# P14 现金担保看跌：有条件地买股，不是带利息的限价单 区分接股总款与有效成本，比较同K平价、限价成交和指派时点。 Entry: zh-p14 | Node: P14 | Language: zh | Editorial revision: 2026-09-21 ## Teaching instructions 你正在教授P14《P14 现金担保看跌：有条件地买股，不是带利息的限价单》。先确认读者选择的分支。实际打开required_readings的公开原文，完整读取指定单元和必要表图；记录标题、版本、位置及其支持的具体步骤。optional_readings只有在分支被选择时转为必读。若只有摘要、目录或访问失败，不能声称完成，也不凭印象补课；可复用本会话已完整读过的相同版本单元并注明。 然后一次给出一项完整诊断任务：把9500总交割款与净取得成本分开；同K105重建平价，再比较95限价已成交与put未指派的110终点。 不逐个考四则运算。使用本包全文与PF-GRID-01唯一冻结链，先让读者解释关系，再计算，最后使用本篇迁移题。区分真实契约、模型生成mid、合成执行价和假设事件。反馈标准：不能以9358代替付款额；9000及时现金缺500须停止，CSP95不得拿去冒充CC105同K复制。 每次现金都带账户/时点，无法支付或未给报价时不制造已经完成的结果。数据没有现实概率，不推断胜率或推荐交易；不访问用户账户。不更新公司估值、不调用真实订单。结束时让读者指出改变哪一个条件会改变结论，输出尚未掌握的具体关系。runtime_reading_log按本次实读填写，导出初始为空。 Before substantive teaching, actually retrieve every required reading unit for the selected scope. Read its complete designated section, including necessary assumptions, tables and footnotes. A working URL or an editorial access date is not a runtime reading receipt. Record the actual version, location, scope and what it supports. If unavailable, use a previously verified equivalent source; if the required unit remains unavailable, identify that gap rather than teach it from memory. Start runtime_reading_log empty. Once reading is complete, use a substantive diagnostic or follow the reader's request for direct explanation. Advance one complete reasoning task at a time; skip mastered basics. Distinguish original facts, supplied teaching assumptions and inference. ## Required readings and runtime protocol ```json { "export_mode": "public", "entry_id": "zh-p14", "selected_branch": "core", "learning_task": "把9500总交割款与净取得成本分开；同K105重建平价，再比较95限价已成交与put未指派的110终点。", "required_readings": [ { "source_id": "PFH-CSP", "title": "Cash-Secured Put", "authors": [ "Options Industry Council" ], "version": "未署年月网页；2026-09-21核用", "access": { "kind": "html_full_text", "uri": "https://www.optionseducation.org/strategies/all-strategies/cash-secured-put", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "Description至Comments/Related Position的完整策略主文", "scope": "完整读取上述具名单元及必要表图、脚注，不以搜索节选或摘要替代。", "purpose": "接股意愿与义务、现金保留、未取得股票的机会成本；不把净成本等同总交割款。" }, "supports": "接股意愿与义务、现金保留、未取得股票的机会成本；不把净成本等同总交割款。", "fallback_source_ids": [] }, { "source_id": "PFH-T1", "title": "The Impact of T+1 on Options", "authors": [ "Options Industry Council" ], "version": "July 2024", "access": { "kind": "html_full_text", "uri": "https://www.optionseducation.org/news/understanding-t-1-conversion", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "全文：Option Trade Settlement及exercise settlement", "scope": "完整读取上述具名单元及必要表图、脚注，不以搜索节选或摘要替代。", "purpose": "仓位形成与权利金现金结算不同；行权后股票交割T+1。不是通用客户通知截止表。" }, "supports": "仓位形成与权利金现金结算不同；行权后股票交割T+1。不是通用客户通知截止表。", "fallback_source_ids": [] }, { "source_id": "PFH-MARGIN", "title": "Strategy-based Margin: Overview of Margin Requirements for Options", "authors": [ "Cboe" ], "version": "网页2026-09-21核用", "access": { "kind": "html_full_text", "uri": "https://www.cboe.com/markets/us/options/margin/strategy-based-margin", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "主文; Short Put现金账户行; same-expiry European cash-settled spreads完整段", "scope": "完整读取上述具名单元及必要表图、脚注，不以搜索节选或摘要替代。", "purpose": "短put总执行价现金担保、短期长option付清、同到期欧式现金结算价差的窄适用条件。券商可更严格；不推广为calendar或具体账户融资承诺。" }, "supports": "短put总执行价现金担保、短期长option付清、同到期欧式现金结算价差的窄适用条件。券商可更严格；不推广为calendar或具体账户融资承诺。", "fallback_source_ids": [] }, { "source_id": "PFH-PARITY", "title": "Put/Call Parity", "authors": [ "Options Industry Council" ], "version": "网页；2026-09-21核用", "access": { "kind": "html_full_text", "uri": "https://www.optionseducation.org/advancedconcepts/put-call-parity", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "平价定义、匹配条件及现实限制完整单元", "scope": "完整读取上述具名单元及必要表图、脚注，不以搜索节选或摘要替代。", "purpose": "同标的/同K/同到期及资金、分红、行权方式条件；独立R=1.01例为本站推导。" }, "supports": "同标的/同K/同到期及资金、分红、行权方式条件；独立R=1.01例为本站推导。", "fallback_source_ids": [] }, { "source_id": "MA-OCC", "title": "Characteristics and Risks of Standardized Options", "authors": [ "The Options Clearing Corporation" ], "version": "June 2024", "access": { "kind": "pdf_full_text", "uri": "https://www.theocc.com/getmedia/a151a9ae-d784-4a15-bdeb-23a029f50b70/riskstoc.pdf", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "Chapter VIII printed pp55–57 / PDF pp57–59; Chapter IX printed pp58–59 / PDF pp60–61; Chapter X holder/writer units printed pp61–67; Other Risks item 1 printed pp67–68 / PDF pp69–70", "scope": "完整读取上述具名单元及必要表图、脚注，不以搜索节选或摘要替代。", "purpose": "契约、买卖双方权利义务、权利金/担保品、行权/指派/结算与多腿独立性。