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act370-jan22-07 - Note Title...

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Unformatted text preview: Note Title fillllflllll!!!flgllflfifllll WNWNIIHIIHHIIEHHEHIIIII III-IIIIIIIIIIIIIIIIIII [EMMfifligflfllflfifiEHMMMEIll IIIEflflEEIIIIEHMMEIIIIII !!!!IIIIIIIIIIIIIIIIIII ‘MMflIflMMIMEMlMEEMfimMEIII IEEIEIIIHHIIIflllflflIIIII Ill-HIIHIIIIIHHIHQIIIII iflflQflEflaflfillflflflgflgfiflgfil I!IIfiilfiWHIIII!IIMEfiEHI EM%EEMEEMIIIIMQE%HIIIII lEflMEMflEEMEEIEMHMK%IflEI Iii-EIKIIIIIIIIIQIIIIIM IIIIMMMIMQIIEIMEIIIIIII I!!!!!l==IIIE=E=I!-llfll IflfiflflaflflflfimgflIMIMfliilll IIMHFMHEMIIIIMEIMIQMIII IIIIMIQflIIIIIIIIIIEHIII IIEBHIEMEmMMEIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII lllllllllllllll llllllflllllllll lllllllllllllll llllllMllllllll lllllllllllllll gull-lullllllll finalllm:lllllll mania-Gilli...- mug-alwalllllll algl=llllllllll MILMEIIIIIIIIII annual-lull...- Shurt asset Short Forward K Lunnghurt Put Lung asset Lung forward :27 . I I I I I —' (a) fit flung) Hunt is th: sumhinatiun uflung assst and purchassd flung) put. Th: graphical rsprsssntatiun is Lung Asset + Lung Put it + = 5s It 5s st 5? Flour (h) A EWEI’Ed put is the cambinahun nfhsihg shurt in th: asset and inviting [shsrtj a put. Th: /——- graphisal rsprssnntatinn is — Shurt fissnt + Shurt Put _/ Cusnrsd Put ki—k—lfl— 5? H51" H51" — We can see fi'um this diagram that this is a shurt flour. .‘OK 3 LOU ' 5’ —{— Lu ”0(6 5v+ ‘ ,K .1 M IIIIHIMM IIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIMIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIEIIIIIIIIIII IIIIIIIIIIIIIIEIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIa-IIIIIIIIIII IIIIII! 'IIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIMIIII IIIIIIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-“AIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIWII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII (c) A synflieficl 5113 forward with delivery 1min: K 15 thE :nrnbinatinn of a lung call and shnrt I...- put, bath 1with stilt: ruin: H. I...- Lnng Call -|- Shari Put 2 Lung Fnrward I...- III-- III-- III-- III-- III-- III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII At time CI, thE ShaI'E! print! ofKYZ EtOEk was EU. At that time, tall and put option pfiEEE expiring at time 1 for strikt: prices 1?, 29, EUJ 21 and 25 wart! {,6 . 0‘?“ Ft.) SMILE! 3666 13611 16166 Put 3666 1/4106 A7 T/b 0F SYWC b 15 6.46 11.36 - _ if 1? 5.16 1.35 —4 $16~II31 :3624 (75’ 19 4.116 315 20 “E3 264 21 3.13 3.13 4 23 2.46 4.36 g '7‘!) t / r 5 / 25 1.63 5.76 Ilgc/‘Js’ 3 8/ fly Wflm‘f‘" ””9 '5 2/095; (ML 1’31sz (’07’ ’0 ' 1 l $920 ' 1:611: 2° (1’[email protected] 4V [7 25/ ., 4v % 156m gtfiéflrbi K‘éKL Lowe CM/L 671/4165 K, / 666291 UH» fif/MFCB/KL [/‘1 23 v PA/VOFF WT TIME / “Mfia’%O% / /w«ifid%m% 4 O 1 5,51? I 3/” 17 4 s, .4, L3 ( [CI 11% 9 S>23 a 6% To 5/719 4/713 it Up; gPflg/fi) 4f 70 HT /(I 47 i E (7 -/ “' I to : _, L Lifié 1:“ '{f/ :1 (/1413! {5, «2019 17A 5, - 9/} Lg) $743 2 op P I? (2/7 S P/0 IIMIIIMII.IHMHIIMIIIIII III-IIIIIIIIIIIIIIIIIII IIIHIIIIIIHIIIIIIIIIIII IIHIHIIIIIIIIIIIIEIIIII I!!;!!!IIII!E!!_ IfEfififll IIIIEIWI-IIIIIIIIMIIIII [email protected] IIIMHIIEIIIIMEHMIH II“- IIIIIHIIEIIMfifiHIII I“. III-IIIIIKIIHEIIUU “I IIDIIIIIElfia'IIIIL IIIMEIIIHEZIIIIIII IIIEIIEIHEEIEHEI%I III-IEHIIIIIIIIEII Illa==3==aalgynuml III-”WIIIIIIIIIIII III-IIIIIIIIIIIIII IIIIIHIIIIIIIHWIIII III-IIIIIIIIIMEIIII III-IIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII III-IIIIIIIIIIIIIIIIIII x ‘ A III-Eliflflfi III-IIEI!!I III-IIIIIIEI III-IIIIIEII III-IIIIIIII ...
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