ВїCorresponde incluir las opciones de acciones en el c Г lculo de las indemnizaciones?
Juli & aacute; de Diego explica c & oacute; mo funciona el sistema que es usado por varias firmas como mecanismo de alineaci & oacute; n, retenci & oacute; n, motivaci & oacute; n y desarrollo personal
Por Julián A. de Diego - Profesor Titular Ordinario de Derecho del Trabajo de las carreras de grado y de posgrado de la U. C.A.
Las 'stock options' opciones de compra de acciones, derechos de accionariado o acciones virtuales, un precio bajo de la marca (por debajo de la cotizació & oacute; n del d & iacute; a de la compra) , Con derecho a venderlas despu & eacute; s de transcurrido un plazo de espera obligatorio, que suele ser de un m & iacute; nimo de dos a & ntilde; os.
Disfruta de este instituto. El primer se refiere a es un subsistema del derecho comercial, ajeno al marco de las relaciones laborales, y forma parte de las prescripciones comprendidas en el derecho del trabajo.
La Corte Suprema, en un caso emblema & aacute; tico estableci & oacute; Que la justicia laboral era la competente para analizar los conflictos en este tema.
En efecto, se dispuso: 'Es competente la justicia del trabajo para entender en la controversia suscitada con el motivo del plan de opciones accionarias y premios - stock options y awards-, si en el convenio que suscribieron las partes - que dispone de la aplicabilidad de la La ley de un estado extranjero, el acuario y el lema se relacionan con la subsistencia de la relación y las relaciones laborales. 20 y 21 de la ley 18.345 (Adla, LVIII-A, 194-a-) - (del voto en disidencia del médico Boggiano) »(Corte Suprema de Justicia de la Nación 30/05/2001, Martorana, Ricardo O. c. Corporación Internacional de Máquinas de Negocios IBM y otros, LA LEY 2001-F, 1021 - Cita Fallos Corte: 324: 1761. Cita Online: AR / JUR / 185/2001).
En definitiva, la justicia laboral ha elaborado una serie de pautas, algunas contradictorias, sobre las vicisitudes de esta prestación y la gestión de la ganancia. Establecer el monto de super & aacute; vit logrado por el trabajador entre el precio de la compra y el precio de venta.
En rigor, es frecuente que una empresa incurra en importantes contradicciones, al financiar contratos con los mecanismos propios de un incentivo para ejecutivos como las opciones de acciones.
Analicemos lo resuelto en un caso en el que las opciones de compra de acciones fueron excluidas del c & aacute; lculo indemnizatorio, a pesar de tratarse de una contratación & oacute; n en condiciones de & oacute; malas.
En efecto, la Sala IV del fuero laboral dijo: 'Es improcedente incluir en la base del c & aacute; lculo de la indemnizaci & oacute; n por antig & uuml; edad a los rubros bonus y stock options si la periodicidad de su pago es superior al mes, pues La condici & oacute; n de remuneraci & oacute; n mensual exigida por el arte. 245 de la Ley de Contrato de Trabajo (DT, t. 1976-238) s & oacute; lo comprende los rubros salariales pagaderos mensualmente o por per & iacute; odos inferiores. Es necesario que se ponga en marcha el proceso de reducción y de la morigeración y la aplicación de la sanción y la planificación en el arte. 2 de la Ley 25.323 (DT, 2000-B, 2017) cuando no existido dudas acerca de la ilegitimidad del despido. Es improcedente la indemnización y la práctica en el arte. 178 de la Ley de Contrato de Trabajo (DT, 1976), si no se acreditan & oacute; La supuesta notoriedad o la evidencia del estado de embarazo, y la que la demanda fue promovida a un & ntilde; o despu & eacute; s del despido, tampoco se adjunt & oacute; Certificado de nacimiento ".
Y continúa: 'A partir del dictado de la Ley 25.972 (Adla, LXV-A, 41), el incremento indemnizatorio previsto en el arte. 16 de la Ley 25.561 (DT, 2002-A, 314) para los efectos de la justificación, debe calcularse exclusivamente sobre la indemnización y la antigüedad. Debe considerarse que entre las partes medi & oacute; Una relació n laboral y no un contrato de beca, si el reclamante estaba sujeto a las facultades de direcci ón y oacute; y las disciplinas del demandado y no se ha aportado prueba tendiente a acreditar que se le proporcion & oacute; Formaci & oacute; rica, m & aacute; xime si se tiene en cuenta que contaba con titulo universitario y experiencia laboral previa con una contraprestaci & oacute; n que distaba mucho de ser exigua '.
'Resulta injustificado - prosigue el fallo el despido dispuesto a un dependiente por reputar la negativa a negar la aceptación del contrato de trabajo en el trabajo y los rminos del arte. 229 de la Ley 20.744 (DT, t. o. 1976-238), para que el trabajador pueda negarse a aceptar la cesación y la incumplimiento de sus obligaciones. A los efectos de realizar el c & aacute; lculo de las indemnizaciones previstas en las artes. 156, 232 y 233 de la Ley de Contrato de Trabajo (DT, 1976-238) debe aplicarse al principio de la normalidad y no a la intolerancia al agente en situació n; Cercana posible a aqu & eacute; lla en la llanura de la rescisi & acutes; Conforme a la doctrina sentada por la Suprema Corte de Justicia de la Nación, la Ley Vizzoti, La Ley, 04/10 / 2004-, se aplican la base salarial prevista en los p & aacute; rrafos segundo y tercero del art. 245 de la Ley de Contrato de Trabajo (DT, t. 1976-238), tomando el 67% de la mejor remuneración & oacute; n mensual, normal y habitual computable que haya percibido el trabajador. (C & aacute; mara Nacional de Apelaciones del Trabajo, sala IV; 19/12/2007, 'Serra, Natalia, Peoplesolf Argentina SA y otro', La Ley Online; Cita Online: AR / JUR / 11511/2007; Ver Tambi & eacute; N: C & aacute; mara Nacional de Apelaciones del Trabajo, sala I, 05/07/2004, 'Medina, Pablo M. c. Envagraf SA Ex Comital Convert SA', DJ, 10/11/2004, 822; De Apelaciones del Trabajo, sala IX, 29/03/1999, 'Balotta, Domingo c. Or., Administradores de Fondos de Jubilaciones y Pensiones', DT, 1999-B, 2292, Ver Tambi eacute; Apelaciones del Trabajo, sala IV, Martín García, Mariela Lourdes c. HB Fuller Argentina SA ', 23/08/2007: IMP, 2007-21, 2015, CNTrab. Sala VI, 2007/11/29, 'Naxar SA c. Picotti, Rubio & Eduardo', La Ley Online).
Curiosamente, en el caso 'Avery Dennison' la Sala VIII consideran & oacute; A la renta de las opciones de compra de acciones como una oportunidad de obtener una ganancia ', al expresar:' La posibilidad de participar en el plan accionista - stock options - de una sociedad matriz o de una sociedad de un mismo grupo econ & oacute; mico, que Brinda la empleadora del trabajador, en la medida que significa la posibilidad de obtener una ganancia financiera, se exhibe como una ventaja patrimonial que est & aacute; Ligada al contrato de trabajo y que encuadrar & aacute; a en la amplia conceptuaci & oacute; n del arte & iacute; culo 113 de la Ley 20.744 (DT, to 1976-238), el que si bien lleva como t & iacute; tulo la voz 'propinas', orbita M & aacute; s todo & aacute; De & eacute; stas, pues es apta para alcanzar cualquier otra oportunidad de ganancia habitual y no prohibida '.
'Aun sosteniendo que la posibilidad de participar en el plan accionario de una sociedad - stock options - es un beneficio remuneratorio, dicho rubro no podr & iacute; a computarse a los fines de la indemnizaci & oacute; n por antig & uuml; edad - art. 245 de la Ley de Contrato de Trabajo, porque en vista de c & oacute; Ausente la mensualidad que exige tal preceptiva ', sostiene el fallo.
Y continúa el proceso de la prima anual pagado al director ejecutivo financiero de la demanda en la base del c & aacute; lculo de la indemnizaci & oacute; n por el despido, pues su la frecuencia anual para excluye la base de c & aacute Lculo que se refiere inequidad y vocabulario a asignaciones de frecuencia mensual. Debe considerarse contraprestaci & oacute; n salarial en los t & eacute; rminos de los art & iacute; culos 103 y 105 de la Ley de Contrato de Trabajo, la provisi & oacute; n del veh & iacute; culo y los gastos del tel & aacute; Estilo de vida del actor, quien ocupaba un alto cargo ejecutivo, y como & iacute; Evit & oacute; Un gasto que también se hizo. Es improcedente incluir los gastos de automoción y de telefonía móvil, una base de datos de celulares y una lista de todos los elementos que están asignados al cumplimiento de las funciones propias del actor, , Y las asociaciones y los vínculos relacionados con las empresas ( «del voto en disidencia parcial del médico Morando»). (C & aacute; mara Nacional de Apelaciones del Trabajo, Sala VIII, 10/06/2008, D & Aacute; Valdez, Carlos Mar & 11/2008, 6, LA LEY 2008-F, 403, Cita Online: AR / JUR / 4505 / 2008. Ver Tambià © n: C & aacute; mara Nacional de Apelaciones del Trabajo, sala IV, 19/12/2007, , Natalia, Peoplesolf Argentina SA y otro ', La Ley Online).
A su vez, la Sala V puntualiz & oacute; Que no es procedente computar las opciones de acciones a ning & uacute; n efecto cuando las mismas no eran liquidadas. 'Es improcedente el reclamo de un trabajador por las opciones de acciones no liquidadas, toda vez que dicha opci & oacute; n de compra no pod & iacute; a ejercerse antes de los tres a & ntilde; os de la incorporaci & oacute; n plan - per iacute; odo de maduraci & oacute; n De acciones y el actor dej & oacute; De ser empleado de la demanda antes de ese plazo, por lo que su derecho de opci & oacute; n qued & oacute; En expectativa, ello sin perjuicio que la desvinculación & oacute; n obedeci & oacute; A la exclusiva voluntad unilateral del demandado. (C & aacute; mara Nacional de Apelaciones del Trabajo, sala V, 26/11/2008, 'Feuillassier, Enrique Luis c. HSBC Nueva York Vida Seguros de Retiro Argentina SA y otros', DT 2010. Jos & eacute, E. Tribuzio y Cita Online: AR / JUR / 30239/2008).
La Sala X puntualiz & oacute; Que los beneficios de los derechos de los derechos de los accionarios no pueden verse perjudicados por el despido incausado por el empleador, lo que corresponde a su reclamo por esos rubros: 'Es el procedimiento de reclamación de un trabajador en concepto de' stock options ' Pues el hecho de que no haya continuado trabajo para la demanda durante el trabajo, odo exigido para hacerse acreedor de la opci & oacute; n de compra de acciones no responde a una conducta endilgable a & eacute; l porque fue despedido sin causa y por ende la empleadora No puede verse beneficiado por el supuesto incumplimiento del requisito de permanencia en la sociedad cuando dicho incumplimiento se debi & oacute; Exclusivamente a su actuar, aun cuando no haya tenido como acabado el inmediato eludir la obligación & oacute; n '. (C & aacute; mara Nacional de Apelaciones del Trabajo, sala X, 16/08/2005, 'Copolechio, Daniel J. c. Elvetium SA', LA LEY 28/11/2005, 28/11/2005, 9 - LA LEY 2005 En el caso de Alejandro González y Rossi, y en el caso de Alejandro González, 2005, Consultor Ver relaciones a consultor: Remuneraci & oacute; n Marco general - De Diego, Juli & aacute; n A.).
La Justicia tambi & eacute; n recaz & oacute; Las opciones de stock cuando las mismas fueren un derecho en expectativa y no hay una propiedad y capitalización en la ganancia por la falta de realización y oacute; n: 'Es improcedente incluir a las llamados stock options - sistema de incentivos por El cual se otorga al dependiente una opci & oacute; n para adquirir una cantidad determinada de acciones a menor precio de la cotizaci & oacute; n de mercado y posteriormente, una liquidarlas al precio de mercado en ese momento en la base de c & aacute; lculo de la indemnizaci & oacute; ; N por antig & uuml; edad en tanto que el trabajador contaba con una simple expectativa pues no acredit & oacute; Haber ejercido o efectivizado su derecho de opci & oacute; n '. (C & aacute; mara Nacional de Apelaciones del Trabajo, Sala I, 28/06/2010, 'Alonso, Jos & eacute; Manuel c. Skanska SA', DT 2010 (octubre) 2647, nota de Liliana H. Litterio, AR / JUR / 32257/2010).
Tambi & eacute; n resulta improcedente el reclamo por las opciones de acciones cuando el despido respondi & oacute; En forma injustificada a la decisi & oacute; n del trabajador. 'Es improcedente el reclamo de un trabajador en el concepto de' stock options ', pues el hecho de que no haya continuado el trabajo para la demanda en el momento de la exigencia para el hacerse acreedor de la opci & oacute; Endilgable a & eacute; l, desde que la ruptura del v & iacute; nulo se debi & oacute; A una decisión de su parte que roto & oacute; Injustificada la situaci & oacute; n de despido indirecto en que se coloc & oacute ;. Para que se configure la injuria determinante del despido indirecto - en el caso, se aleg & oacute; Una sucesión y un comportamiento de los agravantes, insultantes y injuriantes que hablan, un sucedido durante el trabajo, un tiempo de trabajo y un empleo laboral requiere la existencia de una intimación y un empleo; ; Un en caso de mantener en su actitud e incumplir con sus obligaciones, pues se trata de una carga de denunciante fundada en los principios de buena fe y continuidad, La intimaci & oacute; n referencia '.
Es como & iacute; Que en este caso la justicia estima & oacute; Que 'corresponde confirmar el decisorio que rechaz & oacute; Extender la responsabilidad en los trenes y los rminos del arte. 31 de la LCT (DT, t. 1976-238) a la empresa codemandada, integrante del grupo econ & oacute; mico de la empleadora accionada, dado que no se encuentra acreditado que entre ellos ha mediado maniobras fraudulentas o conductos & oacute; En los casos de cesi & oacute; n de personal, cedente y cesionario resultan solidariamente responsables por las deudas hasta el momento en que se realiza la cesi & oacute; n, pero el cesionario es el & uacute; nico responsable por las nacidas con posterioridad. La intimaci oacute n a la entrega de los certificados de aportes y servicios en forma contempor & aacute; a, con el despido, torna improcedente la indemnizaci & oacute; n dispuesta por el art. 80 de la Ley de Contrato de Trabajo 20.744 (DT, t. 1976-238) y su decreto reglamentario 146/2001 ». (DT, 2001-A, 842) (C & aacute; mara Nacional de Apelaciones del Trabajo, Sala X, 16/05/2007; Uhart, Mariana M. c. M & aacute; xima SAAFJP; Cita en línea: AR / JUR / 2270/2007).
En definitiva, el sistema operativo dentro del derecho comercial. Y generalmente con aplicaci & oacute; n del derecho especial del pa & iacute; s de emisi & oacute; n de las opciones de acciones.
En cambio, puede tener un tratamiento salarial y el ingreso que configura ganancia. Al momento de percibirlo, cuando el mismo es la diferencia entre el precio de la compra y el de venta.
Es una prestaci & n variable, ocasional, incidental, y hasta no devengada, no peri & oacute; dica, y no revisar la condici & oacute; n de habitual, ni de mensual ni de habitual.
Por ende, no es calculable a los fines de la indemnización y de la antigüedad. Pero s & iacute; Lo es a los fines de todas las licencias y bases de c & aacute; lculo que operan con las prescripciones salariales de todo tipo en base a promedios y ponderaciones.
Tratamiento fiscal de las acciones y entrega de acciones como retribución
07/11/2008 11:32 | Actualizado a 18/12/2008 09:22
En estos días en que estamos asistiendo a operaciones de reestructuración en las que importa, y mucho, retener el talento para trabajar con esfuerzo en la recuperación de los negocios, no parece recordar la fiscalidad de las acciones opciones y entrega de acciones a trabajadores.
Efectivamente, la entrega de forma gratuita o por el precio inferior de un mercado de acciones, o bien la entrega de opciones de acciones, las fórmulas complementarias utilizadas en la retribución de los trabajadores & # 150; especialmente en el Ámbito de cargas directivas, que se utilizan con frecuencia en determinadas empresas.
En el caso de las opciones de compra de acciones que se conceden a los trabajadores, bien por todo bien un cambio de precio, los derechos de opción de compra sobre las acciones de la empresa propia, los ejercitables transcurrido tiempo desde su concesión de forma que pueden ganar Un precio único determinado que generalmente es el de su cotización en el momento que se otorga la opción.
En ese momento un rendimiento sujeto a tributación en IRPF en la base imponible general & # 150; un tipo progresivo, que se cuantifica por la diferencia entre el valor de las acciones cuando se ejerce la opción y la cantidad satisfecha por el beneficiario de las Mismas Este rendimiento es calificado como un rendimiento del trabajo en especie.
Irregular cuando las opciones sólo pueden ejercitarse transcurridos más de dos años desde su concesión, además no se conceden anualmente. En tales casos, el rendimiento se ha reducido del 40% establecido para los rendimientos irregulares.
Ejercitar la opción, con independencia también de si luego estas se venden de inmediato, en el caso de que no existe la ganancia de ganancia para su tributación, o esta será mínimo.
Con el límite de 12.000 € anuales
- Que las acciones o las participaciones sean de la propia sociedad que las entregas, ya sea la dominante u otra compañía del grupo cuando, en este último caso, se cumplan los requisitos establecidos en la norma aplicable.
General de la empresa (no admitiendo por tanto ni arbitrariedad ni discrecionalidad en el ofrecimiento). A estos efectos, la generalidad puede ser entendida, aunque las acciones sean de una sola categoría.
- Que el trabajador, conjuntamente con familiares, no obtenga una participación superior al 5% en la compañía.
- Que los títulos se mantengan por el empleado durante un plazo mínimo de 3 años.
En consecuencia, si el valor de las acciones entregadas excede este límite de 12.000, el trabajador solo debe tributar en su IRPF por exceso dicho, bien como renta regular, bien como irregular, según el caso.
Por último, reseñar que estas retribuciones en especie son sometidas a ingreso a cuenta, que debe realizar la sociedad pagadora sobre el importe que excede el límite de los 12.000 & # 128; Al que hemos hecho referencia.
Ch 15-Opciones Mercados Fin del capítulo Preguntas
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Dijimos que las opciones pueden utilizarse para ampliar o reducir el riesgo general de la cartera. ¿Cuáles son algunos ejemplos de estrategias de aumento de riesgos y de reducción de riesgos? Explique cada uno.
Las opciones ofrecen numerosas oportunidades para modificar el perfil de riesgo de una cartera. El ejemplo más simple de una estrategia de opciones que aumenta el riesgo es invertir en una opción de & # 039; En las opciones de dinero (como se ilustra en el texto). El apalancamiento proporcionado por las opciones hace esta estrategia muy arriesgada, y potencialmente muy rentable. Un ejemplo de una estrategia de opciones de reducción de riesgos es una estrategia de protección. En este caso, el inversor compra un puesto en una acción o cartera existente, con el precio de ejercicio de la put cerca o algo menos que el valor de mercado del activo subyacente. Esta estrategia protege el valor de la cartera porque el valor mínimo de la estrategia stock-plus-put es el precio de ejercicio del put.
¿Por qué crees que las opciones más negociadas tienden a ser las que están cerca del dinero?
Las opciones en el dinero tienen la prima de tiempo más alta y por lo tanto el mayor potencial de ganancia. Puesto que la ganancia potencial más alta está en el dinero, la conclusión lógica es que tendrán el volumen más alto. Una frase común utilizada por los comerciantes es "evitar los golpes y las profundidades". Las opciones baratas son aquellas con muy poca prima del tiempo. Opciones profundas son las que están fuera de la forma o en el dinero. Ninguno de estos proporciona oportunidades de beneficios.
