In this issue, Haitong Futures Options Department brings you an introduction to the BSM (Black-Scholes-Morton) model.

Shares are part of the ownership of a company's property and the holder of the shares is the shareholder.

Although there are hundreds of indicators for technical analysis, in the end, the most basic ones are price and volume, and other indicators are just variations or extensions of these two indicators.

A bond is a debt instrument that the government, financial institutions, industrial and commercial enterprises, etc.

Early options trading in the US began in 1872, founded by the then famous financier Russell, and at that time included call and put options, the market was always OTC and required trading through brokers.

In the United States, money market funds can be divided into three categories according to the level of risk. 　　 In the United States, money market funds can be divided into three categories according to the level of risk. 　　 1, Treasury bill money market funds, which invest mainly in treasury bills, marketable securities guaranteed by the government, etc. These securities generally have a maturity of less than one year, with an average maturity of 120 days. 　　 2,Diversified money market funds, which are commonly referred to as money market funds, usually invest in a variety of marketable securities such as commercial paper, treasury bills, securities issued by U.S. government agencies, negotiable certificates of deposit, bankers' acceptances, etc., which have similar maturities as the aforementioned funds. 　　 3, Tax-exempt money funds, which are used primarily for short-term financing of high-quality municipal securities, also include municipal medium-term bonds and municipal long-ter

With the recent volatility in the equity markets, fixed income products are back on investors' radar.

How can I know when the main money is flowing into a stock? Well, it starts with the hot spots. On the volume charts, the stocks that are at the top of the daily rankings are the hot stocks, and they are the ones that are most suspected of being involved by major funds.

The differences between stock options and restricted stock lie in four areas: symmetry of rights and obligations, symmetry of rewards and penalties, waiting period versus confinement period and exercise price versus grant price.

The world has seen a major stock market crash this year, a rare occurrence this year, and the Chinese stock market has also bottomed out repeatedly this year.