Chapter 1 The Language of Options
第一章 期权话术
Every option market brings together traders and investors with different expectations and goals. Some enter the market with an opinion on which direction prices will move. Some intend to use options to protect existing positions against adverse price movement. Some hope to take advantage of price discrepancies between similar or related products. Some act as middlemen, buying and selling as an accommodation to other market participants and hoping to profit from the difference between the bid and ask price.
每个期权市场都会汇聚带有不同预期和目标的交易者与投资者。有些人参与市场是基于对价格走向的判断，有些人希望利用期权来对冲现有头寸的不利价格波动，还有一些人则试图通过相关或相似产品之间的价格差异获利。此外，也有中间商，他们为其他市场参与者撮合买卖，并希望通过买入和卖出之间的差价获利。
我当初买这本书的初衷就是通过学习期权知识，利用期权来对冲，在市场发生大跌的时候保护现有股票。这一段提到的最后一个目的，显然那不是普通投资者能做到的，那主要是专门的做市商（market maker）——中文叫庄家——的事，比如Citadel Securities就是美国最大的做市商。
Even though expectations and goals differ, every trader's education must begin with an introduction to the terminology of option trading, and to the rules and regulations which govern trading activity. Without a facility in the language of options, a trader will find it impossible to communicate his desire to buy or sell in the marketplace. Without a clear understanding of the terms of an option contract, and his rights and responsibilities under that contract, a trader cannot hope to make the best use of options, nor will he be prepared for the very real risks of trading.
尽管每位市场参与者的预期和目标不同，所有交易者的学习过程都必须从了解期权交易的术语以及相关的规则和法规开始。如果不能熟练掌握期权话术，交易者将无法有效地表达其在市场中的买卖意图。并且，如果对期权合约的条款以及其权利和责任缺乏清晰的理解，交易者将难以充分利用期权，也无法为交易中的潜在风险做好充分准备。
CONTRACT SPECIFICATIONS
合约规格
Options are of two types. A call option is the right to buy or take a long position in a given asset (typically a security, commodity, index, or futures contract) at a fixed price on or before a specified date. A put option is the right to sell or take a short position in a given asset.
期权有两种类型。看涨期权赋予持有人在指定日期或之前以固定价格买入（做多）某一资产（通常是证券、商品、指数或期货合约）的权利。看跌期权则赋予持有人卖出（做空）该资产的权利。
买卖股票就像在跳蚤市场上进行交易，看到喜欢的东西就用钱买下来，手中有不想要的东西时就卖掉。可以把股票看作一种实物资产。购买某只股票并持有，就是建立多头头寸，也就是文中提到的long position。对大多数投资股票的人来说，了解这种操作已经足够。
其实，股票买卖可以更加复杂。比如，你认为ABC公司的股票会下跌，即使你手里没有ABC的股票，你仍然可以卖出ABC的股票。当你卖出100股ABC后，你的账户上就会显示-100 股，这就叫建立了空头头寸，也就是文中提到的short position。
投资者进入股市，大多希望涨，看空有点违反人的愿意和本能。看空操作，得有充足的理由，也要有坚定的信念，而且如果拉长时间线，经济总是向上，而不是向下，所以看空操作不适合大多数散户。我个人认为，散户建立空头尺寸，大多数靠猜。
因为期权有两种，一种是看涨期权，一种是看跌期权，所以在学习期权之前，必须理解股票的多头头寸和空头头寸，否则有点摸不着头脑。
脑子还要转一个弯。股票买卖，对象是股票。期权买卖，有两个对象可以选择。
标的资产通常四种：证券、商品、指数、期货合约。证券就不用说了，单只股票太多了。原油是最活跃的商品期权标的。指数标的，最大的是标普500指数，还有十分有名股市动荡指数VIX。期货合约有指数期货合约，如E-Mini S&P 500，和商品期货合约，如各种贵重金属、稀有金属、债券等。
Note the difference between an option and a futures contract. A futures contract requires delivery at a fixed price. The buyer and seller of a futures contract both have obligations which they must meet. The seller must make delivery and the buyer must take delivery of the asset. The buyer of an option, however, has a choice. He can choose to take delivery (a call) or make delivery (a put). If the buyer of an option chooses to either make or take delivery, the seller of the option is obligated to take the other side. In option trading all rights lie with the buyer and all obligations with the seller.