Precio de Acciones Subyacente de IBM 96.14 Vencimiento de la Oferta de Huelga de Vencimiento Último Interés Abierto Julio 95 9,8 141 4628 Puesto 95 Último Volumen Interés Abierto 9 81 620
Utilice los datos de la figura para calcular el pago y los beneficios de las inversiones en cada una de las siguientes opciones de vencimiento de julio, suponiendo que el precio de la acción en la fecha de vencimiento es de $ 95. a. Opción de llamada, X = 90 b. Ponga la opción, X = 90 c. Opción de llamada, X = 95 d. Opción de venta, X = 95 e. Opción de llamada, X = 100 f. Opción de venta, X = 100
Costo Rentabilidad Ganancia Opción de compra, X = 90 13.44 5.00 -8.44 Opción de venta, X = 90 7.03 0.00 -7.03 Opción de compra, X = 95 9.80 0.00 -9.80 Opción de venta, X = 95 9.00 0.00 -9.00 Opción de compra, X = 100 7.35 0,00 -7,35 Opción de venta, X = 100 11,66 5,00 -6,66
Un inversionista compra una llamada a un precio de $ 4.50 con un precio de ejercicio de $ 40. ¿A qué precio de las acciones el inversor se romperá incluso en la compra de la llamada?
Ruptura = 40 + 4,50 = 45,50
El siguiente diagrama muestra el valor de una opción de venta al vencimiento: consulte el diagrama de la pregunta 8 en la p. 500 Ignorando los costos de transacción, ¿cuál de las siguientes afirmaciones sobre el valor de la opción de venta al vencimiento es verdadera? a. El valor de la posición corta en el put es de $ 4 si el precio de la acción es $ 76. segundo. El valor de la posición larga en el put es - $ 4 si el precio de la acción es $ 76. do. El put largo tiene valor cuando el precio de las acciones está por debajo del precio de ejercicio de $ 80. re. El valor de la posición corta en el put es cero para los precios de las acciones que son iguales o superiores a $ 76.
C es la única afirmación correcta.
Supongamos que piensa que el stock de Wal-Mart va a apreciar sustancialmente en valor en el próximo año. Digamos que el precio actual de la acción, S0, es de $ 100, y la opción de compra que expira en un año tiene un precio de ejercicio, X, de $ 100 y está vendiendo a un precio, C, de $ 10. Con $ 10.000 para invertir, usted está considerando tres alternativas: a. Invertir todos los $ 10.000 en la acción, la compra de 100 acciones. segundo. Invierta todos los $ 10,000 en 1,000 opciones (10 contratos). do. Compre 100 opciones (un contrato) por $ 1,000 e invierta los $ 9,000 restantes en un fondo del mercado monetario pagando un 4% de interés anualmente. ¿Cuál es su tasa de rendimiento para cada alternativa para cuatro precios de las acciones en un año a partir de ahora? Resumir los resultados en la tabla y el diagrama a continuación: Precio de la acción Seis Meses Desde Ahora Precio de la acción: $ 80 $ 100 $ 110 $ 120 Todas las acciones (100 acciones) Todas las opciones (1,000 acciones)
10. En términos de devoluciones en dólares:
Precio de la acción Seis Meses Desde Ahora Precio de la acción: $ 80 $ 100 $ 110 $ 120 Todas las acciones (100 acciones) 8,000 10,000 11,000 12,000 Todas las opciones (1,000 acciones) 0 0 10,000 20,000 Facturas + 100 opciones 9,360 9,360 10,360 11,360 En términos de tasa de rendimiento, (100 acciones) -20% 0% 10% 20% Todas las opciones (1,000 acciones) -100% -100% 0% 100% -100% Cuentas + 100 opciones -6,4% -6,4% 3,6% 13,6%
Permita el acceso al micrófono de su computadora para usar la grabación de voz.
División de acciones inversa
Término o frase en inglés: reverse stock division
AJUSTES. En caso de que el Comité determine que cualquier dividendo u otra distribución (ya sea en forma de efectivo, Acciones, otros valores u otros bienes), recapitalización, división de acciones, distribución de acciones inversas, reorganización, fusión, consolidación, , Escisión, combinación, recompra o canje de Acciones u otros valores de la Sociedad, emisión de warrants u otros derechos para comprar Acciones u otros valores de la Sociedad u otra transacción o evento social similar afecta a las Acciones de tal manera que un ajuste Si el Comité lo considera apropiado para evitar la dilución o la ampliación de los beneficios o beneficios potenciales que se pretenden poner a disposición con arreglo al Plan, el Comité, en la forma que considere equitativa, ajustará cualquiera o todos los elementos siguientes:
Actividad en KudoZ Preguntas: 1420 (5 abiertas) (8 sin respuestas válidas) (23 closed without grading) Respuestas: 127
Explicación: Split inverso: Reducción del número de acciones en circulación de una emisora, sin variar la cantidad de su capital social. El dividir inverso aumenta el valor nominal de este documento no expresado, el valor teórico de la totalidad de las acciones en circulación. (Bolsa Mexicana de Valores)
SPLIT INVERSO: Es la consolidación de las acciones que resulta de un incremento de su valor nominal. En este caso el accionista recibe menos acciones, pero éstas suben automáticamente su valor. Http://www. superintendenciadevalores. gov. co/GuiasInformativa.
Desdoblamiento inverso de acciones (agrupación de acciones)
Normas Internacionales de Contabilidad nº33 (NIC33)
Concentración (reverse split) de las acciones
Marybro Local time: 15:40 Trabaja en este campo Idioma materno: Inglés Pts. PRO en la categoría: 30
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Los beneficios de los empleados son una parte importante del paquete de compensación total de cada empleado. El paisaje en continua evolución en las áreas de reforma de la atención de la salud, diseño de planes de jubilación y compensación de ejecutivos hace que sea difícil para los profesionales de los beneficios de los empleados para mantenerse al día con los desarrollos pertinentes. Los abogados de beneficios para empleados de Stinson Leonard Street proveen a profesionales de recursos humanos, fiduciarios de planes, actuarios, contadores y otros en la industria con asistencia práctica y rentable a medida que navegan a través de las complejas leyes, regulaciones y orientación que gobiernan los planes de beneficios para empleados. Este blog destaca desarrollos clave en el campo de beneficios para empleados y artículos de interés para nuestros clientes. Nuestros Bloggers & rarr;
Beneficios Notas Post
Mi colega Jeff Cairns escribió un blog acerca de un reciente caso judicial confirmando la posición del IRS de que las opciones sobre acciones descontadas pueden ser consideradas acuerdos de remuneración diferida no calificados no cumplidos según la Sección 409A del Código de Rentas Internas. A menos que esté estructurado para ser ejercido sólo en una fecha fija o un evento 409A admisible, las opciones de acciones descontadas resultarán en consecuencias fiscales adversas para el empleado que recibe las opciones. Como señaló Jeff en su blog, las compañías privadas tendrían que utilizar los métodos de valoración seguros disponibles bajo las regulaciones 409A para evitar ser vistos como emitiendo opciones con descuento.
También encontré el caso interesante debido a los períodos de tiempo involucrados y el papel de los contribuyentes en la emisión de acciones. Se trató de acciones realizadas durante el período de transición 409A, período comprendido entre el 1 de enero de 2005, fecha en que entró en vigencia el estatuto, y 1º de enero de 2008, fecha en que entró en vigor el reglamento final. Durante ese período de transición, los empleadores y los empleados tenían un cierto margen de maniobra para arreglar arreglos que no habían violado las leyes fiscales al inicio, pero ahora estaban atrapados por el amplio alcance de la Sección 409A.
Las opciones de compra de acciones en el proceso judicial se habían concedido en 2003 (antes incluso de que se aprobara el artículo 409A) a un precio de ejercicio que se suponía que era igual al valor justo de mercado de la acción y se ejercieron en enero de 2006, Más de un año después de que el estatuto fuera efectivo. La investigación de las prácticas de otorgamiento de acciones corporativas no se inició hasta mayo de 2006, una vez que se hubieran ejercido las opciones. Algún tiempo después, la corporación concluyó que había tasado las opciones y los contribuyentes pagaron una cantidad adicional que representaba el aumento del precio de ejercicio requerido para que el precio de ejercicio de la opción fuera el valor justo de mercado de la acción en la fecha en que se concedió la opción. Aunque los contribuyentes (marido y mujer) eran dos de los tres cofundadores de la corporación y el marido había sido el presidente, director ejecutivo y presidente de la junta directiva de la corporación, fue el comité de compensación ejecutiva de la junta que determinó el stock Opción premios. El comité estaba integrado únicamente por directores independientes y ninguno de los contribuyentes era miembro del comité. Si bien es ciertamente posible que los contribuyentes fueran cómplices en la emisión de opciones que pudieran haber sido descontadas, el proceso no implicó directamente a los contribuyentes en la concesión indebida. Por lo tanto, en esta situación, a pesar de un estatuto relativamente nuevo, y una opción que supuestamente se emitió a su justo valor de mercado, los contribuyentes soportarán la carga si la opción fue concedida indebidamente.
Como Jeff mencionó en su blog, la corte aún no ha determinado si las opciones fueron de hecho descontadas para que los contribuyentes puedan ganar en ese punto. Sin embargo, mientras tanto, el IRS ha ganado una clara victoria de que las opciones con descuento están sujetas a la Sección 409A y los ejecutivos están de aviso que pueden ser los que sufren, incluso si no son los que fijan el precio con descuento para las opciones.
¿Cómo se gravan las opciones cuando el activo subyacente es un contrato de futuros.
Los contratos de futuros en los EE. UU. tienen un tratamiento fiscal favorable conocido como la regla 60/40, donde el 60% de los beneficios se gravan a la tasa de ganancias de capital a largo plazo y el 40% se gravan como ganancias de capital a corto plazo. Incluso en daytrades.
Suponiendo que ninguno se ejerza nunca para el activo subyacente, ¿son las opciones sobre futuros gravados sólo a la tasa de corto plazo? ¿O también disfrutan de los beneficios fiscales de la clase de activo subyacente, o algo más?
Preguntó Apr 25 '14 a las 18:50
Tenga en cuenta que el tratamiento 60/40 ha sido atacado desde hace unos años. No sería chocante ver que se desechó en un eventual acuerdo fiscal, en algún lugar de la línea. A diferencia del interés acumulado, que tiene una base teórica sólida, la base de 60-40 es algo arbitraria. El Libro Verde es cómo las administraciones flotan su lista de deseos para los impuestos, y 60/40 ha sido una víctima anterior del Libro Verde. & Ndash; NL7 Apr 25 '14 at 20:02
@ NL7 que está bien, la designación de la Sección 1256 es la parte más relevante de este & ndash; CQM Abr 25 '14 at 20:40
En primer lugar, la advertencia habitual se aplica: consulte a un profesional de impuestos con experiencia en estos asuntos. Dicho esto, el término que está buscando es un contrato de la Sección 1256. La regla 60/40 se aplica a cualquier contrato que cae bajo esta designación, que incluye
Contratos de futuros regulados
Contratos de divisas
Opciones de capital de distribuidor
Contratos de futuros de valores de distribuidor
Las opciones de futuros (sobre materias primas, índices, etc.) se incluirían en la categoría de "opción de
Cualquier opción listada (definida más adelante) que no sea una opción de capital. Las opciones de Ninguna incluyen opciones de deuda, opciones de futuros sobre materias primas. Opciones de divisas y opciones de índices bursátiles de base amplia. Un índice bursátil de base amplia se basa en el valor de un grupo de acciones o valores diversificados (como el índice Standard and Poor's 500).
Respondió Apr 25 '14 a las 19:37
Tributación de las Opciones de ETF
Existen dos conjuntos de reglas para la tributación de las opciones. Un conjunto, que podría llamarse las reglas regulares, se aplica a las opciones para comprar o vender acciones en una empresa. Se aplican reglas diferentes cuando las opciones califican como contratos de la sección 1256. La Sección 1256 del Código de Rentas Internas ofrece un tratamiento único para estas opciones:
Las ganancias o pérdidas de capital se tratan como 60% a largo plazo y 40% a corto plazo sin tener en cuenta la duración de la opción.
Any positions you hold at the end of the year are marked to market . which means you report gain or loss based on their current value even though you haven’t sold them.
If you use options in your investment strategy, it may be important to know whether options to buy or sell shares in exchange-traded funds, or ETFs, are treated as regular options or section 1256 contracts. The answer: it depends.
Initially, ETFs were formed as corporations. This meant that options on those ETFs were options to buy or sell stock in a company, and would be taxed under the regular rules. More recently, many ETFs have been formed as trusts or partnerships. According to Twenty-First Securities, listed options (but not OTC options) on these ETFs may qualify as section 1256 contracts.
Note that section 1256 treatment is not always to your advantage. In particular, if you plan to hold options more than a year, you may wish to avoid that treatment, by using options on corporate ETFs or using OTC options, so that gain will not be taxed at year-end and treated as 40% short-term.
Referencia
How Are Your ETF Options Taxed? (article on Twenty-First Securities website; includes link to a listing of ETFs classified according to whether options are regular or 1256)
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The Optium TradeFolio™ uses broad-based index options so your tax burden is lower than equity option trades!
Tax Advantages of Broad-based Index Options
Section 1256 Contracts Marked to Market Trading broad-based index options for taxable accounts can have some favorable consequences when paying federal income taxes. The IRS has a provision known as a Section 1256 Contracts Marked to Market. A section 1256 contract is any:
Regulated futures contract,
Foreign currency contract,
Non-equity option,
Dealer equity option, or
Dealer securities futures contract.
Broad-based Index Options The third item in this list, non-equity option, is of interest for trading index options. The IRS defines a non-equity option as "any listed option that is not an equity option." According to the IRS, non-stock options include debt options, commodity futures options, currency options, and broad-based stock index options. A broad-based stock index is based upon the value of a group of diversified stocks or securities (ten or more). Standard and Poor's 500 index is one example of a broad-based stock index.
60/40 Rule Generally, capital gains from stock or stock option investments held less than one year are considered short-term and those held longer than one year are considered long-term. However, according to the IRS, under the marked to market system, 60% of a capital gain or loss may be treated as a long-term capital gain or loss and 40% may be treated as a short-term capital gain or loss, even if the position was held for less than a year. The ramification of this rule is that capital gains or losses considered to be long-term have lower marginal tax rates than short-term capital gains or losses, and index options on broad-based indexes qualifying under the 60/40 rule have a more favorable tax treatment over options on equities considered short-term investments.
Example For example, for a short-term capital gain with a marginal tax rate of 35%, the marginal taxes on a $1,000 capital gain would be $350 and for a long-term capital gain with a marginal tax rate of 15%, the marginal taxes on $1,000 would be $150. Using the 60/40 rule, 60% of the capital gain, $600, would be taxed at 15% and 40% of the capital gain, $400, would be taxed at 35%, so the taxes paid under the 60/40 rule would be $90 for the portion considered long-term and $140 for the portion considered short-term for a total of $230 which is $120 less than if the total capital gain were considered short-term. The composite marginal tax rate for this example of the 60/40 rule is 23%, 12% less than the 35% rate for short-term capital gains and represents paying 34% less in income taxes.
¿Y qué? PowerOptionsApplied's Optium TradeFolio™ uses only broad-based index options for trading, so for a similar position in an equity trade with the exact same net return, the tax consequences of the PowerOptionsApplied index option trade can result in paying significantly less taxes.
Disclaimer The information provided in this article is for informational purposes only. PowerOptionsApplied, Inc. makes no claims as to the accuracy of the information included in this article and you should consult your tax advisor for more details.
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Make 40% in One Month With This Costco Trade
Make 40% in One Month With This Costco Trade
Two weeks ago, LinkedIn (LNKD) issued poor guidance while at the same time announced higher than expected earnings. Investors clobbered the stock, focusing on the guidance rather than the earnings. At the same time, as is often the case, another company in the same industry, Facebook (FB) was also traded down. With FB falling to $98, I reported to you on a trade that would make 66% after commissions if the company closed at any price above $97.50 on March 18, 2016. FB has now recovered and is well over $104 and this spread looks like it will be a winner. All we have to do is wait out the remaining 4 weeks (no closing trade will be necessary as long as the stock is at any price above $97.50).
Hoy, algo similar ocurrió. Walmart (WMT) announced earnings which narrowly beat estimates, but missed top line revenue by a bit. Sin embargo, proyectaron que las ganancias trimestrales siguientes (comenzando ahora) serían planas. This announcement was a big disappointment because they had earlier projected growth of 3% – 4%. The stock fell 4.5% on that news.
Costco (COST) is also a retailer, and many investors believe that as Walmart goes, so will Costco. They sold COST down on WMT’s news by the same percentage, 4.5%. This how the lemmings do it, time and time again.
Eso parecía ser una reacción excesiva para mí. COST is a much different company than WMT. COST is adding on new stores every month while WMT is in the process of closing 200 stores, for example. WMT has a much greater international exposure than COST, and the strong dollar is hurting them far more.
I expect cooler heads will soon prevail and COST will recover. Today, with COST trading at $147.20, I made a bet that 4 weeks from now, COST will be at least $145. If it is, I will make 40% after commissions on this spread trade. The stock can fall by $2.20 by that time and I will still make 40%.
Here is what I did for each contract:
Buy to Open 1 COST Mar-16 140 put (COST160318P140) Sell to Open 1 COST Mar-16 145 put (COST160318P145) for a credit of $1.45 (selling a vertical)
This is called selling a bull put credit spread. When the trade is made, your broker will deposit the proceeds ($145) in your account (less the commission of $2.50 which Terry’s Tips subscribers pay at thinkorswim), or a net of $142.50). The broker will make a maintenance requirement of $500 (the difference between the two strike prices). There is no interest on this requirement (like a margin loan), but it just means that $500 in your account can’t be used to buy other stock or options.
Since you received $142.50 when you sold the spread, your net investment is $357.50 (the difference between $500 and $142.50). This is your maximum loss if COST were to end up at any price lower than $140 when the puts expire. The break-even price is $143.57. Any ending price above this will be profitable and any ending price below this will result in a loss. (If the stock ends up at any price between $140 and $145, you will have to repurchase the 145 put that you originally sold, and the 140 put you bought will expire worthless.)
Since I expect the stock will recover, I don’t expect to incur a loss. It is comforting to know that the stock can fall by $2.20 and I will still make my 40%.
If you wanted to be more aggressive and bet the stock will move higher, back above the $150 where it was before today’s sell-off, you could buy March puts at the 145 strike and sell them at the 150 strike. You could collect at least $2.00 for that spread, and you would gain 65% if COST ended up above $150. Mayor riesgo y mayor recompensa. The stock needs to move a bit higher for you to make the maximum gain. I feel more comfortable knowing it can fall a little and still give me a seriously nice gain for a single month.
By the way, these trades can be made in an IRA (if you have a broker like thinkorswim which allows options spread trading in an IRA).
If you make either of these trades, please be sure you do it with money you can truly afford to lose. Options are leveraged instruments and often have high-percentage gains and losses. With spreads like the above, at least you know precisely what the maximum loss could be. You can’t lose more than you risk.
El pasado 22 de diciembre fue aprobado en el Congreso la Ley 39/2010 de Presupuestos Generales del Estado para el año 2011. A continuación mostramos los cambios más importantes que afectan al Impuesto sobre la Renta de las Personas Físicas:
1. Tributación rentas más elevadas:
Se incluye un aumento del Impuesto sobre la Renta de las Personas Físicas a las rentas más elevadas, aumentando el tipo marginal al 44% para las rentas que superen los 120.000,2 euros y al 45% para las superiores a 175.000,2 euros.
2. Retribuciones irregulares:
Los rendimientos con un periodo de generación superior a dos años o que sean obtenidos de forma notoriamente irregular en el tiempo (rendimientos del trabajo, stock options que cumplan ciertos requisitos…) podrán aplicar la reducción del 40% con el límite de 300.000 euros anuales.
