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Call option
From Wikipedia, the free encyclopedia
A call option is a financial contract between two parties, the buyer and the seller of this type of option. Often it is simply labeled a "call". The buyer of the option has the right, but not the obligation to buy an agreed quantity of a particular commo***y or financial instrument (the underlying instrument) from the seller of the option at a certain time (the expiration date) for a certain price (the strike price). The seller (or "writer") is obligated to sell the commo***y or financial instrument should the buyer so decide. The buyer pays a fee (called a premium) for this right.
Quyền chọn mua là hợp đồng tài chính giữa hai bên, bên bán và bên mua hợp đồng quyền chọn. (..), Bên mua có quyền, nhưng không có nghĩa vụ phải mua một lượng hàng hóa hay tài sản tài chính nào đó của bên bán vào một thời điểm nhất định (ngày đáo hạn) với một mức giá nhất định (giá thực hiện). Bên bán bắt buộc phải bán hàng hóa hay công cụ tài chính đó nếu bên mua quyết định thực hiện hợp đồng. Bên mua sẽ trả một khoản phí thực hiện quyền.
The buyer of a call option wants the price of the underlying instrument to rise in the future; the seller either expects that it will not, or is willing to give up some of the upside (profit) from a price rise in return for the premium (paid immediately) and retaining the opportunity to make a gain up to the strike price (see below for examples).
Bên mua hợp đồng quyền chọn mua muốn giá của công cụ tài chính tăng lên trong tương lai; Bên bán mong muốn ngược lại, hoặc sẵn lòng từ bỏ khoản lợi nhuận có được từ giá tăng đổi lấy khoản phí (trả ngay) và giữ lại quyền bù đắp khoản tăng giá so với giá thực hiện.
Call options are most profitable for the buyer when the underlying instrument is moving up, making the price of the underlying instrument closer to the strike price. When the price of the underlying instrument surpasses the strike price, the option is said to be "in the money".
Quyền chọn mua đem lại lợi nhuận cao nhất cho người bán nếu giá công cụ tài chính tăng cao, khiến giá công cụ tài chính tiến sát giá thực hiện. Khi giá công cụ tài chính cao hơn giá thực hiện, hợp đồng quyền chọn mang có trạng thái ?olãi ròng?.
The initial transaction in this context (buying/selling a call option) is not the supplying of a physical or financial asset (the underlying instrument). Rather it is the granting of the right to buy the underlying asset, in exchange for a fee - the option price or premium.
Giao dịch ban đầu đề cập ở đây (mua/bán quyền chọn mua) không phải là sự cung cấp công cụ tài chính hay tài sản thực. Thay vào đó, đó là việc trao quyền mua một công cụ tài chính, đổi lấy khoản phí ?" giá hợp đồng quyền chọn (phí hợp đồng ?" premium).
Exact specifications may differ depending on option style. A European call option allows the holder to exercise the option (i.e., to buy) only on the option expiration date. An American call option allows exercise at any time during the life of the option.
Call options can be purchased on many financial instruments other than stock in a corporation. Options can be purchased on futures on interest rates, for example (see interest rate cap), and on commo***ies like gold or crude oil. A tradeable call option should not be confused with either Incentive stock options or with a warrant. An incentive stock option, the option to buy stock in a particular company, is a right granted by a corporation to a particular person (typically executives) to purchase treasury stock. When an incentive stock option is exercised, new shares are issued. Incentive stock options are not traded on the open market. In contrast, when a call option is exercised, the underlying asset is transferred from one owner to another.
Example of a call option on a stock
Buy a call: The buyer expects that the price may go up.
The buyer pays a premium that he will never get back.
He has the right to exercise the option at the strike price.
Write a call: The writer receives the premium.
If the buyer decides to exercise the option, then
the writer has to sell the stock at the strike price.
If the buyer does not exercise the option, then
the writer profits the premium.
? ''''Trader A'''' (Call Buyer) purchases a Call contract to buy 100 shares of XYZ Corp from ''''Trader B'''' (Call Writer) at $50/share. The current price is $45/share, and ''''Trader A'''' pays a premium of $5/share. If the share price of XYZ stock rises to $60/share right before expiration, then ''''Trader A'''' can exercise the call by buying 100 shares for $5,000 from ''''Trader B'''' and sell them at $6,000 in the stock market.
Trader A''''s total earnings (S) can be calculated at $500.
Sale of 100 stock at $60 = $6,000 (P)
Amount paid to ''''Trader B'''' for the 100 stock bought at strike price of $50 = $5,000 (Q)
Call Option premium paid to Trader B for buying the contract of 100 shares @ $5/share, excluding commissions = $500 (R)

