We also support staying healthy by facilitating gym memberships and offering a bicycle plan. We offer a competitive remuneration package with bonus opportunity, pension and healthcare plan. Our own chef prepares daily fresh breakfast and lunches in our office and we have monthly drinks and other festivities like joining a football tournament with an All Options team. If you are interested and ready to apply have a look at www. Vacancies Companies Contact Us. Company Description Jobs 1. About All Options is a derivatives trading company established in We offer We offer you a great working environment in a very inspiring office in the city center of Amsterdam.
Contact If you are interested and ready to apply have a look at www. Junior Trader. All Options Amsterdam, Nederland. Join our dynamic market making team!
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As a Junior Trader you are responsible for pricing and trading options of listed financial instruments, as well as managing and optimizing your daily positions. Together with the trading team and software developers, you will be adjusting your pricing variables and system settings to the current market conditions. By constantly following the market you should be able to spot and research profitable opportunities.
In this example, the cash out-of-pocket required to enter the option position is much less than for the underlying position, with both positions achieving the same profit potential in the case of a price increase in the underlying security. Aside from their lower cost, short-term micro-options also reduce risk to traders in a different manner. It is well known that profitability while using trading systems results from many factors; one of the most important is the reduction of risk while performing a transaction or trade.
This factor weighs in favor of using a shorter-term option over a longer one for short-term benefit in order to increase potential returns in certain trading strategies.
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It should be understood that the cost of taking a long position in short-dated options as described by the system of the invention may or may not be cheaper than taking a position in a conventional standardized exchange-traded option given certain circumstances not excluding events that create sudden price volatility. Options of various designs including those created by the system of the invention are subject to variable premiums depending on the circumstances affecting the market in which they are bought or sold.
Owing to the short-term lifespan of an option of the invention, however, the monetary outlay required to purchase a long position in puts or calls may be less than the premium required to purchase a long position in puts and calls of traditional exchange-traded design. There is supporting evidence in the financial industry of the desirability of short dated micro-option contracts. Established option exchanges are moving toward trading options with finer expirations along with closer strike prices.
In addition, there has been a significant implosion in trade transaction times. The reduction in the time taken to price and execute trades reflects the evolving mechanics of the marketplace and creates the need for more flexible products with short evaluation, transaction and lifespan cycles. The marketplace needs to be able to exercise the opportunities provided by the move toward real-time electronic trading systems to transact trades in shorter lifespan products.
Clearly the industry desires and would benefit from greater granularity, which can only be achieved in prior-art systems through the use of finely spaced expiration times and strike prices. The following example illustrates one reason that short-term micro-options are not presently available for exchange trading, or any other form of standardized contract trading.
For any particular trading day, there could be thousands of different options to choose from when the present method for standardization is used, where the 5-minute intervals chosen for the example above being one of a number of convenient formats for defining the time frame for the expiration of the traded options. This format is quite complicated, provides excessive numbers of variations, and does not allow efficient trading because there are too many choices for market participants.
As a result, matching buyers and sellers for a given transaction may not be possible. Because there are so many potential choices for trading given the above scenario, each individual option offer or bid is likely to experience limited trading activity.
As a result, there is no guarantee that a trader will get the best market price for an option because there may be no price competition on bid or ask offers for a particular contract at that particular time. Such a situation also indicates that a market may not be offering competitive pricing, which is undesirable in any trading system, marketplace, or exchange because it naturally increases transaction costs. This is done in a novel way by offering issues based on time duration instead of fixed expiration times. Additionally, in order to guarantee the relevance of the strike price at any given time, the issues have floating strike prices, specified using a fixed amount either above or below the current price of the underlying instrument.
A floating strike price as used in this description is specified using absolute monetary amounts, as a percentage of the underlying price, or other similar method, which may include relative and floating values. Both methods specify the delta, or price difference, of the strike price relative to the price of the underlying instrument. As the underlying instrument varies in price, the floating strike price of the option does not change, and will continue to specify a fixed amount in relation to the current underlying price.
The table lists options using time durations and floating strike prices. In one embodiment of the system of the invention, the time duration specifies the duration of the life of the option contract from the time of the trade and the floating strike price specifies the strike price of the option, relative to the price of the underlying instrument at the time of the trade. It is important to note that listing an option in this way does not fix the expiration time or the strike price of the option until the trade is undertaken.
Both parameters will be assigned at a future time, which in one embodiment is the time of the trade.
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It is equally important to note, and will be shown below, that it is still possible to price an option contract specified by time duration and floating strike price without knowing the exact future strike price or the exact expiration time, as long as the volatility of the underlying security is known and is assumed to be predictable.
Other embodiments of the system of the invention provide for assignment of the option parameters at any arbitrary future time as determined subsequent to the trade by one or both of the trade participants, the marketplace, or other suitable manner. There are far fewer potential choices available for short-term options with this system as compared to prior art systems using fixed expirations and fixed strike prices. The short-term options are therefore standardized, but use expiration times relative to a time of the trade or any future arbitrary time and prices relative to a price of the underlying instrument at a time of the trade or any future arbitrary time.
Using this system, the time of expiration of the option and the strike price for the option is not specified at the time the trade is undertaken. In this way, the listed options are always relevant, that is, the strike prices are always close to the current price of the underlying security and the options will always have the same time-to-expiration no matter when they are purchased.