3. Deducción por inversión en vivienda habitual:
Se modifica la deducción por adquisición de vivienda habitual para los contribuyentes que compren vivienda a partir de enero de 2011, limitándola a las rentas inferiores a 24.107,20 euros (rentas netas de gastos y exenciones de todo tipo: del trabajo, de productos financieros…). Los contribuyentes cuya base imponible sea inferior a 24.107,20 euros anuales podrán deducirse el 15 por ciento de las cantidades satisfechas en el período de que se trate por la adquisición o rehabilitación de la vivienda que constituya o vaya a constituir la residencia habitual del contribuyente. La base máxima de esta deducción será de:
a) Cuando la base imponible sea igual o inferior a 17.707,20 euros anuales: 9.040 euros anuales. b) Cuando la base imponible esté comprendida entre 17.707,20 y 24.107,20 euros anuales: 9.040 euros menos el resultado de multiplicar por 1,4125 la diferencia entre la base imponible y 17.707,20 euros anuales.
Se mantiene el régimen actual de deducción por inversión en vivienda habitual para todos aquellos que hayan comprado su vivienda antes del 31 de diciembre de 2010 (Deducción máxima: 1.352 euros). Además, todos aquellos que compraron su vivienda antes de 2006, se seguirán beneficiando de una tributación más ventajosa (Norma transitoria).
4. Cuenta ahorro vivienda:
Se limita la deducción por cuenta ahorro vivienda a todos aquellos contribuyentes cuya base imponible sea inferior a 24.107,2 euros.
5. Deducción por alquiler de la vivienda habitual:
Los contribuyentes cuya base imponible sea inferior a 24.107,20 euros anuales podrán deducirse el 15 por ciento de las cantidades satisfechas en el período impositivo por el alquiler de la vivienda habitual.
6. Tributación alquileres:
Está previsto a partir del 1 de enero de 2011 fomentar el mercado del alquiler y conceder mayores ventajas a los arrendadores.
7. Eliminación de la deducción por nacimiento o adopción:
Con efectos desde el 1 de enero de 2011 y vigencia indefinida, se suprime la deducción por nacimiento o adopción de 2.500 euros.
En los supuestos de reducción de capital de sociedades de inversión de capital variable (SICAVs) que tenga por finalidad la devolución de aportaciones, el importe de ésta o el valor normal de mercado de los bienes o derechos percibidos, que se calificará como rendimiento del capital mobiliario, con ciertos límites.
9. Coeficientes de actualización del valor de adquisición:
Como todos los años, con la intención de compensar en el precio de adquisición el efecto de la inflación, se actualizan los coeficientes para las transmisiones de bienes inmuebles no afectos a actividades económicas que se efectúen durante el año 2011.
SEC Charges Former Apple General Counsel for Illegal Stock Option Backdating
Commission Also Settles Claims Against Former Apple CFO for $3.5 Million
FOR IMMEDIATE RELEASE 2007-70
Washington, D. C. April 24, 2007 - The Securities and Exchange Commission today filed charges against two former senior executives of Apple, Inc. in a matter involving improper stock option backdating. The Commission accused former General Counsel Nancy R. Heinen of participating in the fraudulent backdating of options granted to Apple's top officers that caused the company to underreport its expenses by nearly $40 million. The Commission's complaint alleges that Heinen, of Portola Valley, Calif. caused Apple to backdate two large options grants to senior executives of Apple — a February 2001 grant of 4.8 million options to Apple's Executive Team and a December 2001 grant of 7.5 million options to Apple Chief Executive Officer Steve Jobs — and altered company records to conceal the fraud.
The Commission also filed, and simultaneously settled, charges against former Apple Chief Financial Officer Fred D. Anderson, of Atherton, Calif. alleging that Anderson should have noticed Heinen's efforts to backdate the Executive Team grant but failed to take steps to ensure that Apple's financial statements were correct. As part of the settlement, Anderson agreed (without admitting or denying the allegations) to pay approximately $3.5 million in disgorgement and penalties.
Linda Chatman Thomsen, Director of the SEC's Division of Enforcement, stated, "The Apple case demonstrates the Commission's ongoing commitment to take action against stock options backdating and other executive compensation abuses. When corporate officers enrich themselves at the expense of a company's shareholders, the Commission will hold the responsible individuals accountable, particularly where, as here, the responsible individuals are among those obligated to ensure that the company complies with all applicable securities laws and that its financial statements are accurate."
Marc J. Fagel, Associate Regional Director of the SEC's San Francisco Regional Office, stated, "Apple's shareholders relied on Heinen and Anderson, as respected legal and accounting professionals, to ensure the accurate reporting of the company's executive compensation. Instead, they failed in their duties as gatekeepers and caused Apple to conceal millions of dollars in stock option expenses."
According to the Commission's complaint, filed in the Northern District of California, Apple granted 4.8 million options to six members of its executive team (including Heinen and Anderson) in February 2001. Because the options were in-the-money when granted (i. e. could be exercised to purchase Apple shares at a below market price), Apple was required to report a compensation charge in its publicly filed financial statements. The Commission alleges that, in order to avoid reporting this expense, Heinen caused Apple to backdate options to January 17, 2001, when Apple's share price was substantially lower. Heinen is also alleged to have directed her staff to prepare documents falsely indicating that Apple's Board had approved the Executive Team grant on January 17. As a result, Apple failed to record approximately $18.9 million in compensation expenses associated with the option grant. Anderson, who should have realized the implications of Heinen's actions, failed to disclose key information to Apple's auditors and neglected to ensure that the company's financial statements were accurate. Both Heinen and Anderson personally received millions of dollars in unreported compensation as a result of the backdating.
The Commission's complaint also alleges improprieties in connection with a December 2001 grant of 7.5 million options to CEO Steve Jobs. Although the options were in-the-money at that time, Heinen — as with the Executive Team grant — caused Apple to backdate the grant to October 19, 2001, when Apple's share price was lower. As a result, the Commission alleges that Heinen caused Apple to improperly fail to record $20.3 million in compensation expense associated with the in-the-money options grant. The Commission further alleges that Heinen then signed fictitious Board minutes stating that the Board had approved the grant to Jobs on October 19 at a "Special Meeting of the Board of Directors" — a meeting that, in fact, never occurred.
Heinen is charged with, among other things, violating the antifraud provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934, lying to Apple's auditors, and violating prohibitions on circumventing internal controls. The Commission is seeking injunctive relief, disgorgement, and money penalties against Heinen, in addition to an order barring her from serving as an officer or director of a public company.
Anderson, without admitting or denying the allegations in the Commission's complaint, has agreed to a permanent injunction from further violations of the antifraud, reporting, internal controls, and other provisions of the federal securities laws. Anderson also will disgorge approximately $3.49 million in ill-gotten gains and prejudgment interest, representing the in-the-money portion of the Executive Team options grant that Anderson exercised, and will pay a civil penalty of $150,000.
The Commission also announced today that it would not bring any enforcement action against Apple based in part on its swift, extensive, and extraordinary cooperation in the Commission's investigation. Apple's cooperation consisted of, among other things, prompt self-reporting, an independent internal investigation, the sharing of the results of that investigation with the government, and the implementation of new controls designed to prevent the recurrence of fraudulent conduct.
For more information, contact:
Marc J. Fagel Associate Regional Director San Francisco Regional Office (415) 705-2449
Michael S. Dicke Assistant Regional Director San Francisco Regional Office (415) 705-2458
Las principales medidas del plan de austeridad adoptado hoy por Italia
- Reducción de incentivos fiscales por un total de 20.000 millones de euros, lo que representa casi la mitad del plan.
- Aumento de las tasas a los depósitos bancarios: 34 euros por debajo de los 50.000 euros, 70 euros hasta 150.000 euros y 1.100 euros para las cuentas que tengan más de 500.000 euros.
- Imposición a los bonos del tesoro y los 'stock-options' y aumento del impuesto profesional para bancos y seguros.
- Congelación de salarios y de nuevos contratos para funcionarios.
- Reducción de los gastos de funcionamiento administrativo tras una revisión que establezca un patrón fijo de costos.
- Notable reducción a los fondos para administraciones locales.
- Copago de una parte de las consultas y exámenes médicos y obliga a los pacientes a pagar 10 euros cuando acuden al especialista y 25 cuando pasan por urgencias y no requieran ser ingresados.
- Adelanto al 2013, en vez del 2015, de una reforma que prevé el aumento de la edad de jubilación, vinculándola a la esperanza de vida de la población.
- Aumento gradual de la edad de jubilación de las mujeres del sector privado pasando de 60 a 65 años a partir del 2020.
- Reducción del 5% a las pensiones superiores a los 90.000 euros al año y de un 10% para las superiores a los 150.000 euros.
COSTO DE LA POLÍTICA
- Limita el uso de aviones privados para viajes oficiales, salvo a los presidentes del Gobierno, de la República y de las Cámaras baja y alta, y fija un tope en la cilindrada de los coches oficiales a 1.600 centímetros cúbicos.
- Reducción de las remuneraciones de los parlamentarios a partir de las próximas elecciones.
- Definición de un plan de privatizaciones para el 2013 AFP
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Stock and options pump up CEO pay; Sprint's Dan Hesse tops the list
About half of the Star 40 chief executive officers had 2013 compensation valued at $2 million or more, according to their companies’ proxy reports, largely because of the value of stock and option awards. But multimillion-dollar pay packages also were received by other top executives — non CEOs — who exercised stock options and realized gains at the point of vesting. Multiple examples were at Cerner, Waddell & Reed Financial, DST and Sprint.
Dan Hesse, Sprint president and CEO Star file photo
Stock and option awards and a healthy stock market continued in 2013 to enrich executive pay for many Star 40 executives.
Just two years ago, $1 million in total compensation was the line separating the top half of the Star 40 chief executive officers from the lesser-paid CEOs on the list. Stock market growth has pushed that midpoint to $2 million.
This past year, 23 Star 40 CEOs were awarded $2 million or more, with stock and options accounting for the greatest share of compensation. That reflects continuing pay-for-performance efforts to align executive pay more closely with company performance and shareholders’ interests. Salary is a relatively small part of the pay package for the more richly compensated executives.
As fits the company size, Sprint Corp. once again was the pay giant, granting CEO Daniel Hesse a 2013 pay package worth more than $49 million, with $34 million of the total listed in stock and options awards. He also was the base salary leader at $1.2 million.
But that doesn’t mean Hesse “took home” that amount, as reported in the company proxy. A slightly more realistic reflection of the compensation value Hesse realized last year comes from his exercised stock options or the vesting of previously restricted shares in his name.
For Hesse that amount, solely in vested shares, was $4.3 million. That tally, though, doesn’t indicate whether he sold the shares and pocketed cash, or whether he held onto the shares to weather whatever ups and downs might occur.
For most top executive pay packages, unlike boxes filled in on employees’ W-2 forms, there isn’t a simple number to show take-home pay in a given year. The value they finally realize will depend on their stock’s sale price if and when they sell it after their ownership is vested.
Many executives realize big paydays when they use their previously granted stock options to buy shares at below the prevailing stock market price. Many also realize value gains on vesting days when they get personal control of previously restricted shares.
The search for realized value among the Star 40 CEOs shows that, even more than Hesse, EPIQ Systems CEO Tom W. Olofson realized more value — nearly $5.3 million — in vested shares and exercised options.
DST’s Stephen Hooley, Sprint AeroSystem’s Jeffrey Turner and Waddell & Reed’s Hank Herrmann each realized more than $3 million in value last year from vested shares.
Vested shares or exercised options also produced handsome values — more than $2 million each — for CEOs David Haffner at Leggett & Platt; David Brain at EPR Properties; David Starling at Kansas City Southern; and James Welch at YRC Worldwide.
The multimillion-dollar pay values accrued to more than just CEOs. Eighteen other “C-suite” executives (such as chief financial officers and chief operating officers) each had more than $2 million in value realized last year from exercised options, vested shares, or both. Twelve more each realized more than $1 million in such values.
Among the publicly traded Kansas City area companies, several executives each at Cerner, Sprint, Waddell & Reed and DST realized at least $2 million each in stock and options.
Three Cerner executives topped that calculation of value realized from exercised options and vested shares. They were Jeffrey Townsend, with nearly $12.7 million in value realized; Michael Nill, with $7.8 million; and Marc Naughton, with nearly $6.9 million.
As for the CEOs — and as in past years — there was wide variation in Star 40 CEO compensation. At least one-fourth of the Star 40 CEOs received no stock or option awards in their 2013 pay packages.
Seaboard, for example, followed its previous compensation pattern and reported that CEO Steven Bresky’s pay package included $890,000 in salary, $1.1 million in bonus, and $203,000 in “other” compensation, but nothing in stock and option awards.
Base salaries for the Star 40 CEOs who had no stock and option awards ranged from about half a million dollars down to just about $165,000. But even the relatively lowest salaries were bolstered in almost every company by bonus pay, non-equity or “other” compensation.
WALL STREET PAYDAY
Many area executives realized large gains last year from previously granted stock and options awards.
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How to Start Trading Options Quantitatively
Options are among the most versatile of financial instruments, and can be used for both speculation or hedging. Conservative or aggressive, there’s a strategy for you. Options can be used alone, in conjunction with stocks you already own, or even with other options. When trading options, you need to understand and be aware of the risk and reward characteristics and breakeven points of each option strategy. We will be examining the profit and loss scenarios at option expiration. Keep in mind that it is possible to close the position before expiration. To close your position, simply reverse what you did. If you bought, then sell. If you sold, then buy back. The basic option strategies we’ll be looking at are:
Long Call Buying call options
Long Put Buying put options
Short Call Selling call options
Short Put Selling put options
Covered Call/Covered Write Selling call options on stocks you own
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The long call or call buying strategy is among the most basic, yet most profitable option strategies. It simply involves the purchase of call options. The long call strategy offers the trader unlimited profit potential and limited downside risk. The long call is the most bullish of option strategies as there generally is a high amount of leverage involved. So if you think that a stock is going up, buy calls. For instance, let’s look at an example from a couple years ago with EMC Corporation . It was at $65, and you think that it’s going to move up. You could have bought one February 65 call at 7 or $700. The amount of the premium, or $700, is the most that you could lose. It doesn’t matter if the stock goes to zero; the most you could ever lose in buying calls is the amount of the premium paid. At expiration, in order to profit from this transaction, EMC had to be above your breakeven price of 72. To find the breakeven price, simply add the strike price of the option to the premium of the option. The breakeven point for long calls is calculated as:
Strike Price + Option Premium = Breakeven Price For Long Calls
In this case, our breakeven price is calculated as 65 + 7 = 72. This is the price that EMC had to be above at expiration for us to profit from this transaction. At expiration, there are three possible scenarios. First, the stock price could be above the strike price. For instance, say EMC is at 75, which is 10 points above our strike price of 65. Our option would be 10 points in-the-money and should be worth at least 10. This is great for us since we bought the option at 7 and we could now sell it for 10. As an alternative to selling our call, we could exercise our option to purchase 100 shares of EMC at $65 and then turn around and sell it at 75. Most traders opt to sell their option instead of exercising it. Our profit in either case would be 42.8% while the stock moved only 15.4%.
Second, the stock price could be equal to the strike price. At expiration, let’s say that EMC was at 65; at this price you probably would not exercise your option to buy the stock for 65 while it’s already trading on the open market for 65. Recall that we paid 7 for the option. If we did use our option to buy 100 shares of EMC at 65, we would really be paying 72 (65 + 7) per share for the stock.
Lastly, the stock price could be below the strike price. Let’s say at expiration, instead of moving up, EMC drops to 55. In this case, no one in their right mind would exercise their option to buy EMC at 65 while it’s trading at 55. In this case, our option would be worthless, and we would lose $700, or 100% of our money.
The long put or put buying is a bearish strategy that traders use to profit from a down move in a stock. Put buying also has limited risk and a large, but limited reward. The reward is limited because a stock can only go down to zero. Put buying is the most bearish of option strategies. If you think a stock is going down, buy puts. For example, if you think that Cisco Systems is going to move down, you could buy a put on Cisco. If, for example, Cisco is trading at 36, and you decide to buy a Cisco February 40 put for $6 or $600, then you bought the right to sell 100 shares of Cisco stock at 40 per share. The breakeven point for the long put is calculated as:
Strike Price Put Price = Breakeven For Puts
Our breakeven point in this case would be 34 (40-6=34). We would not profit from this transaction until the stock goes lower than 34. Again there are three possible scenarios at expiration. First, the stock could be above the strike price. In this case, let’s say Cisco is at 50; your put with a strike price of 40 would be ten points out-of-the-money. Since no one would exercise their option to sell Cisco at 40, your option would be worthless and you would lose $600 or 100%.
Second, the stock could equal the strike price. Let’s say that at expiration, Cisco is trading at 40. The put option would also be worthless because no one would buy it to sell the stock at 40 while it’s already trading at 40. You would not exercise your option because then you would be essentially selling at 34.
Lastly, the stock could be below the strike price. If at expiration, Cisco were at $30, your put option would be worth at least $10. In this case you would make $400 or a 66% return.
Now let’s take a look at the short call or call selling. The short call strategy involves selling call options on stock that you don t own. Remember that the buyer of the call has the right to buy so that means that you have the obligation to sell. Call selling is a neutral strategy, in which you don’t want the stock to move much either way. The reward is limited to the premium received, but your risk is unlimited. The stock could shoot up significantly, thus forcing you to buy the stock at a high price so that you can meet your obligation to sell it at a lower price.
Let’s look at an example. Say that you think Dell Computer is likely to stay neutral. If the stock is at 21, you could sell a February 25 call for 1, or $100. That $100 is your maximum profit. To calculate the breakeven point for a call sell, add the strike price of the option to the price of the premium received. The breakeven would be calculated as:
Strike Price + Premium = Breakeven For Call Sell
Our breakeven price in this case would be 25 + 1 = 26. If the stock goes to 26, you would lose the $100 profit. Once again, there are three possible scenarios at expiration. First, the stock price could be above the strike price. If the stock rallies to 30, you would have been called out or forced to sell the stock at 25, but since you don t own the stock, you would have to buy it on the open market at 30 and sell it at 25. Since you lose $500 in the stock transaction, but got paid $100 for selling the call, you would end up losing $400.
Second, the stock price could be the same as the strike price. If the stock ended up at 25, it is most likely that the holder/buyer of the option would not exercise the option. Therefore, you would keep the $100.
Lastly, the stock could be below the strike price. Let’s say that the stock ended up at 18, in which case you would keep the premium because no one is going to exercise their call option to buy the stock at 25 while it’s trading at 18. Selling options on stock that you don t already own is known as going naked. Selling naked options is a very dangerous strategy. If the stock takes off to 50, you would have to deliver or sell the stock to the call buyer at 25 and face a $2500 loss. Of course, you could always buy back the option that you sold, thus canceling your obligation to sell the stock.
The short put or put selling strategy is a bullish strategy. Remember that the put buyer has the right to sell the stock, so the put seller has the obligation to buy the stock at the strike price, if the put buyer chooses to exercise. Put selling has a limited reward and a large, but limited risk; the stock can only go to zero. In this strategy, you want the stock to keep moving up so that the put buyer would not exercise their option, and therefore, you get to keep the premium. The breakeven point for put selling is calculated by subtracting the put premium from the strike price. Por ejemplo:
Strike Price Put Premium = Breakeven For Put Sell
Let’s say that you re bullish on Cisco Systems (CSCO). If the stock is at 35 and you decide to sell a February 40 put for 5 or $500. The $500 is your maximum profit. Breakeven is calculated to be 35 (40-5). At the breakeven price of 35, the put buyer would exercise the option, and we would be forced to buy the shares at 40, but since we received 5 for selling the put, we are really buying the stock at 35 (or the current market price). So in this case, we would essentially be at breakeven. At expiration, there are three likely scenarios. First, the stock could be above the strike price. At expiration, with Cisco at 50, put buyers would not exercise their option to sell Cisco at 40 while it’s trading at 50. The February 40 put would be worthless, and we would keep the premium.
