Optionskontrakt

An Optionskontrakt, or option contract, is a financial derivative that gives the holder the right, but not the obligation, to buy or sell an underlying asset at a predetermined price (the strike price) before or at a specified expiration date. It involves two parties: the holder, who pays a premium for the right, and the writer, who receives the premium and assumes the obligation if the option is exercised. There are two primary types: calls, which grant the right to buy, and puts, which grant the right to sell. Options can be traded on organized exchanges or over-the-counter, and contracts are standardized with definitions for the underlying asset, strike price, expiration date, and contract size.

Key terms include underlying asset, strike price, premium, expiration date, and exercise style. Exercise styles can be American (exercise any time before expiration) or European (exercise only at expiration). Settlement is typically physical delivery of the asset or cash settlement, depending on the contract.

Valuation combines intrinsic value and time value. Pricing models, such as Black-Scholes and binomial models, incorporate factors like current price of the underlying, volatility, time to expiration, interest rates, and expected dividends.

Uses include hedging against price movements, speculative bets on asset directions, and income generation by writing options. Risks vary by position: buyers risk only the premium paid, while writers may face substantial or unlimited losses, especially on uncovered calls.

Regulation and market structure typically involve standardized contracts traded on exchanges with clearinghouses and margin requirements for writers.