S=P-(Q+R)=$6,000-($5,000+$500)=$500
? If, however, the price of XYZ drops to $40/share below the strike price, then ''''Trader A'''' would not exercise the option. (Why buy a stock from ''''Trader B'''' at 50, the strike price, when it can be bought at $40 in the stock market?) Trader A''''s option would be worthless and the whole investment, the fee (premium) for the option contract, $500 (5/share, 100 shares per contract). Trader A''''s total loss is limited to the cost of the call premium plus the sales commission to buy it.
Giao dịch đặt cọc cổ phiếu OTC trên thị trường Việt nam có một số điểm khá tương đồng với hợp đồng quyển chọn cổ phiếu như sau:
Ví dụ giá ngày hôm nay của cổ phiếu Ngân hàng Quân đội là 17.000/cp. Nếu bên mua dự đoán ngày mai giá sẽ tăng lên 20%, họ sẽ thực hiện như sau:
Tiến hành đặt cọc (10%) tổng số lượng cp MB với giá 17.000. Nếu đến chiều giá MB lên 20.000, họ sẽ thực hiện quyền mua, tìm đối tác bán cp ở giá 18.000 và ăn chênh lệch 20.000/cp.
Nếu đến chiều giá cp MB giảm qua mức 10%, rõ ràng bên đặt cọc thấy bỏ cọc hợp lý hơn, họ sẽ bỏ cọc, chịu phạt 10%.
Ngược lại với đầu cơ giá tăng là đầu cơ giá hạ, đó là thao tác mượn cp đế bán, sau đó mua lại với giá thấp hơn để bù lại, điều khá phổ biến trong thời gian vừa qua khi VnIndex rơi liên tục.
Được linhlemy sửa chữa / chuyển vào 17:15 ngày 03/08/2008

Bỏ rơi là thế nào, mỗi cái trong tuần bận quá. Các bạn xác định các bạn là người chơi chính trên sân này nhé. Tớ chỉ tham gia tổ chức với khuyến khích các bạn thôi .
Bài của 1 bạn đã Post:
Bull call spread:
A type of options strategy used when a moderate rise in the price of the underlying asset is expected. It is achieved by purchasing call options at a specific strike price while also selling the same number of calls of the same asset and expiration date but at a higher strike. The maximum profit in this strategy is the difference between the strike prices of the long and short options, less the net cost of options. Most often, bull call spreads are vertical spreads.
Chiến lược quyền chọn áp dụng khi dự báo giá công cụ tài chính sẽ tăng trong tương lai. Thực hiện bằng cách mua quyền chọn mua với giá thực hiện nhất định, đồng thời bán quyền chọn mua công cụ tài chính đó vào cùng ngày đáo hạn nhưng với giá cao hơn, Lợi nhuận tối đa chính là chênh lệch giữa giá thực hiện của trạng thái ?omua? (long) và trạng thái bán (short), trừ đi chi phí quyền chọn.
EX: Let''''s assume that a stock is trading at $18 and an investor has purchased one call option with a strike price of $20 and sold one call option with a strike price of $25. If the price of the stock jumps up to $35, the investor must provide 100 shares to the buyer of the short call at $25. This is where the purchased call option allows the trader to buy the shares at $20 and sell them for $25, rather than buying the shares at the market price of $35 and selling them for a loss.
Out of the money: Lỗ ròng
1.For a call, when an option''''s strike price is higher than the market price of the underlying asset.
2. For a put, when the strike price is below the market price of the underlying asset.
Basically, an option that would be worthless if it expired today.
Strike price: Gía thực hiện (dự kiến)
The price at which a specific derivative contract can be exercised. Strike prices is mostly used to describe stock and index options, in which strike prices are fixed in the contract. For call options, the strike price is where the security can be bought (up to the expiration date), while for put options the strike price is the price at which shares can be sold.