Second, the stock could equal the strike price. In this case, the put buyer would most likely not exercise the option and we would also keep the premium. Lastly, the stock could be under the strike price. Let’s say that at expiration, Cisco is at 30, the put buyer would definitely exercise their option to sell the stock at 40. We would be obligated to buy 100 shares of Cisco at 40 while it’s trading at 30. Since we were paid 5, or $500, for selling the put, we would really be buying Cisco at 35 while it’s trading at 30, therefore we re faced with a $500 loss.
Our final strategy, the covered call or covered write, is essentially the same as the short call, except that in this case, we own the underlying stock. In this strategy, we sell call options on stock that we already own. What happens is that we are putting a cap on how high the stock can move. We are also receiving a little protection on our downside risk. Covered call writing is a popular strategy used to generate extra income from stocks in narrow-range markets. Our breakeven on this strategy would be calculated as:
Stock Price (purchase price of stock) Call Price = Breakeven For Covered Call
For instance, say we bought 100 shares of Sun Microsystems at 32 and sold a February 35 call for 3 or $300. Our breakeven point would be at 29 (32-3). At expiration, there are three possible scenarios. First, the stock price could be trading above the strike price. If Sun was trading at 45 at expiration, we would not be able to sell our shares at 45 since we sold a February 35 call against our stock. We would therefore be called out of our shares at 35, but since we received 3 for the option, we are really selling our stock at 38. In this case, we missed out on any further upside potential past our strike price.
Second, the stock price could equal the strike price. In this case, if at expiration Sun is at 35, the call buyer would not exercise the call, and therefore, we keep the premium. Lastly, the stock price could be below the strike price. If at expiration, Sun is at 25, no one would use their option to buy the stock at 35, the option would expire worthless and we get to keep the premium. Keep in mind that we bought the stock at 32, so we are down 7 points, but since we sold a call for 3, we are really down 4 points. The covered call in this case gave us a little downside protection. The covered call or covered write is a very popular strategy among conservative traders and it is usually the first option strategy that traders utilize.
Putting it all Together
As we have seen, options are leveraged financial instruments that offer traders versatility and the potential for spectacular profits. Most novice traders use the basic long call or long put strategy to take advantage of the unlimited-profit and limited-risk characteristics. Although it’s possible to make incredible profits by utilizing the long call or put strategies, traders must realize that they have the odds stacked against them.
We hope you have learned something from this lesson, or at least had your interest in options sparked.
Click here to find out more about the Quantified Options Trading Strategies Summit 2014 where you’ll learn how to identify options set-ups and execute trades with full disclosure of the quantified strategies that have seen double-digit gains in our historical testing.
Is 40% Per Month Shorting Index Puts a Fair Return?
Selling put options, with limited upside and potentially very large downside, seems very risky. Are actual returns from selling puts commensurate with the risk? In the May 2004 version of his paper entitled “Why are Put Options So Expensive?”. Oleg Bondarenko confirms large returns for shorting puts options on futures for a broad market index and investigates whether these large returns: (1) represent normal risk premiums; (2) are reasonably priced protection against market crashes; or, (3) indicate incorrect investor beliefs about the probability of negative market returns (crashes). Using a flexible testing methodology and daily price data for put options on S&P 500 index futures during 8/87-12/00, he concludes that:
Selling put options makes a small profit most of the time (when markets are steady or rising), but takes a big loss once in a while (when markets crash).
Systematically selling one-month-to-expiration, unhedged index puts generates extraordinary profits: 39% (95%) per month for at-the-money (deep out-of-the-money) puts.
The Jensen’s alpha for selling at-the-money index puts is a highly significant 23% per month. Other widely used methods of risk adjustment also indicate that put prices are very high.
Buyers of S&P 500 index futures put options transferred $18 billion of wealth to sellers over the studied period.
For buyers of at-the-money puts to break even, October 1987-like crashes would have to occur 1.3 times per year.
No reasonable range of parameters supports any of the alternate explanations for the large return for shorting index put options.
The following chart, taken from the paper, shows the level of the S&P 500 index and the annualized one-month at-the-money implied volatility over the sample period. It also shows the average monthly returns for one-month-to-expiration S&P 500 index futures put options that are roughly 4% out-of-the-money (black bars), 2% out-of-the-money, at-the-money, 2% in-the-money and 4% in-the-money (white bars) over four subperiods: 8/87-6/90, 7/90-12/93, 1/94-6/97 and 7/97-12/00. The worst subperiod for selling puts is the first one, which includes the October 1987 market crash. However, even for that subperiod, selling puts yields average monthly returns of 12% to 27%. For the next three subperiods, average returns for selling puts are much higher, particularly for the strong stock markets of the second and third subperiods.
In summary, investors are willing to pay very high premiums, perhaps irrationally high, to insure against large losses in their stock portfolios. Sellers of this insurance can earn high average returns.
“Unless I have misunderstood, there is a serious flaw in this study.
“The paper assumes that a put seller’s capital requirement is equal to the initial cost of the put. However, a put seller has a much larger capital requirement, assuming the seller of the puts plans to continue selling puts after one of the infrequent but very large losses. Specifically, any put seller after October 1987 would know there is a possibility the S&P 500 Index could loose 18% of its value in a month and so must maintain at least 18% of the value of the underlying in cash reserves. Thus, based upon recent prices for puts on S&P Depository Receipts (SPY), the minimum capital requirement of the put seller reduces the 39%/month average profit to about 6%/month.
“An optimistic put seller who wants to continue selling puts after a major market crash might set the required capital reserve at 2x the worst payout or 38% of the underlying, which reduces average monthly return to about 3%. A more conservative put seller might go with 3x the worst payout which implies a monthly return of just under 2%.
“More generally, the paper assumes that there is a remarkable anomaly involving why put buyers are willing to lose 40%/month and why more traders do not become put sellers to obtain 40%/month profit, and thereby increase competition which would reduce profits from writing such puts to more reasonable levels. These two puzzles exist only as long as one assumes the buyers and the sellers of the puts have their eyes on the PREMIUM which changes hands. However, my view is that both the sellers and buyers of the puts have their eyes on the rare but very real possibility that a very large sum of money might change changes if the underlying index experiences a significant decline during the life of the put contracts. Once one considers the cash reserves necessary to meet margin calls in such rare but real cases, the amount of monthly profit drops significantly in percentage terms and no longer appears irrational. In fact it appears rather normal.
“Even if the anomaly truly exists and could be profitably exploited, the profit potential is relatively small, at least for private investors. Let’s consider an example in which an investor devotes 5% of his total portfolio to selling at-the-money put options on S&P 500 Index futures via the conservative scenario above, earning about 2%/month on that 5%. The net impact at the portfolio level would be 2% of 5% or about 0. 1%/month (ignoring interest earned on the 5% of the portfolio sitting in cash as a reserve to meet whatever margin calls might come during the life of the puts). I don’t see the point in doing any more due diligence on this put writing strategy.”
You have made a good argument that the methodology in the referenced study is careless with portfolio-level calculations, despite the sanguine assertion in the paper (page 12) that:
“Because the magnitude of the mispricing of puts is so large, introducing reasonable market imperfections (trading costs, bid-ask spreads, price impact, costs associated with maintaining the margin requirements, etc.) have a relatively small effect on the average returns.”
You may be too hard on the 5%-of-portfolio put-selling alternative, for which you assume that the 5% part of the portfolio allocated to put-selling must be a self-contained portfolio within a portfolio (i. e. it must stand alone and never draw on the rest of the portfolio). Applying instead the constraint that the initial margin requirement for the puts as you sell them each month is 5% of the portfolio, the average return to the portfolio would be substantial (however, the portfolio would be exposed to fairly large, but readily survivable, drawdowns in the event of an equity market crash).
Perhaps the most reasonable way to view these transactions is that put sellers are selling insurance policies, and put buyers are buying them. A premium is reasonable for the service offered by the sellers. Points of interest/caution are:
Results for put sellers would probably be especially good (bad) when transitioning from high (low) volatility market states to low (high) volatility market states.
Going out of the money boosts the average percentage of premium retained at expiration, but could affect ratio of premium to margin requirement.
Despite inclusion of 1987, the test period of the original study may be biased in favor of selling puts (the stock market more bullish than should be expected in the future).
The distribution of returns from put writing may be wild; hence, normal statistics (mean monthly return and standard deviation of monthly returns) are inherently unreliable measures of expectations.
Based on the body of research on options premiums and corroboration from asymmetric fear-greed outcomes derived from psychological experiments, it seems there might be a systematically exploitable edge.
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What Is the Implied Volatility for a Call Option
What is an implied volatility? I know that it has something to do with the value of a call option and something called the Black Scholes model but other than that I don't have a clue.
A call option gives an investor the right to purchase a stock (or other asset) at a fixed/guaranteed price on or before a given future date. For example, you might purchase a call option giving you the right to purchase one share of IBM at a price of $100 per share at any time during the eight monnths prior to January 17, 200Y). Since an investor is never forced to exercise a call option, any loss is limited to the original cost of purchasing the call option (if IBM is trading at $88, the cost of a call option with eight months to expiration might cost $3 per share). For example, if IBM is at $80 in eight months the investor lets the call option expire and the loss is limited to the purchase price of the call option. However, if IBM is at $120, the investor makes $20 per share by exercising the call option to purchase the stock at $100 and then selling for $120.
The fact that an investor's loss is limited to the purchase price for the call option implies that investors will always be willing to pay more for options on more volatilie stocks (as measured by the standard deviation of the return on the underlying stock). The relatively greater value attaching to call options on more volatile stocks is due to the fact that the loss from purchasing a call option is limited to the original cost of the option, while the upside potential is unlimited. Thus, an increase in the volatility of the stock underlying a call option has no impact on the potential loss to the investor (given the original cost of the call option) but can have a dramatic on the potential payoff for the call option.
The Black Scholes model values a call option as a function of the current stock price, the strike price and time to expiration for the call option, the risk-free rate of interest, and of course the yearly standard deviation for the return on the underlying stock. Of the five variables that are needed to determine the Black Scholes "model price" for the value of a call option, the only variable that is not readily observable is the volatility of the return on the stock underlying the call option (where we measure volatility by the standard deviation of the yearly return).
Given the important role of volatility in determining the value of a call option, it is quite natural to infer the volatility of a stock from the prices of call options, provided of course that we are reasonably confident that the call option is fairly priced (as is usually the case for actively traded at-the-money options). That is, since we can observe the market price for a call option, the Black Scholes model can be used to determine the standard deviation (volatility) for the underlying stock that would make the Black Scholes model price for the call option equal to the current market price of the option (given the current stock price, the risk-free rate of interest, as well as the strike price and time to expiration for the option).
An estimate of volatility that is inferred from the price of a call option is usually referred to as an "implied volatility". Computation of such an estimate for volatility is similar in many respects to computing the yield to maturity for a bond, where we search for the discount rate that makes the present value of the cash flows from the bond equal to the current market price. While the Black Scholes model is somewhat more complicated than the annuity factor and discount factor that are used to value a bond, the underlying principal of searching for the vale of a financial variable (be it yield or volatility) that equates a market price with a model price is the same.
Setting up the Black Scholes formula for the value of a call option in an Excel Spreadsheet is fairly easy to do. However, in order to follow along with the discussion on computing implied volatilities below, you may wish to download the linked Excel Implied Volatility Spreadsheet. Download the spreadsheet and open it up. You will see that in column B, the stock price in Cell B1 is set to 59, the risk free rate (in Cell B4) is set to .02 (2 percent), for an option with a strike price of 60 (Cell B5) and 91 days to expiration (Cell B6). Most importantly, note that in Cell B2 the volatility of the stock underlying the option is set to .32 (32 percent). The output for the Black-Scholes formula reportted in Cell E9 shows that the Black Scholes model price (based on a volatility of 0.32) is equal to $3.42.
Unfortunately, the MARKET PRICE for this call option is currently $4.54. Thus, it appears that the Black Scholes model price for the option, based on an implied volatility estimate of 32 percent (0.32) underestimates the value of the call option.
How could you get the Black Scholes model price to equal the market price. We know that the the Black Scholes model captures the fact that the value of a call option increases with the volatility of the underlying stock. Further, we know that the Black Scholes model price is well below the market of the call option. Suppose that we change the volatility input to the model from .32 to .40 (indicating that the standard deviation of the return for the stock is 40 percent). Try this. Notice that when you change the volatility input in Cell B2 from .32 to .40, the model price in Cell B9 changes from $3.42 to $4.36. Although a model price of $4.36, is still less than the market price of $4.52, we are gettin closer to the estimate of volatility that the market is (apparently) using to determine the value of the option (assuming of course that the market is indeed using the Black Scholes model.
Let's close in on the "implied volatility" for the option. Since the "model price" of $4.36 is still less than the market price of $4.54, we know that our volatility estimate of .40 is still less than the volatility being used by the market to price the call option. In other words, an increase in our volatility estimate is required to increase the value of our Black Scholes model price up to the market price of $4.54. Let's increase our volatility estimate in Cell B2 to 0.42 (42 percent). Notice that the Black Scholes model price increases to $4.60, which is now somewhat greater than the market price of $4.54. Therefore, we need to reduce our volatility estimate somewhat to bring our "model price" in line with market price of the call option. Change the volatility estimate from 0.42 to 0.415, which will reduce the "model price" for the option to $4.54, which is exactly equal to the hypothetical market price for the call option. Since a volatility estimate of 0.415 makes the Black Scholes model price equal to the market price for the call option, 0.415 is the implied volatility for the 91-day options having a 60 strike price.
As long as we are discussing the Black Scholes model and the prices of call options, lets talk about the "hedge ratio" or "delta", the difference between N(d1) and N(d2), and the use of options to hedge positions in a stock.
First lets talk about the difference in d1 and N(d1). Think of it this way, - d2 is the value of a mean 0 unit standard deviation random variable that would permit the option to finish just at the money. We showed in class that N(d2) can be thought of as the probability that the option finishes in the money. Basically, the N(*)'s are an integral over a probability density whose upper limit is d2. Since that is pretty technical, think of 0
Understanding Options
Understanding Options, Part 1
A Daily Reckoning Exclusive Report By Steve Sarnoff
Many people are intimidated by the notion of trading options, fearing that they need to be rocket scientists in order to understand them. There’s no need to be intimidated, because with the right mentor, the basics are easy to understand.
For years, I’ve been helping people make money with options. My weekly Options Hotline e-alert is one of the longest-running option advisory services available, boasting an almost unbeatable track record.
I’m also longtime colleague of the writers of The Daily Reckoning and New York Times’ best-selling authors, Bill Bonner and Addison Wiggin.
The Daily Reckoning weaves information about the financial world, investment opportunities and everyday life into an educational and entertaining e-letter that’s been engaging readers since 1999. It’s fresh, witty and addictive.
I’ve prepared this research report that can help you understand option trading and find out if they are right for you.
Let’s start with the types of options.
An option is the right – but not the obligation – to buy or sell a stock’s index or future at a specific price for a specified amount of time.
The stock, index or future that you buy the option for is known as the underlying instrument. Options are bought and sold to take advantage for the prices movement in the underlying asset.
There are several benefits to buying stock options as opposed to buying the stock outright. They are relatively inexpensive, particularly when compared to the cost of the underlying instrument. For instance, you might be able to buy stock in XYX Corp. for $1000 per share. Stock is commonly traded in blocks of 100, so you would spend $10,000 for this position.
You can control the same amount of stock for a fraction of that price by buying an option instead. The options might be listed for 8 points. So by purchasing options, you will spend $800 instead of $10,000 to control 100 shares. (Stock options are for 100 shares, so $8 X 100 shares gives you the price of $800, not including your commission.)
Keep in mind, you are NOT buying stock, you are leasing its profit potential for a given amount of time.
The second reason to buy options is because they are flexible. You can profit from options even if the stock goes down. It’s not otherwise possible to do this unless you sell a stock short, a potentially very risky proposition if the stock moves into the opposite direction of your prediction.
The third advantage to buying options, one that I’ll repeat several times, is that you can never lose more than what you paid for the option. Your maximum risk is known and strictly limited . This does not mean that there is no risk, but it is more clearly defined than with stocks with other speculative plays such as buying on margin – buying commodities or stocks with a loan from the broker of up to 50% of the equity’s price.
The fourth benefit to buying options is that they offer superleverage – a concept I’ll describe in greater detail if you become a member of Options Hotline .
A favorable move in a stock of 10-20% can easily translate into profits of 50% to 100% or more on an option purchase.
The final benefit of options is that, like stocks, they are traded on regulated exchanges. This provides a level of protection for you, the option buyer, which my father couldn’t get when he first began trading. You can expect the same rights and privileges of entering order for options as you can for stocks.
The difference between Call and Put Options
Call options give buyers the right to buy a set amount of an underlying instrument (usually 100 shares per contract) at a specified price (the strike price) within a set time (prior to expiration).
Put options give buyers the right to sell a set amount of an underlying instrument (usually 100 shares per contract) at a specified price (the strike price) within a set time (prior to expiration).
Let’s start by looking at calls. Why would you want to buy calls? If you’re bullish on a stock – meaning, you expect the prices to rise - and you don’t want to commit and risk all the capital needed to purchase the stock, then you’d want to buy calls on that stock.
You can learn about buying a call by studying the following example: Let’s say it’s January, and you are considering buying the March Home Depot (HD: NYSE) $40 call for 2.5 (Multiply the points in this example by $100 to get the premium or cost of the basic contract. In this case, it will be $250). Home Depot stock is trading at $38 per share.
In this example, you are considering acquiring the right, but not the obligation, to buy 100 shares of Home Depot (HD: NYSE) stock at $40 per share on or before the third Friday in March for a price of $250, plus commission.
Let’s look at each part of this typical offering…
The first part of the offering (from left to right) is the expiration date. This is the month in which the option will expire, usually on the third Friday of the month.
For the purpose of this example, think of the third Friday of the expiration month, this last trading date, as your option’s expiration date.
The importance of the expiration date
A stock option usually begins trading about eight months before its expiration date. The exception is LEAPS or long-term options, which I discuss later in this report. As a result of the sequential nature of the expiration cycles, some option have a life of only one to two months. A stock option trades on one of their expiration cycles. At any given time, an option can be bought or sold with one of four expiration dates as designated in the expiration cycle table. The can be a bit confusing, so remember, if you buy an option, you must pay attention to the expiration date or risk having your option expire worthless.
After the expiration date, you may no longer exercise your rights and the option becomes worthless. For equity options, the expiration date is typically the third Friday in the expiration month (in our example, that month is March). Always be certain of your option’s expirations date because Superleverage instruments die on a certain date.
Be warned: If you don’t exercise your option by the expiration date, you lose all the value you had in the option.
Next, the offering specifies the name of the underlying instrument, the stock, index, or future that the option gives you the right (but not the obligation) to buy. In this case, the underlying instrument is Home Depot (HD: NYSE) stock.
The $40 part of the offering represents the strike price (also known as the exercise price), the price you’ll pay for the stock if you exercise your option to buy the underlying instrument. In this example, you are given the right to buy Home Depot (HD: NYSE) stock at $40 per share.
Exercise means the action taken by a call holder if he wishes to purchase the underlying instrument at the option strike price. If you choose to exercise your option, you are taking a position in the underlying instrument, that is, you are buying the stocks.
The next this is to look at is what type of contract it is, call or put. This is a call (option to buy) option. The final entry is the premium or option price. This is the price you pay for the option. It can be expressed, as it is here in points, i. e. The cost per share of the premium, expressed as dollars. Or it can be expressed as dollar. Or it can be expressed as the cost for an option on 100 shares since option contracts are typically in 100-share lots. In this case, the premium option price would be $250.