不给本链报价、客户截止时点或自动处理保证。" }, "supports": "契约、买卖双方权利义务、权利金/担保品、行权/指派/结算与多腿独立性。不给本链报价、客户截止时点或自动处理保证。", "fallback_source_ids": [] }, { "source_id": "PFH-EXERCISE", "title": "Options Exercise FAQ", "authors": [ "Options Industry Council" ], "version": "网页；2026-09-21核用", "access": { "kind": "html_full_text", "uri": "https://www.optionseducation.org/referencelibrary/faq/options-exercise", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "行权与平仓问答; 自动处理、提前行权和分红问答", "scope": "完整读取上述具名单元及必要表图、脚注，不以搜索节选或摘要替代。", "purpose": "行权、平仓、成员exercise-by-exception与客户指令分开；股息和时间价值影响选择，但不保证每个客户腿自动执行。" }, "supports": "行权、平仓、成员exercise-by-exception与客户指令分开；股息和时间价值影响选择，但不保证每个客户腿自动执行。", "fallback_source_ids": [] } ], "optional_readings": [ { "source_id": "PFH-PUT-INDEX", "title": "Cboe S&P 500 PutWrite Indices Methodology", "authors": [ "Cboe Global Indices" ], "version": "v3.0，2025-08-15", "access": { "kind": "pdf_full_text", "uri": "https://cdn.cboe.com/api/global/us_indices/governance/Cboe_SP_500_PutWrite_Indices_Methodology.pdf", "verified_access_at": "2026-09-21" }, "required_unit": { "locator": "§§1–3 PUT完整相关单元; §3.1 printed Page5 / PDF p6的式(3)(4)连同不采用说明", "scope": "完整读取上述具名单元及必要表图、脚注，不以搜索节选或摘要替代。", "purpose": "只用PUT国库券+SPX puts结构、执行价/SOQ/roll价格来源与现金减短负债。印刷§3.1式(3)(4)在USBR=0会使现金倍增，不用作引擎。" }, "supports": "只用PUT国库券+SPX puts结构、执行价/SOQ/roll价格来源与现金减短负债。印刷§3.1式(3)(4)在USBR=0会使现金倍增，不用作引擎。", "branch": "benchmark-put", "activate_when": "只有选择该分支时转为必读；未选不考对应题目。", "editorial_correction": "本版本§3.1(3)(4)零USBR校验会错误倍增现金；不得照抄作利息引擎，只用结构/roll与报价来源。请连同原式读这个条件。", "fallback_source_ids": [] } ], "runtime_reading_log": [], "supplied_inputs": { "shared_experiment_id": "EXP-OPTIONS-01", "frozen_chain": { "schema": "p-fgh-teaching-inputs-frozen-v2", "selected_chain_id": "PF-GRID-01", "frozen_on": "2026-09-21", "decision": "adopt_support_grid_as_common_baseline_with_author_plan_structure_retained", "identity": "Synthetic unadjusted 100-unit equity/ETF option classroom chain. Contract/lifecycle rules are supported by OCC/OIC/Cboe originals; prices, IV, spreads and fees are teaching inputs, not observed quotes or executions.", "real_terms": { "physical": { "unit": 100, "currency": "USD", "exercise_style": "American", "settlement": "physical; exercised standard equity/ETF option stock delivery follows current T+1 rules", "sources": [ "MEFG-ODD", "MEFG-OCC-EQUITY", "MEFG-OCC-ETF", "MEFG-OIC-T1" ] }, "cash_index_branch": { "product": "SPXW", "unit": 100, "exercise_style": "European", "settlement": "PM cash settlement; cash delivered business day following expiration", "source": "MEFG-SPX", "use": "lifecycle contrast in P17/P19; no SPXW market quote is asserted" } }, "clock": { "kind": "relative teaching clock, not a listing calendar", "trade": "D0", "premium_cash": "D1", "near_days": 30, "near_fixing": "D30", "near_exercise_cash": "D31", "far_days": 90, "far_fixing": "D90", "far_exercise_cash": "D91" }, "model": { "spot": 100.0, "rate": 0.0, "dividend_yield": 0.0, "volatility": 0.3, "strikes": [ 90, 95, 100, 105, 110 ], "tenors_days": [ 30, 90 ], "pricing": "Black-Scholes-Merton teaching marks; zero rate/no distributions make European and non-dividend American vanilla values coincide in this baseline only", "round_to_cents": true, "option_half_spread": 0.02, "stock_half_spread": 0.02, "fee_per_contract_per_transaction": 0.65, "fee_identity": "teaching parameter, not broker tariff", "fill_assumption": "buy at ask / sell at bid; simultaneous one-contract fills and displayed size are teaching assumptions", "baseline_wealth": 12000.0, "baseline_shares": 100, "baseline_cash": 2000.0 }, "terminal_scenarios": [ 0, 70, 90, 95, 100, 105, 110, 130 ], "quote_chain": [ { "kind": "put", "strike": 95, "days": 30, "raw_model": 1.4216039100326583, "mid": 1.42, "bid": 1.4, "ask": 1.44 }, { "kind": "call", "strike": 105, "days": 30, "raw_model": 1.5664370191311896, "mid": 1.57, "bid": 1.55, "ask": 1.59 }, { "kind": "put", "strike": 105, "days": 30, "raw_model": 6.566437019131186, "mid": 6.57, "bid": 6.55, "ask": 6.59 } ], "strategy_results": { "hold": { "shares": 100, "legs": [], "option_cash_mid": 0, "option_cash_execution": 0, "cash_after_premium_settlement_mid": 2000, "terminal_mid": [ { "spot": 0, "terminal_wealth_mid": 2000 }, { "spot": 70, "terminal_wealth_mid": 9000 }, { "spot": 90, "terminal_wealth_mid": 11000 }, { "spot": 95, "terminal_wealth_mid": 11500 }, { "spot": 100, "terminal_wealth_mid": 12000 }, { "spot": 105, "terminal_wealth_mid": 12500 }, { "spot": 110, "terminal_wealth_mid": 13000 }, { "spot": 130, "terminal_wealth_mid": 15000 } ] }, "cash_secured_put_95": { "shares": 0, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "initial_mid_cash": 142.0, "initial_execution_cash_after_fee": 139.35 } ], "option_cash_mid": 142.0, "option_cash_execution": 139.35, "cash_after_premium_settlement_mid": 12142.0, "terminal_mid": [ { "spot": 0, "terminal_wealth_mid": 2642.0 }, { "spot": 70, "terminal_wealth_mid": 9642.0 }, { "spot": 90, "terminal_wealth_mid": 11642.0 }, { "spot": 95, "terminal_wealth_mid": 12142.0 }, { "spot": 100, "terminal_wealth_mid": 12142.0 }, { "spot": 105, "terminal_wealth_mid": 12142.0 }, { "spot": 110, "terminal_wealth_mid": 12142.0 }, { "spot": 130, "terminal_wealth_mid": 12142.0 } ] }, "cash_secured_put_105": { "shares": 0, "legs": [ { "kind": "put", "strike": 105, "days": 30, "quantity": -1, "mid": 6.57, "bid": 6.55, "ask": 6.59, "initial_mid_cash": 657.0, "initial_execution_cash_after_fee": 654.35 } ], "option_cash_mid": 657.0, "option_cash_execution": 654.35, "cash_after_premium_settlement_mid": 12657.0, "terminal_mid": [ { "spot": 0, "terminal_wealth_mid": 2157.0 }, { "spot": 70, "terminal_wealth_mid": 9157.0 }, { "spot": 90, "terminal_wealth_mid": 11157.0 }, { "spot": 95, "terminal_wealth_mid": 11657.0 }, { "spot": 100, "terminal_wealth_mid": 12157.0 }, { "spot": 105, "terminal_wealth_mid": 12657.0 }, { "spot": 110, "terminal_wealth_mid": 12657.0 }, { "spot": 130, "terminal_wealth_mid": 12657.0 } ] }, "covered_call_105": { "shares": 100, "legs": [ { "kind": "call", "strike": 105, "days": 30, "quantity": -1, "mid": 1.57, "bid": 1.55, "ask": 1.59, "initial_mid_cash": 157.0, "initial_execution_cash_after_fee": 154.35 } ], "option_cash_mid": 157.0, "option_cash_execution": 154.35, "cash_after_premium_settlement_mid": 2157.0, "terminal_mid": [ { "spot": 0, "terminal_wealth_mid": 2157.0 }, { "spot": 70, "terminal_wealth_mid": 9157.0 }, { "spot": 90, "terminal_wealth_mid": 11157.0 }, { "spot": 95, "terminal_wealth_mid": 11657.0 }, { "spot": 100, "terminal_wealth_mid": 12157.0 }, { "spot": 105, "terminal_wealth_mid": 12657.0 }, { "spot": 110, "terminal_wealth_mid": 12657.0 }, { "spot": 130, "terminal_wealth_mid": 12657.0 } ] } }, "lifecycle_cases": { "put_early_assignment": { "strike": 95, "spot_at_assignment": 75, "gross_cash_obligation": 9500, "timely_cash_example": 9000, "timely_cash_gap": 500 } }, "separate_interest_parity_unit": { "spot": 100, "strike": 105, "gross_return": 1.01, "call": 2, "put_from_parity": 5.960396039603964, "identity": "separate frictionless one-period European example; not the PF-GRID-01 price chain" }, "source_corrections": { "CBOE_PUT_equations_3_4": { "status": "exclude_equation_pair_from_engine", "visual_check": "public Cboe methodology physical PDF page 6 / printed Page 5 inspected", "zero_rate_test": { "USBR": 0, "printed_eq4_r": 1, "printed_eq3_balance_multiple": 2, "economically_expected_multiple": 1 }, "use": "structure, constituents, roll, pricing-source and cash-account identity only" }, "OIC_legacy_assignment_notice_wording": { "status": "do_not_adopt_exact_Monday_notice_wording_as_current_lifecycle_rule", "use": "use current OCC ODD/T+1 contract mechanics; broker/customer exercise cutoffs remain