Mời các bạn viết bài miêu tả giá vàng ngày hôm nay 2 August, 2008

Gía vàng tháng vừa qua là một thảm họa với cực nhiều dân Trading vàng trên tài khoản. Vì sao vậy? Đơn giản là bạn thường Trading với 1 số vốn ký quỹ nhất định (5%-7%) và được đặt lệnh có giá trị cao gấp 14-20 lần giá trị ký quỹ. Nên khi giá vàng rơi 2% bạn sẽ thua 2*20 = 40% số tiền bạn có. Tất nhiên bạn luôn mong điều ngược lại .

Mời các bạn dịch đoạn văn sau:
"
CITIGROUP FLOOD SOON
Word has it that both Citigroup and JPMorgan will soon flood the cre*** markets with horribly impaired asset backed bonds. They are giving up to find fools in the hedge fund community and sovereign wealth fund centers. The Merrill Lynch sale at a mere 22 cents per dollar par value on CDO bonds (leveraged mortgage bond in-securities) is a widely seen signal that huge ad***ional bank loss writedowns are coming. Citigroup is due to write down another $8 billion in losses just to remain consistent with Merrill, the first to get realistic. While Wall Street rejoiced that Merrill Lynch had come clean, or cleaner, it overlooked how the rest of Wall Street remains entrenched with balance sheet lies and colossal deceptions. The Citi chart is not in any way shape or form a picture of recovery. Not even able to climb above the 50-day moving average, it seems doomed to enter single digits. It publicly wears the contradiction of maintaining a dividend while seeking cash to replenish its core balance sheet as it sells capital. Those who deny the doomed fate of Citi are not based in reality. As banks continue to spiral down, gold & silver will thrive. "

"FANNY MAE LIFELONG VERY THIN
For almost all last summer and autumn and winter and spring, Fannie Mae & Freddie Mac avoided the public spotlight. That was a remarkable feat, since banks were going bust on balance sheets, entering insolvency. My guess is that recent stress tests revealed the principal nexus of weakness, enough to ruin the entire US bank system permanently, was Fannie Mae. Perhaps foreigners like China have threatened to dump Fannie Mae bonds of all type. With good reason, Treasury Secy Paulson avoided any cited estimate of eventual USGovt bailout amount for Fat Fannie. The true number is between $1.0 and $1.5 trillion. That estimate only anticipates an 18% to 27% writedown in their entire combined $5.3 trillion book of business. That figure seems low, given the other financial firm disasters in progress. So the eventual tab for Fraudulent Fat Fannie might be closer to $2.0 trillion. The recently passed bill to help homeowners and mortgage lenders out of their bind is again woefully inadequate, the same bill that authorizes a more formal bailout for Fannie Mae itself. My forecast all this spring was for a succession of bailout programs, culminating in a grand New Resolution Trust Corp, led by Fannie Mae, despite its gross insolvency, despite its massive corruption, despite its worsening financial foundation atop an acid pit. The New RTC will come to pass, perhaps not before the last month of 2009 next year. As this vast centrifuge of readily available mortgage finance funds is again revved up, and patched up for its grand acidic leaks, gold & silver will thrive. "
Link đầy đủ:
http://www.kitco.com/ind/willie/jul312008.html