需要注意的是，期权与期货合约存在显著差异。期货合约要求按固定价格交割，买卖双方都有必须履行的义务。卖方需交付资产，买方需接收资产。然而，期权的买方拥有选择权。他可以选择行使权利（对看涨期权，买方选择接收；对看跌期权，买方选择交付）。如果期权的买方决定行使权利，卖方则有义务履行相应的交割。在期权交易中，所有权利归买方所有，所有义务则由卖方承担。
期权交易中，买方拥有权利，而卖方承担义务，这是什么意思呢？对于刚接触期权又没有实操经验的人来说，确实不太容易理解。其实，这个意思很简单：如果买方决定在到期日或者到期日之前的任何一天行使期权，那么卖方必须根据期权合约，对标的资产进行相应的交易。期权卖方只能被动应对买方的操作，而不能主动选择行权。以股票期权为例，标的资产就是股票。
当然，买方也可以选择不行权，主动权在自己手里。比如，买了一手ABC看跌期权，行权价50元，既然一手相当于100股股票，所以，相当于他持有-100@50 ABC。现在，ABC的股票是55元，如果行权，他需要从市场上买回100股来填补自己的期权，这不是亏本买卖吗，此时买方宁愿亏掉权利金也不愿意行权。卖方就拿到了权利金。这也是为什么期权的卖方利润总是有限，但是风险无限。第二章会谈到这个。
The asset to be bought or sold under the terms of the option is the underlying asset or, more simply, the underlying. The exercise price, or strike price, is the price at which the underlying will be delivered should the holder of an option choose to exercise his right to buy or sell. The date after which the option may no longer be exercised is the expiration date.
期权合约中所涉及的买卖资产称为标的资产，或简称标的物。行权价是期权持有人在行使其买卖权利时交割标的物的价格。期权合约中规定的最后可行权日期被称为到期日。
If an option is purchased directly from a bank or other dealer, the quantity of the underlying to be delivered, the exercise price, and the expiration date can all be tailored to meet the buyer's individual requirements. If the option is purchased on an exchange, the quantity of the underlying to be delivered, as well as the exercise price and expiration date, are predetermined by the exchange. (footnote 1: Several exchanges have recently introduced flex options, which permit the buyer and seller to negotiate both the exercise and expiration date. These are still considered exchange traded options since the contracts are guaranteed by the exchange.)
如果期权是直接从银行或其他交易商处购买的，那么标的物的数量、行权价和到期日都可以根据买方的需求量身定制。如果期权是在交易所购买的，则标的物的数量、行权价和到期日由交易所预先设定。（脚注1：最近一些交易所推出了 “灵活期权”，允许买卖双方协商行权价和到期日。这些期权仍被视为交易所交易的期权，因为合约由交易所担保。）
普通投资者现在都是通过证券经纪公司直接在交易所上购买期权，RBC Direct Investing，TD WebBroker，BMO InvestotLine等都是银行旗下的证券经纪部门，直接面向普通投资者。
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| 期权合约规范：标的、到期日、行权价、类型 |
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| 期权买单：买入看跌期权，10手，GE股票，到期月MAR，行权价70，权利金3.5 |
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| 期权卖单：卖出看涨期权，25手，OEX（这是S&P 100指数），到期日11月，行权价425，权利金7.25 |
As an example of an exchange traded option, the buyer of a crude oil October 21 call on the New York Mercantile Exchange has the right to take a long position in one October crude oil futures contract for 1,000 barrels of crude oil (the underlying), at a price of $21 per barrel (the exercise price), on or before October expiration (the expiration date). The buyer of a General Electric March 80 put on the Chicago Board Options Exchange has the right to take a short position in 100 shares of General Electric stock (the underlying) at a price of $80 per share (the exercise price), on or before March expiration (the expiration date).
作为一个交易所交易期权的例子，在纽约商业交易所购买的 10 月 21 日原油看涨期权的买方，有权在到期日前以每桶 21 美元（行权价）的价格，建立一个 1000 桶原油（标的资产）的 10 月原油期货合约的多头头寸。而在芝加哥期权交易所购买的通用电气 80 美元看跌期权的买方，有权在到期日前以每股 80 美元（行权价）的价格，建立 100 股通用电气股票（标的资产）的空头头寸。
为了与原油期货合约一致，原油期权的一手通常也对应于 1,000 桶原油。而股票期权的一手对应于 100 股股票。特别注意，在原文中，特别说明了，on or before October expiration (the expiration date)，买方有权利（right）行权。
Since stock has no expiration date, the underlying asset for a stock option is simply some number of shares in the underlying stock. In the case of futures options, however, the situation can be somewhat confusing, since a futures contract has a limited life span.The underlying asset for an option on a futures contract is usually the futures month identical to the expiration month of the option. The underlying asset for a crude oil October 21 call on the NYMEX is one October crude oil futures contract. The underlying asset for a Treasury Bond June 96 put on the Chicago Board of Trade is one June Treasury Bond futures contract.
由于股票没有到期日，股票期权的标的物通常是一定数量的标的股票。然而，期货期权的情况则稍显复杂，因为期货合约有固定的生命周期。通常，期货期权的标的物是与期权到期月份相同的期货合约。纽约商业交易所 10 月原油 21 日看涨期权的标的物是一个 10 月原油期货合约，而芝加哥期货交易所 6 月 96 美国国债看跌期权的标的物是一个 6 月美国国债期货合约。
Some futures exchanges also list serial options, whereby options with different expiration dates have identical underlying futures contracts. When there is no futures contract with the same expiration month as the option, the underlying contract for that option is the nearest futures contract after the expiration of the option. For example, the underlying for a December Deutschemark option on the Chicago Mercantile Exchange is one December Deutschemark futures contract. With no October or November futures contract available, the underlying for an October or November Deutschemark option is also one December futures contract. December is the nearest futures month after the expiration of October and November options.
