Description
derivatives futures and option to mitigate volatility
Derivatives: forwards, futures and options The best way to mitigate the volatility
Shubhang Mishra 2009-2011 Institute Of Management Studies
Contact Ph no. +91-9039002555 Email ± [email protected]
1
What is the best way to mitigate volatility?
In recent times we have witnessed heightened volatility across economies, businesses and assets classes. Be it exchange rate, stock markets or commodity prices ± there is flux everywhere. Being unprepared for this can prove to be detrimental. The paper should focus on the strategy that businesses and individuals can/should adopt to cope with rising risks in volatile times.
What is the best way to mitigate volatility?
Abstract This paper suggest the best way to mitigate volatility occurring due to changes in stock markets, exchange rates, commodity prices and various projects of businesses. Volatility is considered a measure of risks and investors as well as business wants a premium for investing in risky assets. With emergence of the globalization, various risk management techniques have been developed. Banks and other financial institutions apply so-called value-at-risk models to assess their risks. Risk is the word today every individual or corporate now wants to be alleviated. The corporations today are facing a quantum of risks whether it is global or domestic. Individuals have taken various efforts to mitigate the risk of loss. Risk of loss is due to the volatility existing in the market conditions. The volatility in the economies, currencies, stock markets or commodity prices has augmented to higher level raising the chances of monetary loss. Who knows what would be the news next moment? In order to reduce or transfer the risks the Forwards, Futures &Options have evolved as a major instrument for risk management and the most important functions of risk management is the protection against volatility. The study describes the various available opportunities for individuals, firms, multinationals, banks, financial institutions, investors to averse the volatility risks in today¶s scenario.
2
Table of Contents
1. Introduction a) What is volatility? 2. Why it is necessary to mitigate volatility? 3. Why does it occur? a) Factors creating volatility in the economy b) Factors creating volatility in a particular sector c) Factors affecting the currency prices d) Factors affecting stocks e) Factors affecting the company¶s projects and investments f) Factors affecting commodities prices 4. Participants in volatility 5. Derivatives a) Evolution b) Why Derivatives 6. Forwards to mitigate volatility 7. Futures to mitigate volatility a) Stock Futures b) Index Futures c) Interest rate Futures d) Currency Futures e) Commodity Futures 8. Options to mitigate volatility a) Bullish market strategies b) Bearish market strategies c) Neutral market strategies d) Future Options e) Interest rate Options f) Swaptions g) Exotic Options h) Credit Derivatives i) Weather Derivatives j) Energy Derivatives 9. Conclusion References
3
1. Introduction What is volatility?
Volatility refers to the spread of all likely outcomes of an uncertain variable. Volatility is related to, but not exactly the same as risk. Risk is associated with undesirable outcome, whereas volatility as a measure strictly for uncertainty could be due to a positive outcome. To be more precise it is frequency on movement of upside or downside.
2. Why it is necessary to mitigate volatility?
Volatility exists in many forms. It exists primarily in stock markets, currency markets, and commodity market. Businesses are unaware of the conditions in the market which may bring losses to them. Many sectors also face volatility conditions due to various factors. Volatility increases the risk of losing in monetary terms. It increases the chances of failure of a project. The term ³Risk´ associated with the volatility is the most important and the only consequence why it¶s necessary to mitigate volatility. An individual buying a security always has a risk of losing money. A firm investing into a project always has a risk of failure. Government taking any decision has a risk of affecting the economy and the stock markets. A bank, a financial institution, a business firm, an import-export firm, a multinational, an individual face risk due to volatility conditions and hence it¶s necessary to mitigate or lessen the volatility.
3. Why does it occur? a) Factors creating the volatility in the economy
The impact of information flow in one economy has a cascading effect to another economy. Recent illustration is sub-prime mortgage which dragged many economies down including the India stock markets. The political conditions prevailing in the country due to issue of the nuclear treaty had an impact on the stock markets. b) Factors creating volatility in a particular sector The rising rupee is currently a cause for IT companies in the country to worry. The government policies affecting the sugar sector have also been in the news for many days. c) Factors affecting the currency prices Many factors create volatility such as changes in US Fed policy, the country¶s exports and import policy affecting the currency prices.
