"Practice makes perfect," my mother used to say. It's as true of futures trading as of anything else. Before you put your hard-earned cash on the line, you need to practice trading if you want to succeed as a futures trader.
Making practice trades allows you to:
1. Test and fine-tune your trading system.
2. Learn to successfully pull the trigger.
3. Perfect your charting system.
4. Develop productive trading habits.
5. Practice self-discipline.
See if you have what it takes to be a futures trader.
That last item is very important. You can have the best system in the world but if you don't believe in yourself, if you don't believe in your system, if you don't have the passion to trade, no system in the world will make you a successful futures trader. Like I tell my students, successful futures trading is 90% attitude. Not everyone has the skill, passion, ability or discipline to succeed. Better to find out before you lose your money.
In my Futures Trading Secrets course, I recommend that students practice trading on the e-Mini with Sims Broker until they achieve a certain level of confidence and consistency in their trades. Practicing futures trading on paper is important before you attempt the real thing. Before you start trading with real money, you must develop the discipline to control your emotions and stick to your system. Plunking down cold, hard cash opens the door to greed and fear, which can submarine even the best system if not held in check. Practice will give you the skill, confidence and courage to succeed as a futures trader.
Practice trading should be as detailed and meticulously recorded as the real thing:
1. Log and study your profits and losses.
2. Look for patterns that indicate when you successfully pulled the trigger and when you failed.
3. Work to increase successful strategies and decrease unsuccessful ones.
4. Develop successful daily trading habits and routines.
Remember to practice the discipline to stick to the daily habits and routines even when you don't feel like it or they don't seem to be working. Discipline and routine are essential habits of the successful futures trader. Every trader loses sometimes. You have to have the discipline to follow your routine and have faith in your system even when you're losing, if you are to ultimately succeed.
You'll find this systematic approach true of successful athletes, businessmen, writers, dog trainers and, of course, futures traders. If you look at what makes a person successful, you'll discover that he or she has developed a specific routine and follows it religiously every day.
For instance, Tiger Woods doesn't plop the ball on the ground and flail away. He follows a regimented and very carefully practiced series of steps to give himself the best possibility of success. Following a pattern of behavior time after time has helped to make him the world's most successful golfer.
The routine is easy to see in dog training where each training module educates, reinforces, builds on success and leads to the next step. The trainer has broken into a series of steps the behavior he desires the dog to achieve. Before he can heel successfully, a dog learns to follow a series of necessary preliminary steps: sit, stay, start, stop, heel. With practice he learns to watch your left leg and move with it, starting and stopping as you do. In time, the behavior becomes so ingrained the verbal commands are no longer necessary.
My students say it with me: "One of the most important things you can do to improve your trading is to develop specific patterns of behavior."
Wednesday, January 28, 2009
Advertising Your Investment Property in a Slow Market
If the market is slow, you can still sell your estate if you make your listings and signs professional and tempting. Make sure that your flyer is intriguing and well put together as well. Even when the housing is market is slow, you can still be selling your investment property quickly, if you follow a few basic steps:
It's astounding how many listings have fuzzy photographs, unattractive pictures, or little or nodepiction. Make sure that your MLS listings are attractive and really chart the benefits and the charms of the house. Make sure that the pictures are crisp and reveal the best possible colors and angles. Use Photoshop on your pictures to delete any thrash from the front of the home, any fallen leaves, or any gray skies that happened to be there when you are taking your photo.
If you're having an open house, use directional signs on a main street. If your investment house is a little out of the way, you'll have to use dozens of signs in order to guide people from the closest main road all the way to the open house. Consider tying balloons to the sign on the road, or use vivid colors or large font to make sure that drivers see your sign.
Every hardware store retail pre-made for sale signs that allow you to merely write in a phone number. Elude using these signs. They look substandard and unprofessional. Instead, have your signs professionally made, and make sure that you get a solid metal framed sign that comes with a flyer holder. This allows you to put a small flyer for the property right in the sign. Even when you're not there having an open house, people can drop by and get out a flyer to take home with them.
