Option Tradingfdhh

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INTRODUCTION

DERIVATIVES

Derivative is a product whose value is derived from the value of one or more basic

variables, called bases (underlying asset, index, or reference rate), in a contractual manner.

The underlying asset can be equity, forex, commodity or any other asset.

DERIVATIVE PRODUCTS

Derivative contracts have several variants. The most common variants are forwards,

futures, options and swaps. Here is a brief look at various derivatives contracts that have

come to be used.

Forwards: A forward contract is a customized contract between two entities, where

settlement takes place on a specific date in the future at today's pre-agreed price.

Futures: A futures contract is an agreement between two parties to buy or sell an asset at a

certain time in the future at a certain price. Futures contracts are special types of forward

contracts in the sense that the former are standardized exchange-traded contracts.

Options: Options are of two types - calls and puts. Calls give the buyer the right but not

the obligation to buy a given quantity of the underlying asset, at a given price on or before

a given future date. Puts give the buyer the right, but not the obligation to sell a given

quantity of the underlying asset at a given price on or before a given date.

Warrants: Options generally have lives of up to one year, the majority of options traded

on options exchanges having a maximum maturity of nine months. Longer-dated options

are called warrants and are generally traded over-the-counter.

LEAPS: The acronym LEAPS means Long-Term Equity Anticipation Securities. These

are options having a maturity of up to three years.


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Baskets: Basket options are options on portfolios of underlying assets. The underlying

asset is usually a moving average of a basket of assets. Equity index options are a form of

basket options.

Swaps: Swaps are private agreements between two parties to exchange cash flows in the

future according to a prearranged formula. They can be regarded as portfolios of forward

contracts. The two commonly used swaps are.

I nterest rate swaps:These entail swapping only the interest related cash flowsbetween the parties in the same currency.

Cur rency swaps:These entail swapping both principal and interest betweenthe parties, with the cash flows in one direction being in a different currency than

those in the opposite direction.

Swaptions: Swaptions are options to buy or sell a swap that will become operative at the

expiry of the options. Thus, a swaption is an option on a forward swap. Rather than have calls

and puts, the swaptions market has receiver swaptions and payer swaptions. A receiver

swaption is an option to receive fixed and pay floating. A payer swaption is an option to pay

fixed and receive floating.

OPTIONS

An option is a contract that gives the buyer or seller the right, but not the obligation,

to buy or sell an underlying asset at a specific price on or before a certain date. An option,

just like a stock or bond, is a security. It is also a binding contract with strictly defined

terms and properties.

Calls and Puts

The two types of options are calls and puts:

A call gives the holder the right to buy an asset at a certain price within a specific

period of time. Calls are similar to having a long position on a stock. Buyers of calls hope

that the stock will increase substantially before the option expires.
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Aput gives the holder the right to sell an asset at a certain price within a specific

period of time. Puts are very similar to having a short position on a stock. Buyers of puts

hope that the price of the stock will fall before the option expires.

OPTION TERMINOLOGY

Index options: These options have the index as the underlying. Some options areEuropean while others are American. Like index futures contracts, index options contracts

are also cash settled.

Stock options: Stock options are options on individual stocks. Options currentlytrade on over 500 stocks in the United States. A contract gives the holder the right to buy

or sell shares at the specified price.

Buyer of an option: The buyer of an option is the one who by paying the optionpremium buys the right but not the obligation to exercise his option on the seller/writer.

Writer of an option:The writer of a call/put option is the one who receives the optionpremium and is thereby obliged to sell/buy the asset if the buyer exercises on him.

There are two basic types of options, call options and put options.

Call option: A call option gives the holder the right but not the obligation to buy anasset by a certain date for a certain price.

Put option:A put option gives the holder the right but not the obligation to sell anasset by a certain date for a certain price.

Option price/premium:Option price is the price, which the option buyer pays to theoption seller. It is also referred to as the option premium.

Expiration date:The date specified in the options contract is known as the expirationdate, the exercise date, the strike date or the maturity.

Strike price:The price specified in the options contract is known as the strike priceor the exercise price. American options:American options are options that can be exercised at any time upto the expiration date. Most exchange-traded options are American.

European options: European options are options that can be exercised only on theexpiration date itself. European options are easier to analyze than American options, and
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properties of an American option are frequently deduced from those of its European

counterpart.

In-the-money option:An in-the-money (ITM) option is an option that would lead toa positive cash flow to the holder if it were exercised immediately. A call option on the

index is said to be in-the-money when the current index stands at a level higher than the

strike price (i.e. spot price > strike price). If the index is much higher than the strike price,

the call is said to be deep ITM. In the case of a put, the put is ITM if the index is below the

strike price.

At-the-money option:An at-the-money (ATM) option is an option that would lead tozero cash flow if it were exercised immediately. An option on the index is at-the-money

when the current index equals the strike price (i.e. spot price = strike price).

Out-of-the-money option:An out-of-the-money (OTM) option is an option thatwould lead to a negative cash flow if it were exercised immediately. A call option on the

index is out-of-the-money when the current index stands at a level which is less than the

strike price (i.e. spot price < strike price). If the index is much lower than the strike price,

the call is said to be deep OTM. In the case of a put, the put is OTM if the index is above

the strike price.

The Relationship between the options strike price and market price:

MARKET SCENARIO CALL OPTION PUT OPTION

Market price>strike price In-the-money Out-of-the-money

Market price


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call is the greater of 0 or(StK). Similarly, the intrinsic value of a put is Max[0, K

St],i.e. the greater of 0 or(KSt). K is the strike price and Stis the spot price.

Time value of an option:The time value of an option is the difference between itspremium and its intrinsic value. Both calls and puts have time value. An option that is

OTM or ATM has only time value. Usually, the maximum time value exists when the

option is ATM. The longer the time to expiration, the greater is an option's time value, all

else equal. At expiration, an option should have no time value.

HOW THE OPTIONS MARKET WORK

Options are contracts on some underlying trading instrument - shares of stock,

bonds, a commodity, a mortgage loan, etc. But regardless of what the option is on, there

are common features. One of the most basic is the contract feature specifying what the

option owner has actually contracted for.