一些期货交易所还提供连续期权，即不同到期日的期权对应相同的期货合约。当没有与期权到期月份相同的期货合约时，该期权的标的物为期权到期后最近月份的期货合约。例如，芝加哥商品交易所（CME）12 月德国马克期权的标的物是一个 12 月德国马克期货合约。如果 10 月或 11 月没有可用的期货合约，则 10 月或 11 月德国马克期权的标的物也为 12 月期货合约，因为 12 月是 10 月和 11 月期权到期后的最近期货月份。
Expiration dates for exchange traded contracts are not uniform, but are set by each individual exchange. The expiration date for stock options in the United States is usually the third Saturday after the third Friday of the expiration month. For options on futures contracts, however, the expiration need not coincide with the delivery month specified in the option contract. In some cases the exact expiration date for a futures option can predate the delivery month of the underlying futures contract by several weeks. A crude oil option on the NYMEX will typically expire the first Saturday of the preceding month, so that an October option will actually expire the first Saturday in September.
交易所交易合约的到期日不统一，由各个交易所自行设定。在美国，股票期权的到期日通常为到期月份的第三个星期五之后的第三个星期六。然而，期货期权的到期日不一定与期权合约中规定的交割月份一致。在某些情况下，期货期权的实际到期日可能比标的期货合约的交割月份早几周。例如，纽约商业交易所的原油期权通常在前一个月的第一个星期六到期，因此 10 月期权实际将在 9 月的第一个星期六到期。
这本书第二版于 1994 年发行。这几段，有些内容过时了。
期货不是我们要关心的。
德国马克早不存在了。
现在，在交易所可以买到期日设定在每个星期五的股票期权，这叫周期权。
文中说的是传统股票期权，也就是月期权。月期权应该还是量最大的。在美国，传统股票期权的到期日通常是到期月份的第三个星期五。文中说是第三个星期六，ChatGPT 说在 2000 年从星期六改成了星期五。
知道这一点，可以帮助我们了解 “三巫日”。“三巫日” 是指股票期权、股票指数期权和股票指数期货合约同时到期的日子。这种现象通常发生在每个季度的第三个星期五。在这样的日子里，市场震荡十分大。
EXERCISE AND ASSIGNMENT
行权与指派
A trader who owns a call or a put option has the right to exercise that option prior to its expiration date, thereby converting the option into a long underlying position, in the case of a call, or a short underlying position, in the case of a put. A trader who exercises a crude oil October 21 call has chosen to take a long position in one October crude oil futures contract at $21 per barrel. A trader who exercises a GE March 80 put has chosen to take a short position in 100 shares of GE stock at $80 per share. Once an option is exercised it ceases to exist, just as if it had been allowed to expire unexercised.
持有看涨期权或看跌期权的交易者有权在期权到期前行使该期权。行使看涨期权意味着将该期权转换为标的资产的多头头寸；行使看跌期权则意味着转换为标的资产的空头头寸。例如，交易者行使了一份 10 月 21 日的原油看涨期权，就相当于以每桶 21 美元的价格建立了一份 10 月原油期货的多头头寸。而如果交易者行使了 3 月 80 美元的通用电气看跌期权，就意味着以每股 80 美元的价格建立了 100 股通用电气股票的空头头寸。一旦期权被行使，它将不再存在，和未行使期权到期作废一样。
理解这一段十分重要，有助于我们理解期权买方的权利。也让我们知道，买方有很多种选择：到期日前行权、到期日行权、作废 / 不行权、平仓（卖出期权）。
也帮助我们理解期权是如何转换为标的资产的。
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| 期权的行使和转让过程 |
A trader who intends to exercise an option must submit an exercise notice to either the seller of the option, if purchased from a dealer, or to the guarantor of the option, if purchased on an exchange. When a valid exercise notice is submitted, the seller of the option is assigned. Depending on the type of option, he will be required to take a long or short position in the underlying contract at the specified exercise price.
打算行权的交易者需向期权卖方（若从经销商购买）或期权担保方（若在交易所购买）提交行权通知。一旦提交有效的行权通知，期权卖方将被指派，按指定的行权价持有标的物的相应头寸。
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| 行权通知单 |
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| 转让通知单 |
In addition to its underlying contract, exercise price, expiration date, and type, an option is further identified by the conditions of exercise. An option is either American, whereby the holder can exercise the option at any time prior to expiration, or European, whereby the holder can exercise the option only on expiration day (footnote 2: Since exchanges need time to process exercise and assignment notices, the holder of an exchange traded option must usually submit an exercise notice no later than the close of business on the day prior to expiration.). The great majority of exchange traded options throughout the world are American options, carrying with them the right of early exercise. Indeed, all U.S. exchange traded stock and futures options are American. (footnote 3: Certain index options, such as the S&P 500 traded on the Chicago Board Options Exchange, and the Major Market traded on the American Stock Exchange, are European. Some foreign currency options traded on the Philadelphia Stock Exchange are also European.)