You are likely to see the option premium quoted as 2.5 or 2 1/2, especially in the newspaper or on the Internet. To calculate the actual price, simply multiply the points by $100 to get the actual cost of the option contract (2.5 x $100 = $250), excluding brokerage commission.
The options premium is made up of real value and time value.
Real Value is also known as intrinsic value or minimum value. If your call option gives you the right to buy 100 shares of a stock at $40 per share ad you can sell that stock in the open market at $42 per share, your option has a $2 per share of real value. This works out to $200 for a 100-share call contract.
Time value is also known as extrinsic value. It is the amount of the option premium over and above the minimum value of the option. Time value is a function of various factors, including time until expiration and the volatility of the underlying instrument. It is calculated using a complex formula that helped win its developers the Nobel Prize in economics.
Let’s return to our example where you bought the March Home Depot (HD: NYSE) $40 call for a price of 2.5 ($250). When the Home Depot (HD: NYSE) stock price rises above $40, the call option with a $40 strike price has real (intrinsic) value. If Home Depot (HD: NYSE) higher and is trading at $50 per share prior to expiration, the $40 call (the right to buy Home Depot (HD: NYSE) at $40) has $10 of intrinsic value.
Your call option gives you the right to buy 100 shares of Home Depot (HD: NYSE) at $40 and be cause the underlying shares are trading at $50, you can sell them for a $10 per share profit.
Multiplying that $1 per share intrinsic value by the 100 shares per option contract gives you an option with $1,000 of real value.
If you would have purchased 100 shares of Home Depot (HD: NYSE) at $38 per share and later sold them at $50, your initial investment would have been $3,800 for a $5,000 gross (a $1,200 profit, or = 32% return, not bad). Remember though, the cost of the call option was only $250 for a $1,000 gross (=300% on a 32% move in the stock).
When you consider that no matter how badly the movement of Home Depot (HD: NYSE) shares goes against you (in this case, assume the price declines and the options expire worthless), the most you could lose is your cost of purchasing the options ($250 each, not counting commission).
Are you beginning to see the powerful leverage provided by options?
That power is only afforded to options buyers. Writers (sellers) of options are obligated to sell you the underlying instrument at a strike price below the current market price. Likewise, seller of puts are obligated to buy back the underlying instrument from the option buyer (you) at a higher prices that it is currently worth on the market.
Sellers of options have a limited return and an unlimited risk. But more people lose money buying options, so you need to find a market analyst who you can trust.
Here is the key point to ponder: Why would you want the right to buy Home Depot (HD: NYSE) at $40 when you can just buy the shares at $38?
You would do it if you anticipate a sharp rise in the price of Home Depot (HD: NYSE) shares. Buying call options can be preferable to purchasing the shares outright, as you’ll soon learn.
With Home Depot (HD: NYSE) at or below $40 the call option has not real value. Its only value is time value – its potential to increase in value over a period of time.
And option like this is said to be out-of-the-money.
Call options whose underlying instrument is below the strike price are called out-of-the-money options.
If the price of the underlying instrument is equal to the strike prices, those calls are at-the-money. Call options whose underlying instrument is trading above the strike price are called in-the-money options.
Farther out-of-the-money options are less expensive to purchase and will outperform when the underlying instrument makes a big move in your favor. They are less expensive. At - or near-the-money options cost more, but they are less risky.
In my next report I will demonstrate how to determine the breakeven point, how to calculate an option’s value, the explanation of puts, LEAPS and more.
This completes the first segment of my research report, Understanding Options.
I’ve covered a great deal with you today… but this is only the beginning, and there is much more to learn. Stayed tuned… Understanding Options, Part 2 will be posted soon.
Happy Trading, Steve Sarnoff
How to Trade Options in Bear Market
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En el centro de todo lo que hacemos es un fuerte compromiso con la investigación independiente y compartir sus descubrimientos provechosos con los inversores. Esta dedicación a dar a los inversores una ventaja comercial llevó a la creación de nuestro probado Zacks Rank sistema de clasificación de valores. Since 1986 it has nearly tripled the S&P 500 with an average gain of +26% per year. Estos rendimientos cubren un período de 1986-2011 y fueron examinados y atestiguados por Baker Tilly, una firma de contabilidad independiente.
Visite el rendimiento para obtener información sobre los números de rendimiento mostrados anteriormente.
Los datos de NYSE y AMEX tienen al menos 20 minutos de retraso. Los datos de NASDAQ tienen al menos 15 minutos de retraso.
Algunas novedades Fiscales para 2015 (1).- IRPF
IMPUESTO SOBRE LA RENTA DE LAS PERSONAS FÍSICAS:
1.-Contribuyentes en estimación objetiva:
A partir del 1 de enero de 2016, se excluyen del método de estimación objetiva aquellas actividades dirigidas mayoritariamente a empresarios o profesionales, además de que se rebaja el umbral de exclusión, de 450.000 a 150.000 euros de ingresos, y de 300.000 a 150.000 euros de gastos (excepto las agrícolas, ganaderas y forestales, cuyo límite está en 200.000 euros), por ello conviene analizar el impacto de la tributación en estimación directa simplificada o bien, alternativamente, constituirse en sociedad.
La redacción actual de nuestro IRPF establece una exención plena sobre los dividendos y participaciones en beneficios de sociedades con el límite anual de 1.500 euros. El exceso tributa como rendimiento del capital mobiliario.
3. Rentas irregulares:
La reducción de las rentas del trabajo irregulares se minora a partir del 1 de enero de 2015, pasando del 40% al 30%.
Además, la nueva redacción especifica claramente que la reducción no se aplica si en los 5 periodos impositivos anteriores se hubiesen percibido rendimientos con periodo de generación superior a dos años a los que se les hubiera practicado la reducción.
4. Deducción por alquiler de vivienda habitual:
Con efectos del 1 de enero de 2015 se suprime la deducción por alquiler de vivienda habitual que permite un ahorro fiscal del 10,05% de las cantidades satisfechas por el contribuyente arrendatario siempre y cuando su base imponible no supere 24.107 euros. No obstante se establece un régimen transitorio para respetar los derechos del contribuyente que venía aplicándose esta deducción, y para aquellos contribuyentes que reúnan el resto de requisitos legales.
Se suprime para los arrendadores la reducción del 100% del rendimiento neto por arrendamiento de bienes inmuebles destinados a vivienda cuando el arrendatario tiene una edad comprendida entre los 18 y 30 años, y a partir de 2015 solo podrán deducirse el 60%.
5. Distribución de la prima de emisión de acciones:
A partir del 1 de enero de 2015, la distribución de la prima de emisión que corresponda a reservas generadas por la entidad durante el tiempo de tenencia de la participación tributará como rendimiento del capital mobiliario en su integridad. Hasta ahora, el efecto de la distribución era una minoración del valor de adquisición de las mismas, por lo que únicamente el exceso, tributaría como rendimiento del capital mobiliario.
La misma suerte correrá la operación mercantil consistente en reducir el capital con devolución de aportaciones.
6. Coeficientes de abatimiento y de corrección monetaria:
En trámite parlamentario se ha introducido una enmienda a la medida prevista en el anteproyecto de ley IRPF por la cual se suprimía el régimen transitorio, históricamente aceptado a través del cual se aplicaban unos coeficientes de abatimiento, sobre las ganancias patrimoniales derivadas de la transmisión de elementos patrimoniales no afectos a actividades económicas que fuesen adquiridos con anterioridad al 31 de diciembre de 1994.
(Coeficientes reductores son el 11,11% para inmuebles, el 25% tratándose de acciones cotizadas y el 14, 28% para el resto y que reducen la parte de la ganancia patrimonial generada hasta el 20 de enero de 2006).
A partir del 1 de enero de 2015 se suprime la aplicación de este coeficiente salvo para transmisiones que no excedan de 400.000 euros.
Si el contribuyente tiene previsto transmitir elementos de su patrimonio con la expectativa de obtener una ganancia patrimonial, convendría analizar en qué medida le afecta esta restricción en contraposición con la bajada general de tipos.
Cabe tener en consideración que el límite de 400.000 euros no se aplica individualmente por cada operación, sino que se tiene en cuenta la suma total de ganancias patrimoniales logradas a partir de 2015 para todo tipo de elemento patrimonial no afecto a actividades económicas.
Desaparece con carácter general el coeficiente de corrección monetaria que amortiguaba fiscalmente los efectos de la inflación a lo largo del tiempo.
7. Ganancias y pérdidas patrimoniales obtenidas a largo y corto plazo:
A partir del 2015 la totalidad de las ganancias y pérdidas patrimoniales pasarán a integrarse en la base imponible del ahorro, sin distinción entre las obtenidas a largo y corto plazo.
8. Planes de Pensiones: La tributación relativa a aportaciones y rescates de planes de pensiones varía a partir del 1 de enero de 2015 sustancialmente.
Teniendo en cuenta que el límite máximo de aportaciones se reduce a 8.000 euros, frente al anterior límite que se sitúaba entre los 10.000 a 12.500 euro al año según la edad.
A partir del 1 de enero de 2015, los contribuyentes que transmitan un inmueble, sin que constituya su vivienda habitual, mayores de 65 años, no tributarán por la posible ganancia siempre y cuando se reinvierta ésta, en una renta vitalicia y el volumen de la operación sea inferior a 240.000 euros.
10. Rentas en especie.
La entrega de acciones o participaciones a favor de empleados (las conocidas como “stock options”) dejarán de estar exentas a partir del 1 de enero de 2015, salvo que se enmarquen dentro de un plan generalizado para el conjunto de la plantilla.
Por otra parte, la valoración de la renta en especie como consecuencia de la cesión de un vehículo al trabajador gozará, a partir de 2015 de una reducción del 30% siempre y cuando el vehículo que le cede la empresa sea eficiente energéticamente.
La reforma fiscal incorpora una nueva figura a partir del próximo ejercicio denominada Plan Ahorro 5. Se trata de planes de ahorro a largo plazo, cuyos rendimientos estarán exentos si se mantiene la inversión un mínimo de cinco años. Se fija un límite de 5.000 euros y se garantiza el 85% de la inversión realizada.
12. Tipo de Retención
Tratándose de atrasos de rendimientos del trabajo que corresponda imputar a ejercicios anteriores, el porcentaje de retención e ingreso a cuenta será del 15 %, salvo que se trate de los atrasos de administradores o de los derivados de impartir cursos, conferencias, coloquios, seminarios y similares, o derivados de la elaboración de obras literarias, artísticas o científicas, siempre que se ceda el derecho a su explotación, que mantendrán sus diferentes tipos de retención.
El porcentaje de retención “general” de los rendimientos del trabajo por la condición de administradores y miembros de consejos de administración, será del 37% en 2015 y 35% en 2016. No obstante establece un porcentaje de retención reducido del 20% para cuando los rendimientos procedan de entidades con un importe neto de la cifra de negocios inferior a 100.000 euros y del 19% en 2016.
El porcentaje de retención e ingreso a cuenta sobre los rendimientos del trabajo derivados de impartir cursos, conferencias, coloquios, seminarios y similares, o derivados de la elaboración de obras literarias, artísticas o científicas, siempre que se ceda el derecho a su explotación, será del 19 % a partir de 2015 y 18% en 2016.
El porcentaje de retención e ingreso a cuenta sobre los rendimientos de capital mobiliario será del 20% en 2015 y del 19% en 2016.
El porcentaje de retención “general” por rendimientos de actividades profesionales será del 19% en 2015 y del 18% a partir de 2016. Mantiene el supuesto especial del 9%, y también el porcentaje reducido del 15% para los autónomos profesionales con menores rentas (15.000 €). Sigue el 1% para otras actividades empresariales que determinen su rendimiento neto por el métodos de estimación objetiva.
En 2015, los rendimientos procedentes del arrendamiento o subarrendamiento de bienes inmuebles urbanos, ganancias patrimoniales de transmisiones o reembolso acciones, premios, propiedad intelectual, industrial, arrendamiento de bienes muebles,…), o los relacionados con los nuevos PLANES de ahorro a largo plazo, o con la cesión derechos de imagen, será del 20 % en 2015 y del 19% en 2016.
13. Indemnizaciones exentas.
El importe de la indemnización exenta por despido o cese del trabajador tendrá como límite la cantidad de 180.000 euros. Este nuevo límite no resultará de aplicación a las indemnizaciones por despidos o ceses producidos con anterioridad a 1 de agosto de 2014 y tampoco a los despidos que se produzcan a partir del 01-08-2014 cuando deriven de un ERE aprobado, o un despido colectivo en el que se hubiera comunicado la apertura del período de consultas a la autoridad laboral, con anterioridad a dicha fecha.
14. Escala de gravamen.
En la escala de gravamen GENERAL se reduce el número de tramos, de los 7 actuales a 5, y se reducen los tipos marginales aplicables en los mismos. La reducción se produce entre los ejercicios 2015 y 2016.
Para 2015 se establecen cinco tramos de renta:
de 0 a 12.450 € de base imponible se aplica un gravamen del 20% (19% en 2016);
de 12.450 € a 20.000 € de base imponible el gravamen es del 25% (24% en 2016);
de 20.200 a 35.200 € de base imponible un 31% (30% en 2016) y
de 35.200 a 60.000 € del 39% (37% en 2016).
Por encima de los 60.000 € se tributará a un tipo del 47 % (45% en 2016).
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De las 'stock options' de Villalonga al fin de Sintel y los despidos de Telefуnica
La operadora, que ganу 10.167 millones de euros en 2010, un 31% mбs gracias a la compra de la brasileсa Vivo, ha lanzado a su vez un plan para remunerar con 450 millones de euros en acciones a 1.900 directivos. Estas acciones las recibirбn segъn cumplan objetivos en tres ciclos de tres aсos (2011-2014; 2012-2015; 2013-2016). En caso de no cumplir en uno, la retribuciуn se guarda para el siguiente. Todo dependerб del valor de la acciуn de Telefуnica frente a otro grupo de 'telecos'. Desde su privatizaciуn entre 1995 y 1999, la empresa fundada durante la dictadura de Miguel Primo de Rivera ha protagonizado varias polйmicas relacionadas con el pago de sus directivos y los ajustes de sus plantillas. Estas son las mбs destacadas.
Las 'stock options' de Villalonga
Juan Villalonga fue consejero delegado de Telefуnica entre los aсos 1996 y 2000. Con el apoyo del entonces presidente del Gobierno, Josй Marнa Aznar, tambiйn compaсero de colegio, llegу a la direcciуn de la compaснa para dirigir su privatizaciуn: su capitalizaciуn pasу de 2,8 a 19 billones de pesetas.
El escбndalo saltу en 1999, cuando se conociу el plan 'Rise' de la operadora: los primeros 100 directivos de la compaснa se embolsaron 491 millones de euros con 'stock options'.
Las llamadas 'opciones por acciones' nacieron en los ochenta en EEUU y fueron introducidas por Telefуnica, entre otras, en Espaсa. La idea es convertir a los directivos y empleados en propietarios de la empresa para que se impliquen mбs, aunque el caso Enron demostrу que son un arma de doble filo al primar el valor bursбtil sobre la actividad real.
Las stock options consisten en ofrecer como pago unas acciones a un determinado precio en el futuro. Si para entonces valen mбs, compensa comprarlas por el valor pactado. Si valen menos, no se pagan.
El escбndalo, acompaсado por planes de reducciуn de plantilla y la falta de transparencia de Telefуnica, obligу al Gobierno a cambiar la Ley para que los planes con acciones tuvieran que ser informados a las juntas generales de accionistas y a la Comisiуn Nacional del Mercado de Valores (CNMV). Ademбs, se eliminaron exenciones fiscales sobre este tipo de bonificaciones.
Por su parte, Villalonga dimitiу tras la investigaciуn abierta por EL MUNDO por el uso de informaciуn privilegiada al comprar acciones por cuenta personal en 1998, justo cuando Telefуnica negociaba un acuerdo internacional con MCI. La CNMV archivу el caso por falta de indicios.
La toma de riesgos tuvo uno de sus ejemplos mбs claros en la fusiуn de Terra con Lycos para crear, en el aсo 2000, "el tercer portal de Internet". Telefуnica, dirigida por Villalonga, pagу en plena burbuja '.com' 12.500 millones de dуlares por Lycos, el doble de su valor.
La empresa fue vendida en 2010 a la firma india Ybrant Digital por 36 millones de dуlares, un 0,28% de lo que costу una dйcada antes.
Los parados de Sintel
Sintel era una filial de Telefуnica que fue vendida en 1996 al cubano-estadounidense Jorge Mas Canosa, quien no llegу a abonar los 4.500 millones de pesetas de la operaciуn.
Sintel tenнa 5.000 empleados, 2.000 de ellos fijos en Espaсa, que dejaron de cobrar en abril de 2001 y fueron sometidos despuйs a expedientes de regulaciуn de empleo. Telefуnica se desentendiу de ellos.
Ante esta situaciуn, naciу el 'campamento de la esperanza' en La Castellana madrileсa. Tras la mediaciуn del Gobierno, se llegу a un acuerdo que incluнa prejubilaciones y recolocaciуn de plantilla en otras filiales de Telefуnica, aunque su aplicaciуn fue irregular.
Ademбs, fueron imputados 10 directivos relacionados por el caso Sintel y la insolvencia de la empresa. Entre ellos, Juan Villalonga y Josй Marнa Mas Millet.
Prejubilados a los 48 aсos
La penъltima reestructuraciуn de plantilla de Telefуnica tuvo lugar en 2008. La operadora propuso a los sindicatos un ERE de 700 personas en Espaсa, 500 de ellos en el бrea de mуviles, y que incluirнa prejubilaciones voluntarias a los 48 aсos.
Tras negociar con el Gobierno, obtuvo el beneplбcito del ministerio de Trabajo con las condiciones de no primar la edad de las prejubilaciones, no presentar ningъn ERE en 2009 y contratar a 500 trabajadores hasta 2010.
La operadora que preside Cйsar Alierta cerrу el aсo 2008 con un beneficio neto de 7.592 millones de euros, un 14,8% menos que el aсo anterior.
ELMUNDO. es " Madrid Actualizado viernes 15/04/2011 17:20 horas
Publicado el Viernes, 15 de Abril del 2011
What Happens When You Are Assigned On A Short Option?
I received an e-mail today asking what happens when you're assigned on a short option. More specifically, the focus of the question was what choices do you have in the event of assignment. It's a reasonable question, but one that interested me simply because assignment is something that every options trader must understand.
You can only be assigned on short options, which are options that you sell. There are only types of options; call options and put options. So, you can be assigned on a short call option and you can be assigned on a short put option. Eso es.
Assignment on a Short Call Option
If you are short a call option, you have the obligation to deliver shares of the underlying stock. This is probably most easily understood if we walk through a hypothetical example.
We will say that we have sold a $50 strike call option on XYZ stock, that the stock is trading at $60.00 per share, and that have been assigned. In short, you need to deliver 100 shares of XYZ stock for every call option that you sold. In return, you will be paid $50 per share. Es así de simple.
But what happens?
Well, if you own XYZ stock you will see 100 shares removed from your account for every call option on which you have been assigned. You will also see a cash deposit to your account of $5,000.00 ($50 strike price * 100) for each short call option, less any fees that you might be charged.
If you do not own the stock, then the stock must be purchased. In this case, you will instruct your broker to purchase 100 shares of stock at the current market price and then the process outlined above would take place. If you do not, your broker will take action to fulfill your responsibility and to protect themselves in the process.
But, perhaps you have a long call as part of a hedged position, e. g. a vertical spread. In such a case, you may have choices to make. You still need to deliver the stock, but the long call offers you some flexibility in meeting that obligation.
For example, you might choose to exercise your long call option to buy the stock at a below market price, but in doing so you would lose any remaining "time value" in that call option. You might also sell the call option to capture that time value to offset the cost of acquiring the stock.
Assignment on a Short Put Option
Having sold a put option, you have the obligation to accept delivery of the underlying stock and pay the strike price for those shares. Like the call option, there is little ambiguity about it.