This is different from the current option standardization system in use. With the current system, as the underlying instrument moves up or down in price, the option markets introduce additional strike prices for trading as the security moves outside of the range of strike prices currently trading.
The procedure required for trading an option contract or contracts in this manner differs from prior art systems.
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Using the system of the invention, contract parameters final expiration time, strike price of the option are unknown or unspecified at the time at which a trade is undertaken. In prior art systems involving standardization, contract parameters are always assigned prior to the valuation or trading of the option. One type of option, known as a forward start option, allows for the assignment of the option strike price to be at-the-money at a predetermined future time in a manner bearing similarities to the system of the invention, however such options are typically used in employee stock plans in an over-the-counter manner and are not used in conjunction with standardized exchange-based trading to offer advantages of concentrated trading, price competition and price discovery to market participants.
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In addition such options involve fixed times, both for the time of the future strike price assignment and for the expiration of the option, further differentiating them from the system of the invention. At least one additional distinguishing difference therefore between various systems of the invention and the prior art is the act of assigning contract parameters of strike price and expiration time to a standardized option that has previously been valued, assigned a premium, or traded, something that does not occur in prior art systems.
Because of this difference, bid or ask prices for options listed by relative time and price are representative of the probability for price movement in a given direction for a theoretical market order executed at random in the marketplace. The act of buying or selling the option transforms the probability into an actual outcome by assigning the option's contract parameters at a time of the trade, or other future time as determined by market participants or the marketplace.
Every trade made using the system of the invention will result in an option contract that is likely to be unique as pertaining to the option's contract parameters. It will be a relatively rare event for an option to trade on the system or market with the exact same expiration time and the exact same strike price as a prior trade. One consequence of this property is that a trader is unlikely to be able to sell back an option using the same system or exchange. This is in stark contrast to the prior art systems of option standardization in use today.
The standardization of terms makes it more likely that there will be a secondary market in which holders and writers of options can close out their positions by offsetting sales and purchases. By selling an option of the same series as the one he bought, or buying an option of the same series as the one he wrote, an investor can close out his position in that option at any time there is a functioning secondary options market in options of that series.
Vice-versa for short positions that are bought back on the same market they were sold on. The system of the invention seeks to retain certain advantages that a conventional option market exchange offers, which are: liquidity as a result of standardization, price transparency, price dissemination and price competition, but gives up the availability of a secondary market, associated with prior art conventional standardized option exchanges, in return for the ability to efficiently trade micro-option contracts with very short time durations.
Therefore, in the context of the system of the invention, standardization consists of the presence of at least one of the following market characteristics: a price competition, b price discovery, or c the grouping of options of similar characteristics in order to concentrate trading and promote liquidity; but does not require the presence of a secondary market to close out open positions as practiced with prior art. A standardized option in the context of the system of the invention is any option that receives the benefit of, contributes to, or is traded on the basis of at least one of the following market characteristics: a price competition, b price discovery, or c concentrated trading of options with similar characteristics.
While the lack of opportunity to resell options into the same market would definitely be a drawback for trading options with time frames of weeks or months, it is not as big an issue for the proposed use of the current invention for two reasons: First, the system of the invention is intended primarily for use but not limited to use in the trading of short-term options with time from purchase to expiration of less than one day.
With a short-term option, the degree of potential price swing or volatility of the underlying security during the life of the option is likely to be less than for an option with a life of several months, hence there is much less uncertainty until the option expires. This translates to expected lower risk and a reduced need for an open position to be closed out during the life of the option. Second, the overall premium or cost of a short-term option will likely be less than its longer-lived counterparts.
Traders transacting trades in short-term options may not be as concerned with the availability of a secondary market as they will be with having a relevant option available—one close to the current time and price of the underlying security. This tradeoff—guaranteeing the availability of a listed relevant option versus having a secondary market for closing positions—is another distinguishing feature of the system of the invention that makes it better suited for trading short-term options than the prior art.
This is not to say that there will be no method of nullifying a position with the present system of the invention. There are, in fact, several ways for a trader to nullify a position without selling back an option on a secondary market. A trader could buy the same type of option, put or call, in this example a call option at a new strike price and expiration time if they have an open short position and the underlying security price is moving adversely to the open position and creating a loss.
The end result would be that the trader would be both long and short an option on the security at two different strikes, with the short position expiring first. This has the effect of negating the effect of further price changes that will increase the loss of the short position, while the long position might still have the potential for profit after the short position expires. Another way for a trader to liquidate a position if it is a long purchased option position would be to simply exercise the option early if it is an American-type option and receive a cash settlement, or the underlying instrument be it another derivative or security.
In terms of cash settlement, the amount of cash would relate to the price difference between the underlying instrument's price at exercise and the strike price of the option. A third way to nullify the risk of a position, one that can be used with currently traded options also, is to simply buy the underlying stock or commodity for a call that is sold short or to sell the underlying stock or commodity for a put that is sold short.
In the ways described above and alternatives and variations that would be understood to be included within the generic use of the described procedures with the full range of option techniques known to those skilled in the art, the systems, method and apparatus of the invention, while solving many problems for the trading of short-term options, may not be appropriate for trading longer-term options.
The relatively recent advent of the electronic marketplace combined with the reduction of trade transaction times brings about the need for options with shorter life spans and therefore, a system such as the proposed system of the invention.