Binary Kredit Optionen auf US Aktien am CBOE
CBOE Confirms Launch Of Credit Event Binary Options Tomorrow, Tuesday, June 19, 2007
18/06/07
The Chicago Board Options Exchange (CBOE) today confirmed that it will launch Credit Event Binary Options (CEBOs), also known as credit default options, on five individual companies: General Motors Corporation (GM), Ford Motor Company (F), Lear Corporation (LEA), Hovnanian Enterprises, Inc. (HOV) and Standard Pacific Corp. (SPF) on Tuesday, June 19, 2007, as previously announced. CBOE and the Options Clearing Corporation (OCC) have received the necessary regulatory approvals to list these credit default options.
The initial five contracts, listed below, will have expiration dates in September 2008 and September 2012. (Note that a previous press release incorrectly listed the expiration date as September 2013).
Jane Street Specialists, LLC, a global, well-capitalized market making firm, has been appointed to be the Designated Primary Market Maker (DPM) in the initial five contracts. Liquidity may also be provided by Market Makers and Remote Market Makers.
CBOE's Credit Event Binary Options are cash-settled call options that pay $100,000 when the Exchange confirms that a credit event, such as default on specified payment obligations, has occurred. If no such credit event occurs, the option expires with no value. Special procedures apply in the event of a succession or redemption. Trading hours are 8:30 a.m. to 3:00 p.m. C.T. Contract specifications and additional details are available at http://www.cboe.com/CREDIT.
Expiration: Sept. 2008
Expiration: Sept. 2012
GM - General Motors Corp
GCB
GCY
F - Ford Motor Co
FDE
FDW
LEA - Lear Corp
MUG
MUP
HOV - Hovnanian Enterprises Inc
CKA
CKJ
SPF - Standard Pacific Corp
JSV
JSW
CBOE, the largest options marketplace in the U.S. and the creator of listed options, is regulated by the Securities and Exchange Commission (SEC). For additional information about the CBOE and its products, visit the CBOE website at: http://www.cboe.com/.
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Wenn ich das richtig verstehe, kann ich z.B. bei einer Ausfallwahrscheinlichkeit für Kredite dieser Firmen von 5 % = 5.000 Dollar 'wetten'. Tritt der Ausfall bis September 2008 bzw. September 2012 nicht ein, sind die 5.000 Dollar verloren, kommt es zu einem Ausfall, werden 100.000 Dollar gezahlt.
Andersrum: Die Wahrscheinlichkeit des Nicht-Ausfalls ein, werden auf meine 95.000 Dollar in 2008 oder 2012 = 100.000 Dollar zurückgezahlt, bei einem Konkurs sind meine 95.000 Dollar verloren.
Wer mich korrigieren möchte, ist dazu gerne aufgefordert. Die Binary Options wird es künftig auf eine immer grössere Zahl von Märkten aller Art geben, derzeit zum Beispiel schon auf die Wahrscheinlichkeit, ob es zu einer Fusion zwischen CME und CBOT bis Ende dieses Jahres kommen wird.