4
d) Factors affecting stocks Many factors such as sector slowdown, sluggish financial results, and deal failure affect the stock prices. The various activities in the company such as strikes, fire, accidents affect the company¶s production and thereby stock prices. e) Factors affecting the company¶s projects and investments Many factors affect the company¶s investments in project. In many cases, a company¶s subsequent project depends upon success or completion of current projects. f) Factors affecting Commodities Prices The availability of commodities, the arrival of monsoon and production of the commodities determine the commodity prices. 4. Participants Different types of market participants who make volatility in the market are investors, speculators, hedgers, and arbitragers. Speculators are most important participants whose actions increase volatility but they are also important from a viewpoint of maintaining liquidity in the market. Volatility in the market exists due to continuous flow of information related to stocks, sector and economy and the prices get adjusted as the information reaches the market.
5. What is the Option? ± Derivatives (Forwards, Futures & Options)
a) Evolution Forwards markets have been into existence from many centuries but futures markets was formed in 1848 with introduction of Chicago Board of Trade. Originally, it was formed for farmers to hedge their risks. Forwards and futures differ from each other as letter is standardized form of contract and traded on exchanges. The options as we see today are used generally by the investors but it is surprising that the options were first used by the tulip traders in Holland in early 1600s. Hence we can say that businesses facing risks can use options as a tool to mitigate volatility and risks arising. Options as an instrument have evolved in order to reduce the risk and thereby increasing the liquidity and decreasing the volatility through the presence of large numbers of investors. Volatility in the market conditions can easily be hedged through the derivatives. b) Why Derivatives? Over the time, derivatives have grown as a powerful risk hedging instruments. They have played an important role in reducing risks due to volatility in the stocks prices. Various standard products right from stocks options and futures to non-standard products like real options, insurance derivatives have evolved to hedge the risk and thus volatilities in the various scenarios. Banks, Financial Institutions, Businesses and Investors can hedge against volatility risks.
5
6. Forwards to mitigate volatility
Forwards contracts are most popular in foreign exchange market. Most of the banks have forex desk and trading rooms for trading in the forward contracts. By entering into a forwards contract an individual or businesses can lock the future exchange rates at which he may buy or sell a currency. This helps him to determine the cash flows and protects him from volatility in future.
7. Futures to mitigate volatility
Futures contracts are mostly popular in stocks market. A futures contract gives the holder the obligation to buy or sell the underlying commodity or security. Futures can be used to reduce risk due to volatility by a person entering in to contract from a standardized exchange. Various types of futures contracts exist in the market. a) Stock Futures ± An individual holding a particular stock in cash market can alleviate the risk of volatility by entering into a futures contract to sell it at a profitable price and thus reduce the risk. b) Index Futures ± An individual entering into a contract with regards to many stocks in index may enter into contract. c) Interest Rate Futures ± An individual can lock in interest rates on investment by entering into a contract and thus earn the required yield on investment. d) Currency Futures - An individual or business can lock-in the exchange rate at which he might receive the domestic currency in future and thus hedge the loss excepted against volatility. e) Commodity Futures ± In this case a individual or business can hedge against the various commodity prices to protect against unpredictable price of the commodity.3
8. Options to mitigate volatility
Even though we see forwards and futures are used to reduce volatility. The most powerful instrument in the era has been options which have been used to lessen the instability. Various types of options are available. Options provide various structured products which reduce the volatility. The various types of options such as stock options, index options, real options, Swaptions, interest rate options, futures options, currency options, exotic options and other non-standard products has evolved over the time to hedge against volatility risk. Many traditional strategies in the market such as bearish trading strategies, bullish trading strategies and neutral market strategies have developed. The following table gives a glimpse of various strategies and when they can be used.