除了标的合约、行权价、到期日和期权类型外，期权还根据行权条件区分为美式期权或欧式期权。美式期权允许持有者在到期日前的任何时间行权，而欧式期权仅能在到期日当天行权（脚注 2：由于交易所需要时间处理行权和指派通知，交易所交易期权的持有者通常需要在到期前一天的营业结束前提交行权通知）。全球大多数交易所交易的期权都是美式期权，允许提前行权。实际上，所有美国交易所交易的股票和期货期权都是美式期权。（脚注 3：某些指数期权，如芝加哥期权交易所的标普 500 期权和美国证券交易所的主要市场指数期权，是欧式期权。此外，费城证券交易所交易的一些外汇期权也是欧式期权。）
如文中所说，除了脚注所说的一些特殊情况，美国的所有交易所的股票和期货期权都是美式期权。期权持有人可以在到期前的任何时间行使该期权。
As in any competitive market, an option's price, or premium, is determined by supply and demand. Buyers and sellers make competitive bids and offers in the marketplace. When a bid and offer coincide, a trade is made. The premium paid for an option can be separated into two components, the intrinsic value and the time value. An option's intrinsic value is the amount which would be credited to the option holder' account if he were to exercise the option and close out the position against the underlying contract at the current market price. For example, with gold trading at $435 per ounce, the intrinsic value of a $400 call is $35. By exercising his option, the holder of the $400 call can buy gold at $400 per ounce. If he sells gold at the market price of $435 per ounce, $35 per ounce will be credited to his account. With a certain stock trading at $62, the intrinsic value of a $70 put is $8. By exercising his option, the holder of the put can sell the stock at $70 per share. If he then buys the stock back at the market price of $62, he will show a total credit of $8.
在任何竞争市场中，期权的价格或权利金是由供需决定的。买卖双方在市场中提出竞价。当买入价与卖出价一致时，交易便达成。期权的权利金可分为两部分：内在价值和时间价值。内在价值是指持有者行权并以当前市场价格平仓所获得的金额。例如，当黄金的市场价为每盎司 435 美元时，行权价为 400 美元的看涨期权的内在价值为 35 美元。行使期权后，持有者以 400 美元的价格买入黄金，并以 435 美元卖出，每盎司可获利 35 美元。同样，当某只股票的市场价为 62 美元时，行权价为 70 美元的看跌期权的内在价值为 8 美元。行使该期权后，持有者可以以 70 美元的价格卖出股票，然后以 62 美元的价格买回，总获利为 8 美元。
A call will only have intrinsic value if its exercise price is less than the current market price of the underlying contract. A put will only have intrinsic value it its exercise price is greater than the current market price of the underlying contract. The amount of intrinsic value is the amount by which the call's exercise price is less than the current underlying price, or the amount by which the put's exercise price is greater than the current underlying price. No option can have an intrinsic value less than zero.
看涨期权只有当其行权价低于标的物的当前市场价时才有内在价值。看跌期权只有当其行权价高于标的物当前市场价时才有内在价值。内在价值的金额为看涨期权的行权价低于当前市场价的差额，或看跌期权的行权价高于当前市场价的差额。内在价值不能为负。
Usually an option's price in the marketplace will be greater than its intrinsic value. The additional amount of premium beyond the intrinsic value which traders are willing to pay for an option is the time value, sometimes also referred to as the option's time premium or extrinsic value. As we shall see, market participants are willing to pay this additional amount because of the protective characteristics afforded by an option over an outright long or short position in the underlying contract.
通常，期权在市场上的价格会高于其内在价值。超出内在价值的部分称为时间价值，有时也叫时间溢价或外在价值。市场参与者之所以愿意为期权支付这额外的溢价，是因为期权相对于标的合约的单纯多头或空头头寸具有一定的保护特性。
An option's premium is always composed of precisely its intrinsic value and its time value. If a $400 gold call is trading at $50 with gold at $435 per ounce, the time value of the call must be $15, since the intrinsic value is $35. The two components must add up to the option's total premium of $50. If a $70 put on a stock is trading for $9 with the stock at $62, the time value of the put must be $1, since the intrinsic value is $8. The intrinsic value and the time value must add up to the option's premium of $9.
期权的权利金总是由内在价值和时间价值组成。例如，如果行权价为 400 美元的黄金看涨期权市场价格为 50 美元，黄金的市场价为每盎司 435 美元，那么该期权的内在价值为 35 美元，时间价值为 15 美元，二者之和为 50 美元。同样，如果某只股票的行权价为 70 美元的看跌期权价格为 9 美元，而股票的市场价为 62 美元，则其内在价值为 8 美元，时间价值为 1 美元，二者之和为 9 美元。
Even though an option's premium is always composed of its intrinsic value and its time value, it is possible for one or both of these components to be zero. If the option has no intrinsic value, its price in the marketplace will consist solely of time value. If the option has no time value, its price will consist solely of intrinsic value. In the latter case, we say that the option is trading at parity.