Make sure that your flyer is full-color and includes high-resolution photos of the interior of the property. If you want your investment property to sell, make sure that the copy is very interesting and summarize all the benefits of the home. Allow your tenants or potential buyers to really imagine themselves residing in the property. Don't be anxious to use adjectives or to request people to imagine yourself sitting on the deck of this wonderful Victorian home. that is the sort of writing and the sort of description that will get people fascinated. Don't be afraid to let your traits shine through when writing your brochure.
Source: Advertising Your Investment Property in a Slow Market byRobert Thomson
It's astounding how many listings have fuzzy photographs, unattractive pictures, or little or nodepiction. Make sure that your MLS listings are attractive and really chart the benefits and the charms of the house. Make sure that the pictures are crisp and reveal the best possible colors and angles. Use Photoshop on your pictures to delete any thrash from the front of the home, any fallen leaves, or any gray skies that happened to be there when you are taking your photo.
If you're having an open house, use directional signs on a main street. If your investment house is a little out of the way, you'll have to use dozens of signs in order to guide people from the closest main road all the way to the open house. Consider tying balloons to the sign on the road, or use vivid colors or large font to make sure that drivers see your sign.
Every hardware store retail pre-made for sale signs that allow you to merely write in a phone number. Elude using these signs. They look substandard and unprofessional. Instead, have your signs professionally made, and make sure that you get a solid metal framed sign that comes with a flyer holder. This allows you to put a small flyer for the property right in the sign. Even when you're not there having an open house, people can drop by and get out a flyer to take home with them.
Make sure that your flyer is full-color and includes high-resolution photos of the interior of the property. If you want your investment property to sell, make sure that the copy is very interesting and summarize all the benefits of the home. Allow your tenants or potential buyers to really imagine themselves residing in the property. Don't be anxious to use adjectives or to request people to imagine yourself sitting on the deck of this wonderful Victorian home. that is the sort of writing and the sort of description that will get people fascinated. Don't be afraid to let your traits shine through when writing your brochure.
Source: Advertising Your Investment Property in a Slow Market byRobert Thomson
Thursday, April 26, 2007
Traders
In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives.
Traders are professionals, casual investors or speculators in financial instruments traded in the stock markets, derivatives markets and commodity markets, comprising the stock exchanges, derivatives exchanges and the commodities exchanges.
Several categories and designations for diverse kinds of traders are found in finance, these may include:
stock trader
day trader
floor trader
Traders are professionals, casual investors or speculators in financial instruments traded in the stock markets, derivatives markets and commodity markets, comprising the stock exchanges, derivatives exchanges and the commodities exchanges.
Several categories and designations for diverse kinds of traders are found in finance, these may include:
stock trader
day trader
floor trader
Wednesday, January 10, 2007
Trading and Valuing Bonds
The interest rate is influenced by a variety of factors, such as current market interest rates, the length of the term and the credit worthiness of the issuer.
These factors are likely to change over time, so the market value of a bond can vary after it is issued. Because of these differences in market value, bonds are priced in terms of percentage of par value. Bonds are not necessarily issued at par (100% of face value, corresponding to a price of 100), but all bond prices converge to par at the moment before they reach maturity. At other times, prices can either rise (bond is priced at greater than 100), which is called trading at a premium, or fall (bond is priced at less than 100), which is called trading at a discount. Most government bonds are denominated in units of $1000, if in the United States, or in units of £100, if in the United Kingdom. Hence, a deep discount US bond, selling at a price of 75.26, indicates a selling price of $752.60 per bond sold. (Often, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. T-Bill, are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond.
The market price of a bond is the present value of all future interest and principal payments of the bond discounted at the bond's yield, or rate of return. The yield represents the current market interest rate for bonds with similar characteristics. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices generally fall and vice versa.
The interest rate adjusted for the current price of the bond is called the "current yield" or "earnings yield" (this is the nominal yield multiplied by the par value and divided by the price).
