FX options trading conditions
Saxo’s FX Vanilla option offering provides the possibility to both buy and sell European style options, giving clients the opportunity to express a directional view in two different ways. FX options not only enable clients to express a directional trading view but also offer more alternatives in relation to controlling risk, in addition to a traditional stop loss order.
The holder of an option (long) pays a premium for the right to exercise the option at a profit, or let the option expire with no further obligation. The writer of an option (short) receives the premium and assumes the possible liability of having to pay the difference between the strike price and market price at maturity.
The pricing model Saxo applies for FX Vanilla options is based on the Black-Scholes model. The price is calculated in pip terms of the 2nd currency. Pricing is available for options with maturities from 1 day to 12 months, providing you with maximum flexibility to implement your trading strategies and market views.
可供交易44组货币对，包括白银和黄金。
看涨期权（按指定行权价买入某组货币对的期权），和看跌期权（按指定行权价卖出某组货币对的期权）。
电子报价最大金额为2500万个基础货币单位，最小交易规模为1万个单位。名义金额超过电子报价最大金额时，可以询价（RFQ）交易。
注：市场不稳定或流动性较低时，电子报价最大金额可能在未经事先通知的情况下而更改。
期权板上提供的有效期是标准化的时间，期限从1天到6个月。您的交易平台上的期权交易订单提供短期和长期有效期，例如，短至1天，长至1年。
按照第二货币的点数计算。购买期权时，最大的损失是支付的权利金，但卖出期权时，卖方获得权利金并承担无限的风险和损失。
欧式期权（期权只能在到期日当天行权，即只能在预定的时间行权）。
在盛宝的平台上期权将自动到期，无需人工操作。如果期权是实值期权，那会按照预定好的行权方式自动行权（下文将详述），否则期权将自动于美东时间（纽约时间）到期日的10:00到期作废。
下单时您可以选择到期时是实值期权的行权方式。期权后可转换为现货头寸或现金结算。现金结算方法适用于多头和空头头寸，并将以该货币对当时的中间价结算，即使在市场动荡时也适用。行权方式在到期前一小时之前都可以修改。
保证金要求每个货币对，根据到期日与外汇即期分级保证金挂钩。点击此处，详细了解保证金。
不提供订单执行，交易只通过实时报价进行。
Small trade sizes incur a minimum ticket fee of 10 USD. A small trade size is any trade below the commission threshold which for most currency pairs is 50,000 units of base currency, however variations occur.
Saxo’s FX Touch option offering provides the possibility to both buy and sell One Touch and No Touch options, giving clients the opportunity to express a directional view in two different ways.
The holder of an option (long) pays a premium and possibly receives a payout. The writer of an option (short) receives the premium and possibly has to pay the payout. The pricing model that Saxo uses is similar to the one applied to Vanilla options (based on Black-Scholes model), with the price being expressed as a percentage of the potential payout. Spreads may vary depending on the life of the option and the currency pair.
欧元/美元，英镑/美元，欧元/英镑，美元/日元，欧元/日元和澳元/美元。
这涉及到潜在支出，电子报价最大金额为2500万个基本货币单位，最小交易规模为1万个单位。名义金额超过电子报价最大金额时，可以询价（RFQ）交易。
注：市场不稳定或流动性较低时，电子报价最大金额可能会未经事先通知而更改。
期权板上提供的有效期是标准化的时间，期限从1天到6个月。您的交易平台上的期权交易订单提供短期和长期有效期，例如，短至1天，长至1年。
The maximum streaming amount is 25,000 units of base currency, with a minimum ticket size of 100 units. Notional amounts above the maximum streaming amount are available on a Request for Quote (RFQ) basis. Tradable tenors from 1 day to 12 months.
The price of a Touch option is called the Premium and is expressed as a percentage of the potential payout. For instance, for a notional size of 1,000 and a price of 10%, the Premium will be 100 units of base currency and the Payout will be 1,000 units of base currency. For long positions you pay the premium and for short positions you receive the premium.
