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Data:2009-12-12 2:34
According to statistics, the warrants market in May a total turnover of 348.4 billion yuan between, while the Hong Kong warrants market, although there is only more than 1400 warrants, the total monthly turnover Shangqie less than 1,000 billion. Warrants Market in Shanghai and Shenzhen great potential to replace the Hong Kong warrants market. However, the highly speculative nature of warrants the potential side effects of vigilance has not yet attracted investors.
Warrants are essentially a right
1, warrant the definition and classification of warrants are issued by a particular issuer, agreed to the holder within the required period or a specific expiration date, shall be entitled to the agreed price to the issuer to buy or sell the underlying securities, or cash settlement fee settlement, etc. Spread the securities, is a time-limited rights.
Warrants are two: one is the warrants that the holder has the right to pre-agreed period of time the price of the issuer to purchase a specific amount of the underlying securities, and its essence is a call option; the other one is put warrants that the holder has the right to a period of time to pre-agreed price to the issuer to sell a specific amount of the underlying securities, and its essence is a put option.
Warrants also were divided into European and American-style warrants. American Warrants allow the holder to warrant listing date to maturity date any time between the exercise of their rights, while the European-style warrants can only be exercised at the maturity date of their rights. At present, China mainly European-style warrants.
2, must know the concept of
1) The intrinsic value: the intrinsic value of warrants = underlying stock price - the latest exercise price, if the underlying security price "= latest implementation of the price, then the intrinsic value of 0; put warrants the implementation of the intrinsic value = new price - the underlying security price, if the the underlying security price "= latest implementation of the price, then the intrinsic value is zero.
2) Time value: time value = the actual market price of warrants - intrinsic value, time value of warrants listed as the steady decline in prices so judge warrants attention should be given the right time, as the line approached, warrants the price is bound to keep close to intrinsic value.
3) The premium rates: premium rate is before the expiry of the warrants, is the percentage change in share prices need to be to warrant investors to achieve a draw in the due date (no loss, no gain). The higher the premium, playing, and more was not easy.
Warrants a premium rate = [(exercise price + Call price / power ratio of line) / underlying prices of the securities -1] × 100%, with Baoshan Iron and Steel subscription card as an example: G Baosteel yesterday's closing price of 4.45 yuan, the closing price subscription certificate 133.8 yuan, the exercise price of 4.20 yuan, premium rate = [(4.20 +1.338) / 4.45-1]] × 100% = 24.45%.
Put warrants a premium rate = [1 - (exercise price - put warrant price / power ratio of line) / underlying stock price] × 100%. With Vanke Put Warrant, for example: G Wanke yesterday's closing price of 5.80 yuan, put warrant closing price at 0.405 yuan, the exercise price of 3.73 yuan, premium rate = [1 - (3.73-0.405) / 5.80]] × 100% = 42.6
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