The market price of a bond may include the accrued interest since the last coupon date. (Some bond markets include accrued interest in the trading price and others add it on explicitly after trading.) The price including accrued interest is known as the "flat" or "dirty price". (See also Accrual bond.) The price excluding accrued interest is sometimes known as the Clean price.
Taking into account the expected capital gain or loss (the difference between the current price and the redemption value) gives the "redemption yield": roughly the current yield plus the capital gain (negative for loss) per year until redemption.
Bonds markets, unlike stock or share markets, often do not have a centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, market liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to the trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory." The dealer's position is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor.
Bond markets also differ from stock markets in that investors generally do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather, dealers earn revenue for trading with their investor customers by means of the spread, or difference, between the price at which the dealer buys a bond from one investor--the "bid" price--and the price at which he or she sells the same bond to another investor--the "ask" or "offer" price. The bid/offer spread represents the total transaction cost associated with transferring a bond from one investor to another.
The relationship between yield and maturity for otherwise identical bonds is called a yield curve.
These factors are likely to change over time, so the market value of a bond can vary after it is issued. Because of these differences in market value, bonds are priced in terms of percentage of par value. Bonds are not necessarily issued at par (100% of face value, corresponding to a price of 100), but all bond prices converge to par at the moment before they reach maturity. At other times, prices can either rise (bond is priced at greater than 100), which is called trading at a premium, or fall (bond is priced at less than 100), which is called trading at a discount. Most government bonds are denominated in units of $1000, if in the United States, or in units of £100, if in the United Kingdom. Hence, a deep discount US bond, selling at a price of 75.26, indicates a selling price of $752.60 per bond sold. (Often, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. T-Bill, are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond.
The market price of a bond is the present value of all future interest and principal payments of the bond discounted at the bond's yield, or rate of return. The yield represents the current market interest rate for bonds with similar characteristics. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices generally fall and vice versa.
The interest rate adjusted for the current price of the bond is called the "current yield" or "earnings yield" (this is the nominal yield multiplied by the par value and divided by the price).
The market price of a bond may include the accrued interest since the last coupon date. (Some bond markets include accrued interest in the trading price and others add it on explicitly after trading.) The price including accrued interest is known as the "flat" or "dirty price". (See also Accrual bond.) The price excluding accrued interest is sometimes known as the Clean price.
Taking into account the expected capital gain or loss (the difference between the current price and the redemption value) gives the "redemption yield": roughly the current yield plus the capital gain (negative for loss) per year until redemption.
Bonds markets, unlike stock or share markets, often do not have a centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, market liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to the trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory." The dealer's position is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor.
Bond markets also differ from stock markets in that investors generally do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather, dealers earn revenue for trading with their investor customers by means of the spread, or difference, between the price at which the dealer buys a bond from one investor--the "bid" price--and the price at which he or she sells the same bond to another investor--the "ask" or "offer" price. The bid/offer spread represents the total transaction cost associated with transferring a bond from one investor to another.
The relationship between yield and maturity for otherwise identical bonds is called a yield curve.
Issuance of Bonds
Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets. The most common process of issuing bonds is through underwriting. In underwriting, one or more securities firms or banks, forming a syndicate, buy an entire issue of bonds from an issuer and re-sell them to investors. Government bonds are typically auctioned.
The pictured bond was issued for the construction of the building now known as New York City Center. The elaborate engraving is typical of certificated bonds, in this case using the fraternal organization's logo, rather than neoclassical human figures, idealized versions of the corporation's business, or architectural elements, all common decorations on bonds. Coupons from this bond can be seen under Coupon. The bond and the coupons have no economic value today because the corporation became insolvent within a few years of the Wall Street Crash of 1929. The bond was purchased from a dealer of worthless securities, sometimes called wallpaper.
The pictured bond was issued for the construction of the building now known as New York City Center. The elaborate engraving is typical of certificated bonds, in this case using the fraternal organization's logo, rather than neoclassical human figures, idealized versions of the corporation's business, or architectural elements, all common decorations on bonds. Coupons from this bond can be seen under Coupon. The bond and the coupons have no economic value today because the corporation became insolvent within a few years of the Wall Street Crash of 1929. The bond was purchased from a dealer of worthless securities, sometimes called wallpaper.
