2.4. CCCHNGKHONPHISINH 37Phngchngri ro.Vdnuaislgichngkhonmnhanggicthbgimmnh,thcthmuaPut(quynchnbn)phngsstgim,vPutchophpbnlichngkhonvigicnhttrc.MuaPutchochngkhonanggilhnhthclmbohimchochngkhon,vgicaPutlgiphitrchosbohimny.Thmthunhp.VdgicphiucaBACvothiim28/01/2011l13.59$.Mtngigi100cphiuBACcthbn1nvCallBAC(ngvi 100cphiu)loigithchin=15vhthnvo15/04/2011i,c33$(chatrphgiaodch)thmvothunhp. Nunhncui ngy15/04/2011mgicaBACdi 15$, thngi ngyvnginguyn100cphiuBACcamnh, vchngkhngch33$tvicbnCall.NunhgicphiuBACvocuingy15/04/2011lntrn15$,thnginybtbucphibni100cphiucamnhvigi15$,vciCallmngi bn. Nhng trong trng hp ny th cng c li ng k so vi trc, bi v lc trcgiBACchc13.59$msaubnivigi15$,cngthmvitinthuctbnCall,tcltngngvivicbncBACvigi15.33$trongtrnghpthhainy.nbyuc. V d, cmtngi khconrnggicaBACvocui ngy15/04/2011s l17$. Numuacphiuvi gi13.59$vi nlc th s li17$ 13.59$ = 3.41$,tcllikhong25%trnstinvnbra.NhngnumuaCallpha trn vi gi 0.33$ trn u 1 c phiu, th ci Call n ngy 15/04/2011 s c gitrthnh17$-15$=2$trnu1cphiu,tcllitrn500%nulmuaCall,thayv ch li 25% nu l mua c phiu. y chnh l tnh cht n by ca quyn chn: cngmtlngtinbra,thdngquynchncthiukhin cmtlngcphiunhiugpmylnsovinumuacphiu.Ttnhin,nbycngcaothmcrirocngcao,cngdbmthttinkhigptnhhungkhngthunli.2.4.3 HpnghoniMt hp ng hon i (swap) l mt hp ng i mt chng khon hay ti sn no ly mt chng khon hay ti sn khc. Mt v d ph bin l swaplisut (interestrateswap):mtchngkhonnvilisutcnh(fixedrate)cthcilymtchngkhonnvilisutthayi(variableratecnhnghpngn,mmclisut ca n thay i theo mc li sut tham chiu ca ngn hng trung ng, hay l thayitheotllmpht,v.v.).