broker-specific" } } }, "default_results": { "terminal": [ { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 0, "payoffs": [ -9500 ], "stock_mark": 0, "option_payoff": -9500, "wealth": 2642, "pnl": -9358, "return_on_initial": -0.7798333333333334, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" }, { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 70, "payoffs": [ -2500 ], "stock_mark": 0, "option_payoff": -2500, "wealth": 9642, "pnl": -2358, "return_on_initial": -0.1965, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" }, { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 90, "payoffs": [ -500 ], "stock_mark": 0, "option_payoff": -500, "wealth": 11642, "pnl": -358, "return_on_initial": -0.02983333333333338, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" }, { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 95, "payoffs": [ 0 ], "stock_mark": 0, "option_payoff": 0, "wealth": 12142, "pnl": 142, "return_on_initial": 0.011833333333333362, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" }, { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 100, "payoffs": [ 0 ], "stock_mark": 0, "option_payoff": 0, "wealth": 12142, "pnl": 142, "return_on_initial": 0.011833333333333362, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" }, { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 105, "payoffs": [ 0 ], "stock_mark": 0, "option_payoff": 0, "wealth": 12142, "pnl": 142, "return_on_initial": 0.011833333333333362, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" }, { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 110, "payoffs": [ 0 ], "stock_mark": 0, "option_payoff": 0, "wealth": 12142, "pnl": 142, "return_on_initial": 0.011833333333333362, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" }, { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。", "spot": 130, "payoffs": [ 0 ], "stock_mark": 0, "option_payoff": 0, "wealth": 12142, "pnl": 142, "return_on_initial": 0.011833333333333362, "identity": "到期闭合支付的财富标记；不自动宣称所有实物交割已完成。默认不计最终平股/行权费或税。" } ], "assignment": [ { "entry": { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。" }, "obligation": 9500, "timely_cash": 9000, "unavailable_cash": 3142, "gap": 500, "completed": false, "cash_after": null, "shares_after": null, "wealth_after": null, "note": "截止前缺现金：停止已完成交割结果；未假设券商借款。" }, { "entry": { "id": "cash_secured_put_95", "view": "mid", "origin": "cash", "initial_wealth": 12000, "initial_shares": 0, "initial_cash": 12000, "stock_delta": 0, "stock_trade_cash": 0, "stock_spread": 0, "shares": 0, "option_cash": 142, "opening_fee": 0, "cash_after_D1": 12142, "option_mark": -142, "wealth_at_mid_after_entry": 12000, "legs": [ { "kind": "put", "strike": 95, "days": 30, "quantity": -1, "mid": 1.42, "bid": 1.4, "ask": 1.44, "fill": 1.42, "fee": 0, "cash": 142 } ], "settlement_note": "D0形成仓位与应收应付；D1教学营业日完成权利金/初始股票转换现金。" }, "obligation": 9500, "timely_cash": 9500, "unavailable_cash": 2642, "gap": 0, "completed": true, "cash_after": 2642, "shares_after": 100, "wealth_after": 10142, "note": "教学时点支付完成，股票按75标记。" } ], "parity": { "R": 1.01, "S": 100, "K": 105, "C": 2, "P": 5.960396039603964, "stock_minus_call": 98, "pv_strike_minus_put": 98, "full_reserve_extra": 1.039603960396036 }, "limit": [ { "spot": 70, "limit_filled_price": 95, "limit_wealth": 9500, "csp95_wealth": 9642, "hold_wealth": 9000, "cash_wealth": 12000, "note": "D10限价已成交被明确施加；put没有提前指派，不能从一次触价推断这两件事。" }, { "spot": 110, "limit_filled_price": 95, "limit_wealth": 13500, "csp95_wealth": 12142, "hold_wealth": 13000, "cash_wealth": 12000, "note": "D10限价已成交被明确施加；put没有提前指派，不能从一次触价推断这两件事。" } ] }, "input_units_and_bounds": { "terminal_stock": { "default": 70, "min": 0, "max": 200, "unit": "USD/share" }, "view": [ "mid", "execution" ], "timely_cash": { "default": 9000, "min": 0, "max": 12000, "unit": "USD" } }, "algorithm": "terminal CSP95 + same-K CC105/CSP105; putAssignment separates gross and reachable cash; limitComparison is imposed fill path.", "boundaries": "没有资金不输出已完成股份；不以一次触价推定成交/指派。", "static_equivalent_markdown": "# P14 默认结果与静态解释\n\nPF-GRID-01合成教学链；真实合约条款与模型/执行价分开。金额为美元，标准单位100；无真实行情。