Example:
- You are looking for a potential payout of EUR 1,000 if EURUSD touches 1.1500 within two weeks. The premium of the One Touch option is 20%.
- You pay EUR 200 (EUR 1,000 x 20%) for the option.
- If the EURUSD spot price touches 1.1500 before it expires you receive the pay-out of EUR 1,000 (net profit of EUR 800).
- If it doesn't reach the trigger level of 1.1500 your loss on the trade is the initial premium you paid for the option (EUR 200).
At Saxo Bank FX Touch options can be either bought or sold.
| Trading Long (buying) | When buying an option, you have to pay the full Premium in cash. The Premium is subtracted from the Cash Balance (initially shown as 'Transactions not booked'. At the end of the day it is subtracted from the Cash Balance). The current value (positive) of the bought position is displayed in 'Non-margin positions' and subtracted from 'Not available as margin collateral'. Thus, you cannot use the value of Touch options for margin collateral. | |
| Trading Short (selling) | When selling (writing) an option, you need to have the cash sufficient for the potential payout in the event of an exercise (One Touch) or expiry (No Touch). The Premium is added to the Cash Balance (initially shown as 'Transactions not booked'. At the end of the day it is added to the Cash balance). The current value (negative) of the sold position is displayed in 'Non-margin positions'. In order to reserve the full potential payout the difference between the current value and the potential payout is subtracted from 'Not available as margin collateral'. Hence, your full potential loss from the option payout is thus not available for margin collateral. |
交易执行价高于或低于当前现货价格，每次以50个点值进行递增。
与外汇标准期权不同的是，触式期权在到期日前只要达到触发水平，即可行权。如果未能触发，则到期不触即付期权会产生支付，而触式期权将到期作废。
如果货币对的现货中间价达到触发水平，则可视为触发。
系统有防止错误交易的保障措施。每组货币对的可交易值已设置。目的是在触发（或尚未触发）达到的概率太接近100%时限制您的交易。这样做是为了以防客户操作失误而带来损失，例如买进100%一触即付期权100%支付，卖出0%的到期不触即付期权。
当前参数是：
| 货币对 | 交易价值 | 货币对 | 交易价值 |
| 欧元/英镑 | 0.25% | 英镑/美元 | 0.15% |
| 欧元/日元 | 0.20% | 美元/日元 | 0.25% |
| 欧元/美元 | 0.15% | 澳元/美元 | 0.20% |
请注意，若可交易值变更，恕不另行通知。
当然，无论触发价多么接近当前现货水平，都不会限制您平仓。接近到期日时，平仓价格仅只能通过询价实现。
示例：
您想买3个月到期的触式期权，触发（或执行价）价较市场价差10点。在这种情况下，权益金是100%（或接近），盛宝银行会自动拒绝这单交易。
若触式期权在到期日前被触发，会自动产生支付。否则（如果尚未触及执行价），该期权将自动于美东时间（纽约时间）10:00过期作废。如果到期不触即付期权在到期前被触发（触及执行价），那该期权作废；但如果没有在到期前触发，则将自动产生支付。
触式期权头寸产生支付时，是用现金自动结算。支付是基础货币面值的100%。如果该期权到期而不行权，那么支付是0%。对于触式期权，即一旦达到触发水平则行权。对于到期不触即付期权，未达到触发水平直到到期才行权。
虽然平仓的触式期权的盈利/亏损（如在期权行权或到期前买卖）将可用来交易其他保证金产品，但是到期日（EOD）才执行最终结算，类似于标准期权的结算方式。
不适用于外汇期权保证金计算方法。
不提供订单执行，交易只通过实时报价进行。
类型、到期时间和偿付金额相同的触式期权可以进行轧差，除此之外不允许其它形式的轧差。
节假日概览
节假日期间，世界各地的市场和交易所在某些时段休市。即将推行的节假日营业时间表将在下方公布.