Embed Size (px)
Citation preview
คู่มือผู้ลงทุน : ฉบับลงทุนในอนุพันธ์
Investor’sPractice
Guide
Derivatives
1
Investor’s Practice Guide
I
www.tsi-thailand.org
0 1
20 2
3
04 06
28 30
• 32 • 35 • 37 • 41 • 47 • 49
50 57
65 67
0 3
4
0 4
5
I www.tsi-thailand.org
0 5
6
100 000 1 000 000 6
0 6
7
1 200 000
1 000 000 200 000
1 200 000
5 000
3 000 2 000
500
3 000
0 7
8
nd rl ing ss t
erivatives
0 8 ong osition
hort osition
0 8
9
3
nderl ing sset
0 9
1
o odit ri ati s
inan ial ri ati s
ñ0 0 0
1 0 0 0
ñ0 0 0
NONONO
NONONO
NONONOno NONONOno
o o o o o o o o o
o o o o o o o o o
ñ0 0 0
1 0 0 0
ñ0 0 0
NONONO
NONONO
NONONOno NONONOno
o o o o o o o o o
o o o o o o o o o
1 0
10 15
“
2
3
1 3 6
1
1
1
1 1
1 2
hailand utures change 2
utures tions
t r s ri
t r s
utures
1 3
r i
r is ri or tri ri
tions
all tions Put tions
tions
1 4
50 50
6
ector utures 5
9
1 5
.
Precious etal
Interest ate utures 3
I 3 I 6 5
.
Gold utures 2
10 152.44 50 762.20
1 6
r nt
rent
50
9 ontract eci ication
www.t . o.th
1 7
SET50 Futures
50
50
1 000 1
3 3
0.1 100
30
50 utures 50 tions 50 utures
20 000
16.30 .
50 50 15
3 3
1 8
Sector Futures
4
30
ector utures
20 000
16.30 .
15
3 3
I G
1 000 1
0.1 100
10 1
1 10
1 9
Stock Futures
1 1 000
4
0.01
30
toc utures 20 000
16.30 .
toc utures 15
2 0
3M BIBOR Futures
I 3
3
10 000 000
2
100 - 3 I
0.005 125
1.25 eiling loor
2.50
3 I utures 2 000
11.00 .
100 - 3 I 11.00 .
2 1
6M THBFIX Futures
I 6
6
10 000 000
4
100 - 6 I
0.005 250
1.25 eiling loor
2.50
6 I utures 2 000
11.00 .
100 - 6 I ho son euters 11.00 .
2 2
5Y Gov Bond Futures
5 5 2 as et
o ligi le onds
G 5
1 000 000
2
100
0.01 100
2.50 eiling loor
5
5 Gov ond utures 10 000
16.00 .
100 ield as et o
ligi le onds
2 3
USD Futures
1 000
3
1
0.01 10
2 eiling loor
4
utures 5 000
11.00 .
ho son euters 11.00 .
2 4
Gold Futures
10 ath Gold utures 50 ath Gold utures
96.5
3
1
10 eiling loor
20
16.30 .
ondon Gold i ing inal ettle ent Price
1 ondon old i ing 1 .2 31.1 3
. .
G
1 50
762.20
G 10
1 10
152.44
10 100
10 500
2 5
Silver Futures
.999 99.9
100
3
1
1 100
10 eiling loor
20
16.55 .
ondon ilver i ing
1 ondon il r i ing
2 6
Brent Crude Oil Futures
rent
100 1 158.9873
3
1
1 100
10 eiling loor
20
1 15 2 1
15 22.30 .
1 I rent Inde www.theice.co
2 7
SET50 Options
50
50 all tions 50P Put tions
200 1
3
0.1 20
30 50
• 25 • eries - t-the- one 1 eries - In-the- one ut-o -the- one 2 eries
50 utures 50 tions 50 utures
20 000
16.30 .
50 50 15
3 3
2 8
2 9
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
h list
3 0
6
1
2
3 1
3
6
3 2
.
“ 50 utures
. .
. 50 . ong t r s
50 . hort t r s
1.
.
3 3
.
“ 50 utures “
. 50 .
. 50 . hort
t r s 50 . ong t r s
. . 50
utures
.
3 4
3 5
2.
3 6
ong toc utures
hort
toc utures
hort toc utures
ong
3 7
irection rading trateg
edging trateg
• ong utures
• ong all tions
• hort Put tions
• hort utures
• hort all tions
• ong Put tions
3.
3 8
• ong utures
• ong all tions
• hort Put tions
ut oss eries
ong utures
ong all tions hort Put tions
3 9
• hort utures
• ong Put tions
• hort all tions
ut oss eries
hort utures
ong Put tions hort all tions
4 0
3
1. n-th - on 2. t-th - on 3. t-o -th - on
uro ean t le
set Position eries
“I uto- ercise
all tions
n-th - on
t-th - on
t-o -th - on
Put tions
t-o -th - on
t-th - on
n-th - on
4 1
4.
1.
2.
3.
4.
5.
1.
2.
3.
4.
1.
2.
3.
4.
5.
4 2
www.t . o.th
1
1-2
2
3
4PI
Pin u er
4 3
10 15
Pre iu
• • • • 6 • • • 30
Initial argin I
aintenance argin
argin all
2
4 4
Buy ri s u it
n los
ll ri s 17 u it
• “ “ “ • “ • “ • “
o -u
4 5
BB
Initial argin I
aintenance argin
argin all
ar to ar et
ar to ar et
ail ettle ent Price
aintenance argin argin all
4 6
1. 820
2.
3.
16 000
822.00
815.00
804.00
822 - 820 1 000 2 000
815 - 822 1 000 - 7 000
804 - 815 1 000 -11 000
50 000
52 000
45 000
34 000
50 000
16 000 50 000 - 34 000 35 000
50 utures 1 1 000
50 utures
orce lose
4 7
2
set Position
5.
4 8
inal ettle ent Price
ontract eci ication
2
50 000
50 000
35 00025 000
4 9
6.
5 0
17 2547
5 1
5 2
2 orning ession ternoon ession
ight ession Gold utures ilver utures il utures
Inte
riss
ion
orning ession
Pre
-oen
or
ning
Pre
-oen
te
rnoo
n
09.15 09.45 12.30 14.00 14.30
5 3
Inte
riss
ion
ternoon ession ight ession
Pre
-oen
igh
t
14.30 - 16.00 .
16.55 19.15 19.30 22.30
5 4
ar et rder
i it rder
to ar et rder
to i it rder
ar et rder
i it rder
a rder
Good ill ired
Good ill ate
ill or ill
ill and ill
5 5
ong hort
art hone P
Price then i e Priorit
ar to ar et
entral ounter art
5 6
ash ettle ent
raditional Investor
ar eting er inal ar eting er inal
Price hen i e Priorit
• •
nline Investor
P
P
o ile
5 7
. . . 50 .
1 utur s
.
. ong n utur s
. . 800.00 1 50 000
15 . . 50 utures 820.00
. . hort los
utur s .
-
aily ttl nt ri
ong utur s
5 8
.
. 20 000 40
29 . . .
.
29 . . 50 utures 830.00 . 30 000
60
-
20 000 820.00 - 800.00 1 000
40 20 000 50 000
50 utures 820.00
. hort lose
inal ttl nt ri
1B
5 9
2 all tions
-
.
. ong n all tions
. . 800.00 1 17 3 400
50 50 all tions
15 . . 25 . set
hort los all tions 1 600
.
30 000 830.00 - 800.00 1 000
60 30 000 50 000
50 utures
830.00
2
ong all tions
6 0
.
50 all tions 800
17
50 all tions 800
17
17 200 3 400
50 all tions
25
50
50
50 - 820 - 800 20
20 200 4 000 3 400
600
50
3 400
25 - 17 200 1 600
2 . . 15 . . 29 . .
2 . . 29 . .
29 . . 50 ercise Price tri e Price 50 all tions
. 50 4 000
... 3 400 . 600
}
6 1
. . . 50
.
1 utur s
15 . . 50 utures 780.00 . ong los
utur s . 20 000 40
. hort n utur s
. . 800.00 1 50 000
.
hort nd utur s
.
20 000 800.00 - 780.00 1 000
40 20 000 50 000
50 utures 780.00
. ong lose
1B
6 2
. 29 . . 50 utures 770.00 .
30 000 60
2 ut tions
50 50 Put tions
15 . . 19 . set
hort los ut tions 800
. ong n ut tions
. . 800.00 1 15 3 000
.
30 000 800.00 - 770.00 1 000
60 30 000 50 000
50 utures
770.00
2
.
ong ut tions
6 3
29 . . 50 50 Put tions .
50 4 000
3 000 . 1 000
50 Put tions 800
15
50 Put tions
19
19 - 15 200 800
2 . . 15 . . 29 . .
.
50 Put tions 800
15
15 200 3 000
50
50
- 50 800 - 780 20
20 200 4 000 3 000
1 000
50
3 000
2 . . 29 . .
}
6 4
. toc utures
hort B utur s
29 . . 80 . 80 000 .
utures 20 000 100 000
. B .
B
utures
1 . .
100 1 000
utures
100 1
29 . .
80
utures
80 20 000
100-80 1 000
100 000
80 000
20 000
100 000
1 . .
100 1 000
29 . .
80
100 000
80 000
80 000
6 5
• www.t e .co.th • www.set.or.th • www.settrade.co • www.tsi-thailand.org • one hannel • one ealth •
• www.gold rice.co • www.silverinstitute.org
6 6
6 7
A
B
C
r itrage
r itrageur
s
id
id- s read
alendar read
nglish er
nglish er
nglish er
2
D
H
ail Price i its
a raders
edge
edger
nglish er
nglish er
ettle ent Price
1
1 1
L
M
ast rading a
everage
ar et a er
ulti lier
nglish er
nglish er
50
10
50 utures
1 000 50 utures 800
800 000 1 000 800
P
set
utrightPosition
ver-the-ounter
Position i it
Position rader
nglish er
nglish er
losing ut
50 utures 20 000
S
ettle ent Price
eculate
eculator
ot ar et
ot Price
nglish er
ar -to- ar et
ot ar et ash ar t
ot Price ash ri
www.tsi-thailand.org
www. ace oo .co I lu
www.tsi-thailand.orgwww.facebook.com/TSIClub
คู่มือผู้ลงทุน : ฉบับลงทุนในอนุพันธ์
Investor’sPractice
Guide