\n\n| 终点股价 | mid财富 | 执行层财富 | mid损益 |\n|---|---|---|---|\n| 0.00 | 2,642.00 | 2,639.35 | -9,358.00 |\n| 70.00 | 9,642.00 | 9,639.35 | -2,358.00 |\n| 90.00 | 11,642.00 | 11,639.35 | -358.00 |\n| 95.00 | 12,142.00 | 12,139.35 | 142.00 |\n| 100.00 | 12,142.00 | 12,139.35 | 142.00 |\n| 105.00 | 12,142.00 | 12,139.35 | 142.00 |\n| 110.00 | 12,142.00 | 12,139.35 | 142.00 |\n| 130.00 | 12,142.00 | 12,139.35 | 142.00 |\n\n总接股款9500，不是9358；及时现金9000时缺500，已完成交割股数/财富保持空值。\n\n| 终点 | 已成交95限价财富 | CSP95财富 |\n|---|---|---|\n| 70 | 9500 | 9642 |\n| 110 | 13500 | 12142 |\n\n同K105的CC与CSP才作平价。独立利息例：R=1.01，P=5.960396，现存K与PV(K)差1.039604。\n", "static_figures": [ "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/figures/P14-payoff.svg", "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/figures/P14-lifecycle.svg" ], "source_id_mapping": { "PFH-ODD": "MA-OCC", "PFH-ETF": "PFH-ETF", "PFH-EQUITY": "PFH-EQUITY", "PFH-T1": "PFH-T1", "PFH-EXERCISE": "PFH-EXERCISE", "PFH-SPXW": "MA-SPX", "PFH-MARGIN": "PFH-MARGIN", "PFH-CC": "PFH-CC", "PFH-CSP": "PFH-CSP", "PFH-PP": "PFH-PP", "PFH-COLLAR": "PFH-COLLAR", "PFH-CALL-SPREAD": "PFH-CALL-SPREAD", "PFH-PUT-SPREAD": "PFH-PUT-SPREAD", "PFH-STRADDLE": "PFH-STRADDLE", "PFH-STRANGLE": "PFH-STRANGLE", "PFH-CALENDAR": "PFH-CALENDAR", "PFH-PARITY": "PFH-PARITY", "PFH-MIT-OPTIONS": "PFH-MIT-OPTIONS", "PFH-MIT-BSM": "PFH-MIT-BSM", "PFH-BXM": "PFH-BXM", "PFH-PUT-INDEX": "PFH-PUT-INDEX", "PFH-CLL": "PFH-CLL", "PFH-AQR2021": "PFH-AQR2021", "PFH-CHIFED2025": "PFH-CHIFED2025", "MEFG-ODD": "MA-OCC", "MP-OCC": "MA-OCC", "MEFG-OCC-ETF": "PFH-ETF", "MEFG-OCC-EQUITY": "PFH-EQUITY", "MEFG-OIC-T1": "PFH-T1", "MEFG-OIC-EXERCISE": "PFH-EXERCISE", "MEFG-SPX": "MA-SPX", "PFGH-CBOE-MARGIN": "PFH-MARGIN", "PFGH-OIC-CC": "PFH-CC", "PFGH-OIC-CSP": "PFH-CSP", "PFGH-OIC-PP": "PFH-PP", "PFGH-OIC-COLLAR": "PFH-COLLAR", "PFGH-OIC-BULL-CALL": "PFH-CALL-SPREAD", "PFGH-OIC-BULL-PUT": "PFH-PUT-SPREAD", "PFGH-OIC-STRADDLE": "PFH-STRADDLE", "PFGH-OIC-STRANGLE": "PFH-STRANGLE", "PFGH-OIC-CALENDAR": "PFH-CALENDAR", "MEFG-MIT-OPTIONS": "PFH-MIT-OPTIONS", "MEFG-MIT-KOGAN": "PFH-MIT-BSM", "PFGH-CBOE-BXM": "PFH-BXM", "PFGH-CBOE-PUT": "PFH-PUT-INDEX", "PFGH-CBOE-COLLAR": "PFH-CLL", "PFGH-AQR-PROTECTION-2021": "PFH-AQR2021", "MEFG-CHICAGOFED-2025": "PFH-CHIFED2025" }, "full_frozen_inputs_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/inputs.json", "default_results_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/results/P14.json", "default_results_pointer": "/", "reproduction_instructions": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/reproduce.md", "input_identity": "本篇投影沿作者review-v2；完整PF-GRID-01原字节见公开inputs.json，模型/报价/默认结果未改。" }, "content_version": "2026-09-21-PFGH-staging-v3", "branch_selection_protocol": "核心读取required_readings；选择具名选读分支时追加其完整required_unit。实际读完再教，不继承编辑的读取状态。" } ``` ## Supplied entry 我们现在换一个起点：手里有现金，考虑取得股票，但希望买入价格低一些。现金担保看跌把这种愿望变成一项有期限的义务。本篇要同时算清三件事：卖put收到多少、需要准备多少接股现金、到期究竟持有股票还是仍持有现金。 ## 1. 买入意愿与履约义务并不是同一句话 设账户有12,000美元现金，XYZ现价100，愿意在未来30天按95取得100股。卖一张95 put，意味着持有人可以按照合同向我们交付100股，我们被指派时需要支付9,500美元。把相应现金或合格现金等价物准备好，才构成现金担保安排。权利金是出售选择权收到的价格，不是买股票的订金；合同也不是保证我们一定能取得股票。[^csp] 本篇仍用PF-GRID-01：95 put的mid为1.42，合成bid/ask为1.40/1.44，每张每次费0.65，标准单位100股。主例没有分红和利息。用mid建立后，账户现金在D1成为12,142，但尚有142美元短put负债，净财富仍为12,000。把权利金应收与现金结算分开，是为了避免D0就将还未到达的钱转走。[^t1] Cboe的策略保证金概述将现金账户short put的总执行价担保与期权价款分开；具体可接受资产及更高内部要求由适用规则和券商决定。本例预留9,500，而不是用某个未取得的保证金百分比替代。[^margin] ## 2. 先记总支付，再讨论有效取得成本 若到期股价低于95并按约定被指派，账户支付9,500，得到100股，剩余现金2,642。得到的股票当时值多少，要按当时市场价看，不能因为行权价是95就把它们记为始终值9,500。 | 到期价 | mid路径下最终股票 | mid现金 | 股票市值 | 合计财富 | 相对12,000损益 | |---:|---:|---:|---:|---:|---:| | 0 | 100股 | 2,642 | 0 | 2,642 | −9,358 | | 70 | 100股 | 2,642 | 7,000 | 9,642 | −2,358 | | 95 | 本例按未指派处理 | 12,142 | 0 | 12,142 | +142 | | 110 | 0股 | 12,142 | 0 | 12,142 | +142 | 表中恰在95时选择“未指派”只为固定一个终点状态；若相反指令导致交割，现金2,642加100股按95标记，也是12,142，但之后的风险不同。因此平价附近应核实际结果，不能把终点经济等价当成持仓身份等价。 以$s$表示终点股价，整个账户可写为 $$ W_T=12142-100(95-s)^+. $$ 低于95时，权利金抵消了一部分取得成本，故常用每股$95-1.42=93.58$描述mid有效取得成本。但实际交割仍支付95，不是93.58；1.42已经在之前收过，不能在交割时再少付一次。执行层按bid收140，扣0.65，净现金139.35，有效成本变为93.6065；这也不是对未来亏损的保证。
接股与未接股两侧的完整财富