6
a. Options Strategies Buy a Call
Bullish Market Strategies Meaning Strongest bullish option position Neutral bullish option position
When it should be used Undervalued option with increasing volatility High volatility
Sell a Put
Buy a Vertical Call Spread
Buy Call and Sell Call of higher strike price Sell a Put and Buy Put of lower strike price
Small debit
Sell a Vertical Call Spread
Large credit
b. Options Strategies Buy a Put
Bearish Market Strategies Meaning Strongest bearish position
When it should be used Undervalued option with increasing volatility
Sell a Call
Neutral bearish position
Option overvalued market flat to bearish
Buy Vertical bear Put spread
Buy at the money Put and sell out of money Put
Small debit
Sell vertical bull call spread
Sell Call and buy Call of higher strike price
Large credit
7
c. Options Strategies Strangle
Neutral Market Strategies Meaning Buy out of money Put and Call When it should be used Trading range market with volatility peaking
Arbitrage
Buy and Sell similar put options Anytime credit received simultaneously
Calendar
Sell near month, buy far month, same strike price
Small debit, trading range market
Butterfly
Buy in the money Call (Put) & sell 2 At the money, (Calls) (Puts) & Buy out of money Call (Put)
Anytime credit received
Guts Box Ratio Call
Sell in the money Put and Call Sell Calls and Puts same price Buy Calls and sell Calls at higher strike price
Options have time premium Anytime credit received Large credit and difference between strike price of options bought and sold
Conversion
Buy Futures and buy at the money Put and sell out of money Call
Anytime credit received
All the above trading strategies refer to the investors for their investments and the volatility risk can be mitigated by any of these strategies.
8
d. Futures Options A Futures Options is right, but not the obligation, to enter into a futures contract at a certain futures price by a certain date. Futures options thus have evolved as dynamic product as it provides higher liquidity and is easier to trade. Also futures price is known immediately from trading on futures exchange, whereas the spot price of underlying asset may not be so readily available. e. Interest Rate Options Interest rate options are options whose payoffs are dependent in some way on level of interest rates. Interest rate options hedges the risk against movement of interest rate on the underlying assets such as bonds. An investor who thinks long term interest rates will rise can buy options on Treasury Bill Futures to hedge or profit against the movements. f. Swaptions Swaptions are options on the interest rate swaps. To illustrate use of swaption, consider a company that knows it will enter into a 5 year floating rate loan agreement in 6 months and it wishes to swap the floating rate interest payments with fixed rate to convert its loan into a fixed loan. A company would enter into a swaption giving it right to receive LIBOR and pay certain fixed rate (say 9% pa) for the period. If the rate after 6 months turns out to be less than 9% then company may choose not to exercise swaptions and may enter the agreement in a usual way. Thus it hedges the volatility in the interest rate risk. g. Exotic Options Many other options strategies such as forward start options, Look back options, chooser option, barrier option, compound option etc have been evolved. Each of this provides a different technique to manage volatility risk. h. Credit Derivatives A credit derivative is a contract where payoff depends on credit worthiness of one or more commercial entities. It allows credit risk to be traded and managed. Credit default swaps have emerged to be the most popular credit derivative. i. Weather Derivatives Many companies are in the position where their performance is liable to be adversely affected by the weather. Weather derivatives have emerged out to be a option for this company for alleviating the risk against the volatility of weather. j. Energy Derivatives Crude oil which is the most volatile commodities can be hedged through the energy derivatives. Most oil and related companies trade actively in the energy derivatives to manage against volatility risk in oil. Other products traded are natural gas, electricity etc.
9
9. Conclusion
There are various financial products emerging in the derivatives market which provide the models and strategies to individuals and businesses to hedge against volatility risks. I believe that financial community has made great strides by innovation of various types of options that suits the need of each individual investors as well as large and small business firms. Financial engineering has been in the news by creating innovative financial products to mitigate volatility. However it¶s necessary that a proper study of derivative is done. It would then assist individuals and firms to mitigate volatility. Finance minister in his recent speech mentioned the investors should enter the derivatives markets with proper study. The futures market can protect against volatility risk but also can cause loss when a person trades without proper study. Today many tools are available for investors and firms in form of financial models, financial software and statistical tools to take right decisions. Thus derivatives today is the right choice for any person, investor, banks, firms to mitigate volatility due to the broad area of the spectrum it covers.
10
References
Books 1. John C. Hull. (2006). Fundamentals of Futures and Options Markets (4th Ed) 2. Risk Management, ICFAI University, 2004 Papers/ Journals 1. Nakatani T. and Terasvirta T. (2007) Testing for Volatility Interactions in the Constant Conditional Correlation GARCH Model. 2. Avellandea, Macro; A look ahead at options pricing and volatility, Capital funds Management, October 2004 3. Wolf, Holger, Managing Volatility and Crisis: A Practitioner¶s Guide, World Bank, March 2004 Websites 1. 2. 3. 4. www.rediff.com/money/options www.us.etrade.com www.decisioncraft.com www.moneycontrol.com
11
doc_231355955.docx
derivatives futures and option to mitigate volatility
Derivatives: forwards, futures and options The best way to mitigate the volatility
Shubhang Mishra 2009-2011 Institute Of Management Studies
Contact Ph no. +91-9039002555 Email ± [email protected]
1
What is the best way to mitigate volatility?