CALL

A 'call' confers on the (option) contract holder the right to buy an asset at a stated

price on or before a specified expiration date. A right to buy not an obligation. The call

owner always has the option to let his option expire. (Of course, he then loses the initial

money invested in buying the contract.)

Call buyers are betting the underlying asset - the stock, bond, commodity, etc - will

increase in price before the expiration date. And, not only rise, but rise enough to make a

profit.

PUT

A 'put', by contrast, gives the option buyer the right to sell an asset at a certain

price by a stated date. The right, not the obligation.

Puts are similar to 'shorting stock', in this sense. Put buyers are betting the stock price will

fall before the option expires.


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In this case the market price must fall below the strike price in order to garner a

profit from exercising the option. (Ignoring the cost of the put, for simplicity.) Under those

circumstances, the option holder is 'in the money'.

Economic Importance of the Options Market

There are two main reasons why an investor would use options: to speculate and to hedge.

Speculation

You can think ofspeculation as betting on the movement of a security. The advantage

of options is that you aren't limited to making a profit only when the market goes up.

Because of the versatility of options, you can also make money when the market goes

down or even sideways

Speculation is the territory in which the big money is made - and lost. The use of

options in this manner is the reason options have the reputation of being risky. This is

because when you buy an option, you have to be correct in determining not only the

direction of the stock's movement, but also the magnitude and the timing of this movement.

To succeed, you must correctly predict whether a stock will go up or down, and you have

to be right about how much the price will change as well as the time frame it will take for

all this to happen. And don't forget commissions! The combinations of these factors means

the odds are stacked against you.

Hedging

The other function of options is hedging. Think of this as an insurance policy. Just

as you insure your house or car, options can be used to insure your investments against a

downturn. Critics of options say that if you are so unsure of your stock pick that you need a

hedge, you shouldn't make the investment. On the other hand, there is no doubt that hedging

strategies can be useful, especially for large institutions. Even the individual investor can

benefit. Imagine that you wanted to take advantage of technology stocks and their upside, but
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say you also wanted to limit any losses. By using options, you would be able to restrict your

downside while enjoying the full upside in a cost-effective way.

Settlement of options contracts

Options contracts have three types of settlements, daily premium settlement,

exercise settlement, interim exercise settlement in the case of option contracts

on securities and final settlement.

Daily premium settlement

Buyer of an option is obligated to pay the premium towards the options purchased by

him. Similarly, the seller of an option is entitled to receive the premium for the option sold

by him. The premium payable amount and the premium receivable amount are netted to

compute the net premium payable or receivable amount for each client for each option

contract.

Exercise settlement

Although most option buyers and sellers close out their options positions by an

offsetting closing transaction, an understanding of exercise can help an option buyer

determine whether exercise might be more advantageous than an offsetting sale of the

option. There is always a possibility of the option seller being assigned an exercise. Once

an exercise of an option has been assigned to an option seller, the option seller is bound to

fulfill his obligation (meaning, pay the cash settlement amount in the case of a cash-settled

option) even though he may not yet have been notified of the assignment.

Interim exercise settlement

Interim exercise settlement takes place only for option contracts on securities. An

investor can exercise his in-the-money options at any time during trading hours, through

his trading member. Interim exercise settlement is effected for such options at the close of

the trading hours, on the day of exercise. Valid exercised option contracts are assigned to

short positions in the option contract with the same series (i.e. having the same underlying,


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same expiry date and same strike price), on a random basis, at the client level. The CM

who has exercised the option receives the exercise settlement value per unit of the option

from the CM who has been assigned the option contract.

Final exercise settlement

Final exercise settlement is effected for all open long in-the-money strike price options

existing at the close of trading hours, on the expiration day of an option contract. All such

long positions are exercised and automatically assigned to short positions in option

contracts with the same series, on a random basis. The investor who has long in-the-money

options on the expiry date will receive the exercise settlement value per unit of the option

from the investor who has been assigned the option contract.

Exercise process

The period during which an option is exercisable depends on the style of the option. On

NSE, index options are European style, i.e. options are only subject to automatic exercise

on the expiration day, if they are in-the-money. As compared to this, options on securities

are American style. In such cases, the exercise is automatic on the expiration day, and

voluntary prior to the expiration day of the option contract, provided they are in-the-

money.

PARTICIPANTS IN THE OPTIONS MARKET

There are four types of participants in the options markets depending on the position they take:

1. Buyers of calls2. Sellers of calls3. Buyers of puts4. Sellers of putsPeople who buy options are called holders and those who sell options are called writers;

furthermore, buyers are said to have long positions,and sellers are said to have short positions.

Here is the important distinction between buyers and sellers:


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Call holders and put holders(buyers) are not obligated to buy are sell; they have thechoice to exercise their rights if they choose.

Call writers and put writers(sellers) however are obligated to buy or sell. This means thata seller may be required to make good on their Promise to buy or sell.

FOUR ENTITIES IN THE TRADING SYSTEM:

1.Trading members: Trading members are members of NSE. They can trade either on

their own account or on behalf of their clients including participants. The exchange assigns a

trading member ID to each trading member. Each trading member can have more than one user.

The number of users allowed for each trading member is notified by the exchange from time to

time. Each user of a trading member must be registered with the exchange and is assigned a

unique user ID. The unique trading member ID functions as reference for all orders /trades of

different users. This ID is common for all users of a particular trading member. It is the

responsibility of the trading member to maintain adequate control over persons having access to

the firms user IDs.

2.Clearing members: clearing members are members of NSCCL they carryout risk management

activities and conformation/enquiry of trades through the trading system.

3. Professional clearing members: A professional clearing members is a clearing member who

is not a trading member. Typically, banks and custodians become professional clearing members

and clear and settle for their trading members.

4. Participants: A participant is a client of trading members like financial institutions. These

clients may trade through multiple trading members but settle through a single clearing member.


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INDUSTRY PROFILE

CAPITAL MARKET:

A capital market is a market for securities (debt or equity), where business enterprises

(companies) and governments can raise long-term funds. It is defined as a market in which

money is provided for periods longer than a year, as the raising of short-term funds takes place

on other markets (e.g., the money market).