Assume we are short the $50.00 put option and XYZ stock is trading at $40 per share when we are assigned. If you have enough capital and/or margin in your account to cover the purchase, following assignment you would find yourself in possession of 100 shares of XYZ stock for every put option that you were short, less $5,000 ($50 * 100) in cash.
If you had a short position in XYZ stock you might find that short position covered.
The bottom line is that you’ll be buying the stock at the option’s strike price. If you own another put you can sell that put or you might choose to exercise it.
But what if you do not have enough capital in your account to buy the stock? In the event you do not have enough capital to purchase the stock you will get a margin call and either have to add enough cash to the account to satisfy the margin call or the stock will be sold at market.
There are often decision that go along with the assignment process. It is worth taking some time to think through how you might want to deal with an assignment before selling any options. When you do, make sure to consider all of the possible scenarios.
If you are uncertain about what your broker might do or what they will allow you to do in your account, I would suggest picking up the telephone and giving them a call. Let them walk you through how they would handle the assignment, how much time they will give you to make decisions, etc.
In the event you have not taken the time to engage in that sort of fore planning and now find yourself in receipt of a notice of assignment, you might still consider grabbing that telephone to call your broker. A good options brokerage is staffed by professionals who understand the product and they have likely handled more assignments than you will experience in your entire trading career. They might just be able to offer you an idea or two about handling your situation - no matter how confusing it may seem to you at the moment.
Christopher Smith TheOptionClub. com
About The Author
NYSE Liffe
NYSE Liffe is the global derivatives business of the former NYSE Euronext. and is now part of the Intercontinental Exchange Group Inc. ICE purchased the parent company of NYSE Liffe, NYSE Euronext in November 2013.
As NYSE Liffe, it comprised the derivatives (futures and options on futures) business of NYSE Euronext. N. V.
NYSE Liffe was the name given to the exchange previously known as LIFFE. which was acquired by Euronext in 2002.
After that acquisition, Euronext consolidated all of its derivatives trading operations under the "Euronext. liffe" name, and then its parent, Euronext, N. V. was acquired by the New York Stock Exchange.
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Historia
Liffe (originally "LIFFE," the acronym for the London International Financial Futures Exchange. was formed in London in 1982.
Following mergers with the London Traded Options Market (LTOM) and the London Commodity Exchange (LCE), Liffe added equity options and a range of soft and agricultural commodity products to its existing financial mix.
Trading on Liffe, as on other futures exchanges, was originally conducted by open outcry with each product traded in a designated trading pit. In 1998 Liffe embarked on a course that transfered all of its futures and options from the traditional method of trading to an electronic platform known as LIFFE CONNECT. By 1998 it among among the top three futures and options exchanges in volume globally.
LIFFE was acquired by Euronext in 2002 and re-named Euronext. liffe. Euronext was in turn acquired by the New York Stock Exchange on Apr. 4, 2007, and LIFFE became NYSE Liffe .
In April 2011, Nasdaq OMX and ICE teamed up to make a hostile bid for NYSE Euronext. a 19% premium to the Deutsche Boerse bid that was announced earlier in the year. The Nasdaq/ICE combination would have allocated the Liffe platform to ICE while the rest of NYSE Euronext would have gone to Nasdaq. [1]
In July 2013, all NYSE Liffe clearing functions were switched from LCH. Clearnet to ICE Clear Europe. [2]
Contract Volume
Total Annual Volume *
(*) Volumes include NYSE Liffe U. S. and NYSE Liffe Europe. [3]
Productos y servicios
Bclear
Liffe created Bclear in 2005 as the on-exchange administration and clearing service for equity and commodity derivatives. Users can register OTC business as an exchange contract for futures and options on European and US blue-chip and mid-cap stocks and indices as well as Variance Futures on the FTSE 100. CAC 40 and AEX indices. This was created to reduce the counter-party credit, legal and operational risks associated with OTC deals. Bclear enables registration of both "standard exchange" and "flexible" trades in futures and options, allowing customers to execute their business in one single place at a much lower cost. [4]
As of April 2012, Bclear has cleared over a billion contracts and [5]
NYSE Euronext became the first exchange to clear credit default swaps, in December 2008, on the Bclear platform when they launched credit default swap index contracts. [6] A month after its launch, however, the new clearing service for credit derivatives, launched by London-based LCH. Clearnet and futures market Liffe, had yet to execute a single trade, despite expectation that banks would use the system following regulatory pressure to pare risk in the market. [7]
Interest Rate Derivatives
Liffe’s interest rate products comprise short-term interest rates (STIR), bond futures and options contracts covering the key European, Japanese, UK, Swiss and American benchmarks. and Swapnotes. One set of trading rules covers all interest rate products. For certain product groups opening hours have been extended to cover additional time zones.
Short-term Interest Rates (STIRs) Average daily volume (ADV) for Liffe’s short-term interest rate products (STIRs) as of September 2007 exceeded 2.5 million contracts.
Liffe's flagship contract suite - the EURIBOR three-month interest rate contracts, including EURIBOR futures, EURIBOR options, and EURIBOR Mid-Curve Options - had a total volume of 242 million contracts in 2011. [8]
Short Sterling products, including futures, options and mid-curve options, were second most active of Liffe's short-term interest rate offerings.
Third in terms of volume in the short-term interest category were Euroswiss futures and options.
Short-Term Interest Rate Products
EONIA Futures
EURIBOR Futures
EURIBOR Options
EURIBOR Mid-Curve Options
Eurodollar Futures
Eurodollar Options
Eurodollar Mid-Curve Options
Short Sterling Futures
Short Sterling Options
Short Sterling Mid-Curve Options
Euroswiss Futures
Euroswiss Options
Euroyen Futures
Bond Derivatives Of the three bond derivatives products offered by Liffe, Long Gilt futures and Long Gilt options are the most active products. A Japanese Government Bond (JGB) futures contract also is listed for trading on Liffe.
Swapnote Futures and Options A Swapnote is a bond futures contract referenced to the swap market. Exchange-traded, centrally cleared and cash settled, it can be viewed as a bond futures contract that is priced in line with the euro swap curve. Swapnotes are used as a mechanism for hedging longer-dated non-government yields. The 2-year, 5-year and 10-year euro-denominated products are most active of the Swapnote grouping. ICAP plc Swapnote is a registered trademark of ICAP plc and has been licensed for use by Liffe. [9]
Swapnote products include both dollar - and euro-denominated two-year, five-year, and ten-year futures and options.
On April 3, 2014, Intercontinental Exchange Group announced that NYSE Liffe would launch European Government Bond futures and Swapnote futures contracts. The exchange said it expects the following contracts will be available for trading on May 27, 2014, subject to regulatory approval: [10]
NYSE Liffe European Government Bond Futures
German Government Bond futures (2, 5, 10 and 30 year contracts)
Swiss Government Bond futures (5 and 10 year contracts)
Italian Government Bond futures (2, 5 and 10 year contracts)
Spanish Government Bond futures (2, 5 and 10 year contracts)
Index Derivatives
Of the long list of offerings in index derivatives traded on Liffe, the three most active include: 1) CAC 40 Index futures and options; 2) FTSE 100 Index futures and options (including FLEX options); and 3) AEX Index futures and options (including weekly options).
Index Derivatives products
AEX Index Futures
AEX Index Options
AEX Index Weekly Options
BEL 20 Index Futures
BEL 20 Index Options
CAC 40 Index Futures
CAC 40 Index Options (PXA)
CAC 40 Index Options (PXL)
FTSE 100 Index Futures
FTSE 100 Index Options (European - Style)
FTSE 100 Index FLEX Options (European - Style)
FTSE 250 Index Futures
FTSE EPRA/NAREIT Europe Index Future
FTSE EPRA/NAREIT Euro Zone Index Future
FTSE Eurotop 100 Index Futures
FTSEurofirst 80 Index Futures (Paris)
FTSEurofirst 100 Index Futures (Paris)
MSCI Euro Index Futures
MSCI Pan-Euro Index Futures
PSI 20 Futures
MSCI Equity Indices
Commodity Futures and Options
Liffe commodity futures and options cover softs and other agricultural products, with most trading volume concentrated in cocoa, coffee and sugar.
Commodity products include futures and options on: [11]
Cocoa
Robusta Coffee
maiz
Rapeseed
Rapeseed Oil
Raw Sugar
White Sugar
Feed Wheat
Milling Wheat
Malting Barley
Skimmed Milk Powder
Currency Futures and Options
Liffe offers trading in a limited number of currency futures and options products, based on U. S. dollar and euro relationships. [12]
Opciones de alamcenaje
Liffe lists stock options (also known as individual equity options) on more than 250 leading European companies. [13]
Single Stock Futures
More than 1000 single stock futures are traded through Liffe. Originally, LIFFE listed about 250, but with the consolidation of Amsterdam, Paris, Brussels, Lisbon and London derivatives markets, that number nearly tripled. As of 2012, equities from 21 countries are available to trade on the firm's platforms.
Tracker Options
Tracker Options (Trackers replicate the performance of an index) offer physical delivery of the shares on which they are based (the underlying) and have American-style exercise.
CAC 40 Master Unit
DJ Euro STOXX 50SM Master Unit
LIFFEdata Services
LIFFEdata is the umbrella brand under which Liffe distributes all market data and price information associated with its products. This encompasses real-time, delayed and historical data. [14]
John Lothian News Interviews
Paul MacGregor of NYSE Liffe Discusses New Products & the Interest Rate Market Outlook NYSE Euronext continues to develop its interest rate offerings, challenging competitors in the space, such as CME Group. Paul MacGregor. executive director, head of fixed income, NYSE Liffe (the global derivatives business of NYSE Euronext) sat down recently with JLN’s Managing Editor, Christine Nielsen. to discuss the outlook for the interest rate market and new products on the horizon for the exchange. Published May 10, 2012. [15]
Recursos
Referencias
options: puts and calls
Luke's quandary: to hedge or not to hedge A little more than 10 months ago, luck, a mortgage banker in phoenix, bought 300 shares of stock at $40 per share. Since then, the price of stock has risen to 75 per share. It is now near the end of the year, and the market is starting to weaken. Luc feels there is still plenty of play left in the stock but is afraid the tone of the market will be detrimental to his position. His wife, Denise, is taking an adult education course on the stock market and has just learned about put and call hedges. She suggest that he use puts to hedge his position. Luke is intrigued by the idea, which h discusses with his broker, who advises him that the need puts are indeed available on his stock. Specifically, he can buy three-month puts, which 75 strike prices, at a cost of 550 each (quoted at 5.50)
Questions: a. Given the circumstances surrounding Luck's current investment position, what benefits could be derived from using the puts as a hedge device? What would be the major drawback? segundo. What will Luck's minimum profit be if he buys three puts at the indicated option price? How much would he make if he did not hedge but instead sold his stock immediately at a price of 75 per share? do. Assuming Luke uses three puts to hedge his position, indicate the amount of profit he will generate of the stock moves to 100 by the expiration date of the puts. What if the stock drops to 50 per share? re. Should Lake use the puts as a hedge? Explique. Under what conditions would you urge him not to use
Solution Preview
1. The main benefit of using the put as a hedge device is that Luck will be able to sell the stock @ 75 per share in the next three months, irrespective of the market price of the stock. This guarantees a minimum return to Luck by using the put option. The major drawback is that if the market price of the stock remains at 75 or above, the put option will not be utilized and the premium paid on the put.
Solution Summary
Given the circumstances surrounding Luck's current investment position, what benefits could be derived from using the puts as a hedge device? What would be the major drawback?
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Opción de llamada
There are two kinds of stock options: calls and puts.
A call option is a tradable security that gives the buyer of the call option the right to buy stock at a certain price ("strike price") on or before a certain date ("expiration date"). Likewise, the seller of a call option is obligated to sell stock at a certain price by a certain date if the buyer chooses to exercise his right.
For example, a "January 50 call option on ABC stock" gives the buyer of the call option the right to pay $50/share for 100 shares of ABC stock any time between now and January. If that buyer decides to exercise his right to buy the stock at $50/share then the person who sold him the call option is obligated to sell 100 shares of ABC stock to him at $50/share.
The buyer and seller agree in advance on (1) the stock involved (called the "underlying security" or "underlying"), (2) the duration of the option ("expiration date"), (3) the exercise price ("strike price"), and (4) the price of the option. Like stocks, there are many investors buying and selling options every day and each has a bid and ask price quoted by the exchanges.
A put option is the opposite of a call option: it is the right to sell a stock at a certain price by a certain date. Born To Sell is not concerned with put options and will focus this tutorial on call options and covered calls.
Documentos e informes
Philippines - Rural development sector strategic priorities (Inglés)
Abstracto en inglés
This report sets out the strategic priorities for rural development in the Philippines, opportunities for further analytical work, and options for engagement. It integrates the findings and recommendations outlined in the various working papers included. Vea más + This report sets out the strategic priorities for rural development in the Philippines, opportunities for further analytical work, and options for engagement. It integrates the findings and recommendations outlined in the various working papers included in the Rural Growth Revisited Study. The report is structured around the framework of drivers and facilitators of rural growth, including policy and regulatory issues. It also reviews these drivers and facilitators against the recommendations of the Medium Term Philippine Development Plan for 2004 to 2010 thrusts in rural growth in the Philippines, with a view to identifying additional activities that could further enhance the expected outcomes and impacts. In addition, the report emphasizes the relative weight of rural sectors in the economy and the importance of effective public sector and expenditure management. The issues raised in this report are central to the debate on sector growth as they determine the direction of the economy (what appears to be working and what not) and the relative success of Government and the public sector in targeting and managing scarce public resources and providing the right signals for stimulating investment and competitiveness, which ultimately determine growth. Ver menos -
Información
Fecha del documento 2006/01/01
Tipo de documento Documento de trabajo
Número del informe 36681
Volumen 1
Total Volume(s) 1
País Filipinas ;
Región Asia oriental y el Pacífico ;
Fecha de divulgación 2010/07/01
Nom. del doc. Philippines - Rural development sector strategic priorities
Palabras clave
accountability, agrarian reform, agricultural commodities, agricultural land, agricultural policy, agricultural production, agricultural productivity, agricultural yields. Vea más + allocation, banking system, basic rural infrastructure, beneficiaries, Biodiversity Conservation, budget control, Budget Management, budget support, capacity building, capital expenditures, capital stock, civil service, climate change, conflict, decentralization, devolution, diversification, economic efficiency, economic growth, educational achievement, expenditure rationalization, Farm Income, farmers, Farmland, feeder roads, financial institutions, fiscal position, Food security, government intervention, Government spending, gross domestic product, imputed costs, irrigation, land degradation, land distribution, land management, Land Reform, land tenure, land titles, land titling, land use, laws, legal framework, livelihood opportunities, livestock rearing, Local Government, local governments, mandates, Market Development, medium-term plan, misallocation of resources, mismanagement, National Government, national resources, natural disaster, Natural disasters, Natural Resources, Natural Resources Management, operating costs, Pacific Region, poor, poor farmers, post-harvest facilities, poverty alleviation, poverty assessment, poverty incidence, poverty reduction, poverty reduction program, price stabilization, private investment, private sector, private sector involvement, programs, property rights, public, public expenditure, public expenditure management, public finance, public finances, public goods, public investment, public sector, Public Sector Management, public service, public services, resource availability, Resource Management, risk management, risk reduction, Rural, rural areas, rural communities, Rural Development, rural finance, rural growth, rural infrastructure, rural infrastructure development, rural phenomenon, rural poor, rural poverty, rural poverty incidence, safety net, sector policy, service delivery, Strategic Priorities, sustainable growth, sustainable rural development, taxation, transparency, transport, urban poverty, wage expenditure, wages Ver menos -
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BinaryOptions. com - The Most Informed, Knowledgeable and Educational Binary Options site
Pair Options
Within the futures markets there is a huge demand for spread trading between different assets. Fund managers will monitor one stock against another since there fund’s rules state that they must have exposure to a particular sector. So if it was IT then a fund manager may need to choose between Apple and Microsoft because the fund must have exposure to one or the other. Hence the interest in spread trading.
What StockPair does is offer it in a binary options format which means losses (and profits) are known in advance; it is a highly attractive alternative both in margin and risk management terms and as such StockPair are one of the more interesting and innovative sites this website promotes.
Assets
The individual assets offered for binary options trading may not be as numerous as other sites but this is more than compensated by the pairs of assets offered for Pair Options.
StockPair Binary Options
Bank of Scotland
StockPair Pair Options
Exxon v S&P500
Coca Cola v S&P500
McDonalds v S&P500
Reed Elsevier v AEX
Facebook v Nasdaq
Microsoft v Nasdaq
Starbucks v Nasdaq
Facebook v Google
Facebook v Yahoo!
Microsoft v Apple
General Motors v Ford
McDonalds v Starbucks
Cisco v Juniper
Costco v Walmart
Coca Coloa v Pepsico
Barclays v HSBC
HSBC v Bank of Scotland
Peugeot Citroen v Renault
Tesco v Sainsburys
Prudential v Aviva
Sanofi Aventis v GSK
Deutsche Bank v BNP Paribas
Woodside v Origin Energy
BHP v Rio Tinto
Woolworths v Westarmers
StockPair Payouts
Two trade types exist on StockPair:
a) The Pair option where the trader bets on the performance of one asset relative to another. If his choice is correct, then he gets a payout of 80%.
b) The Call/Put option which offers an 80% payout for successful trades.
There is a maximum loss return percentage of 10%, and exercising the loss return in the event of a trade ending out of the money will reduce the payout in accordance with the percentage used.
Expiry Times
Traders have a choice to choose the expiry for their trades. The lowest expiry time on the StockPair platform is one hour, and the maximum expiry that can be set is 150 days. Only one trade can be opened every two minutes.
Herramientas de Trading
There are special trading tools for traders on StockPair. Some of these tools are as follows:
a) There is a Trade Simulator which gives a video demonstration of the trading process on StockPair.
b) Price quotes delivered from Reuters.
c) Some of the assets can be traded as “floating options”, which have a variable payout and can be closed manually before trade expiry. There are restrictions on the use of this facility.
d) Mobile trading apps for the iPhone, iPad and Android based devices are presently in development.
e) A trading sentiment bar is located at the bottom of the trade pop-up window.
StockPair Deposits and Withdrawals
Traders can deposit and withdraw funds on StockPair using the following transaction methods:
a) Credit cards (MasterCard and VISA)
c) E-payments e. g. Moneybookers and CashU
The minimum funding requirement depends on the type of account that the trader opens. There are four account types: silver, gold, platinum and VIP accounts. Generally speaking, the minimum amount that can be deposited into the trading account is $200.
Traders operating the Silver Account are charged $25 per withdrawal for bank wires, but holders of the Gold, Platinum and VIP accounts can withdraw via bank wires free of charge.
The minimum trade amount on StockPair is 20 units of the currency that the account is denominated in, while the maximum is 3,000 units of the account currency.
Accounts can be held in US Dollars, British Pounds or Euros.
StockPair Bonuses and Promotions
The following bonuses are available on StockPair.
a) There is a welcome bonus of between 20% and 40% for all new traders on the StockPair platform. The 40% bonus is only available to traders who deposit a minimum of $500. Those who deposit $200 get a 20% bonus.
b) 3% CashBack Bonus for Platinum and VIP account holders.
StockPair Customer Support
Customers can reach the support desk on StockPair 13 hours a day, 5 days a week using the following channels:
Country-specific phone numbers which are listed on the StockPair contact page
Live chat: A link to the live chat facility can be found on the home page.
Email (support@stockpair. com). An online form also exists where traders can send a message to the support desk and it is received in the support email.
Mao Cheng LI
extracto
Mao Cheng Li was Account executive in DIGITIMES who received outstanding employee award in 2014.He conducted several marketing projects for B2B company such as 2014 AWSomeday,2014 Cloud Kata. The clients include Amazon. com, Chroma ATE Inc, HIWIN Technologies Corp, Lanner Elecronics Inc. He has worked for amazon. com in India as a content associate which need to clarify the error of Chinese E-book and report to the headquarters in Seattle.
