą opcji. Nabywca opcji po zapłaceniu premii nabywa prawo do kupna lub sprzedażywaloru, na który została wystawiona opcja w określonym terminie i po określonej cenie zwanej ceną bazową (ang. strike price) lub ceną wykonania (ang. exercise price). Nabywca opcji ma prawo wyboru czy swoje prawa wykorzysta czy też zrezygnuje z zawarcia transakcj. Sprzedawca opcji jest zobowiązany dostosować się do jego wymagań nie mając wpływu na decyzję nabywcy. Istotą transakcji opcyjnych jest nierównomierny podział praw i obowiązków pomiędzy stronami transakcji, a co za tym idzie podział szans zysku i ryzyka strat ponoszonego przez nabywców i sprzedawców. Ryzyko straty dla nabywcy opcji ogranicza się do wysokości zapłaconej premii, zaś dla sprzedawcy jest nielimitowane. Potencjalny zysk nabywcy może być teoretycznie nieograniczony, zaś w przypadku sprzedawcy nie przekracza otrzymanej od nabywcy premii. Transakcje opcyjne mogą być zawierane na rynku giełdowym lub na rynku wolnym.

Wśród giełdowych transakcji opcyjnych największą rolę odgrywają opcje finansowe. Sam mechanizm przeprowadzania giełdowych transakcji opcyjnych podobny jest do mechanizmu w transakcjach „financiał futures”. Zawierane są na wyspecjalizowanych giełdach opcji, przedmiotem transakcji są kontrakty określonych walorów, kontrahentem wobec uczestników transakcji staje się izba rozrachunkowa, a zdecydowana większość zawartych transakcji zostaje rozwiązana przed terminem wygaśnięcia opcji w wyniku zamknięcia otwartych pozycji uczestników transakcji w izbie rozrachunkowej.

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