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Chapter 2;Learning Objectives:
To define call and put options
To Describe the institutional characteristics of options markets, including both the exchange and OTC markets
To provide information on the options available for trading and the volume of trading on exchanges
To describe the process of placing an order to trade an option on an exchange
To illustrate the role of the clearinghouse(票据交换所) in exchange-listed options trading
To show how to access option prices
To present information on the magnitude and effects of transaction costs in options trading
To discuss the regulatory structure of options markets;1. Basic Concepts;2. The development of Options Markets;3. Call Option;4. Put options;实值期权：是指具有内在价值的期权。当看涨期权的敲定价格低于相关标的资产合约的当时市场价格时，该看涨期权具有内涵价值。当看跌期权的敲定价格高于相关标的资产合约的当时市场价格时，该看跌期权具有内涵价值。
虚值期权：又称价外期权，是指不具有内涵价值的期权，即敲定价高于当时标的资产价格的看涨期权或敲定价低于当时标的资产价格的看跌期权。
平值期权：期权的行使价非常接近标的资产的市价。
执行价格与期货价格相差越大，实值额或虚值额越大，称之为深度实值期权或深度虚值期权。期权交易过程中，实值期权、平值期权和虚值期权随期货价格变化而发生变化。
;Call Option;Put Option;认购期权-王大妈的故事;权利方
王大妈支付了一笔权利金，获得了未来以约定的价格买一只股票的权利，所以称为股票认购期权的买方（也叫权利方）
义务方
而对手方，由于收到一笔权利金，卖出了一个未来买股票权利，所以称为股票认购期权的卖方（也叫义务方）;买入认购期权;卖出认购期权;认购期权-李大爷的烦恼;认沽期权(看跌期权);买入认沽期权( 权利方);卖出认沽期权(义务方);基本概念总结;期权的基本要素;5. The OTC Options Market;场外期权;There are also some disadvantages to OTC trading.
Credit risk exists and excludes many customers who are unable to establish their creditworthiness in this market.
It is difficult to measure the size of the OTC market.;6. Organized Options Trading;6.1 Listing Requirements （上市资格）;6.2 Contract Size;6.3 Exercise Prices;In establishing exercise prices of stock options, the exchange generally follows that rule that
The exercise prices are in $2.5 intervals if the stock price is less than $25;
In $5 intervals if the stock price is between $25 and $200;
And in $10 intervals if the stock price is above $200.
For index options, the exercise price intervals vary due to the wide range of the various indices.
;股票价格变动对行使价格的影响;1、现金红利：上市公司宣布发放现金红利，股票价格就应该在除息日当天减去股利数额。
向股东支付股利一般有几个
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