准备买股的CSP95：可能接股，也可能一直持现

纵轴：共同财富（美元）

1,0205,0109,00012,99016,980
070140

横轴：D30标的价格（美元/股）

PF-GRID-01合成链 · mid结构；非真实行情

接股与未接股两侧的完整财富
现金担保减少的是履约资金的不确定性，不是标的最终归零的可能损失。另一方面，股票一路上涨时我们可能始终没有买到，只赚有限权利金。对一个必须及时取得股票的目标，这种“赚钱但没有完成目标”的情况很重要。 ## 3. 同执行价才可以谈平价，同终值不等于同资金占用 在零利率、零分红、相同到期和相同执行价$K$的理想条件下，$C-P=S_0-K$。因此 $$ S_T-(S_T-K)^+=K-(K-S_T)^+. $$ 这是股票减call与现金减put的终点支付相同。再把起点成本配齐，就能比较同一财富。PF-GRID-01中的C105是1.57，P105是6.57，满足$1.57-6.57=100-105$。于是CC105和现金担保P105从12,000出发，所有到期状态的mid财富一致；CSP95则是另一个取得目标，不能拿它冒充同K平价。[^parity] 利息会让“准备到期执行价”与“现在存足执行价”不同。考虑独立的一期欧式小例：$S_0=100,K=105$，一期现金毛增长倍数$R=1.01$，call价格2。无分红无费用时，平价给出 $$ P=C-S_0+K/R=5.960396. $$ 股票减call成本为98；到期能长成105的现金现值减put，也等于98：$105/1.01-5.960396=98$。若现实现金担保规则要求现在就留105，而非$105/R$，就会多占用约1.039604现金。利息、保证金资格和可用时间不能从终点图中自动读出。这个小例只解释现值关系，不把主链的利率从零改为1%，也不把它说成某券商的规则。 ## 4. 限价订单与卖put，需要用路径比较 另设一条无费用、无利息的教学路径：D10的95限价买单已经实际成交100股，而95 put没有提前指派。这里只是施加两个事件，不以“市场碰到95”证明一定成交或指派。 | D30股价 | 95限价已成交 | CSP95 | D0按100立即买100股 | 持现 | |---:|---:|---:|---:|---:| | 70 | 9,500 | 9,642 | 9,000 | 12,000 | | 110 | 13,500 | 12,142 | 13,000 | 12,000 | 限价路线买完之后已经承担上涨和下跌；put卖方在反弹路径中可能始终没有持股。两者的条件、时间和持仓都不一样。还未成交的限价单通常可以请求撤销；已存在的短put则要通过实际平仓或履约终止，不能仅仅取消一个尚未发生的未来买入。具体订单和期权状态仍须确认。 再看资金路径。假设施加一次提前指派：XYZ当时75，gross接股义务9,500。账上总现金可以是12,142，但其中只有9,000能在交割截止前到达指定账户，其余3,142暂时不可用；于是仍缺500。不能把未付款后的股票当作已完成交割继续算持仓收益。若按时支付完成，剩余2,642加股票市值7,500，总财富10,142。[^exercise]
期权义务、及时现金和指派交付的三个时点