The capital market includes the stock market (equity securities) and the bond

market (debt). Financial regulators, such as the UK's Financial Services Authority (FSA) or

the U.S. Securities and Exchange Commission (SEC), oversee the capital markets in their

designated jurisdictions to ensure that investors are protected against fraud, among other duties.

Capital markets may be classified as primary markets and secondary markets. In primary

markets, new stock or bond issues are sold to investors via a mechanism known as underwriting.

In the secondary markets, existing securities are sold and bought among investors or traders,

usually on a securities exchange, over-the-counter, or elsewhere. In brief the primary and

secondary market is detailed below:

Primary market Secondary market.

CAPITAL MARKET

PRIMARY MARKET SECONDARY MARKET

1. PRIMARY MARKET:


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The primary market is that part of the capital markets that deals with the issuance of

new securities. Companies, governments or public sector institutions can obtain funding through

the sale of a new stock or bond issue. This is typically done through a syndicate of securities

dealers. The process of selling new issues to investors is called underwriting. In the case of a

new stock issue, this sale is an initial public offering (IPO).

Dealers earn a commission that is built into the price of the security offering, though it

can be found in the prospectus. A primary market creates long term instruments through which

corporate entities borrow from capital market.

When an unlisted company makes either a fresh issue of securities or offers its existing

securities for sale or both for the first time to the Entity making an issue is referred as IPO

(Initial Public Offer). When an already listed company makes either a fresh issue of securities to

the public or an offer for sale to the public, it is called a FPO (Follow on Public Offer).

Features of primary markets:

This is the market for new long term equity capital. The primary market is the marketwhere the securities are sold for the first time. Therefore it is also called the new issue

market (NIM).

In a primary issue, the securities are issued by the company directly to investors. The company receives the money and issues new security certificates to the investors. Primary issues are used by companies for the purpose of setting up new business or for

expanding or modernizing the existing business.

The primary market performs the crucial function of facilitating capital formation in theeconomy.

The new issue market does not include certain other sources of new long term externalfinance, such as loans from financial institutions. Borrowers in the new issue market maybe raising capital for converting private capital into public capital; this is known as

"going public."

The financial assets sold can only be redeemed by the original holder.Methods of issuing securities in the primary market:


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Initial public offering Rights issue (for existing companies) Preferential issue.

An Initial Public Offering (IPO), referred to simply as an "offering" or "flotation", is

when a company (called the issuer) issues common stock or shares to the public for the first time.

They are often issued by smaller, younger companies seeking capital to expand, but can also be

done by large privately owned companies looking to become publicly traded.

A Rights Issue is an option that a company opts for to raise capital under a seasoned

equity offering of shares to raise money. The rights issue is a special form of shelf offering or

shelf registration. With the issued rights, existing shareholders have the privilege to buy a

specified number of new shares from the firm at a specified price within a specified time. A

rights issue is in contrast to an initial public offering; where shares are issued to the general

public through market exchanges. Companies usually opt for a rights issue either when having

problems raising capital through traditional means or to avoid interest charges on loans.

A Preferential issue is an issue of stocks or of convertible securities through listed firms

to a select number of persons under Section 81 of the Companies Act, 1956 that is neither apublic issue nor a rights issue. This is a speedier path for a firm to increase equity funds. The

issuer firm has to comply with the Firms Act and the needs contained in the Chapter related to

preferential allotment in Securities and Exchange Board of India guidelines which inter-alia

include costs, disclosures in notice and so on.

2. SECONDARY MARKET

Secondary Market is the market where, unlike the primary market, an investor can

buy a security directly from another investor in lieu of the issuer. It is also referred as "after

market". The securities initially are issued in the primary market, and then they enter into the

secondary market.


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In other words, Secondary marketis a place where any type of used goods is available. In

the secondary market shares are maneuvered from one investor to other, that is, one investor

buys an asset from another investor instead of an issuing corporation. So, the secondary market

should be liquid.

The primary market deals with the new issues of securities. Outstanding securities are

traded in the secondary market, which is commonly known as stock market or stock exchange.

The secondary market is a market where scrips are traded. It is a market place which provides

liquidity to the scrips issued in the primary market.

Thus, the growth of secondary market depends on the primary market. More the number

of companies entering the primary market, the greater are the volume of trade at the secondary

market. Trading activities in the secondary market are done through the recognized stockexchanges which are 23 in number including Over the Counter Exchange of India (OTCE),

National Stock Exchange of India and Interconnected Stock Exchange of India.

Secondary market operations involve buying and selling of securities on the stock

exchange through its members. The companies hitting the primary market are mandatory to list

their shares on one or more stock exchanges in India. Listing of scrips provides liquidity and

offers an opportunity to the investors to buy or sell the scrips.

IMPORTANCE OF SECONDARY MARKET:

Secondary Market has an important role to play behind the developments of an efficient

capital market. Secondary market connects investors' favoritism for liquidity with the capital

users' wish of using their capital for a longer period. For example, in a traditional partnership, a

partner cannot access the other partner's investment but only his or her investment in that

partnership, even on an emergency basis. Then if he or she may breaks the ownership of equity

into parts and sell his or her respective proportion to another investor. This kind of trading is

facilitated only by the secondary market.

DEFINITION OF A STOCK EXCHANGE:

A stock exchange is an entity which provides trading facilities for stock brokers and

traders, to trade stocks and other securities. (OR) Share market/stock markets are an open


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market for fiscal operations such as trading of a firm's share and derivatives at a fixed cost. These

securities are further listed on a stock exchange.

SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

SEBI Act, 1992 provides for establishment of securities and exchange board of India

(SEBI) with statutory powers for protecting the interests of investors in securities promoting the

development of the securities market and regulating the securities market. Its regulatory

jurisdiction extends over corporate in the issuance of capital and transfer of securities, in addition

to all intermediaries and persons associated with securities market. SEBI has been obligated to

perform the aforesaid functions by such measures as it thinks fit.

In particular, it has powers for

Regulating the business in stock exchanges and any other securities markets. Registering and regulating the working of stock brokers , sub-brokers , etc., Promoting and regulating self-regulatory organizations. Prohibiting fraudulent and unfair trade practices. Performing such functions and exercising according to securities contracts Act,

1956, as may be delegated to it by the central government.