Bond
In finance, a bond is a debt security, in which the issuer owes the holders a debt and is obliged to repay the principal and interest (the coupon) at a later date, termed maturity. Other stipulations may also be attached to the bond issue, such as the obligation for the issuer to provide certain information to the bond holder, or limitations on the behavior of the issuer. Bonds are generally issued for a fixed term (the maturity) longer than ten years. U.S Treasury securities issued debt with life of ten years or more is a bond. New debt between one year and ten years is a note, and new debt less than a year-bill
Bonds and stocks are both securities, but the difference is that stock holders own a part of the issuing company (have an equity stake), whereas bond holders are in essence lenders to the issuer. Also bonds usually have a defined term, or maturity, after which the bond is redeemed whereas stocks may be outstanding indefinitely. An exception is a consol bond, which is a perpetuity, a bond with no maturity.
Traditionally, the U.S. Treasury uses the word bond only for their issues with a maturity longer than ten years, and calls issues between one and ten year notes. Elsewhere in the market this distinction has disappeared, and both bonds and notes are used irrespective of the maturity. Market participants normally use bonds for large issues offered to a wide public, and notes rather for smaller issues originally sold to a limited number of investors. There are no clear demarcations. There are also "bills" which usually denote fixed income securities with three years or less, from the issue date, to maturity. Bonds have the highest risk, notes are the second highest risk, and bills have the least risk. This is due to a statistical measure called duration, where lower durations have less risk, and are associated with shorter term obligations.
A bond is simply a loan, but in the form of a security, although terminology used is rather different. The issuer is equivalent to the borrower, the bond holder to the lender, and the coupon to the interest. Bonds enable the issuer to finance long-term investments with external funds. Debt securities with a maturity shorter than one year are typically bills. Certificates of deposit (CDs) or commercial paper are considered money market instruments.
Bonds and stocks are both securities, but the difference is that stock holders own a part of the issuing company (have an equity stake), whereas bond holders are in essence lenders to the issuer. Also bonds usually have a defined term, or maturity, after which the bond is redeemed whereas stocks may be outstanding indefinitely. An exception is a consol bond, which is a perpetuity, a bond with no maturity.
Traditionally, the U.S. Treasury uses the word bond only for their issues with a maturity longer than ten years, and calls issues between one and ten year notes. Elsewhere in the market this distinction has disappeared, and both bonds and notes are used irrespective of the maturity. Market participants normally use bonds for large issues offered to a wide public, and notes rather for smaller issues originally sold to a limited number of investors. There are no clear demarcations. There are also "bills" which usually denote fixed income securities with three years or less, from the issue date, to maturity. Bonds have the highest risk, notes are the second highest risk, and bills have the least risk. This is due to a statistical measure called duration, where lower durations have less risk, and are associated with shorter term obligations.
A bond is simply a loan, but in the form of a security, although terminology used is rather different. The issuer is equivalent to the borrower, the bond holder to the lender, and the coupon to the interest. Bonds enable the issuer to finance long-term investments with external funds. Debt securities with a maturity shorter than one year are typically bills. Certificates of deposit (CDs) or commercial paper are considered money market instruments.
Monday, January 8, 2007
Risk
Risk is concerned with the unknown. Upside risk is the possibility of gain. Downside risk is the possibility of loss. One half the reasons to use options (like other derivatives) is to reduce risk. Certainty is exchanged with other players who assume the risk in hope of big gains. It is wrong to state that "options are risky."
reduce risk: The seller of a covered call exchanges his upside risk (gains above the strike price) for the certainty of cash in hand (the premium). The buyer of a covered put limits his downside risk for a price - just like buying fire insurance for your house.
increase risk: The buyer of a call wants the upside risk of an asset, but will only pay a small percentage of its current value, so his returns are leveraged. The seller of a put accepts the downside risk of locking in his purchase price of an asset, in exchange for the premium.
