This website is designed for the appreciation of Qualified Investors, Professional Clients or Eligible Counterparties only (as the case may be). This website is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. No responsibility is taken for the visualisation of this website.
This website serves only for information purposes: it is not research; it constitutes neither a recommendation for the purchase of financial instruments nor an offer or an invitation for an offer. This website does not provide legal, tax or investment advice. This website does not represent marketing material. All the data and assumption included in this website have to be considered as indicative. No responsibility is taken for the correctness of this information.
The financial instruments mentioned in this website are structured and derivative instruments. Please refer to the relative Term Sheet and any similar and appropriate documents for any information concerning a product. The underlyings’ performance in the past does not constitute a guarantee for their future performance. The financial products' value is subject to market fluctuation, what can lead to a partial or total loss of the invested capital. Before investing in structured and derivative instruments, Investors are highly recommended to ask their financial advisor for advice specifically focused on the Investor´s financial situation; the information contained in this website does not substitute such advice. Investors bear the credit risk of the issuer/guarantor.
Selling restrictions apply in specific jurisdictions including amongst others Europe, Hong Kong, Singapore, the USA, US persons and the United Kingdom.
Any – including only partial – reproduction of any article or picture of this website is solely permitted based on an authorization from VOLTYLAB.
Ce site web est conçu pour l'appréciation des Investisseurs Qualifiés, Clients Professionnels ou Contreparties Eligibles uniquement (le cas échéant). Ce site web ne vise pas, ou n’est pas destiné à la distribution ou l’utilisation par, toute personne ou entité qui est citoyenne ou résidente, ou localisée dans toute localité, état, pays ou autre juridiction où de tels distribution, publication, mise à disposition ou usage seraient contraires à la loi ou la régulation. Aucune responsabilité ne sera prise quant à la visualisation de ce site.
Ce site ne sert qu'à des fins d’information : ce n’est pas de la recherche ; il ne constitue ni une recommandation à l'achat d'instruments financiers, ni une offre ou une invitation à une offre. Ce site web ne fournit pas de conseils en matière juridique, fiscale ou d’investissement. Ce site ne représente pas du matériel de marketing. Toutes les données et hypothèses incluses dans ce site doivent être considérées comme indicatives. Aucune responsabilité n’est prise quant à l'exactitude de ces informations.
Les instruments financiers mentionnés dans ce site sont des instruments structurés et dérivés. Merci de se référer à la Term Sheet et tous documents similaires et appropriés pour toute information concernant un produit. La performance passée des sous-jacents ne constitue pas une garantie de leur performance future. La valeur des produits financiers est soumise aux fluctuations du marché, ce qui peut conduire à une perte partielle ou totale du capital investi. Avant d'investir dans des instruments structurés et dérivés, les Investisseurs sont fortement recommandés de demander à leur conseiller financier afin d’obtenir des conseils portant spécifiquement sur la situation financière de l’Investisseur ; les informations contenues dans ce site web ne remplacent pas ces conseils. Les Investisseurs supportent le risque de crédit de l'émetteur/du garant.
Des restrictions de vente s’appliquent dans les juridictions spécifiques incluant, entre autres, l'Europe, Hong Kong, Singapour, les États-Unis, les « US persons » et le Royaume-Uni.
Toute reproduction – y compris celle seulement partielle – d'un article ou d’une image de ce site web n’est uniquement permise que sur autorisation de VOLTYLAB.
Questo sito web è disegnato esclusivamente per l’apprezzamento d’Investitori Qualificati, Clienti Professionali o Controparti Qualificate (a seconda del caso). Questo sito web non è diretto a, o inteso per la distribuzione a o uso di, qualsiasi persona o entità che sia un cittadino o residente di, o localizzato in, qualsiasi località, stato, paese o altra giurisdizione dove tale distribuzione, pubblicazione, disponibilità o uso sia contraria alla legge o regolamento. Nessuna responsabilità è presa per la visualizzazione di questo sito web.
Questo sito web ha fini esclusivamente d’informazione: non è ricerca, non costituisce una raccomandazione all’acquisto di strumenti finanziari o un’offerta o un invito per un’offerta. Questo sito web non fornisce consigli legali, fiscali o d’investimento. Questo sito web non rappresenta materiale marketing. Tutti i dati e le assunzioni presenti in questo sito web devono essere considerati come indicativi. Nessuna responsabilità è presa per la correttezza di queste informazioni.
Gli strumenti finanziari menzionati in questo sito web sono strumenti strutturati e derivati. Siete pregati di fare riferimento al relativo Term Sheet e qualsiasi documento simile e appropriato per qualsiasi informazione riguardante un prodotto. La performance passata dei sottostanti non costituisce una garanzia per future performance. Il valore dei prodotti finanziari è soggetto a fluttuazioni di mercato che possono portare ad una perdita parziale o totale del capitale investito. Prima d’investire in strumenti strutturati e derivati gli Investitori sono fortemente pregati di consultare il loro consigliere finanziario per un consiglio specificatamente concentrato sulla situazione finanziaria dell’Investitore; le informazioni contenute in questo sito web non sostituiscono questo consiglio. Gli Investitori assumono il rischio di credito dell’emittente/garante.
Restrizioni di vendita si applicano in giurisdizioni specifiche, includendo tra le altre l’Europa, Hong Kong, Singapore, gli Stati Uniti d’America, le « US persons » ed il Regno Unito.