尽管期权的权利金总由内在价值和时间价值组成，但其中一个或两个数值可以为零。如果期权没有内在价值，其市场价格仅由时间价值组成；如果期权没有时间价值，其价格则仅由内在价值组成。在这种情况下，称期权按平价交易。
按照定义，parity是一个期权在到期时仅剩下内在价值而没有外在价值的情况。那么什么时候会出现这种情况呢？
一种情况是临近到期的虚值期权（OTM）时间价值消失。假设某只股票的当前价格为$100，一份行权价为$105的看涨期权即将到期。这份看涨期权为价外（OTM），因为行权价高于当前股价。这时，由于到期日临近，时间价值迅速减少。如果股票价格在到期时仍低于$105，则该期权没有内在价值，时间价值也消失殆尽，期权将在到期时变得毫无价值。
While an option's intrinsic value can never be less than zero, it is possible for an option, If it is European, to have a negative time value. (More about this when we look at early exercise in Chapter 12.) When this happens the option can trade for less than parity. Usually, however, an option's premium will reflect some non-negative amount of intrinsic and time value.
期权的内在价值永远不会为负，但欧式期权的时间价值可能为负（有关早期行权的更多内容将在第 12 章讨论）。当这种情况发生时，期权可能以低于平价的价格交易。然而，通常期权的权利金会反映出一定的非负内在价值和时间价值。
Any option which has a positive intrinsic value is said to be in-the-money by the amount of the intrinsic value. With a stock at $44, a $40 call is $4 in-the money. With Deutschemarks at 57.75, a 59 put is 1.25 in-the money. An option which has no intrinsic value is said to be out-of-the-money. The price of an out of the money option consists solely of time value. In order to be in the money, a call (put) must have an exercise price lower (higher) than the current price of the underlying contract. Note that if a call is in-the-money, a put with the same exercise price and underlying contract must be out-of-the money. Conversely, If the put is in the-money, a call with the same exercise price must be out-of-the money.
任何具有正内在价值的期权称为实值期权（也称为价内期权）。例如，当某只股票的市场价为 44 美元时，行权价为 40 美元的看涨期权实值 4 美元；当德国马克的价格为 57.75 时，行权价为 59 美元的看跌期权实值 1.25 美元。没有内在价值的期权称为虚值期权(也称为价外期权），其价格完全由时间价值组成。看涨期权的行权价必须低于标的物的当前市场价，而看跌期权的行权价必须高于当前市场价，才会为实值期权。需要注意的是，当看涨期权为实值时，相同行权价的看跌期权一定为虚值；反之亦然。
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| ITM和OTM期权 |
Finally, an option whose exercise price is identical to the current price of the underlying contract is said to be at-the-money: Technically, such an option is also out of-the money since it has no intrinsic value. We make the distinction between an at-the-money and out-of-the-money option because an at-the-money option has the greatest amount of time premium and is usually traded very actively.
最后，当期权的行权价与标的物的当前市场价相同时，称其为平值期权（也称为平价/等价期权）。严格来说，平值期权也是虚值期权，因为它没有内在价值。之所以区分平值期权和虚值期权，是因为平值期权通常具有最高的时间溢价，交易最为活跃。
经常缩写成ITM、OTM、ATM。
parity和at-the-money的“平价”不是一个意思，所以ATM翻译成平值更不容易产生歧义。
If we want to be very precise, the exercise price of an option must be identical to the current price of the underlying contract for the option to be at-the-money. However, for exchange-traded options, the term is commonly applied to the call and put whose exercise price is closest to the current price of the underlying contract. With a stock at $74 and $5 between exercise prices ($65, $70, $75, $80, etc.), the $75 call and the $75 put would be considered the at-the-money options. These are the call and put options with exercise prices closest to the current price of the underlying contract.
为了精确，期权的行权价必须与标的物的当前市场价完全一致，才能称其为平值期权。然而，交易所交易的期权中，平值期权通常指行权价最接近标的物当前市场价的看涨期权和看跌期权。例如，当股票价格为 74 美元，行权价间隔为 5 美元（65、70、75、80 等）时，行权价为 75 美元的看涨期权和看跌期权即为平值期权。
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这一章后面的三部分完全可以忽略，但是我仍然贴出来放在下面。
MARKET INTEGRITY
市场诚信
An important consideration for every market participant is the integrity of the market. No trader will want to trade in a market where there is a chance that the opposing trader will default on a contract. If a trader purchases an option, he wants to be certain that the seller will fulfill the terms of the contract if the option is exercised.