In recent times we have witnessed heightened volatility across economies, businesses and assets classes. Be it exchange rate, stock markets or commodity prices ± there is flux everywhere. Being unprepared for this can prove to be detrimental. The paper should focus on the strategy that businesses and individuals can/should adopt to cope with rising risks in volatile times.
What is the best way to mitigate volatility?
Abstract This paper suggest the best way to mitigate volatility occurring due to changes in stock markets, exchange rates, commodity prices and various projects of businesses. Volatility is considered a measure of risks and investors as well as business wants a premium for investing in risky assets. With emergence of the globalization, various risk management techniques have been developed. Banks and other financial institutions apply so-called value-at-risk models to assess their risks. Risk is the word today every individual or corporate now wants to be alleviated. The corporations today are facing a quantum of risks whether it is global or domestic. Individuals have taken various efforts to mitigate the risk of loss. Risk of loss is due to the volatility existing in the market conditions. The volatility in the economies, currencies, stock markets or commodity prices has augmented to higher level raising the chances of monetary loss. Who knows what would be the news next moment? In order to reduce or transfer the risks the Forwards, Futures &Options have evolved as a major instrument for risk management and the most important functions of risk management is the protection against volatility. The study describes the various available opportunities for individuals, firms, multinationals, banks, financial institutions, investors to averse the volatility risks in today¶s scenario.
2
Table of Contents
1. Introduction a) What is volatility? 2. Why it is necessary to mitigate volatility? 3. Why does it occur? a) Factors creating volatility in the economy b) Factors creating volatility in a particular sector c) Factors affecting the currency prices d) Factors affecting stocks e) Factors affecting the company¶s projects and investments f) Factors affecting commodities prices 4. Participants in volatility 5. Derivatives a) Evolution b) Why Derivatives 6. Forwards to mitigate volatility 7. Futures to mitigate volatility a) Stock Futures b) Index Futures c) Interest rate Futures d) Currency Futures e) Commodity Futures 8. Options to mitigate volatility a) Bullish market strategies b) Bearish market strategies c) Neutral market strategies d) Future Options e) Interest rate Options f) Swaptions g) Exotic Options h) Credit Derivatives i) Weather Derivatives j) Energy Derivatives 9. Conclusion References
3
1. Introduction What is volatility?
Volatility refers to the spread of all likely outcomes of an uncertain variable. Volatility is related to, but not exactly the same as risk. Risk is associated with undesirable outcome, whereas volatility as a measure strictly for uncertainty could be due to a positive outcome. To be more precise it is frequency on movement of upside or downside.
2. Why it is necessary to mitigate volatility?
Volatility exists in many forms. It exists primarily in stock markets, currency markets, and commodity market. Businesses are unaware of the conditions in the market which may bring losses to them. Many sectors also face volatility conditions due to various factors. Volatility increases the risk of losing in monetary terms. It increases the chances of failure of a project. The term ³Risk´ associated with the volatility is the most important and the only consequence why it¶s necessary to mitigate volatility. An individual buying a security always has a risk of losing money. A firm investing into a project always has a risk of failure. Government taking any decision has a risk of affecting the economy and the stock markets. A bank, a financial institution, a business firm, an import-export firm, a multinational, an individual face risk due to volatility conditions and hence it¶s necessary to mitigate or lessen the volatility.
3. Why does it occur? a) Factors creating the volatility in the economy
The impact of information flow in one economy has a cascading effect to another economy. Recent illustration is sub-prime mortgage which dragged many economies down including the India stock markets. The political conditions prevailing in the country due to issue of the nuclear treaty had an impact on the stock markets. b) Factors creating volatility in a particular sector The rising rupee is currently a cause for IT companies in the country to worry. The government policies affecting the sugar sector have also been in the news for many days. c) Factors affecting the currency prices Many factors create volatility such as changes in US Fed policy, the country¶s exports and import policy affecting the currency prices.