The SEBI Board in its meeting on June 24, 2002 considered some important issues relating to the

derivative markets including:

Physical settlement of stock options and stock futures contracts. Review of the eligibility criteria of stocks on which derivative products are

permitted.

Use of sub-brokers in the derivative markets. Norms for use of derivatives by mutual funds.

SEBI was setup in April 12, 1988. To start with, SEBI was set up as a non-statutorybody.

It took 4 years for the government to bring about a separate legislation in the name of

securities and exchange board of India Act, 1992, conferring statutory powers over practically allaspects of capital market operations.


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Objectives of SEBI

o To protect the interest of investors so that there is a steady flow of savings into the capitalmarket.

o To regulate the securities market and ensure fair practices by the issuers of securities, sothat they can raise resources at minimum cost.

o To provide efficient services by brokers, merchant bankers and the other intermediaries,so that they become competitive and professional.

Functions of SEBI

Sec 11 of the SEBI act specifies the functions as follows:-

o \ Regulation of the stock exchange and self-regulatory organizations.o Registration and regulation of stock brokers, sub-brokers, registrar to all issue, merchant

bankers, underwriters, portfolio managers and such other intermediaries who are

associated with securities market.

oRegulation and registration of the working of collective investment schemes includingMutual funds.

o Prohibition of fraudulent and unfair trade practices relating to security market.o Prohibit insider trading in securities.

Regulation substantial acquisitions of shares and take over of company

BOMBAY STOCK EXCHANGE

The Bombay Stock Exchange is the oldest exchange in Asia. It traces its history to the

1850s, when 4 Gujarati and 1 Paris stockbroker would gather under banyan trees in front of

Mumbai's Town Hall. The location of these meetings changed many times, as the number of

brokers constantly increased. The group eventually moved to Dalal Street in 1874 and in 1875

became an official organization known as 'The Native Share & Stock Brokers Association'. In

1956, the BSE became the first stock exchange to be recognized by the Indian Government under

the Securities Contracts Regulation Act.

The Bombay Stock Exchange developed the BSE SENSEX in 1986, giving the BSE a means to

measure overall performance of the exchange. In 2000 the BSE used this index to open its

derivatives market, trading SENSEX futures contracts. Historically an open outcry floor trading

exchange, the Bombay Stock Exchange switched to an electronic trading system in 1995. It took

the exchange only fifty days to make this transition. This automated, screen-based trading

platform called BSE On-line trading (BOLT) currently has a capacity of 8 million orders per day.

The BSE has also introduced the world's first centralized exchange-based internet trading


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system, BSEWEBx.co.in to enable investors anywhere in the world to trade on the BSE

platform.

BSE INDICES:

The launch of SENSEX in 1986 was later followed up in January 1989 by introduction of

BSE National Index It comprised 100 stocks listed at five major stock exchanges in India -

Mumbai, Calcutta, Delhi, Ahmadabad and Madras. The BSE National Index was renamed BSE-

100 Index from October 14, 1996 and since then, it is being calculated taking into consideration

only the prices of stocks listed at BSE.

BSE launched the dollar-linked version of BSE-100 index on May 22, 2006. BSE

launched two new index series on 27 May 1994: The 'BSE-200' and the 'DOLLEX-200'. BSE-

500 Index and 5 sectoral indices were launched in 1999.

In 2001, BSE launched BSE-PSU Index, DOLLEX-30 and the country's first free-float

based index - the BSE TEC Index. All BSE Indices are reviewed periodically by the BSE Index

Committee. This Committee which comprises eminent independent finance professionals frames

the broad policy guidelines for the development and maintenance of all BSE indices. The BSE

Index Cell carries out the day-to-day maintenance of all indices and conducts research on

development of new indices. SENSEX is significantly correlated with the stock indices of other

emerging markets.

NATIONAL STOCK EXCHANGE:

Capital market reforms in India and the launch of the Securities and Exchange Board of

India (SEBI) accelerated the incorporation of the second Indian stock exchange called the

National Stock Exchange (NSE) in 1992. After a few years of operations, the NSE has become

the largest stock exchange in India. Three segments of the NSE trading platform were

established one after another. The Wholesale Debt Market (WDM) commenced operations in

June 1994 and the Capital Market (CM) segment was opened at the end of 1994. Finally, the

Futures and Options segment began operating in 2000. Today the NSE takes the 14th position in

the top 40 futures exchanges in the world.


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In 1996, the National Stock Exchange of India launched S&P CNX Nifty and CNX

Junior Indices that make up 100 most liquid stocks in India. CNX Nifty is a diversified index of

50 stocks from 25 different economy sectors. The Indices are owned and managed by India

Index Services and Products Ltd (IISL) that has a consulting and licensing agreement with

Standard & Poor's.

In 1998, the National Stock Exchange of India launched its web-site and was the first

exchange in India that started trading stock on the Internet in 2000. The NSE has also proved its

leadership in the Indian financial market by gaining many awards such as 'Best IT Usage Award'

by Computer Society in India and CHIP Web Award by CHIP magazine.

NSENIFTY:

The NSE on April 22, 1996 launches a new equity index. The NSE-50 new index, which

replaces the existing NSE-100 index, is expected, to serve as an appropriate index for the new

segment of futures and options. Nifty means national index for fifty stocks.

The NSE-50 comprises 50 companies that represent 20 broad industry groups with An

aggregate market capitalization of around Rs.1, 70,000 crs. All companies included in the index

have a market capitalization in excess of Rs 500 crs each and should have traded for 85% of

trading days at an impact cost of less than 1.5%.The base period for the index is the close of

prices on Nov3, 1995, which makes one year of completion of operationof NSEs capital market

segment. The base value of the index has been set at 1000.

NSE-MIDCAP INDEX:

The medium capitalized segment of the stock market is being increasingly perceived as

an attractive investment segment with high growth potential. the primary objective of the nse cnx

midcap index is to capture the movement and be a benchmark of the midcap segment of themarket.