市场诚信是每个市场参与者的重要考量因素。没有交易者愿意在一个对方可能无法履行合约的市场中进行交易。如果交易者购买了期权，他需要确保卖方在期权被行权时能够履行合约条款。
In order to guarantee that the integrity of the market will be maintained, each options exchange has established a progression of responsibility for the fulfillment of the terms of an option. The primary responsibility falls to the individual trader. If the seller of an option is assigned, he must be prepared to take the required long or short position in the underlying contract at the specified exercise price. In practical terms, this means a trader must have access to capital at least equal to the option's intrinsic value.
为了确保市场诚信，各个期权交易所建立了一套责任体系，保证期权条款的履行。最初的责任在于个人交易者。如果期权卖方被指派，他必须按指定的行权价格在标的物上承担相应的多头或空头头寸。实际上，交易者必须拥有至少等于期权内在价值的资金。
If an individual trader is unable to fulfill the terms of the contract, the responsibility falls to the trader's clearing firm. A clearing firm is a member firm of the exchange which processes trades made by an individual, and which agrees to fulfill any financial obligation arising from those trades. No individual may trade on an exchange without first becoming associated with a clearing firm.
如果个人交易者无法履行合约条款，责任将转移到交易者的清算公司。清算公司是交易所的会员，负责处理个人的交易，并承担这些交易所产生的任何财务义务。任何个人想要在交易所交易，必须与清算公司合作。
If the clearing firm cannot fulfill the terms of the contract, the final responsibility rests with the clearing house. Each exchange has established, or has become a member of, a clearing house which guarantees the integrity of all trades. Once an option trade has been made, the connection between the buyer and seller is severed, with the clearing house assuming the role of buyer from every seller, and seller to every buyer.
若清算公司无法履行合约，最终责任由清算所承担。每个交易所设有或加入了清算所，保证所有交易的诚信。一旦期权交易达成，买卖双方的直接联系被切断，清算所成为每个卖方的买家以及每个买方的卖家。
If there were no central clearing house, the buyer of an option would be totally dependent on the good faith of the seller or the seller's clearing firm to fulfill the terms of the option in the event of exercise. Because the clearing house guarantees every trade, all buyers can be certain there will be an opposing party prepared to make or take delivery if an option is exercised. The clearing process is shown in Figure 1-8.
若没有中央清算所，期权买家将完全依赖卖方或其清算公司在行权时履行合约条款。由于清算所保证每笔交易，买家可以放心，在行权时一定有对手方准备好交割或接收标的物。图 1-8 展示了清算流程。
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| 期权的结算过程 |
This system of guarantees has proven effective in ensuring the integrity of options exchanges. While individual traders and clearing firms occasionally fail, a clearing house has never failed in the United States.
这一保证体系已被证明在确保期权交易所的诚信方面非常有效。尽管个人交易者和清算公司偶有失信，但美国的清算所从未失信过。
MARGIN REQUIREMENTS
保证金要求
When a trader makes an opening trade on an exchange, the exchange may require the trader to deposit with the clearing house some amount of margin, or good faith capital (footnote 4: Margin requirements for a professional trader in an equity option market are referred to as a haircut.), Such deposits ensure that if the market moves adversely, the trader will still be able to fulfill any future financial obligations resulting from the trade.
当交易者在交易所进行开仓交易时，交易所可能要求交易者向清算所存入一定的保证金或诚意资金（脚注 4：股票期权市场中，专业交易者的保证金要求称为 “折扣”）。这些保证金存款用于确保在市场行情不利变化时，交易者仍能履行未来可能产生的财务义务。
In lieu of cash, margin requirements may often be met by depositing government treasury instruments or, less commonly, commercial securities. Clearing firms collect these margin requirements from their traders and forward the funds to the clearing house. In theory, margin deposits at the clearing house still belong to the individual trader and, as such, any interest or dividends accruing to the margin deposit also belongs to the trader. Some clearing firms, however, do not return this interest to the trader, claiming that it is part of the fee paid by the trader for the clearing services of the member Arm. This can occasionally become a sensitive point between trader and clearing firm, and should be settled before an individual begins to trade.
保证金要求通常可以通过存入政府债券或在较少情况下存入商业证券来满足。清算公司向其交易者收取这些保证金并将资金转交给清算所。理论上，存放在清算所的保证金仍归个人交易者所有，因此，任何由保证金产生的利息或股息也归交易者。然而，一些清算公司并不将这些利息返还给交易者，声称其作为清算服务费用的一部分。这有时会成为交易者与清算公司之间的敏感问题，应该在交易开始前明确解决。
Margin requirements for both options and underlying contracts are set by the clearing house, using as guidelines the current value of the position as well as the potential risk. While an underlying position, particularly if it is a futures contract, usually has a fixed margin requirement, the margin for an option position can change over time since the margin for an option often depends on the amount by which it is in- or out-of-the money. Positions consisting of a combination of options, or options and underlying instruments, may have reduced margin requirements because the risk to one contract may be partially offset by the value of another contract. Additionally, traders who are exchange members may receive professional consideration in the form of reduced margin requirements. Every trader should become familiar with the margin requirements for the market in which he is trading. Doing so will ensure that he has sufficient capital to initiate and hold positions as long as he deems necessary.