4
d) Factors affecting stocks Many factors such as sector slowdown, sluggish financial results, and deal failure affect the stock prices. The various activities in the company such as strikes, fire, accidents affect the company¶s production and thereby stock prices. e) Factors affecting the company¶s projects and investments Many factors affect the company¶s investments in project. In many cases, a company¶s subsequent project depends upon success or completion of current projects. f) Factors affecting Commodities Prices The availability of commodities, the arrival of monsoon and production of the commodities determine the commodity prices. 4. Participants Different types of market participants who make volatility in the market are investors, speculators, hedgers, and arbitragers. Speculators are most important participants whose actions increase volatility but they are also important from a viewpoint of maintaining liquidity in the market. Volatility in the market exists due to continuous flow of information related to stocks, sector and economy and the prices get adjusted as the information reaches the market.
5. What is the Option? ± Derivatives (Forwards, Futures & Options)
a) Evolution Forwards markets have been into existence from many centuries but futures markets was formed in 1848 with introduction of Chicago Board of Trade. Originally, it was formed for farmers to hedge their risks. Forwards and futures differ from each other as letter is standardized form of contract and traded on exchanges. The options as we see today are used generally by the investors but it is surprising that the options were first used by the tulip traders in Holland in early 1600s. Hence we can say that businesses facing risks can use options as a tool to mitigate volatility and risks arising. Options as an instrument have evolved in order to reduce the risk and thereby increasing the liquidity and decreasing the volatility through the presence of large numbers of investors. Volatility in the market conditions can easily be hedged through the derivatives. b) Why Derivatives? Over the time, derivatives have grown as a powerful risk hedging instruments. They have played an important role in reducing risks due to volatility in the stocks prices. Various standard products right from stocks options and futures to non-standard products like real options, insurance derivatives have evolved to hedge the risk and thus volatilities in the various scenarios. Banks, Financial Institutions, Businesses and Investors can hedge against volatility risks.
5
6. Forwards to mitigate volatility
Forwards contracts are most popular in foreign exchange market. Most of the banks have forex desk and trading rooms for trading in the forward contracts. By entering into a forwards contract an individual or businesses can lock the future exchange rates at which he may buy or sell a currency. This helps him to determine the cash flows and protects him from volatility in future.
7. Futures to mitigate volatility
Futures contracts are mostly popular in stocks market. A futures contract gives the holder the obligation to buy or sell the underlying commodity or security. Futures can be used to reduce risk due to volatility by a person entering in to contract from a standardized exchange. Various types of futures contracts exist in the market. a) Stock Futures ± An individual holding a particular stock in cash market can alleviate the risk of volatility by entering into a futures contract to sell it at a profitable price and thus reduce the risk. b) Index Futures ± An individual entering into a contract with regards to many stocks in index may enter into contract. c) Interest Rate Futures ± An individual can lock in interest rates on investment by entering into a contract and thus earn the required yield on investment. d) Currency Futures - An individual or business can lock-in the exchange rate at which he might receive the domestic currency in future and thus hedge the loss excepted against volatility. e) Commodity Futures ± In this case a individual or business can hedge against the various commodity prices to protect against unpredictable price of the commodity.3
8. Options to mitigate volatility
Even though we see forwards and futures are used to reduce volatility. The most powerful instrument in the era has been options which have been used to lessen the instability. Various types of options are available. Options provide various structured products which reduce the volatility. The various types of options such as stock options, index options, real options, Swaptions, interest rate options, futures options, currency options, exotic options and other non-standard products has evolved over the time to hedge against volatility risk. Many traditional strategies in the market such as bearish trading strategies, bullish trading strategies and neutral market strategies have developed. The following table gives a glimpse of various strategies and when they can be used.
