Common use of RISK IN RELATION TO OPTIONS 期權相關風險 Clause in Contracts

RISK IN RELATION TO OPTIONS 期權相關風險. A. Variable degree of risk 不同風險程度 Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs. 期權交易的風險非常高。投資者不論是購入或出售期權, 均應先暸解其打算買賣的期權類別(即認沽期權或認購期權)以及相關聯的風險。你應考慮到期權金及所有交易成本, 然後計算出期權價值必須增加多少才能獲利。 Purchases of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract, the purchaser will acquire a futures position with associated liabilities for margin (see the section of Risks in Relation to Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the change of such options becoming profitable ordinarily is remote. 期權購入者可選擇抵銷或行使期權或任由期權到期。如果期權持有人選擇行使期權, 便必須進行現金交收或購入或交付相關的資產。若購入的是期貨產品的期權, 期權持有人將獲得期貨倉盤, 並附帶相關的保證金責任(參閱上文「期貨相關風險」一節)。如所購入的期權在到期時已無任何價值, 你將損失所有投資金額, 當中包括所有的期權金及交易費用。如 你擬購入極價外期權, 應注意從這類期權獲利的機會普遍極微。 Selling (“writing” or “granting”) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, the seller will acquire a position in a futures contract with associated liabilities for margin (see the section on Risks in Relation to Futures above). If the option is “covered” by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited. 賣出(「沽」或「授予」)期權的風險通常比買入期權的風險更加大。雖然賣出者所收到的期權金款額是固定的, 但賣出者所蒙受的虧損卻可能遠超過此款額。倘若市況對賣出者不利, 賣出者須繳付額外的保證金補倉。賣出者也可能面對買家行使期權的風險, 屆時賣出者將有義務以現金結算期權或購買或交付有關權益。若賣出的是期貨產品的期權, 則期權賣 方將獲得期貨倉盤及附帶的保證金責任(參閱上文「期貨相關風險」一節)。倘若賣出者通過持有有關權益或另一份期權對其期權作出「備兌」, 則可能減低風險。如果期權沒有備兌, 則虧蝕的風險可能是無限額。 Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time. 某些司法管轄區的交易所允許期權買方延遲支付期權金, 令買方支付保證金費用的責任不超過期權金。儘管如此, 買方最終仍須承受損失期權金及交易費用的風險。在期權被行使又或到期時, 買方有需要支付當時尚未繳付的期權金。

RISK IN RELATION TO OPTIONS 期權相關風險. A. Variable degree of risk 不同風險程度 Transactions in options carry a high degree of risk. Purchasers and sellers of options should familiarize themselves with the type of option (i.e. put or call) which they contemplate trading and the associated risks. You should calculate the extent to which the value of the options must increase for your position to become profitable, taking into account the premium and all transaction costs. 期權交易的風險非常高。投資者不論是購入或出售期權, 均應先暸解其打算買賣的期權類別(即認沽期權或認購期權)以及相關聯的風險。你應考慮到期權金及所有交易成本, 然後計算出期權價值必須增加多少才能獲利。 Purchases of options may offset or exercise the options or allow the options to expire. The exercise of an option results either in a cash settlement or in the purchaser acquiring or delivering the underlying interest. If the option is on a futures contract, the purchaser will acquire a futures position with associated liabilities for margin (see the section of Risks in Relation to Futures above). If the purchased options expire worthless, you will suffer a total loss of your investment which will consist of the option premium plus transaction costs. If you are contemplating purchasing deep-out-of-the-money options, you should be aware that the change of such options becoming profitable ordinarily is remote. 期權購入者可選擇抵銷或行使期權或任由期權到期。如果期權持有人選擇行使期權, 便必須進行現金交收或購入或交付相關的資產。若購入的是期貨產品的期權, 期權持有人將獲得期貨倉盤, 並附帶相關的保證金責任(參閱上文「期貨相關風險」一節)。如所購入的期權在到期時已無任何價值, 你將損失所有投資金額, 當中包括所有的期權金及交易費用。如 你擬購入極價外期權, 應注意從這類期權獲利的機會普遍極微。 Selling (“writing” or “granting”) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will be liable for additional margin to maintain the position if the market moves unfavorably. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obligated to either settle the option in cash or to acquire or deliver the underlying interest. If the option is on a futures contract, the seller will acquire a position in a futures contract with associated liabilities for margin (see the section on Risks in Relation to Futures above). If the option is “covered” by the seller holding a corresponding position in the underlying interest or a futures contract or another option, the risk may be reduced. If the option is not covered, the risk of loss can be unlimited. 賣出(「沽」或「授予」)期權的風險通常比買入期權的風險更加大。雖然賣出者所收到的期權金款額是固定的, 但賣出者所蒙受的虧損卻可能遠超過此款額。倘若市況對賣出者不利, 賣出者須繳付額外的保證金補倉。賣出者也可能面對買家行使期權的風險, 屆時賣出者將有義務以現金結算期權或購買或交付有關權益。若賣出的是期貨產品的期權, 則期權賣 方將獲得期貨倉盤及附帶的保證金責任(參閱上文「期貨相關風險」一節)。倘若賣出者通過持有有關權益或另一份期權對其期權作出「備兌則期權賣方將獲得期貨倉盤及附帶的保證金責任(參閱上文「期貨相關風險」一節)。倘若賣出者通過持有有關權益或另一份期權對其期權作出「備兌」, 則可能減低風險。如果期權沒有備兌, 則虧蝕的風險可能是無限額。 Certain exchanges in some jurisdictions permit deferred payment of the option premium, exposing the purchaser to liability for margin payments not exceeding the amount of the premium. The purchaser is still subject to the risk of losing the premium and transaction costs. When the option is exercised or expires, the purchaser is responsible for any unpaid premium outstanding at that time. 某些司法管轄區的交易所允許期權買方延遲支付期權金, 令買方支付保證金費用的責任不超過期權金。儘管如此, 買方最終仍須承受損失期權金及交易費用的風險。在期權被行使又或到期時, 買方有需要支付當時尚未繳付的期權金。