净取得成本不能替代交割总付款

  1. D1资金与负债

    现金12,142

    短put负债142

    接股预留9,500

    净财富12,000

  2. 提前指派压力

    股票当时75

    应付总款9,500

    及时可达9,000

    仍缺500，停止

  3. 若及时付款完整

    现金2,642

    100股×75＝7,500

    完整财富10,142

    不是支付净成本9,358

相同总资产不代表在相同账户/截止时间可以使用。

期权义务、及时现金和指派交付的三个时点
## 5. 操作与真实规则卡
先只改终点价，核对收到权利金、是否取得股票、全部财富三列。然后保持总现金不变，把“截止前可达现金”从9,500降为9,000：财富标记与是否完成交割应当分开，界面应在缺500处停止。最后比较同K105两条曲线，而不是把95 put和105 call重叠。
选读：PUT基准里的现金并不是闲置背景 Cboe PUT规则用国库券账户配月度SPX put，净值需要扣除当前短put价值，并规定执行价、到期结算与滚动价格。BXM与PUT的实际执行价和滚动时段并不完全相同，所以理想同K等价不能推出两个指数历史回报逐日相等。[^put] 阅读该文件3.0版§3.1时还需做零利率校验：印刷式(4)在零利率时给出1，若再代入式(3)的“1加该值”，会让余额翻倍。本篇不采用这对式子作利息计算，只读其账户和滚动结构；上节独立现金例从终点支付重新推导。这一局部检查不影响规则文件对PUT策略组成的说明。
## 6. 解释与迁移 **解释题。** 有人说“put收了142，所以接股只需9,358现金”。这句话何时是成本简称，何时是危险的付款计划？ **解析。** 9,358可以是未计费净取得成本，但交割义务是9,500。若142已经到账并保留，账户可以由原资金和这142共同完成9,500；若它已被转走、被占用或尚未结算，不能再用净成本代替总付款额。同一权利金不能收到一次、再在结算时抵扣一次。 **迁移题。** 在D10限价已成交、put未指派的路径里，到期110时，为什么不能因CSP仍赚142就说它比限价“多了一笔收入”？ **解析。** 限价路线财富13,500，CSP为12,142，前者多1,358。所谓额外142，是以不同持股路径换来的，不是叠在相同投资组合之上的免费现金。比较要保持相同起始12,000并同时计入股票和现金。 **更新题。** XYZ的重要业务依据在D15失效，但价格仍在100附近，原来愿意95取得股票的判断是否自动继续有效？ **解析。** 不自动有效。行权义务仍在，取得意愿却可能改变。应重审是否继续承担、买回put或选择其他动作；“最初就是准备接股”不能替代更新后的判断。若另行直接买股而保留短put，还可能把未来股票数量扩大到200股，须重新检查总敞口。 [^csp]: OIC，[Cash-Secured Put](https://www.optionseducation.org/strategies/all-strategies/cash-secured-put)，Description、Max Loss、Profit/Loss及Assignment Risk，完整策略正文。 [^t1]: OIC，[The Impact of T+1 on Options](https://www.optionseducation.org/news/understanding-t-1-conversion)，July 2024，Option Trade Settlement；OCC标准合约按具体交割规则执行。 [^margin]: Cboe，[Strategy-based Margin](https://www.cboe.com/markets/us/options/margin/strategy-based-margin)，Short Put现金账户行及主文；2026-09-21所核单元，非券商个别承诺。 [^parity]: OIC，[Put/Call Parity](https://www.optionseducation.org/advancedconcepts/put-call-parity)，同标的、执行价和期限条件及利率/分红/提前行权限制；本篇数值与等式为独立教学推导。 [^exercise]: OCC，[ODD](https://www.theocc.com/getmedia/a151a9ae-d784-4a15-bdeb-23a029f50b70/riskstoc.pdf)，June 2024，Chapter VIII印刷55–57页；OIC [Options Exercise FAQ](https://www.optionseducation.org/referencelibrary/faq/options-exercise)，指派、行权与平仓的完整相应问答。 [^put]: Cboe，[S&P 500 PutWrite Indices Methodology](https://cdn.cboe.com/api/global/us_indices/governance/Cboe_SP_500_PutWrite_Indices_Methodology.pdf)，3.0版（2025-08-15），§§1–3的PUT部分；§3.1印刷Page 5／PDF第6页式(3)–(4)不用于利息引擎。 ## Experiment inputs and static equivalents ```json [ { "id": "EXP-P14-CASH-SECURED-PUT", "node_id": "P14", "title": "接股义务、平价与资金", "anchor": "p14-lab", "description": "区分接股总款与有效成本，比较同K平价、限价成交和指派时点。", "shared_experiment_id": "EXP-OPTIONS-01", "inputs": { "terminal_stock": { "default": 70, "min": 0, "max": 200, "unit": "USD/share" }, "view": [ "mid", "execution" ], "timely_cash": { "default": 9000, "min": 0, "max": 12000, "unit": "USD" } }, "outputs": [ "逐腿现金/条件mark", "终点或期间财富", "持仓及可达资金", "缺口或适用边界" ], "algorithm": "terminal CSP95 + same-K CC105/CSP105; putAssignment separates gross and reachable cash; limitComparison is imposed fill path.", "boundaries": "没有资金不输出已完成股份；不以一次触价推定成交/指派。", "views": [ "接股/不接股财富曲线", "总交割款与及时现金/缺口" ], "static_equivalent": { "reader_path": "https://ou-liu-red-sugar.github.io/zh/notebook/cash-secured-put-funding-and-acquisition/", "figure_paths": [ "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/figures/P14-payoff.svg", "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/figures/P14-lifecycle.svg" ], "defaults_location": "agent_packet.supplied_inputs.default_results", "defaults_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/results/P14.json", "defaults_pointer": "/", "static_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/static/P14.md" }, "inputs_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/inputs.json", "results_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/results/P14.json", "reproduce_uri": "https://ou-liu-red-sugar.github.io/notebook/labs/p-fgh/reproduce.md" } ] ``` ## Sources - [Characteristics and Risks of Standardized Options](https://www.theocc.com/getmedia/a151a9ae-d784-4a15-bdeb-23a029f50b70/riskstoc.pdf): 本会话实际读取的指定单元，不是96页全文；支持权利、单位、权利金、费用和保证金的区分。 契约、买卖双方权利义务、权利金/担保品、行权/指派/结算与多腿独立性。不给本链报价、客户截止时点或自动处理保证。 M-E/F/G 本批采用：规则、权利金、行权/指派和同财富假设例；本课指定单元不替代实际交易者对整份ODD的阅读。无真实行情或个人券商操作保证。 - [Cash-Secured Put](https://www.optionseducation.org/strategies/all-strategies/cash-secured-put): 接股意愿与义务、现金保留、未取得股票的机会成本；不把净成本等同总交割款。 - [Options Exercise FAQ](https://www.optionseducation.org/referencelibrary/faq/options-exercise): 行权、平仓、成员exercise-by-exception与客户指令分开；股息和时间价值影响选择，但不保证每个客户腿自动执行。 M-E/F/G 本批采用：行权vs平仓、ex-by-ex与客户指令、提前行权和分红；不提供任何个人券商统一截止。 - [Strategy-based Margin: Overview of Margin Requirements for Options](https://www.cboe.com/markets/us/options/margin/strategy-based-margin): 短put总执行价现金担保、短期长option付清、同到期欧式现金结算价差的窄适用条件。券商可更严格；不推广为calendar或具体账户融资承诺。 - [Put/Call Parity](https://www.optionseducation.org/advancedconcepts/put-call-parity): 同标的/同K/同到期及资金、分红、行权方式条件；独立R=1.01例为本站推导。 M-E/F/G 本批采用：合成支付与融资条件；简写合成表遗漏的行权价现金腿须补齐，美式不能一律套欧式等式。 - [Cboe S&P 500 PutWrite Indices Methodology](https://cdn.cboe.com/api/global/us_indices/governance/Cboe_SP_500_PutWrite_Indices_Methodology.pdf): 只用PUT国库券+SPX puts结构、执行价/SOQ/roll价格来源与现金减短负债。印刷§3.1式(3)(4)在USBR=0会使现金倍增，不用作引擎。 - [The Impact of T+1 on Options](https://www.optionseducation.org/news/understanding-t-1-conversion): 仓位形成与权利金现金结算不同；行权后股票交割T+1。不是通用客户通知截止表。 M-E/F/G 本批采用：期权成交头寸记账、权利金现金和行权股票交收时间有别；2024-05-28转换。 ## Content relations ```json [ { "from": "zh-p14", "relation": "part_of", "to": "portfolio-options", "reason": "主要 topic 归属" }, { "from": "zh-p14", "relation": "illustrated_by", "to": "EXP-OPTIONS-01", "reason": "同一PF-GRID-01合成报价、财富与生命周期约定。" }, { "from": "zh-p14", "relation": "uses_method", "to": "zh-p08", "reason": "按本篇所需调用风险目标、现金、成交或多腿方法；正文保留自足局部定义。" }, { "from": "zh-p14", "relation": "uses_method", "to": "zh-p09", "reason": "按本篇所需调用风险目标、现金、成交或多腿方法；正文保留自足局部定义。" }, { "from": "zh-p14", "relation": "uses_method", "to": "zh-p13", "reason": "按本篇所需调用风险目标、现金、成交或多腿方法；正文保留自足局部定义。" }, { "from": "p14-goal", "relation": "supported_by", "to": "PFH-CSP", "reason": "原件支持本段契约/方法或有日期研究；不证明合成报价为行情。", "locator": "Description至Comments/Related Position的完整策略主文", "scope": "接股意愿与义务、现金保留、未取得股票的机会成本；不把净成本等同总交割款。" }, { "from": "p14-goal", "relation": "supported_by", "to": "PFH-MARGIN", "reason": "原件支持本段契约/方法或有日期研究；不证明合成报价为行情。", "locator": "主文; Short Put现金账户行; same-expiry European cash-settled spreads完整段", "scope": "短put总执行价现金担保、短期长option付清、同到期欧式现金结算价差的窄适用条件。券商可更严格；不推广为calendar或具体账户融资承诺。" }, { "from": "p14-parity", "relation": "supported_by", "to": "PFH-PARITY", "reason": "原件支持本段契约/方法或有日期研究；不证明合成报价为行情。", "locator": "平价定义、匹配条件及现实限制完整单元", "scope": "同标的/同K/同到期及资金、分红、行权方式条件；独立R=1.01例为本站推导。" }, { "from": "p14-lab", "relation": "supported_by", "to": "PFH-PUT-INDEX", "reason": "原件支持本段契约/方法或有日期研究；不证明合成报价为行情。", "locator": "§§1–3 PUT完整相关单元; §3.1 printed Page5 / PDF p6的式(3)(4)连同不采用说明", "scope": "只用PUT国库券+SPX puts结构、执行价/SOQ/roll价格来源与现金减短负债。印刷§3.1式(3)(4)在USBR=0会使现金倍增，不用作引擎。" }, { "from": "p14-path", "relation": "supported_by", "to": "MA-OCC", "reason": "原件支持本段契约/方法或有日期研究；不证明合成报价为行情。", "locator": "Chapter VIII printed pp55–57 / PDF pp57–59; Chapter IX printed pp58–59 / PDF pp60–61; Chapter X holder/writer units printed pp61–67; Other Risks item 1 printed pp67–68 / PDF pp69–70", "scope": "契约、买卖双方权利义务、权利金/担保品、行权/指派/结算与多腿独立性。不给本链报价、客户截止时点或自动处理保证。" }, { "from": "p14-path", "relation": "supported_by", "to": "PFH-EXERCISE", "reason": "原件支持本段契约/方法或有日期研究；不证明合成报价为行情。", "locator": "行权与平仓问答; 自动处理、提前行权和分红问答", "scope": "行权、平仓、成员exercise-by-exception与客户指令分开；股息和时间价值影响选择，但不保证每个客户腿自动执行。" }, { "from": "p14-goal", "relation": "supported_by", "to": "PFH-T1", "reason": "原件支持本段契约/方法或有日期研究；不证明合成报价为行情。", "locator": "全文：Option Trade Settlement及exercise settlement", "scope": "仓位形成与权利金现金结算不同；行权后股票交割T+1。不是通用客户通知截止表。" }, { "from": "p14-lab", "relation": "illustrated_by", "to": "EXP-P14-CASH-SECURED-PUT", "reason": "区分接股总款与有效成本，比较同K平价、限价成交和指派时点。" } ] ``` ## Related entries