6
a. Options Strategies Buy a Call
Bullish Market Strategies Meaning Strongest bullish option position Neutral bullish option position
When it should be used Undervalued option with increasing volatility High volatility
Sell a Put
Buy a Vertical Call Spread
Buy Call and Sell Call of higher strike price Sell a Put and Buy Put of lower strike price
Small debit
Sell a Vertical Call Spread
Large credit
b. Options Strategies Buy a Put
Bearish Market Strategies Meaning Strongest bearish position
When it should be used Undervalued option with increasing volatility
Sell a Call
Neutral bearish position
Option overvalued market flat to bearish
Buy Vertical bear Put spread
Buy at the money Put and sell out of money Put
Small debit
Sell vertical bull call spread
Sell Call and buy Call of higher strike price
Large credit
7
c. Options Strategies Strangle
Neutral Market Strategies Meaning Buy out of money Put and Call When it should be used Trading range market with volatility peaking
Arbitrage
Buy and Sell similar put options Anytime credit received simultaneously
Calendar
Sell near month, buy far month, same strike price
Small debit, trading range market
Butterfly
Buy in the money Call (Put) & sell 2 At the money, (Calls) (Puts) & Buy out of money Call (Put)
Anytime credit received
Guts Box Ratio Call
Sell in the money Put and Call Sell Calls and Puts same price Buy Calls and sell Calls at higher strike price
Options have time premium Anytime credit received Large credit and difference between strike price of options bought and sold
Conversion
Buy Futures and buy at the money Put and sell out of money Call
Anytime credit received
All the above trading strategies refer to the investors for their investments and the volatility risk can be mitigated by any of these strategies.
8
d. Futures Options A Futures Options is right, but not the obligation, to enter into a futures contract at a certain futures price by a certain date. Futures options thus have evolved as dynamic product as it provides higher liquidity and is easier to trade. Also futures price is known immediately from trading on futures exchange, whereas the spot price of underlying asset may not be so readily available. e. Interest Rate Options Interest rate options are options whose payoffs are dependent in some way on level of interest rates. Interest rate options hedges the risk against movement of interest rate on the underlying assets such as bonds. An investor who thinks long term interest rates will rise can buy options on Treasury Bill Futures to hedge or profit against the movements. f. Swaptions Swaptions are options on the interest rate swaps. To illustrate use of swaption, consider a company that knows it will enter into a 5 year floating rate loan agreement in 6 months and it wishes to swap the floating rate interest payments with fixed rate to convert its loan into a fixed loan. A company would enter into a swaption giving it right to receive LIBOR and pay certain fixed rate (say 9% pa) for the period. If the rate after 6 months turns out to be less than 9% then company may choose not to exercise swaptions and may enter the agreement in a usual way. Thus it hedges the volatility in the interest rate risk. g. Exotic Options Many other options strategies such as forward start options, Look back options, chooser option, barrier option, compound option etc have been evolved. Each of this provides a different technique to manage volatility risk. h. Credit Derivatives A credit derivative is a contract where payoff depends on credit worthiness of one or more commercial entities. It allows credit risk to be traded and managed. Credit default swaps have emerged to be the most popular credit derivative. i. Weather Derivatives Many companies are in the position where their performance is liable to be adversely affected by the weather. Weather derivatives have emerged out to be a option for this company for alleviating the risk against the volatility of weather. j. Energy Derivatives Crude oil which is the most volatile commodities can be hedged through the energy derivatives. Most oil and related companies trade actively in the energy derivatives to manage against volatility risk in oil. Other products traded are natural gas, electricity etc.
9
9. Conclusion
There are various financial products emerging in the derivatives market which provide the models and strategies to individuals and businesses to hedge against volatility risks. I believe that financial community has made great strides by innovation of various types of options that suits the need of each individual investors as well as large and small business firms. Financial engineering has been in the news by creating innovative financial products to mitigate volatility. However it¶s necessary that a proper study of derivative is done. It would then assist individuals and firms to mitigate volatility. Finance minister in his recent speech mentioned the investors should enter the derivatives markets with proper study. The futures market can protect against volatility risk but also can cause loss when a person trades without proper study. Today many tools are available for investors and firms in form of financial models, financial software and statistical tools to take right decisions. Thus derivatives today is the right choice for any person, investor, banks, firms to mitigate volatility due to the broad area of the spectrum it covers.
10
References
Books 1. John C. Hull. (2006). Fundamentals of Futures and Options Markets (4th Ed) 2. Risk Management, ICFAI University, 2004 Papers/ Journals 1. Nakatani T. and Terasvirta T. (2007) Testing for Volatility Interactions in the Constant Conditional Correlation GARCH Model. 2. Avellandea, Macro; A look ahead at options pricing and volatility, Capital funds Management, October 2004 3. Wolf, Holger, Managing Volatility and Crisis: A Practitioner¶s Guide, World Bank, March 2004 Websites 1. 2. 3. 4. www.rediff.com/money/options www.us.etrade.com www.decisioncraft.com www.moneycontrol.com
11
doc_231355955.docx