Places traveled (business or leisure): 08' Los angeles, New York City, Washington D. C,Boston, USA 12' Chennai, New delhi, Varanasi, Bangalore, India 12' Hong Kong, Macau, Shenzhen, Guangzhou, China 14' Chiang Mai, Bangkok, Thailand 14' Siem Reap, Phnom Penh, Cambodia 14' Manila, Cebu, Philpine 15' Santiago, Chile
Experiencia
Account Executive DIGITIMES Inc. enero de 2013 – mayo de 2015 (2 años 5 meses) | Taipei City, Taiwan
1.The outstanding staff of DIGITIMES in 2014. 2.The reaching rate of sales target in 2014 is 198%. 3.Responsible for B2B company marketing in Taiwan
Content associate-chinese Amazon marzo de 2012 – agosto de 2012 (6 meses) | Chennai y alrededores, India
1.Conducting Quality assessment of Chinese E-Book 2.Training the Quality assessment process to QA team in Beijing. 3.Analyzing the Error type of E-book and negotiating with vendor in China. 4.Join Amazon basketball team and win the championship.
Account Executive I-Direction Co. Ltd enero de 2011 – enero de 2012 (1 año 1 mes)
1.Developing potential Yahoo search marketing customers by more than 5000 cold calls. 2.Analyzing the online marketing problem of customer 3.Providing current trend and marketing strategy of Yahoo adword. 4.Maintaining relations and tracking marketing performance for 12 customers.
Camps Executive Officer ASUS septiembre de 2008 – junio de 2009 (10 meses) | Chiayi County/City, Taiwan
1.Surveying ASUS product price on market dealers and writing more than 30 reports. 2.Planning and implementing marketing activities on campus. 3.Introducing the product to clients on COMPUTEX. 4.Participating on marketing ideas competition of new product.
The Cyber cafés Cashier Six Flags junio de 2008 – septiembre de 2008 (4 meses)
1.Providing snacks and beverage to meet the needs of tourists and complete the transaction process. 2.Working with colleagues in various countries such as Mexicans and Azerbaijan. 3.Maintaining daily required materials of Cyber café s operation. 4.Clearing daily revenue to the cash control sector .
Aptitudes
Educación
International economic situation analysis ; Derive company profits model theory ; Comprehend the operational mode of financial products: stock. funds. futures and options ; Analysis of the company's financial condition ;Find out Macroeconomics & Microeconomics theory.
Actividades y grupos: Ambassador of National Chung Cheng university, Basketball Team of Finance department,
Intereses
Playing basketball Travellng around the world Using the newest technology
Organizaciones
Toastmaster Innovative club in Taipei
Personal
Fecha de comienzo enero de 2013
Toastmaster after office club in Chile
Reconocimientos y premios
The outstanding staff of DIGITIMES in 2015
DIGITIMES
febrero de 2015
Experiencia de voluntariado y causas benéficas
Causas benéficas que le importan a Mao Cheng:
Educación
Medio ambiente
salud
Reducción de la pobreza
Ciencia y tecnología
Idiomas
Inglés
Proyectos
2014 AWSomeday Taipei febrero de 2014 – febrero de 2014
Responsible for AWSomeday event planning. The attendance is more than 600 people. Coordination with the event sponsors including;Intel, Splunk, Nextlink, Ecloudvalley.
2015 AWSomeday Kaoshiung Fecha de comienzo marzo de 2015
Responsible for AWSomeday Event planning in Kaoshiung city. The attendance is more than 300 people.
2015 AWSomeday Taipei Fecha de comienzo marzo de 2015
2014 AWS Cloud Kata for Startups and Developers Fecha de comienzo marzo de 2014
Target Audience of this event focus on software developers. Responsible for AWSomeday event planning. The attendance is more than 300 people.
2014 AWSomeday Taipei Fecha de comienzo octubre de 2014
Grupos
Options - Understanding Calls and Puts Go mobile
Call and put options are examples of stock derivatives - their value is derived from the value of the underlying stock. For example, a call option goes up in price when the price of the underlying stock rises. And you don't have to own the stock to profit from the price rise of the stock. A put option goes up in price when the price of the underlying stock goes down. As with a call option, you don't have to own the stock. But if you do, the put acts as a hedge - as the stock price goes down, the value of the put goes up so you are hedged against the downside.
You make money on options if your bet on the direction of price movement of the underlying stock is correct. If not, you'll probably loose most or all the money you paid for the option. Options are very sensitive to changes in the price of the underlying stocks. Like gambling you can make or lose money very quickly.
Because option prices change quite rapidly, owning them requires that you spend a significant amount of time monitoring price changes in the stock and the option. And if you're wrong about the price movement, be prepared to lose all or a significant portion of the money you paid for the options.
A call is a contract that gives the owner the right, but not the obligation, to buy 100 shares of a stock at a fixed price, called the strike price, on or before the options expiration date. For example, assume you buy a June $120 call option (the option expires on the third Friday of June). The strike price is $120. If the stock price reaches $120, the value of the contract increases $100 for each $1 increase of the stock. So if the price of the stock moves from $120 to $135, the value of the option increases by $1,500.
If the price of the stock goes above the strike price and you want to buy the 100 shares, you can exercise the option and buy the 100 shares for $120 per share no matter the current value of the stock.
If the value of the stock goes down, the price of the option goes down, and you could hold it or sell it at a loss.
You may sell the option for a profit or loss anytime before the contract expires.
The price that you pay for a call option depends on many factors two of which include: the duration of the contract (the longer the duration, the more you pay) and how far the current price of the stock is from the strike price of the contract.
Alternative Actions for the Call Buyer
Let option expire and take loss if the stock price does not decline.
Lose all of purchase price.
Exercise option if the stock price declines. Sell 100 shares at strike price, which is more than market price (sell stock for more than it's worth). Put buyer must own 100 shares to sell. Can already own them or buy them at market price, which is less than strike price.
Collect proceeds from stock sale.
For every buyer of a call there must be a seller, who assumes that the stock price will remain flat or go down. The seller collects the purchase price of the option but has the obligation to sell 100 shares of the stock if the buyer decides to exercise the option. If the seller gets called - he must sell the stock. If the stock continues to appreciate in price after the stock is sold, the seller looses the future price gain.
In most cases you must own 100 shares of the stock for each contract you sell - this is called a covered call. Therefore, if your stock gets called away, you have the 100 shares in your account.
You can sell covered calls to generate a stream of income. If the stock price does not rise enough during the period of the contract, you won't get called and won't have to sell the stock so you keep the money you received when you sold the call.
If your broker lets you, you may sell "uncovered "or "naked" calls in a margin account. This practice lets you sell calls when you don't own the stock. If you get called, you must buy the stock at its current market value to cover the call even when the market price is higher than the strike price of the option. Like any margin account transaction, you must execute the transaction immediately.
Alternative Actions for the Call Seller
What the call seller may do.
Sell 100 shares at the strike price to the call buyer if the call buyer exercises the call option. If the call seller already has shares in his account, they are sold to the buyer at the strike price. If the call seller does not have shares, he must buy the shares on the open market at a price greater than the strike price.
Sell stock for less than it's worth.
Do nothing if the call buyer does not exercise the call option.
Keep all proceeds from sale of call option.
The seller of a put collects the purchase price of the option from the buyer of the put. The seller has the obligation to buy 100 shares at the strike price regardless of the market value of the underlying stock. So if the put buyer decides to exercise the put contract, the seller of the put has to buy the 100 shares at the strike price no matter the current market value of the stock.
For example, the buyer of a put with a strike price of $50 decides to exercise the option, which means he sells 100 shares of the stock at the strike price to the put seller. The put seller must pay $50 per share even though the market value is, for example, $40. When you sell a put, you want the price of the stock to go up so you don't get the stock put to you - buy the stock for more than it's worth.
Selling a put places the money you receive in a margin account so you pay interest on the proceeds until the put contract is closed. If you don't have the financial resources to cover the obligation of buying the stock from the buyer of the put, you sold "naked puts".
This is a very dangerous position as shown by the following excerpt taken from "Blowing Up", an article in the The New Yorker magazine (April 22 & 29, 2002). It tells about a trader who sold naked puts and experienced financial ruin. "A year after Nassim Taleb came to visit him, Victor Niederhoffer blew up. He sold a very large number of options on the S&P Index, taking millions of dollars from other traders in exchange for promising to buy a basket of stocks from them at a preset price if the market ever fell below a certain point. It was an unhedged bet, or what was called on Wall Street a "naked put". On October 27, 1997, the market plummeted seven per cent, and Niederhoffer had to produce huge amounts of cash to back up all the options he'd sold at pre-crash strike prices. He ran through a hundred and thirty million dollars - his cash reserves, his savings, his other stocks-and when his broker came and asked for still more he didn't have it. In a day, one of the most successful hedge funds in America was wiped out. Niederhoffer was forced to shut down his firm. He had to mortgage his house. He had to borrow money from his children. He had to call Sotheby's and sell his prized silver collection. " Niederhoffer experienced the black swan, a very low probability event that causes great losses.
Alternative Actions for the Put Seller
What the put seller must do.
Buy 100 shares from the put buyer if the put buyer exercises the put option. Note: If the put seller already has money in his account to buy the stock, the put option is covered. If the seller does not have money to buy the stock, the put option is naked. The put seller must come up with money to buy the stock.
Buys stock for more than it's worth.
Conclusions and Recommendations
Use calls and puts judiciously. If you're right, you can make quick money. If you're wrong, you can lose part or all of your investment very quickly. Do not sell "naked" options. You may be inviting a financial disaster.
Knowledgeable, experienced investors may want to sell covered calls and puts to collect other peoples money.
Because the price of options can change very quickly and dramatically, you must continually watch their price movement. If you not prepared to do so, don't buy or sell options.
Tax Rates for Stock Options
Most employees that receive stock options have non-qualified options. When you exercise (in finance, exercising options means to redeem the options and buy company stock at the discounted price specified in the option), you must pay income taxes on the difference between the price you pay and the market price.
Qualified Options
Qualified options mostly go to company executives, because they carry a favorable tax rate. When you exercise qualified options, you report the difference between the amount you pay and the market price as a capital gain, and any further profit from selling company stock later also counts as capital gain. Capital gains rates tax investments and property sales (houses, cars, stamp collections) and for most taxpayers is 15 percent.
Exercising and Holding
If you exercise your non-qualified stock options and sell the discounted stock for the market price immediately, the money you make is reported and taxed as income. However, if you exercise and do not sell immediately, you still owe income tax on the difference for the year you exercised the options. Any profit you make from selling company stock after holding it for at least a year is taxed as capital gains.
Consideraciones
CNN Money reports that the usual practice is to hold off on exercising your options until they are about to expire and then selling them. For many, this is a safe and easy strategy that usually maximizes the options. However, depending on your risk tolerance and your opinion of the company, you may want to hold onto the stock or sell everything as fast as possible.
Referencias
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HUSSMAN: I Would Be Remiss Not To Tell You That The Stock Market Will Probably Crash
Fund manager John Hussman, who is one of the most disciplined, knowledgeable, and fact-based investors around, has struggled mightily in recent years.
Hussman's valuation models and technical indicators have all been flashing yellow and red lights for years.
As a result, Hussman has positioned his funds cautiously. and therefore missed out on some of the bonanza that has powered stocks to extraordinary new highs.
As any investment professional will tell you, on Wall Street you have about 90 days to be "right."
If you make a market call that goes against you for longer than 90 days, you're not considered "early" or "prudent" or "careful." You're considered "wrong."
And, soon, if you stick to your guns, people begin to regard you as a religious fanatic--too wedded to your incompetency and pride to admit your mistake and join the happy, comfortable, consensus herd. And then people write you off as a "perma-____" and stop listening to you.
Hussman's caution and underperformance over the last few years have damaged his reputation and caused a lot of people to stop listening to him.
And that's too bad.
Because sometimes big market trends take a long time to play out.
And, sometimes, it's only after a bold, stubborn analyst has been dismissed as an out-of-touch charlatan that a market imbalance is finally corrected.
I will go out on a limb here and say that I think there's a good chance that John Hussman will ultimately be proven right.
Even if the market doesn't actually crash, I think it's highly likely that stock returns will be lousy for the next ten years.
Yes, as John Hussman will be the first to admit, there's also a chance that it's different this time and that his caution is unwarranted.
But it's worth stressing that that is the only way John Hussman will not ultimately be proven right--if it's "different this time."
Because every historical indicator Hussman is looking at is suggesting that the stock market is wildly overvalued and headed for a period of lousy returns.
John Hussman thinks there's a good chance the stock market will soon crash 40%-50%.
A crash of that magnitude would take the DOW from 15,000 to 7,500-8,500.
And even if the market doesn't crash Hussman thinks stocks are priced to produce returns of only a couple of percentage points per year over the next decade--far below the 7% inflation-adjusted long-term return that everyone is used to and the double-digit returns of the last few years.
If you want to feel comfortable and happy, go ahead and ridicule John Hussman with everyone else.
If you want to prepare yourself for what seems like a likely possible stock-market future, however, read on.
Frankly, I wonder whether any amount of arm-waving will incline investors to actually examine their risk exposures here, much less consider the prospect of a 40%+ decline in the S&P 500 Index that would be required simply to bring stocks to historically run-of-the-mill valuations . But at a time when our estimates of prospective risk are surging, I would be remiss not to observe that fact.
At present, we have what might best be characterized as a broken speculative peak, in that market internals (particularly interest-sensitive groups), breadth and leadership have broken down uniformly following an extreme overvalued, overbought, overbullish syndrome. If you recall, the market also recovered to new highs in October 2007, weeks after the initial, decisive break in market internals at that time. Presently, we’re looking at the same set of circumstances. On some event related to tapering or the Fed Chair nomination, we may even see another push higher. It isn't simply short-term risk, but deep cyclical risk that is of concern.
My main goal here is to encourage investors to look carefully at their investment positions, before they lose the chance to alter them advantageously. As I noted in the October 15, 2007 market comment Warning – Examine All Risk Exposures :
“Whatever market exposure investors accept today ought to be the same market exposure that investors are committed to maintain for the duration of a bear market, without abandoning their investment plan. Investors with no plan to own stocks through a market decline, holding them only in the hope of selling at market highs, may discover in hindsight that these were them. ”
In fact, they were. I get it. Nobody cares. This time is different. The Fed will not allow – allow – stocks to go lower. There’s no question that a few binary events – mainly the likely “tapering” of quantitative easing, and the choice of a new Fed Chairman – creates significant uncertainty about the short term. My concerns are more extended, and are specifically related to the likelihood that the present market cycle will complete in a way – as market cycles have historically – that wipes out more than half of the gains of the preceding bull market advance. My impression is that the losses even in a not-so-terrible completion of the present cycle may come closer to three-quarters of those gains.
Now, even if take Hussman's warnings seriously, it's still tough to figure out what you should do about it. Bonds and cash also look like lousy investments these days, and real-estate isn't exactly a screaming buy. So even if you conclude that there's a good chance that stocks might drop 40%-50%, you might decide just to ride the plunge out. But at least you will have been prepared for it.
You have been warned!
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3 Pain Trades That Could Derail The Stock Market
Mar. 8, 2016 7:41 PM
Oil could pop short to medium term.
Gold could skyrocket longer term.
Long-duration government bonds could crash.
The Fed could be forced to raise rates into a weakening economy.
And stocks could crash.
An old adage states that the stock market is like a con artist - it exists to screw the greatest number of people possible. In terms of managing risk, it's important, as Bruce Kovner once advocated, "to imagine configurations of the world different from today and really believe it can happen."
Today, let's think like a risk manager and not like a prophet. Let's imagine scenarios that are not probable, but painful. In other words, let's examine low-probability/high-impact scenarios that could destroy the average investor's portfolio - scenarios that will screw the greatest number of people and cause maximal pain.
Pain Trade #1: Oil (NYSEARCA:USO ) could rise 50% or more
This pain trade is counterintuitive, because everyone believes that higher oil is correlated with higher stock prices. However, investors should be careful what they wish for.
One of the major factors allowing the Federal Reserve to delay raising rates has been low energy prices. Large investors recognize that it's hard for the Fed to make the case that inflation is rearing its head when oil, a major component of prices in the real economy, has dropped over the past year. If oil rises from $40 to $60 per barrel, that Fed has less room to stay pat on rates.
The correlation of higher oil with higher stock prices could be broken as market participants realize that higher oil prices could lead to higher inflation, to disastrous effect. Even worse, if oil pops 50% based upon monetary inflation, as opposed to robust real demand for oil, we might start to see the nightmare scenario of inflation without strong economic growth.
Pain Trade #2: Gold (NYSEARCA:GLD ) could skyrocket
If market participants believe that a rise in oil is due to monetary inflation as opposed to robust real demand for oil, the rally in oil could eventually stall, but gold could skyrocket. The reason why gold could skyrocket is because it would be rising based upon the quantity of money, aka monetary inflation, as opposed to economic activity.
One could easily imagine a configuration of the world in which gold rose due to monetary inflation in the face of weak real demand for industrial commodities.
Pain Trade #3: Long-duration government bonds (NYSEARCA:TLT ) could get hit
Gold (as far as we know) is freely traded. It represents an opinion about the value of fiat currencies and the rate of inflation or deflation. If the gold market started to signal rapid monetary inflation, long-duration government bonds could sell off sharply.
We often forget that the Federal Reserve directly controls short-term interest rates, but not long-term interest rates. A crash in long-duration government bonds could jack up longer-term interest rates. A rise in 10- and 30-year interest rates raises the discount rates for the market. Imagine if interest rates on the 10-year went to 7%. That scenario is not probable, but it's maximally painful. Why would one invest in a dividend-paying stock with a yield of 5% if 10-year government bonds paid 7%? The answer is that equities would drop precipitously in such a scenario. This is absent any Fed action.
The next domino to fall in a pain scenario is not exactly a trade. The Fed could be forced to raise rates at the short end of the curve in order to get the long end of the curve under control. Literally, the Fed would be raising rates into a weakening economy in order to get monetary inflation under control.
To conclude, I want to be clear: I do not expect that this nightmare scenario will occur. I believe that the full version of this nightmare is very improbable. However, as a risk manager, it is important to think through this scenario because it would be maximally painful and screw the greatest number of investors.
And markets, sometimes, tend to hit pain points, not because of a magical reason, but because the popular trades are overcrowded. Almost no one is left to take the other side.
The market has expected the Fed to act as a put option of sorts ever since 2008. The discussion of negative interest rates is really the frenzied conclusion of this fantasy that the Fed serves as a combination of put option, adrenaline injection, and wealth guarantor to the rich - a wet dream of sorts to those who wish to socialize risk.
I would suggest that the Fed cares a lot less about the stock market than is popularly believed. When push comes to shove, it will be forced by its mandate to act on rising monetary inflation. In such a shoving match between calls to pump up the market further and to rein in inflation, reining in inflation will win that shoving match.
But first, inflation must rear its head, which is why the recent pop in oil is troubling medium term, not healing.
If oil sets off a chain reaction, most of us are screwed. After all, the stock market is like a con man - it exists to screw the greatest number of investors possible. And we would be wise to remember that when contemplating pain trades that could massively destabilize the global economy.
Disclosure: I/we have no positions in any stocks mentioned, but may initiate a long position in USO, GLD over the next 72 hours.
Escribí este artículo yo mismo, y expresa mis propias opiniones. No estoy recibiendo compensación por ello (que no sea de Buscando Alpha). No tengo ninguna relación comercial con ninguna compañía cuyas acciones se mencionan en este artículo.