The main features of the NSE CNX Midcap Index are:

NSE CNX Midcap Index represents about 77% of the total market capitalization of theMid-Cap Universe and about 75% of the total traded value of the Mid-Cap Universe


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(Mid-Cap Universe is defined as stocks having average six months market

capitalization between Rs.75 crores and Rs.750 crores).

Industry weightings in the index dynamically reflect industry weightings in the market. Provide investors a broad based benchmark for comparing portfolio returns vis--vis

market returns in the midcap segment.


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COMPANY PROFILE

About Trustline

Trust line securities limited is a stock brokarised company. It is one of the fastestgrowing financial services organization, established in the year 1989.

The code of this organization ISO 9001:2008 Trustline has effective membership in several sectors like [equity& F and O , NSE,NSEF,

BSE,BSEF, DSE] equity shares and preference shares, commodities (MCX, NCDEX,

NMCEIL), currency(NSE,MCX-SX currency), depository(CDSL, NSDL)

The grate personalities Dr.Muksesh Kansal and Mrs.Sarika Kansal are the promoters ofthe Trustline and Dr. Mukesh Kansal is the chairman and managing director of the trust

line

And another personality Mrs.Sarika Kansal is the director of the Trustline . Trustline head office is located in Noida, New Delhi. In 21 years they have 80 own branches , 430 business associates , 510 total locations ,

1000 human assets , 1200 trading terminals , 70000 clients, and 80000 dmat accounts

through out in our India.

Products of trust line:-

Trustline securities limited has introduced several

Products to the customers with an advanced technology .

The products are following bellow

They are

Equity and derivative Commodities trading Currency trading Depository services Research and analysis Mutual funds , insurance Institutional channels Investment advisory services Real estate services

Supporters to the trust line:-

Already we have a extraordinary support of fiis , diis , banks


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FIIS:

Gold mansachs , credit-suisse , India absolute , karma capital..etc

DIIS:

Uti , reliance mutual fund, pnb taurns mutual fund , canara robeco asset management company,

national insurance company , lanbank investment management services.

Banks:-

PNB , OBC, central bank , Canarabank , Dena bank , Bank of India etc.

Objective of the trustline:-

We Endeavour to be amongst the top ranking highly networked fully integrated broking andfinancial services house in the country.

Mission of the trustline

To guide all our investors to enlarge there investment by systematic development of funds.

Vision of the trusline

To position our selfs amongst the top integrated and professionally managed investmentand financial firms in India

Values of the trustline

Professional management high corporate governance standards System and process drives business practices Accountability and responsibility integrity and commitment services with great

Technology

Trustline securities limited no compromise in technology investment compares to other firms we

have a grate and marvelous technology like

Latest firewalls to secure network WIFI enabled office and other location ISDN backup Top end routers and switches 24 hrs power backup FTP to download data and branches VSAT network


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Radio frequency for standard by arrangement Sophisticated research software Client support through remote central excellent back office software


22/56

OBJECTIVES OF THE STUDY

To study the comparative analysis of SAIL and TATA STEEL Company . To study the movement of specified months contract of the SAIL and TATA STEEL Company. To find out profit /loss of call/put option holder or writer. To study the profitability and risk of above mentioned firms with the help of Option Strategy

Evaluation Tool (OSET).


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NEED FOR THE STUDY

This study of option derivatives is at most important for hedging the risks with the help of

Option Strategy Evaluation Tool (OSET) particularly in periods of great uncertainty cannot be

over emphasized.


24/56

SCOPE OF THE STUDY

The present study is conducted to analyze the performance of SAIL and TATA STEEL

Companies option and declared study has been conducted to analyze the profit and loss pattern with

the help of option trading in derivative market by using the tool Option Strategy Evaluation Tool(OSET). The analysis is done on the historical data provided by the consultancy, no executives

decision and opinion were considered.


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DATA COLLECTION METHODS

The secondary data is collected from secondary sources like published data, books and

websites of NSE & Other stock exchanges.


26/56

REVIEW OF LITERATURE

The authors Black, Fisher, and Scholes ,Myron, themselves admitted some biases of the

model in their research paper, The Valuation of Option Contracts and a Test of Market

Efficiency, expressed as Using the past data to estimate the variance caused the model to

overprice options on high variance stocks and under price options on low variance stocks. While

the model tends to overestimate the value of an option on a high variance security, market tends

to underestimate the value, and similarly while the model tends to underestimate the value of an

option on a low variance security, market tends to overestimate the value.

During 1979, Macbeth, James D., and Merville, Larry J. in their research paper, An

Empirical Examination of the Black - Scholes Call Option pricing Model revealed that B-S

model predicted prices are on average less (greater) than market prices for in the money options

(out of the Money) and also had biases over the life of the options also.

Investors are given the choice to buy or sell the security at a specific price by a specific time, but they are

not required to do so.

(Essential Concepts, Thir d Edi tion by The Options Institute).

Options trading has the reputation of being a speculative and very risky form of securities trading.

(Options for the Stock I nvestor , by James Bi ttman. )

Option trading is a risky but often very profitable business.Option Trading is simply the trade in option

contracts over an exchange.

(Options As a Strategic I nvestment, by Lawrence McM il lan)


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LIMITATIONS

For my study the data was taken only short period ( two months ). Options are very complex and require a great deal of observation andmaintenance. In my study profitable and risk may vary i.e.; today's In-the-money and

tomorrow Out-the-money.

