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asx_understanding_warrants - Warrants Understanding trading...

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Warrants Understanding trading and investment warrants
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Disclaimer Information contained in this brochure is general and summary information of the research commissioned by ASX Operations Pty Limited ABN 42 004 523 782 (‘ASX’). While the information is provided in good faith and is derived from sources believed to be accurate and reliable at the time of publication, ASX makes no warranty as to the accuracy or reliability of the information. The information does not constitute financial product advice. To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of this information is accepted by ASX. For this product the market is operated by ASX Limited ACN 008 624 691 © 2007 ASX Operations Pty Ltd. All rights reserved. This publication should not be reproduced, stored in a retrieval system or transmitted in any form, whether in whole or in part, without the prior written consent of ASX. Edition 12, printed August 2007. Warrants information line: 131 279 www.asx.com.au/warrants
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1 Further sources of information Explanatory booklets and other information is available on the ASX website – asx.com.au/warrants : free online class trading information and tools ASX trading codes and prices for warrants links to warrant issuers’ websites (disclosure documents, pricing calculators) a range of free booklets: various warrant Fact Sheets, Taxation Treatment of Warrants (by Ernst & Young) Online warrants class On the ASX website there is a comprehensive online class about warrants. This allows you to proceed through the class in your own time and at a pace that suits you. The class includes interactive exercises to aid your learning, and a quiz at the end of each section to show your progress. At the conclusion of the class a final quiz tests your warrants knowledge and identifies additional reading that is tailored to complete your knowledge of the warrants market. Contact details Warrants information line 131 279 Email [email protected] ASX warrants 20 Bridge Street, Sydney NSW 2000 Website www.asx.com.au/warrants This brochure and other fact sheets are available online at www.asx.com.au/warrants under Brochures and Resources or call ASX on 131 279.
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2 Contents Introduction 3 Before you begin 4 What are warrants? 4 About this booklet 4 Warrants and ETOs 5 The ASX warrant market 6 Warrant features 8 Underlying instrument 8 Call or put warrants 8 Exercise price (or strike price) 8 Expiry date 9 Exercise style 9 Deliverable or cash settled 9 Issue size 9 Conversion ratio 9 Covered warrants 10 Index multiplier 10 Barrier levels 10 Cap levels 10 Deferred Purchase Agreements 10 Types of warrants 11 Instalments 12 Rolling instalments 13 Self funding instalments 13 Income instalments 14 Dividend Advance instalments 14 Endowments 14 Structured Investment Products 15 ALPS 15 YIELDS 16 Capital Plus 16 Equity warrants 16 International equity warrants 17 Equity knock-out (barrier) warrants 17 Index warrants 18
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