Tutte riproduzioni – incluse solo parziali – di qualsiasi articolo o foto di questo sito web sono esclusivamente permesse in base ad un’autorizzazione di VOLTYLAB.
Diese Website ist ausschließlich zum Ermessen durch qualifizierte Anleger, professionnelle Mandanten und geeignete Gegenparteien bestimmt (gegebenenfalls). Diese Website ist nicht zur Verteilung an oder Nutzung durch natürliche oder juristische Personen gedacht oder bestimmt, die Bürger oder Einwohner eines Ortes, Staates, Landes oder einer anderen Gerichtshoheit sind, in der eine solche Verteilung, Veröffentlichung, Bereitstellung oder Nutzung den Gesetzen oder Vorschriften entgegen steht. Es wird keine Verantwortung oder Haftung für die Einsicht dieser Website übernommen.
Diese Website dient rein informativen Zwecken: es handelt sich nicht um belegte Angaben. Die Informationen sind weder eine Kaufempfehlung für Finanzinstrumente noch ein Angebot oder eine Angebotsaufforderung. Diese Website enthält keine gesetzlichen, steuerlichen oder Investitionsratschläge. Diese Website ist kein Marketingmaterial. Alle Angaben und Hypothesen auf dieser Website sind als rein indikativ zu betrachten. Es wird keine Verantwortung für die Richtigkeit dieser Informationen übernommen.
Die auf der Website erwähnten Finanzinstrumente sind strukturierte Produkte oder Derivate. Für nähere Informationen über ein Produkt siehe das entsprechende Term Sheet und jedes ähnliche, entsprechend geeignete Dokument. Die Ergebnisse der Bezugsobjekte in der Vergangenheit geben keinen Aufschluss über ihre zukünftige Entwicklung. Der Wert der Finanzprodukte unterliegt Marktschwankungen, die zu einem Teil- oder Gesamtverlust des investierten Kapitals führen können. Vor dem Investieren in strukturierte Produkte oder Derivate sollten Anleger sich unbedingt von ihrem Finanzberater beraten lassen - vor allem in Einklang mit der Finanzlage des Anlegers; die Informationen dieser Website ersetzen keine Finanzberatung. Anleger tragen das Kreditrisiko des Emittenten/Bürgen.
In bestimmten Gerichtshoheiten, zu denen auch Europa, Hongkong, Singapur, die USA, « US persons » und Großbritannien gehören, gelten Verkaufsbeschränkungen.
Jede Reproduktion - auch auszugsweise - der Artikel oder Bilder dieser Website ist ohne vorherige Genehmigung durch VOLTYLAB untersagt.
This website uses cookies.
Click here to access the cookie policy.
If you continue to visit this website without notify your refusal or your agreement to the cookie policy of this website, we consider that you implicitly accept it.
Ce site web utilise des cookies. Cliquer ici pour accéder à la politique de cookie. Si vous continuez de visiter ce site web sans notifier votre refus ni votre acceptation de la politique de cookie de ce site web, nous considérons que vous l’acceptez implicitement.
Questo sito web utilizza cookie. Cliccare qui
per accedere alla politica cookie. Se continuate a visitare questo sito web senza notificate il vostro rifiuto o la vostra accettazione alla politica cookie di questo sito web, noi consideriamo che l’accettate implicitamente.
Diese Website verwendet Cookies. Klicken Sie hier, um die Cookie Richtlinien zusehen. Wenn Sie diese Webseite weiterhin besuchen ohne Ihre Ablehnung oder Ihre Zustimmung zu der Cookie Richtlinien dieser Webseite zu melden, halten wir ihre Antwort implizit für zustimmend.
Black and Scholes model is the most common model used to price options as it tends to capture the observed prices in the market.
The model makes certain assumptions, including:
The options are European and can only be exercised at expiration
No dividends are paid out during the life of the option
Efficient markets (i.e., market movements cannot be predicted)
No commissions
The risk-free rate and volatility of the underlying are known and constant
Follows a lognormal distribution (i.e., returns on the underlying are normally distributed)
The price of the option is linked to the following parameters:
Spot price
Strike price
Time until maturity
Implied volatility of the underlying
Risk-free interest rates
The formula below determines the price of a Call:
Where:
C = Call price
S = Spot price
t = Time until maturity
K = Strike price
r = Risk-free rate
N = Standard normal distribution
e = Exponential return
s = Standard deviation
ln = Natural log
Implementing this formula enables to price Call and Put options on many underlying. Even if this model does not take into consideration the dividend effect and volatility smile, it remains the standard to price options in the financial market.
Furthermore, Black and Scholes model enables to determine the relative option Greeks (delta, gamma, rho and theta). VOLTYLAB uses these parameters to track secondary market of Structured Products.
Implied volatility is one of the parameters used in Black and Scholes model. It can be considered as the market expectation of the volatility in the future and is an output from the market. Then, implied volatility can be deducted from Black and Scholes using the AT-The-Money options trading on the market. Furthermore, it is often opposed to historical volatility which is the standard deviation observed in the spot price given a period. As past performances are not reliable indicators, the implied volatility shows the potential variation of a stock in the coming period. The higher the implied volatility is, the higher price movements are expected.
Hence, from the data observed on the market, we are able to evaluate the volatility levels of underlying and understand the impact on the specific investment solution.
Where:
