?????EFP?

?????EFP?


????(EFP)????????(SSF)??????????????????????????????????????SSF???????????


EFP???????(SSF)?????????????????????????????EFP?????????????????SSF???????????????????????????????????????????????????????????????????????EFP????????????????????


  • EFP?????????????????????????????????????????????????????????????????????????????
  • ????????????????????????????????????????????????SSF??????????????????????????????????????????????
  • ????????????????????????????????????????????????????????????????????????
  • ?????????SSF??????20%?????????
  • ??????SSF??????????????

??????????????????????????????????20%????IB?????SSF??????????????

???SSF?AAA???????Option Clearing Corporation??????????????????????????????????????????????IB?????EFP????????????????????????????????????????????




???

?????????????????????????????????????????????????????????????????????????????????????




????????????

Microsoft?1???????????25%????????????60????????EFP??????SSF????

???????????
?????EFP? 75%???????????75%1 x $26.96 x 8% x (60/365)1 = $-0.06
- ?????EFP??????????$0.09
?????EFP? ????????$-0.125

EFP???
?????EFP? 2????EFP???$-0.17 ?60???????
-?????EFP???????????????25%1 x $26.96 x 45% x (60/365)1 = $0.05
-?????EFP????? = $-0.005
= ?????EFP?EFP??????$-0.125
?????$0.055????

1 ?? % • 20% SSF?? + 5% ??????????? •
?????• % ????


60???????Microsoft??????????????????EFP?????????????SSF???????????????$0.055??????????????????????????????




?????????????

Microsoft?1????????????30%????????????60????????EFP???????SSF????

?????????
?????EFP? ?????????????????????????
+ ?????EFP???????????????30%1 x $26.95 x 45% x (60/365)1 = $0.06
+ ?????EFP??????????$-0.09
= ?????EFP?????????$-0.03

EFP???
?????EFP? 2????EFP???$0.11 ?60???????
+ ?????EFP???????????????30%1 x $26.95 x 45% x (60/365)1 = $0.06
- ?????EFP????? =$-0.005
= ?????EFP?EFP??????$0.165
??????$0.195??

1 ?? % • 20% SSF?? + 10% ??????????? •
?????• % ????


60????Microsoft????????????????????????????EFP?????????????????????SSF?????????????$0.195????????????????????????????????????????