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Valparaíso: A City of Culture, Ambiance and Beauty
Valpara í so is best known for its bohemian culture, brightly colored English colonial architecture, and remarkable views of the coastline from the surrounding hills. A UNESCO World Heritage Site, Valpara í so is home to the oldest stock exchange in Latin America, the first volunteer fire department in South America, the first public library in Chile, and oldest Spanish language newspaper in the world that still remains in publication. During the second half of the 19th century, ships traveling between the Atlantic and Pacific would stop over at Valpara í so. Since the opening of the Panama canal, the city has seen a great reduction in ship traffic but still remains one of the most important seaports in the country. In addition, even though Santiago is the capital city of the country, the National Congress of Chile has been held in Valpara í so since 1990. Today, the city is home to numerous European immigrants as well as Chileans.
Valpara í so is less about specific sites and more about the atmosphere and ambiance; however, there is still plenty to see and do with the numerous museums, gardens, small squares, and panoramic viewpoints. The city also features an active nightlife and constantly changing artistic events. One of the biggest attractions is the funicular railway: a series of elevators reaching places that are inaccessible by public transport.
Vi ñ a del Mar is just 10 kilometers from Valpara í so and is considered part of the Greater Valpara í so metropolitan area. You cannot miss a trip to the city of Valpara í so when you come to study Spanish in Vi ñ a del Mar.
A Valparaíso se le conoce principalmente por su cultura bohemia, su brillante y colorida arquitectura colonial inglesa y sus majestuosos paisajes de línea costera rodeada de montañas. Valparaíso es Patrimonio Mundial de la UNESCO; en él se encuentra la bolsa de valores más Antigua de América Latina, el primer departamento de bomberos voluntarios de Sudamérica, la primera biblioteca pública de Chile y el periódico en español más antiguo del mundo que aún está en circulación.
En la segunda mitad del siglo XIX, los barcos que viajaban entre el Atlántico y el Pacífico paraban en Valparaíso. Desde la apertura del Canal de Panamá, la ciudad vio una fuerte reducción del tráfico de barcos pero aún es uno de los puertos más importantes del país. Además, aunque Santiago es la capital del país, el Congreso Nacional de Chile tiene su sede en Valparaíso desde 1990. Hoy, en la ciudad viven numerosos inmigrantes europeos y chilenos.
Valparaíso no es tanto acerca de sitios específicos, sino de su atmósfera y ambiente; sin embargo, tiene muchas cosas qué ver y numerosos museos, jardines, pequeñas plazas y vistas panorámicas. La ciudad también tiene una vida nocturna activa y eventos artísticos que cambian constantemente. Una de las atracciones más grandes es el tren funicular: una serie de elevadores que llegan a lugares que son inaccesibles para el transporte público.
Viña del Mar está a solo 10 kilómetros de Valparaíso y se le considera parte del Área Metropolitana de Valparaíso. No puedes perderte de hacer un viaje a la ciudad de Valparaíso cuando vengas a estudiar español en Viña del Mar.
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-Measuring, managing and rewarding executive performance.
"Runaway stock option programs for executives have become a corporate epidemic. Born of the intent to make executives think and act like shareholders, option grants created something entirely different: enormous incentives for executives to think and act like option-holders, with far shorter-term and riskier perspectives than is healthy for most companies," writes compensation consultant and author Donald Delves.
The topic of accounting rules for stock options leads to larger questions: How should executives be compensated? How should performance be measured? What is the very nature of the contract between a company and its employees, including the CEO?
Executive compensation is an issue whose time has come. Indeed, there is no more pressing issue facing corporate America than how - and how much - top executives are paid.
Top corporate executives are now paid more than 400 times the wage of the average worker, up from 40 times in the 1980s. This has occurred largely through stock option grants, which have become the largest portion of executive pay packages. In many cases, executives have regularly received "mega-grants," meaning options that are worth at least eight times the value of their salary and bonus.
There are many reasons for the dramatic rise in stock-option grants. One reason is that under prevailing accounting rules companies did not have any expense for these stock option grants. Thus option grants, from an accounting standing point, were "free."
The other "more dangerous reason" behind the stock options grants, Delves writes, has been ineffective corporate governance. "The spectacular explosion in executive pay over the last decade - driven by huge increases in stock option grants - is a symptom of a system with poor checks and balances and ineffective accountability measures."
As a result of these excesses, companies have put an increasing percentage of future shareholder wealth in the hands of a few executives.
Executive compensation practices are about to change. New accounting rules are being drafted that will require companies to take an expense for the options they grant. When options are no longer "free," companies will have to take a hard look at what they have granted and what they have received in return.
Going forward, companies must take a deeper, more holistic approach to compensation, including:
- Determining the total cost of management at the company, from annual compensation packages to the value of the options and other equity-based incentives in the hands of their executives.
- Measuring this cost of management against the performance of the company to determine their "return on management." Companies can then analyze their "return on management" in the same way they measure their "return on investment" for any major capital expenditure.
- Establishing an executive compensation philosophy that prescribes the desired actions, goals and behaviors of those whom they pay.
- Putting a portion of executive pay "at risk," meaning it must be earned through the achievement of specific financial goals (e. g. revenue growth, profit margins, efficiency)
- Recognizing that stock price alone is not an adequate measure of a company´s performance, and should not be used as the primary determinant of executive pay. Stock prices move due to a variety of factors, many of which are beyond a company´s control.
Healthier compensation systems will not only improve the relationship between companies and their top managers, they will also go a long way toward restoring the loss of confidence in American business. As Delves notes, "when it comes to restoring corporate integrity, the expensing of stock options is an important move in the right direction. However, it cannot happen in a void. Other steps must be taken to improve the integrity, fairness and accountability of Corporate America."
Stock Options and the New Rules of Corporate Accountability includes many of the top thought-leaders of today, including former Federal Reserve Chairman Paul Volcker, Nobel Laureate Myron Scholes, International Accounting Standards Board member Jim Leisenring, and the CEOs of BorgWarner, Ceridian Corp. Centex Corp. and Stonyfield Farm.
Donald P. Delves, president and founder of the Chicago-based The Delves Group, is an expert in helping companies get what they pay for with their compensation dollars. He has more than 20 years of compensation and incentive systems consulting experience and is author of the just release book, STOCK OPTIONS AND THE NEW RULES OF CORPORATE ACCOUNTABILITY (McGraw-Hill).
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We produce five different models: Model, Magazine Compatibility, and Calibers Designations
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One of the measures in Budget 2010 (Pages 356 to 358) will be of special interest to Ottawa-area residents who elected to defer taxes on stock options. Some taxpayers who took advantage of tax deferral on stock options experienced financial difficulties when the value of the stock they received when exercising stock options declined in value. Budget 2010 proposes a special elective treatment to ensure that the tax liability on a deferred stock option benefit does not exceed the proceeds of disposition of the optioned securities taking into account tax relief resulting from the use of capital losses on the optioned securities against capital gains from other sources.
For example, let’s say you exercised options in 2001 to buy ABC at $50 and your strike price was $10. You elected to defer the taxes on the stock option benefit of $40 to the future. Your ABC stock only worth $5. If you sell ABC today, you’ll owe a tax on the stock option benefit of $40 but you’ll also have a capital loss of $45. Budget 2010 will allow you a deduction equal to the stock option benefit ($40). You’ll also declare an amount equal to half of the lesser of the stock option benefit and the capital loss on the optioned securities (1/2 of the lesser of $40 or $45) in your income as a capital gain. Essentially, the capital gain will wipe out the capital loss on the optioned securities.
If you disposed your optioned securities before 2010, you have to make an election for this special treatment on or before April 30, 2011. If you have not disposed of optioned securities before 2010, you must do so before 2015. Also, the Government has repealed the tax deferral election effective today.
This article has 24 comments
Is it limited to Ottawa-area residents?
@Potato: Not at all. The Government earlier had provided relief to *some* JDS employees. The Budget extends it to everyone who was affected by the deferral.
I saw the same thing and wrote about it. If it is what it appears to be, I’m very happy. What I’m not sure of is whether I can make this election before filing my 2009 income taxes. And if I can, how is this done? It seems unlikely that QucikTax, UFile and others will have this incorporated soon, but who knows?
Seems like a lot of people didn’t understand their tax liabilities when they made the deferral election. Very lucky for them, the government has bailed them out when they knowingly or unknowingly took on substantially more risk than they should have. Talk about a major free pass when they screwed up on both the investing and taxation sides.
Imagine you only messed up the investment side…
Consider the posted example with an employee did not make the tax deferral and held onto the exercised shares. They paid taxes upon exercise at $50, the stock went down to $5 and they sold low. They’re left with $5, a $45 capital loss, and paid taxes on 50% of $40 some time (possibly years) earlier.
Similarly, an employee paid in restricted shares instead of options would have paid taxes on 100% of the $40 upon receiving the shares. Bigger loss. No bailout.
And what about the person who buys the shares at $50 using after tax dollars and rides it down to $5.
P: I agree with you that people didn’t understand the risk they were taking. However, I definitely don’t see this as a case of the government bailing them out. The government set a trap with crazy tax policy and then decided to (partially) let people out of the trap. I don’t see this as a bailout. It is more recognizing bad policy and applying a patch that helps in the most egregious cases. I still think it makes no sense to have someone make X dollars and lose X dollars and owe money in taxes because they are considered different categories of income.
P: In the other cases you mentioned, the investor actually has (or had) the money to pay the taxes owing. All of the capital gains and losses will work themselves out over time. In the stock option deferral case, the investor must pay taxes on cash that never existed. The taxes owing can be many times more than the amount of money the investor ever handled. In theory, the capital gains and losses will work themselves out over time here as well, but in the immediate term, the investor is ruined.
I don’t think this was an intentional trap by the government, but certainly a policy with very unintended consequences that both the government and employers should have spelled out more clearly to the employees. My understanding is that the original goal was to allow people to retain ownership of exercised stock and not be forced to sell a portion immediately in order to pay taxes.
In my examples, yes the investor uses outside cash to pay for taxes. Your implication though, is that a person with the money to pay the taxes at the outset should be penalized relative to someone with an identical benefit who chooses to defer the tax payment for whatever reason (no liquid cash to pay the taxes, no desire to pay taxes immediately, is betting the stock will go up etc). Both people can afford the taxes at the outset because they have the stock at the point of exercise and are free to sell at the market price which is the price the taxes are based on.
Having cash or having stock in your name worth the same amount is more or less identical in a liquid market (trading fees, day to day fluctuations aside). The employees actively put their money at risk in the stock market. To say that the cash “never existed” or that the taxes are based on paper profits is simply untrue. It’s like saying that Bill Gates isn’t a multi-billionaire because most of his assets are in “stock” and never realized as “cash”. The policy is clear that taxes are owing based on the difference in share vs option price at the time of exercise, not some some peak share price at an arbitrary time. It’s similar to restricted shares where you pay tax on their value at the time they vest even though they aren’t in a “cash” formar.
Consider this scenario:
An employee is given a bonus of $40 cash and due to government program A, is only required to pay taxes on half the amount (awesome!). Additionally, government program B is available whereby the employee can invest the $40 bonus with $10 of their own money into company stock and defer the tax payment until the stock is sold.
As fas as I can tell, this is functionally equivalent to what’s happened. The difference is that the employee gets “cash” first and immediately converts it into stock instead of simply getting stock directly.
I still consider this a bailout. Due to the collosal scale of the mistakes made (at least in the selected examples I’ve seen reported by the media) and the resultant financial hardship, the policy provides substantial upside monetary benefit (elimination of taxes owing) to a select group of employees over other investors or even similar employees who made different taxation decisions (but possibly similarly poor investment decisions). No hay sanciones más allá de la pérdida de la inversión que en estos casos supongo que es inútil o casi inútil de todos modos. Relief could have been provided where taxes owing were set at a non-zero value but in a manner that did not result in excessive financial hardship.
P: I’m not concerned whether this trap was intentional. It was predictable, which makes it bad policy from the start.
It’s true that the people being “bailed out” had the opportunity to sell enough stock to pay the taxes immediately. But they didn’t. In all your (first set of) examples, the investor was made to pay tax at a time when he had the money. This is the important difference. In the stock deferral case, a person may have paid $10,000 for stock, sold it for $10,000 and owe $500,000 in taxes. It serves no useful purpose to drive this person into bankruptcy and cheerfully tell him that he’ll get all of his money back over time using his now massive capital loss.
I see no problem with demanding taxes on paper gains in some cases as long as the taxes are owing immediately. To wait a decade is just asking for trouble. The issue isn’t whether investors have done something foolish. Ellos tienen. The question is what to do with the ones whose foolish action has lead to financial devastation.
I do consider Bill Gates to be a billionaire, but if Microsoft were to go bankrupt today (and assuming he has less than a billion dollars in other assets), I would no longer consider him to be a billionaire.
Viewed in a different way, the “bailout” the government is allowing is actually a bad deal for some people. They have to forfeit the amount they got for selling shares in the form of a special tax, and they have to give up the large capital loss. If they manage to generate enough capital gains in the future that they could have made use of the capital loss, they are out the amount of the special tax. When this special tax amount is actually significant, this “bailout” is only useful to someone whose finances were otherwise going to be so decimated that future capital gains are unlikely.
In my own case, I’m being spared about 60% of the taxes owing. For this I have to forfeit 100% of the capital loss. Taking the government’s deal is for me an exercise in reducing uncertainty going forward, but it could easily turn out to be a poor choice if I have good financial fortune in the future.
I agree with you that in cases where the shares are worthless (like Nortel), this does let people completely off the hook. I’m not opposed to this because I think that the stock option gain was essentially a capital gain anyway. What I’m not happy about is how investors are treated differently based on the residual value of shares being confiscated by the special tax. But this new policy eliminates the driving of people into bankruptcy, which was the only important goal.
IIRC, the stock option tax deferral was demanded by employees and employers in technology companies. It is hard to characterize this as an intentional trap set by Government. Perhaps, they did not think through the unintended consequences but I don’t think this was a sin of commission.
That said, I’m less concerned whether this is a bailout or not (To clarify, I don’t personally benefit from this relief. Whenever I exercised options, I immediately sold the shares and paid the tax). I’m more concerned that this relief was provided to selected taxpayers but not all. The Budget at least makes the relief available to everyone affected.
Is the trap permanently removed, or is this just temporary legislation to free everyone who is currently in the trap?
The reason I ask is that I hold options to a very small private US corporation. It might sink, or it might get bought out for a handsome price. Executing the options now could be very profitable if the corp eventually gets bought out, but fear of the trap has kept me from doing this. Am I protected now?
CC: When I first noticed the trap, I spoke to a high-tech lobbying group and they were surprised. The high tech people I met who were savvy enough to understand the deferral issue believed that any capital loss on shares could be used to offset the stock option gain. The trap isn’t the entire deferral policy, but just that portion of it that treats the two types of income separately so that they can’t offset each other. This part of the tax policy was a surprise to all the high tech people I explained it to. I have no idea what was in the mind of CRA at the time or whether the trap was intentional or whether it was seen as some way to prevent certain types of abuse. High tech industry did ask for deferral, but they didn’t ask for the “trap” part of the legislation.
DG: I’m no tax expert, especially with tax issues with crossing borders, but you don’t appear to have a problem with this trap if you’re still holding options rather than actual shares. The trap is now removed, and you can avoid this particular problem if you sell the shares you get from exercising your options immediately after you get the shares. I have no idea what other issues you might run into, though.
@Michael: I find it incredible to believe any lobby group can claim that they did not know stock option gains were treated as employment income (all they had to do was ask their accounting department; it’s spelled out clearly in T4 slips). It has always been the case and back in the late 1990s, IIRC, there was even demand that stock option gains should be treated as capital gains that could be used to offset capital losses. That demand leads me to believe that any lobby group that says it was surprised is rewriting history. The Government allowed tax deferral but it never changed the way stock option gains were treated.
I don’t know how anyone can say they are surprised. It is spelled out clearly in black and white that stock option gains (and ESPP gains for that matter) are treated as earned income. What I can believe is that folks who opted to defer taxes on their stock gains did not think through the scenario where they sell their stock for less than the FMV on the day of exercise. IMHO, ignorance of tax law is never a valid defense.
Michael: Everything would be taxed as income in that case. I want to execute my option now while the share price is currently low so that future gains can be taxed as capital gains. I would accept paying $X of income tax now if I know I could get about $X back as a deduction if the company sinks.
Just found this article. Thx for the overview. Not clear on one aspect though. If you don’t have capital gains from some other position (i. e. your only gains and losses are on the options you exercised on one stock), is the new relief limited to taxes owed can’t exceed proceeds from sale?
I deferred in 2000. With the stock’s performance and the FX (it’s a US listed stock), the proceeds today would barely cover the taxes owed. As the stock provides dividends, keeping it is preferable to selling it and turning over the proceeds to CRA. But if there was some relief available beyond that, I’d consider selling the stock and paying a reduced tax bill to CRA. That’s mostly because I don’t have any confidence in the long term prospects of the company. If I’m right about that, seems like it would be good for CRA as well as me to get something versus nothing. Anyway, any clarification appreciated and thanks again for the article.
I was Hi-Tech employee in the year 2000 unfortunately I exercised options and I triggered taxable benefit. I was able to defer tax payment submitting T1212. I was participating ESPP plan as well and again bad luck I never sold my shares. I had to pay large tax on ESPP Taxable benefit there was no deferral possibility on ESPP. Now by budget 2010 I can elect form RC310 (Tax relief on deferral Election) and I am selling shares. Todos los trámites pertenecen al gobierno. How will I differentiate “deferred” shares vs. ESPP if I sell at once? I have my records but Form RC310 is asking to declare all proceedings from Schedule 3 Column 2 to be on the last line but that is not right, I should include just “deferred share proceedings” that is less than my total proceedings. I paid taxes on ESPP (phantom gain) once, than now is just loss. To simplify I am selling all my shares and how to properly report “Deferred” vs. ESPP
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Información estratégica en la negociación colectiva: evidencia empírica para el mercado continuo español
RESUMEN
El objetivo de este trabajo es analizar la actividad de divulgación en prensa escrita para las empresas cotizadas en el Mercado Continuo que negocian un convenio laboral y cómo afecta esta política divulgadora al comportamiento del precio de los títulos afectados y al resultado final de la negociación. El periodo anterior a la firma de un convenio de empresa ofrece incentivos potencialmente fuertes para cambiar la política de divulgación de una compañía. Si la política de divulgación puede aumentar la rentabilidad de la empresa, bien por reducción de la asimetría informativa o por promocionar la acción, ésta disfrutará de un coste de capital menor. Pero también la empresa puede tener incentivos para cambiar la opinión del sindicato acerca de la solvencia y futuros flujos de caja de la empresa, de tal forma que, el incremento pactado en los salarios sea lo menor posible. Por ello, la política divulgadora de la empresa afronta un conflicto entre el deseo de influenciar al mercado con una política agresiva de divulgación de buenas noticias, paliando el efecto negativo que la firma del convenio tiene sobre el mercado y, por otro lado, el deseo de que la negociación del convenio sea lo más favorable para la empresa. Nuestros resultados proporcionan evidencia al respecto.
ABSTRACTO
The aim of this paper is to analyse the disclosure activity in press around a labour event, for the companies quoted on Spanish Continuous Market and the reaction of stock prices of those firms affected by such events and the result of the bargaining. The previous period to the signature of a firm level collective agreement offers potentially strong incentives for the firm to change its disclosure policy in the previous year to the signature. If the disclosure policy can increase the returns of the firm via a, reduction of asymmetric information or to hyping the stock price, this may result in a lower cost of capital. However the company can have incentives to change the opinion of the union about the solvency and futures cash flows of the firm, in such a form that the increase agreed in the wages is the minor possible. Therefore, the disclosure policy confronts a conflict of objectives. The desire to influence on the market with an aggressive policy of disclosure of good news produces both: on the one hand, the negative effect that the signature induces on the market and, on the other hand, the desire of the agreement being the most favourable for the firm. Our results provide evidence both directions.
PALABRAS CLAVE
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