Original scientific paper
https://doi.org/10.1080/1331677X.2015.1043776
Analysis of using options to the express certificates formation
Monika Harčariková
orcid.org/0000-0001-7605-226X
Anna Bánociová
Abstract
This article analyses the express certificates formation on the financial market. Express certificates are one type of modern structured products suitable for individual investors, the return of which is derived from the return of the underlying asset. There are detailed descriptions of these products with the aim of showing the nature
of the express certificates formation. It is proved that the payoff of the express certificates is engineered from a combination of traditional financial instrument with the derivative products, especially vanilla and barrier options. Theoretical price of vanilla and barrier options are calculated through option pricing models. The main aim of
this article is to provide an analysis of the express certificates formation on the shares (Daimler AG and Allianz SE) issued by Deutsche Bank AG. The objective of the analysis is to contribute to the intellectualisation of all investors.
Keywords
investment certificate; express certificate; vanilla option; barrier option; option pricing
Hrčak ID:
171521
URI
Publication date:
20.12.2015.
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