期权和标的合约的保证金要求由清算所根据仓位的当前价值及潜在风险设定。虽然标的仓位（尤其是期货合约）通常有固定的保证金标准，但期权仓位的保证金可能会随着其价内或价外的程度而变化。由期权或期权与标的物组合构成的仓位，可能因一个合约的风险部分被另一合约的价值对冲而享有较低的保证金标准。此外，交易所会员身份的交易者可能享有较低的保证金要求。每个交易者都应熟悉其所交易市场的保证金要求，以确保其拥有足够的资金来开立和持有仓位，直到他认为合适的时机。
SETTLEMENT PROCEDURES
结算程序
New option traders are often confused because settlement procedures may vary from one exchange to another. Indeed, settlement procedures for an option and its underlying contract may differ. Two methods are commonly used to settle exchange traded contracts—stock-type settlement and futures-type settlement.
新手期权交易者常常感到困惑，因为不同交易所的结算程序可能不同。实际上，期权和其标的合约的结算方式也可能不同。两种常见的交易结算方式是股票型结算和期货型结算。
Suppose a trader buys 100 shares of a $50 stock. The value of the stock is $5,000, and the buyer is required to pay the seller the full amount. If the stock rises to $60 per share, the owner of the stock will show a profit of $10 per share, or a total profit of $1,000. Even so, he won't be able to actually spend this $1,000 profit until he formally liquidates the position by selling his 100 shares at $60 per share. This type of settlement procedure, where purchase requires full and immediate payment, and where profits or losses are unrealized until the position is liquidated, is known as stock type settlement.
假设一位交易者以每股 50 美元的价格购买了 100 股股票，总价值为 5000 美元，买家需要全额支付给卖家。如果股价上涨至 60 美元，股票持有者每股将获利 10 美元，总利润为 1000 美元。然而，除非他将 100 股股票以每股 60 美元卖出，否则这 1000 美元的利润仍无法实际使用。这种需要全额支付且利润或亏损在清算仓位前未实现的结算方式称为股票型结算。
In contrast to stock-type settlement, futures-type settlement requires no initial cash payment from the buyer to the seller. Moreover, all profits or losses are immediately realized, even if the position is not liquidated. If a trader buys a gold futures contract covering 100 ounces of gold for $450 per ounce, the full value of the contract is $45,000. The buyer, however, is not required to pay the seller the full $45,000 value of the contract. The buyer does not have to pay any money at all. He is only required to deposit with the clearing house some amount of good-faith margin. At the end of each trading day both the buyer and the seller will immediately realize any profits or losses resulting from movement in the price of the gold futures contract. If gold rises from $450 to $470 per ounce, $2,000 ($20 x 100) will be credited to the buyer's account, and he will have immediate use of these funds even if he does not liquidate the position. Of course, if the price of gold drops to $430 per ounce, he will realize an immediate loss of $2,000. If he does not have sufficient funds in his account to cover this loss, the clearing house will issue a variation call.
与股票型结算不同，期货型结算不要求买家向卖家支付任何初始款项。此外，所有的利润或亏损会立即实现，即便仓位未平仓。假设一位交易者以每盎司 450 美元的价格购买了一份 100 盎司黄金的期货合约，总价值为 45000 美元。但买家不需要支付卖家 45000 美元的全额合约价值，只需向清算所存入一定的诚意保证金即可。每天交易结束时，买卖双方会立即实现因黄金期货价格波动产生的利润或亏损。如果黄金价格从 450 美元上涨至 470 美元，买方账户将被记入 2000 美元（20 美元 x 100 盎司）的利润，他可以立即动用这笔资金，即使仓位未平仓。当然，如果黄金价格跌至 430 美元，他将立即损失 2000 美元。如果账户资金不足以弥补亏损，清算所会发出变动保证金通知。
There is an important distinction between a margin call and a variation call. A margin call is issued by the clearing house to ensure that a trader can fulfill future financial obligations should the market move against him. Margin calls can be met with funds which, even though deposited at the clearing house, still belong to the trader and consequently can earn interest for the trader. A variation call is issued in order to fulfill current financial obligations in the form of realized losses. A variation call must be met with a cash payment which is immediately deducted from a trader's account. If a trader has deposited securities with the clearing house as margin and receives a variation call, he must either deposit the additional variation amount in cash, or the clearing house will sell the securities in his account to generate enough cash to meet the variation call. If the remaining securities and cash in the account is not sufficient to meet the current margin requirements, the trader may be forced to liquidate his position.
