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2 8 man and risk options exchanges and trading

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Unformatted text preview: ivativesCh. 2: 8 Man and Risk Options Exchanges and Trading Activity s See Table 2.1, p. 30 for options exchanges See Table Chance/Brooks An Introduction to DerivativesCh. 2: 9 Man and Risk Option Traders s s s Market Maker x Bid, ask, and bid-ask spread x Scalpers, position traders, spreaders Floor Broker x Designated primary market makers x Dual trading Order Book Official x Limit orders x Electronic order processing Chance/Brooks An Introduction to Derivatives and Risk Man Ch. 2: 10 Options Traders (continued) s s s Other Option Trading Systems x Spets x Registered options traders x Electronic trading systems Off-Floor Option Traders Cost and Profitability of Exchange Membership x See Figure 2.1, p. 33 for CBOE seat prices See Figure x Leasing a seat x High risk, stressful work Chance/Brooks An Introduction to Derivatives and Risk Man Ch. 2: 11 Mechanics of Trading s s Placing an Opening Order x Types of orders Role of the Clearinghouse x Options Clearing Corporation (OCC) x Clearing firms x See Figure 2.2, p. 35 See Figure 2.2, x Margin (see Appendix 2.A) x Open interest Chance/Brooks An Introduction to Derivatives and Risk Man Ch. 2: 12 Me...
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