n Investment Analysts Journal - On implied volatilities in the South African derivatives market

Volume 1999, Issue 48
  • ISSN : 1029-3523
  • E-ISSN: 2077-0227
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Extracted from text ... Number 48 - Part 1 R Wandmacher and D Bradfield* On implied volatilities in the South African derivatives market 1. Introduction Although options on commodities have been in existence as trading instruments since the middle ages, the year 1973 signified the turning point for option markets world-wide. In 1973, for the first time, standardized option contracts were traded on the new Chicago Board Options Exchange (CBOE). The contracts traded on the CBOE were structured so that option contracts were standardized in their strike price and expiration dates. The South African Futures Exchange (SAFEX) was established in 1990 with only futures ..

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