保证金通知和变动保证金通知有重要区别。保证金通知由清算所发出，用以确保交易者在市场不利时能履行未来的财务义务。保证金仍归属交易者，并可赚取利息。而变动保证金通知是为了满足已实现的财务义务，必须通过现金支付，这笔现金会立即从交易者的账户中扣除。如果交易者用证券作为保证金存入清算所，并收到变动保证金通知，他必须存入额外现金，否则清算所将出售其账户中的证券来生成足够的现金满足变动保证金要求。如果账户中剩余的证券和现金不足以满足当前的保证金要求，交易者可能被迫清算仓位。
通过 Margin 来炒股的人都应该首先学习什么是保证金追缴通知 Margin Call。但是变动追缴通知 Variation Call 这个概念应该不会适用于大多数中小投资者，只适合 Archegos Capital Management 的 Bill Hwang 那样的人。
We make this very important distinction between stock- and futures-type settlement because some options are settled like stock and some options are settled like futures. It is important for a trader to know which he is trading. Currently all exchange-traded options in the United States, whether options on stock, futures, indices, or foreign currencies, are settled like stock. Options must be paid for immediately and in full, and profits or losses are unrealized until the position is liquidated. In stock option markets this is both logical and consistent, since both the underlying contract and options on that contract are settled using identical procedures. However, on U.S. futures options markets, the underlying contract is settled one way (futures-type settlement) while the options are settled in a different way (stock-type settlement). This can sometimes cause problems when a trader has bought or sold an option to hedge a futures position. Even if the profits from the option position exactly offset the losses from the futures position, the profits from the option position, because the options are settled like stock, are only paper profits. On the other hand, the losses from the futures position will require an immediate cash outlay to cover a variation call. If a trader is unaware of the different settlement procedures, he can occasionally find himself with unexpected cash flow problems.
我们特别强调股票型和期货型结算的区别，因为有些期权采用股票型结算，而有些则采用期货型结算。交易者必须清楚自己交易的结算方式。目前，美国所有的交易所期权，无论是股票期权、期货期权、指数期权还是外汇期权，均采用股票型结算。期权必须立即全额支付，且利润或亏损在仓位平仓前未实现。在股票期权市场中，这种方式既合理又一致，因为标的合约和其期权都采用相同的结算方式。然而，在美国的期货期权市场中，标的合约采用期货型结算，而期权则采用股票型结算。当交易者用期权对冲期货仓位时，这种不同的结算方式可能引发问题。即便期权仓位的利润完全抵消了期货仓位的亏损，由于期权采用股票型结算，这些利润仍然是账面利润；而期货仓位的亏损则要求立即支付现金以应对变动保证金通知。如果交易者不熟悉不同的结算程序，可能会遇到意外的现金流问题。
The settlement situation on many exchanges outside the U.S. has been simplified by making option and underlying settlement procedures identical. If the underlying is subject to stock-type settlement, then so are the options on the underlying. If the underlying is subject to futures-type settlement, then so are the options. Under this method a trader is unlikely to get a surprise variation call on a position which he thinks is well hedged.
在美国以外的许多交易所，期权和标的物的结算程序已通过统一化变得更加简化。如果标的物采用股票型结算，那么其期权也同样如此；如果标的物采用期货型结算，期权也一样。通过这种方式，交易者不太可能在已充分对冲的仓位上遇到意外的变动保证金通知。
Long and Short
多头和空头
Before concluding this chapter, it will be useful to define the terms long and short as they are used in option trading versus their use in trading an underlying contract. In a long underlying position a trader will profit if prices rise and lose if prices fall. In a short underlying position a trader will profit if prices fall and lose if prices rise. There is a tendency to carry this terminology over into the option market by referring to any position which will profit from a rise in the price of the underlying contract as a long position, and any position which will profit from a fall in price as a short position.
在结束本章之前，了解一下 “多头” 和 “空头” 这两个术语在期权交易与标的物交易中的不同用法将十分有帮助。在标的物交易中，持有多头仓位的交易者在价格上涨时获利，价格下跌时亏损；而持有空头仓位的交易者在价格下跌时获利，价格上涨时亏损。
More generally, however, the terms long and short refer to the purchase or sale of a contract, and this is the sense in which we apply these terms to option trading A trader who has purchased an option is long the option, and a trader who has sold the option is short. There is no confusion when we refer to a long call position because the trader who is long a call also has a long market position Calls will, in theory, rise in value if the underlying market rises. But a long put position is a short market position. A trader who has purchased a put wants the underlying market to decline because a put will theoretically increase in value as the market declines. Throughout the text, whenever there is the possibility of confusion, an attempt will be made to distinguish between a long or short market position versus a long or short option position.
在期权市场中，多头和空头通常是指合约的买入或卖出。购买期权的交易者称为期权的多头，卖出期权的交易者称为期权的空头。当我们提到看涨期权的多头仓位时没有歧义，因为看涨期权的多头仓位代表市场的多头仓位，标的市场上涨时，看涨期权的价值理论上也会上升。然而，看跌期权的多头仓位实际上是市场的空头仓位。购买看跌期权的交易者希望标的市场下跌，因为看跌期权在市场下跌时会升值。在本文中，我们会尽量避免混淆，明确区分市场上的多头或空头仓位与期权上的多头或空头仓位。
原文中这最后两段没有标题，我在这里加了一个标题。我认为这两段有利于帮助理解什么多头和空头，以免造成混淆。
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