触碰失效的期权的中文解释

指一旦标的资产的价格达到某一水平便宣告无效的期权。标的资产是指行使期权时可以买进或卖出的资产. 期权的卖方设定行权限制，目的是要减少标的资产的价格发生剧烈波动时造成的损失。相对地，期权买方支付较低的费用，获利的机会也有限。例如，某股当前市价为95美元,期权卖方可以出售一张触碰失效型的看涨期权(call)，授予买方以100美元的价格买入股票的权利，同时订明股价一旦升至109美元期权即宣告无效。如果股票的价格升至100美元以上，期权买方将会行权。如果股价猛涨至109美元或以上，则期权被撤销，期权的卖方因而解除巨额损失的风险。

Knockout Option的英文解释

An option that is knocked out, or nullified, when the underlyinginstrument reaches a certain price. The option writer sets the limit, with the aim of restricting his losses if the price of the underlyingfinancialinstrument moves move very sharply. In exchange the buyer pays less for an option which offers only limited opportunities for profit. For example, an option writer might sell an option on a share now trading at $95 giving the option buyer the right to buy or "call" the share at $100, but with a knockout limit of $109. If the share price rises above $100 the buyer will exercise the option. If the price rises sharply, above $109 then the option is nullified and the option writer has removed his exposure to large D622

• instrument [´instrumənt]   n.仪器；手段；乐器   (初中英语单词)
• writer [´raitə]   n.作者；作家   (初中英语单词)
• financial [fi´nænʃəl]   a.金融的，财政的   (初中英语单词)
• sharply [´ʃɑ:pli]   ad.锋利地；剧烈地   (初中英语单词)
• limited [´limitid]   a.有限(制)的   (高中英语单词)
• exposure [ik´spəuʒə]   n.暴露；曝光(时间)   (高中英语单词)
• underlying [,ʌndə´laiiŋ]   a.基础的；下层的   (英语六级单词)