yu 發問於 商業及金融投資 · 1 十年前

銀行 Equity Linked Deposit 其實係咪based on options market?

1. 銀行 Equity Linked Deposit 其實係咪based on options market?

咁屬於call options or put options?

What is the situation of banks and customers? (who is the buyer or writer?)

2. Why this kind of investment occur in bull market but not Bear market?

1 個解答

評分
  • ?
    Lv 5
    1 十年前
    最愛解答

    1. 係, 你說得對, 是base on options 計算的.

    是 Put Option.

    Banker: Buy Put

    Customer: Sell Put

    個俾出的利息其實就是Cost of Option.

    2. In the view of Bank, he has done all the hedging to prevent loss. He only gain the charges. Therefore, Bank don't care the market is bull or bear. He only count on the demands.

    In the view of Customer, they buy ELI usually because of the attractive of "interest rate". They won't concentrate on the volatation of the market. In bull market, the chance to exercise the option is less. Customer would be more attracted by the "interest". In bear market, the chance to exercise the option is high. Therefore, the demand of ELI in bull market would be larger and push banker to issue it.

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