As the market is highly volatile the interpretations drawn may vary with time


28/56

TOOLS USED

Options Strategy Evaluation Tool (OSET)

An Excel-based options analysis tool for examining and comparing the profitability and

risks of options strategies. The basic version of the Options Strategy Evaluation Tool does not

require the Finance Add-in for Excel. With the add-in installed a number of powerful "premium"

features, including risk/probability analysis, historic volatility, on-line option chains and

quotations, graphical strategy dissection, automatic position hedging, and percent-to-target

analysis, are automatically enabled.
http://www.hoadley.net/options/strategymodel.htmhttp://www.hoadley.net/options/strategymodel.htm


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DATA ANALYSIS AND INTERPRETATION

Data for OPTSTK - SAIL - CE from 01-02-2012 to 29-02-2012

Symbol Date Expiry spot price StrikePrice

premiumpaid

profit/loss

SAIL 01-Feb-12 29-Mar-12 94.44 95 3.8 -8720

SAIL 02-Feb-12 29-Mar-12 102.31 95 3.5 7620

SAIL 03-Feb-12 29-Mar-12 105.47 95 3.75 13440

SAIL 06-Feb-12 29-Mar-12 97.36 95 3.12 -1520

SAIL 07-Feb-12 29-Mar-12 99.72 95 4.2 1040

SAIL 08-Feb-12 29-Mar-12 96.13 95 3.89 -5520

SAIL 09-Feb-12 29-Mar-12 95.11 95 3.96 -7700

SAIL 10-Feb-12 29-Mar-12 98.24 95 4.11 -1740

SAIL 13-Feb-12 29-Mar-12 102.35 95 4.04 6620

SAIL 14-Feb-12 29-Mar-12 105.47 95 3.65 13640

SAIL 15-Feb-12 29-Mar-12 97.36 95 3.73 -2740

SAIL 16-Feb-12 29-Mar-12 99.72 95 3.72 2000

SAIL 17-Feb-12 29-Mar-12 96.13 95 3.82 -5380

SAIL 21-Feb-12 29-Mar-12 95.11 95 3.97 -7720

SAIL 22-Feb-12 29-Mar-12 98.24 95 3.2 80

SAIL 23-Feb-12 29-Mar-12 108.32 95 3.41 19820

SAIL 24-Feb-12 29-Mar-12 93.64 95 3.62 -9960

SAIL 27-Feb-12 29-Mar-12 101.2 95 3.66 5080

SAIL 28-Feb-12 29-Mar-12 99.79 95 3.8 1980

SAIL 29-Feb-12 29-Mar-12 102.75 95 3.26 8980
http://www.nseindia.com/content/fo/contractvol/datafiles/OPTSTK_SAIL_CE_27-04-2011_TO_25-04-2012.csvhttp://www.nseindia.com/content/fo/contractvol/datafiles/OPTSTK_SAIL_CE_27-04-2011_TO_25-04-2012.csv


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ANALYSIS OF DATA:

Profit / loss of the investor can be calculated by analyzing the spot price, strike price, premiumvalue and lot size of the share.

Profitability or the risk can be shown in the below graph with the help of OPTION STRATEGYEVALUATION TOOL (OSET).

Profit / loss of the holder = ((spot price-strike price)-premium paid)*2000 (lot size). In the call option the spot price is greater than the strike price ( 95 ) is In- the -money. In the call option the spot price is less than the strike price ( 95 ) is Out- the -money.

-15000

-10000

-5000

0

5000

10000

15000

20000

25000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Strike Price

profit/loss


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Data for OPTSTK - SAIL - CE from 01-03-2012 to 29-03-2012

Symbol Date Expiry spot price StrikePrice

premiumpaid

profit/loss

SAIL 01-Mar-12 29-Mar-12 101.98 95 3.68 6600

SAIL 02-Mar-12 29-Mar-12 98.79 95 3.75 80

SAIL 03-Mar-12 29-Mar-12 101.2 95 4.1 4200

SAIL 05-Mar-12 29-Mar-12 99.79 95 4.5 580

SAIL 06-Mar-12 29-Mar-12 102.75 95 3.38 8740

SAIL 07-Mar-12 29-Mar-12 101.98 95 3.46 7040

SAIL 09-Mar-12 29-Mar-12 98.79 95 3.65 280

SAIL 12-Mar-12 29-Mar-12 94.44 95 3.52 -8160

SAIL 13-Mar-12 29-Mar-12 92.67 95 3.23 -11120

SAIL 14-Mar-12 29-Mar-12 105.47 95 3.87 13200

SAIL 15-Mar-12 29-Mar-12 97.36 95 3.21 -1700

SAIL 16-Mar-12 29-Mar-12 99.72 95 3.79 1860

SAIL 19-Mar-12 29-Mar-12 96.13 95 3.74 -5220

SAIL 20-Mar-12 29-Mar-12 95.11 95 3.69 -7160

SAIL 21-Mar-12 29-Mar-12 98.24 95 3.65 -820

SAIL 22-Mar-12 29-Mar-12 92.67 95 3.21 -11080

SAIL 23-Mar-12 29-Mar-12 105.47 95 3.56 13820

SAIL 26-Mar-12 29-Mar-12 99.79 95 4.12 1340

SAIL 27-Mar-12 29-Mar-12 102.75 95 3.76 7980

SAIL 28-Mar-12 29-Mar-12 101.98 95 3.56 6840

SAIL 29-Mar-12 29-Mar-12 98.79 95 3.42 740


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ANALYSIS OF DATA:



Profit / loss of the holder = ((spot price-strike price)-premium paid)*2000 (lot size).

Call option holders whose strike price is greater than the current market price. They lost theirpremium which are paid initially to the option writer.

If it is profit for holder then obviously it will be loss for the writer.

-15000

-10000

-5000

0

5000

10000

15000

20000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Strike Price

profit/loss


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Interpretation of the data for February and March month 2012

PAY OFF PROFILE OF BUYERS OF CALL OPTION

CONTRACT

Strike price Rs.95

Expiry period 29th march 2012

Premium 3.71

Pay-off profile of buyers of call option of SAIL is shown in the below figure.

Profit

0 95 98.71 BEP

SAIL

3.71

Loss

If the spot price is more than the strike price (Rs. 95.00) then the investor minimizes his losses.

When the spot price reaches to 98.71 (95+3.71) he makes no profit no loss. When the price further

increases, he makes profit accordingly. Hence, the profits of buyer of call option are unlimited and losses

are limited to the premium paid.


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PAY-OFF PROFILE OF WRITER OF CALL OPTION:

CONTRACT

Strike price Rs.95


Premium 3.71

Pay-off profile of buyers of call option of SAIL is shown in the below figure.

