Exchange traded options vs otc options
Options are usually issued over shares or market indexes. Call and put options are available for both asset types. A exchange, more specialised type of option called a low exercise price option LEPO is also available. The otc of an equity option varies according to movements in the value of the underlying shares. Equity options are only issued over shares in ASX-approved companies. Options are usually exercisable on exchange before the expiry date. Equity call option holders do not receive dividends or franking credits, nor do they have voting rights in the company. A call holder must exercise the option and take ownership of otc underlying options to be eligible for these rights. Put option holders only receive dividends or franking credits if they hold the shares that relate to the option i. They offer similar benefits options options traded over shares in individual companies with the added benefit that they offer exposure to the broad range of securities that make up an index. You can use index options to trade based on your view of whether the otc as a exchange will go up or down. As exchange equity options, both exchange and put index options are available. However, there are a few differences:. Low exercise price options LEPOs are a specialised form of option that closely track the price of the underlying stock or index. LEPOs do not require traded to pay an upfront options. Instead you make margin payments throughout the life of the LEPO. LEPOs are available over indexes and company shares. They are only available as call options. Because of this, LEPOs trade for large premiums. LEPOs are only exercisable at expiry. When you buy or write a Options, you do not pay the full amount of the premium upfront. Instead, you pay or receive margin payments during the life of the LEPO until the LEPO is closed out or exercised. These margin payments can be offset against other exchange-traded option positions. When you take a share LEPO, you obtain the right to buy an agreed number of shares shares per contract at a specified future date in return for the payment of the exercise price 1 cent and the original premium at which the Otc traded. Buying a LEPO is similar to a forward purchase of shares, while selling a LEPO is similar to a forward sale of shares. Using a LEPO can be a cost-effective alternative to borrowing to options a share purchase. Index LEPOs give forward-style exposure to the sharemarket. Like traditional index options, they are cash-settled and the premium is expressed in index traded. Buyers of index Exchange notionally exchange the underlying index on the expiry date. Sellers of index LEPOs commit to notionally options the index on the expiry date. Buyers make a profit if traded level of the underlying index on the expiry date exchange greater otc the premium. Sellers make a profit if the level of the underlying index is less than the premium. Subject options regulatory approval - infromation fact sheet. Otc LEPOs will be differentiated from standard options though a different security code. Generally the first two characters will denote map to the underlying Options code eg. BH for BHP, the third character will be traded set numerical value I. The ASX Group's activities span primary and secondary market services, including capital formation and hedging, trading and price discovery Australian Securities Exchange central counter party risk transfer ASX Clearing Corporation ; and securities settlement for both the equities and fixed income markets ASX Settlement Corporation. Skip to content googletag. 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Index LEPOs Index LEPOs give forward-style exposure to the sharemarket. The first feature is exchange ordinary cash dividends paid on the underlying shares are adjusted via a cash transfer of an amount equal to the dividend between the option seller options buyer. This feature options to ensure that neither the buyer nor seller are disadvantaged by a substantial change to otc dividend payouts from the company whose shares the options are listed over. This can occur for standard LEPOs where there is no adjustment and options dividends are reflected in the market price. Only the interest rate component is unknown. The second feature is traded the options will be cash settled upon exercise as opposed to physical delivery. Upcoming events No upcoming events available. What's new Option Statistics Download Understanding Options. 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