To understand risk, look at the four standard graphs of options (put-call-buy-sell). The value of the options in the interim between purchase and expiration will not be exactly like these graphs, but close enough. In all cases, the premium was a certainty.
Buyers start out-of-pocket. But going forward, the option buyer has no downsider risk. The graph either flat lines or goes up on either side of the spot price.
Sellers start with a gain. Going forward, they have no upside risk. These graphs either flat line or go down on either side of the spot price.
The extent of risk varies. Buyers/sellers of calls have unlimited upside/downside risk as the asset price increases. Buyers/sellers of puts have upside/downside risk limited to the spot price of the asset (less the premium).
Valuation
The premium for an option contract is ultimately determined by supply and demand, but is influenced by five principal factors:
The price of the underlying security in relation to...
The strike price. Options will be in-the-money when there is a positive intrinsic value; when the strike price is above/below (put/call) the security's current price. They will be at-the-money when the strike price equals the security's current price. They will be out-of-the-money when the strike price is below/above (put/call) the security's current price. Options at-the-money or out-of-the-money have an intrinsic value of zero.
The cumulative cost required to hold a position in the security (including interest + dividends).
The time to expiration. The time value decreases to zero at its expiration date. The option style determines when the buyer may exercise the option. Generally the contract will either be American style - which allows exercise up to the expiration date - or European style - where exercise is only allowed on the expiration date - or Bermudan style - where exercise is allowed on several, specific dates up to the expiration date. European contracts are easier to value. Due to the "American" style option having the advantage of an early exercise day (i.e. at any time on or before the options expiry date), they are always at least as valuable as the "European" style option (only exercisable at the expiration date).
The estimate of the future volatility of the security's price. This is perhaps the least-known input into any pricing model for options, therefore traders often look to the marketplace to see what the implied volatility of an option is -- meaning that given the price of an option and all the other inputs except volatility you can solve for that value.
Pricing models include the binomial options model for American options and the Black-Scholes model for European options. Even though there are pricing models, the value of an option is a personal decision, requiring multiple trade offs and depending on the investment objective. See the Excel model for the metrics of a call option.
Because options are derivatives, they can be combined with different combinations of
other options
risk free T-bills
the underlying security, and
futures contracts on that security
to create a risk neutral portfolio (zero risk, zero cost, zero return). In a liquid market, arbitrageurs ensure that the values of all these assets are 'self-leveling', i.e. they incorporate the same assumptions of risk/reward. In theory traders could buy cheap options and sell expensive options (relative to their theoretical prices), in quantities such that the overall delta is zero, and expect to make a profit. Nevertheless, implementing this in practice may be difficult because of "stale" stock prices, large bid/ask spreads, market closures and other symptoms of stock market illiquidity. If stock market prices do not follow a random walk (due, for example, to insider trading) this delta neutral strategy or other model-based strategies may encounter further difficulties. Even for veteran traders using very sophisticated models, option trading is not an easy game to play.
The price of the underlying security in relation to...
The strike price. Options will be in-the-money when there is a positive intrinsic value; when the strike price is above/below (put/call) the security's current price. They will be at-the-money when the strike price equals the security's current price. They will be out-of-the-money when the strike price is below/above (put/call) the security's current price. Options at-the-money or out-of-the-money have an intrinsic value of zero.
The cumulative cost required to hold a position in the security (including interest + dividends).
The time to expiration. The time value decreases to zero at its expiration date. The option style determines when the buyer may exercise the option. Generally the contract will either be American style - which allows exercise up to the expiration date - or European style - where exercise is only allowed on the expiration date - or Bermudan style - where exercise is allowed on several, specific dates up to the expiration date. European contracts are easier to value. Due to the "American" style option having the advantage of an early exercise day (i.e. at any time on or before the options expiry date), they are always at least as valuable as the "European" style option (only exercisable at the expiration date).
The estimate of the future volatility of the security's price. This is perhaps the least-known input into any pricing model for options, therefore traders often look to the marketplace to see what the implied volatility of an option is -- meaning that given the price of an option and all the other inputs except volatility you can solve for that value.