Profit

3.71

0 95 98.71 BEP

SAIL

Loss

If the share price turns out to be Rs.98.71 or more, the write of call option gets a loss that

increases with the relative increase in the market price. At a share price of Rs.98.71, the profit exactly

offsets the premium received. Hence, Rs.98.71 is the breakeven point at which writer of call option

makes no profit no loss. Even the market price goes beyond the level of Rs.98.71 the profit of the writer

of call option is limited to the premium that he received. Hence, the losses of the writer of call option

are unlimited and profits are limited to the premium he paid.


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Data for OPTSTK - SAIL - PE from 01-02-2012 to 29-02-2012

Symbol Date Expiry spot price Strike

Price

premium

paid

profit

/loss

SAIL 01-Feb-12 29-Mar-12 94.36 95 4.142 -9564

SAIL 02-Feb-12 29-Mar-12 97.43 95 3.78 -2700

SAIL 03-Feb-12 29-Mar-12 102.09 95 4.23 5720

SAIL 06-Feb-12 29-Mar-12 92.36 95 3.276 -11832

SAIL 07-Feb-12 29-Mar-12 97.42 95 3.78 -2720

SAIL 08-Feb-12 29-Mar-12 101.19 95 4.23 3920

SAIL 09-Feb-12 29-Mar-12 108.36 95 4.142 18436

SAIL 10-Feb-12 29-Mar-12 105.47 95 4.23 12480

SAIL 13-Feb-12 29-Mar-12 103.33 95 4.73 7200

SAIL 14-Feb-12 29-Mar-12 99.34 95 4.891 -1102

SAIL 15-Feb-12 29-Mar-12 111.31 95 3.61 25400

SAIL 16-Feb-12 29-Mar-12 88.83 95 3.12 -18580

SAIL 17-Feb-12 29-Mar-12 94.44 95 4.32 -9760

SAIL 21-Feb-12 29-Mar-12 104.32 95 4.74 9160

SAIL 22-Feb-12 29-Mar-12 104.97 95 3.12 13700

SAIL 23-Feb-12 29-Mar-12 102.22 95 4.14 6160

SAIL 24-Feb-12 29-Mar-12 102.53 95 4.142 6776

SAIL 27-Feb-12 29-Mar-12 93.33 95 4.142 -11624

SAIL 28-Feb-12 29-Mar-12 94.56 95 4.142 -9164

SAIL 29-Feb-12 29-Mar-12 105.92 95 4.142 13556


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ANALYSIS OF DATA:




Put option writers whose strike price is less than the current market price. They lost theirpremium which are paid initially to the option holder.

If it is profit for writer then obviously it will be loss for the holder

-25000

-20000

-15000

-10000

-5000

0

5000

10000

15000

20000

25000

30000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Strike Price

profit /loss


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Data for OPTSTK - SAIL - PE from 01-03-2012 to 29-03-2012


Price

premium

paid

profit

/lossSAIL 02-Mar-12 29-Mar-12 94.36 95 4.42 -10120

SAIL 03-Mar-12 29-Mar-12 97.43 95 4.85 -4840

SAIL 05-Mar-12 29-Mar-12 108.21 95 4.82 16780

SAIL 06-Mar-12 29-Mar-12 98.96 95 4.87 -1820

SAIL 07-Mar-12 29-Mar-12 98.56 95 4.11 -1100

SAIL 09-Mar-12 29-Mar-12 92.4 95 4.93 -15060

SAIL 12-Mar-12 29-Mar-12 107.32 95 4.72 15200

SAIL 13-Mar-12 29-Mar-12 98.31 95 3.89 -1160

SAIL 14-Mar-12 29-Mar-12 94.44 95 3.76 -8640

SAIL 15-Mar-12 29-Mar-12 98.56 95 4.21 -1300

SAIL 16-Mar-12 29-Mar-12 107.72 95 4.146 17148

SAIL 19-Mar-12 29-Mar-12 109.32 95 4.341 19958

SAIL 20-Mar-12 29-Mar-12 98.95 95 4.82 -1740

SAIL 21-Mar-12 29-Mar-12 99.78 95 4.831 -102

SAIL 22-Mar-12 29-Mar-12 101.32 95 3.97 4700

SAIL 23-Mar-12 29-Mar-12 94.36 95 3.85 -8980

SAIL 26-Mar-12 29-Mar-12 97.43 95 3.903 -2946

SAIL 27-Mar-12 29-Mar-12 102.09 95 4.237 5706

SAIL 28-Mar-12 29-Mar-12 99.67 95 4.894 -448

SAIL 29-Mar-12 29-Mar-12 103.98 95 3.985 9990


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ANALYSIS OF DATA:



Profit / loss of the holder = ((spot price-strike price)-premium paid)*2000 (lot size). In the put option the spot price is greater than the strike price ( 95 ) is Out- the -money. In the put option the spot price is less than the strike price ( 95 ) is In- the -money.

-20000

-15000

-10000

-5000

0

5000

10000

15000

20000

25000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Strike Price

profit /loss


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PAY-OFF PROFILE OF BUYER OF PUT OPTION:

Strike price Rs.95

Expiry period 29th March 2012

Premium Rs.4.37

Profit

0 90.63 SAIL

4.37 95

Loss

Pay-off profile of buyers of put option is shown in the above figure. When the market price is higher

than the strike price of Rs.95, the put option holder incurs a consistent loss to the extent of premium

paid on the contract, which is Rs.4.05.


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PAY-OFF PROFILE FOR WRITER OF PUT OPTION:

Strike price Rs.95


Premium Rs.4.37

Profit

4.37 95

0 90.63 SAIL

Loss

Pay-off profile for put option is shown in the figure. If the spot price is more than the strike price

i.e., Rs.95, then the investor makes profits otherwise makes losses. His profits are limited to the

premium received however, his losses are potentially unlimited


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Data for OPTSTK - TATA STEEL - CE from 01-02-2012 to 29-02-2012


Price

premium

paid

profit

/loss

TATASTEEL 01-Feb-12 29-Mar-12 403.21 400 19.12 -7955


TATASTEEL 03-Feb-12 29-Mar-12 422.37 400 20.07 1150







TATASTEEL 14-Feb-12 29-Mar-12 427 400 19.12 3940












42/56

ANALYSIS OF DATA:



Profit / loss of the holder = ((spot price-strike price)-premium paid)*1000 (lot size). In the call option the spot price is greater than the strike price ( 400 ) is In- the -money. In the call option the spot price is less than the strike price ( 400 ) is Out- the -money.