Một bài rất hay về giá vàng và các yếu tố tác động, khó có thể bỏ qua:
http://www.kitco.com/ind/nadler/aug012008B.html
Chẳng hạn giá vàng thời gian qua chịu tác động bởi các yếu tố sau:
RBCCM analysts identify several positive factors for gold bullion prices:
* Non-European Central Bank announcements regarding gold purchases (Russia, UAE, Qatar)
* Chinese foreign exchange reserves topping $1.4 trillion, dominated by holdings of US treasury securities. The Chinese central bank continues to comment on the need to diversify foreign exchange reserves
* Firm demand for gold ETFs, near an all-time high of 29.8m ounces
* Gold equities pricing in gold bullion at $850-$875/oz long-term
* Expectations of a US Federal Reserve rate pause, and no rate hike expected, and
* Mine supply flat in 2008, with a decline expected in 2010.
* Potentially negative factors affecting gold bullion prices are identified as:
* Jewellery demand showing strong elasticity in India and the Far East
* Switzerland deciding to sell 200 tonnes over two years, replacing Germany in the ECB gold sales agreement, and
* The potential for IMF gold sales as part of the ECB gold sales agreement.

Đúng thời gian vừa rồi quả là tối mắt tối mũi với công việc, tuy nhiên bạn nào hứng thú với tiếng Anh kinh tế xin hãy tiếp tục nhé, đoạn này lấy từ Wikipedia nhưng phần tiếng Việt chưa có đâu, các bạn có thể tham gia đóng góp cho Wiki đấy:

Investment banking​

Investment banks help companies and governments raise money by issuing and selling securities in the capital markets (both equity and debt), as well as providing advice on transactions such as mergers and acquisitions. Until the late 1980s, the United States and Canada maintained a separation between investment banking and commercial banks.
A majority of investment banks offer strategic advisory services for mergers, acquisitions, divestiture or other financial services for clients, such as the trading of derivatives, fixed income, foreign exchange, commo***y, and equity securities.
Trading securities for cash or securities (i.e., facilitating transactions, market-making), or the promotion of securities (i.e., underwriting, research, etc.) is referred to as the "sell side."
Dealing with the pension funds, mutual funds, hedge funds, and the investing public who consume the products and services of the sell-side in order to maximize their return on investment constitutes the "buy side". Many firms have buy and sell side components.
The largest bulge-bracket firms (by market capitalization) on Wall Street include Goldman Sachs, Merrill Lynch, Morgan Stanley, and Lehman Brothers. Cre*** Suisse, Citigroup, Deutsche Bank, JP Morgan Chase, and UBS AG are "universal banks" rather than bulge-bracket investment banks, since they also accept deposits (though not all of them have U.S. branche
Organizational structure of an investment bank
The main activities and units
On behalf of the bank and its clients, the primary function of the bank is buying and selling products. Banks undertake risk through proprietary trading, done by a special set of traders who do not interface with clients and through Principal Risk, risk undertaken by a trader after he buys or sells a product to a client and does not hedge his total exposure. Banks seek to maximize profitability for a given amount of risk on their balance sheet. An investment bank is split into the so-called Front Office, Middle Office, and Back Office.
Front Office
Investment banking is the tra***ional aspect of investment banks which involves helping customers raise funds in the Capital Markets and advising on mergers and acquisitions. These jobs tend to be extremely competitive and difficult to land. Investment banking may involve subscribing investors to a security issuance, coordinating with bidders, or negotiating with a merger target. Other terms for the investment banking division include mergers and acquisitions (M&A) and corporate finance.
The investment banking division (IBD) is generally divided into industry coverage and product coverage groups. Industry coverage groups focus on a specific industry such as healthcare, industrials, or technology, and maintain relationships with corporations within the industry to bring in business for a bank. Product coverage groups focus on financial products, such as mergers and acquisitions, leveraged finance, equity, and high-grade debt.
Investment management is the professional management of various securities (shares, bonds, etc.) and other assets (e.g. real estate), to meet specified investment goals for the benefit of the investors. Investors may be institutions (insurance companies, pension funds, corporations etc.) or private investors (both directly via investment contracts and more commonly via collective investment schemes eg. mutual funds).
The Investment management division of an investment bank is generally divided into separate groups, often known as Private Wealth Management and Private Client Services. Asset Management deals with institutional investors, while Private Wealth Management manages the funds of high net-worth individuals.
Sales & Trading In the process of market making, traders will buy and sell financial products with the goal of making an incremental amount of money on each trade. Sales is the term for the investment banks sales force, whose primary job is to call on institutional and high-net-worth investors *****ggest trading ideas (on ****at emptor basis) and take orders. Sales desks then communicate their clients'' orders to the appropriate trading desks, who can price and execute trades, or structure new products that fit a specific need.
Structuring has been a relatively recent division as derivatives have come into play, with highly technical and numerate employees working on creating complex structured products which typically offer much greater margins and returns than underlying cash securities. The necessity for numerical ability has created jobs for physics and math Ph.D.s who act as quants.
Merchant banking is a private equity activity of investment banks.[1] Examples include Goldman Sachs Capital Partners and JPMorgan One Equity Partners.
Research is the division which reviews companies and writes reports about their prospects, often with "buy" or "sell" ratings. While the research division generates no revenue, its resources are used to assist traders in trading, the sales force in suggesting ideas to customers, and investment bankers by covering their clients. There is a potential conflict of interest between the investment bank and its analysis in that published analysis can affect the profits of the bank. Therefore in recent years the relationship between investment banking and research has become highly regulated requiring a Chinese wall between public and private functions.
Strategy is the division which advises external as well as internal clients on the strategies that can be adopted in various markets. Ranging from derivatives to specific industries, strategists place companies and industries in a quantitative framework with full consideration of the macroeconomic scene. This strategy often affects the way the firm will operate in the market, the direction it would like to take in terms of its proprietary and flow positions, the suggestions salespersons give to clients, as well as the way structurers create new products.
Middle Office
Risk Management involves analyzing the market and cre*** risk that traders are taking onto the balance sheet in conducting their daily trades, and setting limits on the amount of capital that they are able to trade in order to prevent ''bad'' trades having a detrimental effect to a desk overall. Another key Middle Office role is to ensure that the above mentioned economic risks are captured accurately (as per agreement of commercial terms with the counterparty), correctly (as per standardized booking models in the most appropriate systems) and on time (typically within 30 minutes of trade execution). In recent years the risk of errors has become known as "operational risk" and the assurance Middle Offices provide now includes measures to address this risk. When this assurance is not in place, market and cre*** risk analysis can be unreliable and open to deliberate manipulation.
Finance areas are responsible for an investment bank''s capital management and risk monitoring. By tracking and analyzing the capital flows of the firm, the Finance division is the principal adviser to senior management on essential areas such as controlling the firm''s global risk exposure and the profitability and structure of the firm''s various businesses. In the United States and United Kingdom, a Financial Controller is a senior position, often reporting to the Chief Financial Officer.
Compliance areas are responsible for an investment bank''s daily operations'' compliance with FSA regulations and internal regulations. Often also considered a back-office division.
Back Office
Operations involves data-checking trades that have been conducted, ensuring that they are not erroneous, and transacting the required transfers. While some[who?] believe that operations provides the greatest job security and the bleakest career prospects of any division within an investment bank, many banks have outsourced operations. It is, however, a critical part of the bank. Due to increased competition in finance related careers, college degrees are now mandatory at most Tier 1 investment banks.[citation needed] A finance degree has proved significant in understanding the depth of the deals and transactions that occur across all the divisions of the bank.
Technology refers to the IT department. Every major investment bank has considerable amounts of in-house software, created by the Technology team, who are also responsible for Computer and Telecommunications-based support. Technology has changed considerably in the last few years as more sales and trading desks are using electronic trading platforms. These platforms can serve as auto-executed hedging to complex model driven algorithms.