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Basic Option-Pricing Relationships at Expiration

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Basic Option-Pricing Relationships at Expiration

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Standardizing Features:

◦ Contract Size

◦ Delivery Month

◦ Daily marked-to-market

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Expiry cycle: in a March, June, September, and December

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Delivery date: the third Wednesday of the expiration month.

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The last day of trading for most contracts is the second business day prior to the delivery date.

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refers to the number of contracts outstanding for a particular delivery month.

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An option gives the holder the right, but not the obligation

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gives the holder the right, but not the obligation, to buy a given quantity of...

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gives the holder the right, but not the obligation, to sell a given quantity of

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Exercise of a currency futures option results in a long futures position for the holder of a call or the writer of a put.

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Exercise of a currency futures option results in a short futures position for the seller of a call or the buyer of a put.