-20000

-15000

-10000

-5000

0

5000

10000

15000

20000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

spot price

profit /loss


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Data for OPTSTK - TATA STEEL - CE from 01-03-2012 to 29-03-2012

Symbol Date Expiry spot

price

Strike

Price

premium

paid

profit

/loss

TATASTEEL 01-Mar-12 29-Mar-12 426.32 400 19.12 3600



TATASTEEL 05-Mar-12 29-Mar-12 411.87 400 19.06 -3595












TATASTEEL 22-Mar-12 29-Mar-12 427 400 19.62 3690







44/56

ANALYSIS OF DATA:




Call option holders whose strike price is greater than the current market price. They lost theirpremium which are paid initially to the option writer.

If it is profit for holder then obviously it will be loss for the writer.

-15000

-10000

-5000

0

5000

10000

15000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

spot price

profit /loss


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PAY OFF PROFILE OF BUYERS OF CALL OPTION

CONTRACT

Strike price Rs.400


Premium 19.93

Pay-off profile of buyers of call option of TATA STEEL is shown in the below figure.

Profit

0 400 419.93 BEP

TATA STEEL

19.93

Loss

If the spot price is more than the strike price (Rs. 400.00) then the investor minimizes his losses.

When the spot price reaches to 419.93 (400+19.93) he makes no profit no loss. When the price further

increases, he makes profit accordingly. Hence, the profits of buyer of call option are unlimited and losses

are limited to the premium paid.


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PAY-OFF PROFILE OF WRITER OF CALL OPTION:

CONTRACT

Strike price Rs.400


Premium 19.93

Pay-off profile of buyers of call option of TATA STEEL is shown in the below figure.

Profit

19.93

0 400 419.93 BEP

TATA STEEL

Loss

If the share price turns out to be Rs.419.93 or more, the write of call option gets a loss that

increases with the relative increase in the market price. At a share price of Rs.419.93, the profit exactly

offsets the premium received. Hence, Rs.419.93 is the breakeven point at which writer of call option

makes no profit no loss. Even the market price goes beyond the level of Rs.419.93 the profit of the

writer of call option is limited to the premium that he received. Hence, the losses of the writer of call

option are unlimited and profits are limited to the premium he paid.


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Data for OPTSTK - TATA STEEL - PE from 01-02-2012 to 29-02-2012

Symbol Date Expiry spot

price

Strike

Price

premium

paid

profit /

loss






















48/56

ANALYSIS OF DATA:




Put option writers whose strike price is less than the current market price. They lost theirpremium which are paid initially to the option holder.

If it is profit for writer then obviously it will be loss for the holder

-15000

-10000

-5000

0

5000

10000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Strike Price

profit / loss


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Data for OPTSTK - TATA STEEL - PE from 01-03-2012 to 29-03-2012

Symbol Date Expiry spotprice

StrikePrice

premiumpaid

profit /loss























50/56

ANALYSIS OF DATA:



Profit / loss of the holder = ((spot price-strike price)-premium paid)*1000 (lot size). In the put option the spot price is greater than the strike price ( 400 ) is Out- the -money. In the put option the spot price is less than the strike price ( 400 ) is In- the -money.

-20000

-15000

-10000

-5000

0

5000

10000

15000

20000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Strike Price

profit / loss


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PAY-OFF PROFILE OF BUYER OF PUT OPTION:

Strike price Rs.400


Premium Rs.18.76

Profit

0 381.24 TATA STEEL

18.76 400

Loss

Pay-off profile of buyers of put option is shown in the above figure. When the market price is higher

than the strike price of Rs.400, the put option holder incurs a consistent loss to the extent of premium

paid on the contract, which is Rs.18.76.


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PAY-OFF PROFILE FOR WRITER OF PUT OPTION:

Strike price Rs.400


Premium Rs.18.76

Profit

18.76 400

0 381.24 TATA STEEL

Loss

Pay-off profile for put option is shown in the figure. If the spot price is more than the strike price

i.e., Rs.400, then the investor makes profits otherwise makes losses. His profits are limited to the

premium received however, his losses are potentially unlimited


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FINDINGS

In the derivative call option contract on the February month from the date 14th Feb2012 to 24th Feb 2012 the TATA STEEL scrip got the continuo's profits.

The TATA STEEL scrip in the month of February on the particular dates 13th and 14thhad face the high risk in the put option contract.

The TATA STEEL scrip in the month of March on the particular dates 1st and 2nd hadface the high risk in the put option contract.

In the derivative put option contract on the February month from the date 8th Feb 2012to 13th Feb 2012 the SAIL scrip got the continuo's fluctuations in profit margin and also

immediately on 15th Feb 2012 reached the maximum profit margin.

Derivatives are mostly used for hedging purpose.

In cash market, the profit/loss of the investor may be unlimited, but in the derivativesmarket, the investor enjoys unlimited profits and minimizes the losses up to his

premium only.

In the above analysis, we can observe that the SAIL and TATA STEEL scrip is havingnormal volatility market situations, so the option holders & option writers will enjoy

more profits.


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SUGGESTIONS

In bullish market, the investor is suggested to opt for call options in order to maximize theprofits.

In bearish market, the investor is suggested to opt for put options in order to minimize hislosses.

In order to create the derivatives in India, the SEBI should revise some of their regulations likecontract size, participation of FII in the derivatives market. Contract size should be minimized,

because small investor cannot afford huge premiums.

The derivatives market is newly started in India, and it is not known by everyone. So SEBI shouldtake necessary actions to create awareness among investors.


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CONCLUSION

With the study we can interrupted that the investors are using derivatives for hedging

purpose. Hence we can conclude the option trading system is a best tool for reducing the risk.

Both SAIL and TATA Steel Scrip have performed well and continued in up trend . But in my

comparative study that SAIL can perform better than the TATA STEEL.


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BIBILOGRAPHY

WEBSITES:

www.trustline.in

www.nseindia.com

www.moneycontrol.com

www.google.com

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