Pricing models include the binomial options model for American options and the Black-Scholes model for European options. Even though there are pricing models, the value of an option is a personal decision, requiring multiple trade offs and depending on the investment objective. See the Excel model for the metrics of a call option.
Because options are derivatives, they can be combined with different combinations of
other options
risk free T-bills
the underlying security, and
futures contracts on that security
to create a risk neutral portfolio (zero risk, zero cost, zero return). In a liquid market, arbitrageurs ensure that the values of all these assets are 'self-leveling', i.e. they incorporate the same assumptions of risk/reward. In theory traders could buy cheap options and sell expensive options (relative to their theoretical prices), in quantities such that the overall delta is zero, and expect to make a profit. Nevertheless, implementing this in practice may be difficult because of "stale" stock prices, large bid/ask spreads, market closures and other symptoms of stock market illiquidity. If stock market prices do not follow a random walk (due, for example, to insider trading) this delta neutral strategy or other model-based strategies may encounter further difficulties. Even for veteran traders using very sophisticated models, option trading is not an easy game to play.
Types of Options
Real option (real option) is a choice that an investor has when investing in the real economy (i.e. in the production of goods or services, rather than in financial contracts). This option may be something as simple as the opportunity to expand production, or to change production inputs. Real options are an increasingly influential tool in corporate finance. They are typically difficult or impossible to trade, and lack the liquidity of exchange-traded options.
Traded options (also called "Exchange-Traded Options" or "Listed Options") is a class of Exchange traded derivatives. As for other classes of exchange traded derivatives, trade options have standardized contracts, quick systematic pricing, and are settled through a clearing house (ensuring fulfillment). Trade options include
stock options, discussed below,
commodity options,
bond options,
interest rate options
index (equity) options,
currency cross rate options, and
swaption.
Vanilla options are 'simple', well understood, and traded options; Exotic options are more complex, or less easily understood. Asian options, lookback options, barrier options are considered to be exotic, especially if the underlying instrument is more complex than simple equity or debt.
Employee stock options (employee stock option) are issued by a company to its employees as compensation.
Traded options (also called "Exchange-Traded Options" or "Listed Options") is a class of Exchange traded derivatives. As for other classes of exchange traded derivatives, trade options have standardized contracts, quick systematic pricing, and are settled through a clearing house (ensuring fulfillment). Trade options include
stock options, discussed below,
commodity options,
bond options,
interest rate options
index (equity) options,
currency cross rate options, and
swaption.
Vanilla options are 'simple', well understood, and traded options; Exotic options are more complex, or less easily understood. Asian options, lookback options, barrier options are considered to be exotic, especially if the underlying instrument is more complex than simple equity or debt.
Employee stock options (employee stock option) are issued by a company to its employees as compensation.
Option
An option contract is an agreement in which the buyer (holder) has the right (but not the obligation) to exercise by buying or selling an asset at a set price (strike price) on (European style option) or before (American style option) a future date (the exercise date or expiration); and the seller (writer) has the obligation to honor the terms of the contract. Since the option gives the buyer a right and the writer an obligation, the buyer pays the option premium to the writer. The buyer is considered to have a long position, and the seller a short position.
Given that the contract's value is determined by an underlying asset and other variables, it is classified as a derivative.
For every open contract there is a buyer and a seller. Traders in exchange-traded options do not usually interact directly, but through a clearing house such as, in the U.S., the Options Clearing Corporation (OCC) or in Germany and Luxemburg Clearstream International. The clearing house guarantees that an assigned writer will fulfill his obligation if the option is exercised.
Given that the contract's value is determined by an underlying asset and other variables, it is classified as a derivative.
For every open contract there is a buyer and a seller. Traders in exchange-traded options do not usually interact directly, but through a clearing house such as, in the U.S., the Options Clearing Corporation (OCC) or in Germany and Luxemburg Clearstream International. The clearing house guarantees that an assigned writer will fulfill his obligation if the option is exercised.
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