Читать книгу Fundamentals of Financial Instruments - Sunil K. Parameswaran - Страница 35

As mentioned, both forward and futures contracts, despite the differences inherent in their structures, impose an obligation on the buyer and the seller. Thus, the buyer is obliged to take delivery of the underlying asset on the date that is agreed upon at the outset, while the seller is obliged to make delivery of the asset on that date and accept cash in lieu.

Options contracts are different. Unlike the buyer of a forward or a futures contract, the buyer of an options contract has the right to go ahead with the transaction, subsequent to entering into an agreement with the seller of the option. The difference between a right and an obligation is that a right need be exercised only if it is in the interest of its holders, and if they deem it appropriate. Thus, the buyer or holder of the contract does not face a compulsion to subsequently go through with the transaction. However, the seller of such contracts always has an obligation to perform if the buyer were to deem it appropriate to exercise that right.