Ahora Opciones Binarias la estrella en español: Opciones Accionarias 28 Septiembre 2012

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Noticias del Mercado de Valores para el 28 de septiembre de 2012 - Noticias del Mercado

Por Zacks. com. 28 de septiembre de 2012, 09:36:05 AM EDT

El anuncio del plan presupuestario de España y la especulación de que China puede introducir nuevas medidas para introducir más liquidez en su sistema bancario ayudó a rebotar el repunte para registrar ganancias. Mientras que el Dow volvió a ganar modos después de seis días consecutivos de pérdidas, el S & amp; P 500 rebotó al green después de una racha de cinco días perdidos largos. Sin embargo, a excepción de una caída en las reclamaciones iniciales, las lecturas económicas nacionales fueron en gran medida decepcionantes.

El Dow Jones Industrial Average (DJI) subió un 0,5% y cerró en 13.485,97. El estándar & amp; Poor 500 (S & P 500) ganó un 1% y terminó la sesión de ayer en 1.447,15. El índice compuesto Nasdaq compuso una alta de 1,4% para terminar en 3.136,60. El índice de volatilidad de la CBOE (VIX) cayó un 11,7% y se estableció en 14,84. Los volúmenes consolidados en la Bolsa de Nueva York, el Nasdaq y la Amex fueron 5,74 mil millones de acciones, por debajo del volumen promedio diario de 6.53 mil millones de año en año. Los acreedores en la Bolsa de Nueva York superaron a las acciones en declive; Como para el 73% de las acciones que ganó, el 24% las acciones cerraron menor.

El anuncio del plan presupuestario de 2013 impulsó el sentimiento y elevó los niveles de referencia. Las reformas presupuestarias dieron prioridad a los recortes de gastos sobre los aumentos de impuestos. El Comisario de Asuntos Económicos y Monetarios de la Unión Europea, Olli Rehn, dijo: "Las reformas están claramente orientadas a algunos de los desafíos políticos más acuciantes". El Gobierno español proyecta un ahorro de 13.000 millones de euros el próximo año. El ministro de Finanzas también dijo que un proyecto de presupuesto para el año fiscal 2013 reduce el gasto total en 40.000 millones de euros (51.000 millones de dólares). Sin embargo, a medida que aumentan las demandas por la independencia de Cataluña, la capacidad de España para controlar el gasto del gobierno regional se vería amenazada.

Mientras tanto, la especulación de que el banco central de China podría reaccionar para impulsar la economía tan pronto como sea posible ayudó a la recuperación positiva de los mercados. Ayer, un asesor del banco central dijo que China ha subvaluado la desaceleración económica mundial y, por lo tanto, reducir las tasas de interés más o reducir los requisitos de reservas bancarias dependerá del "deterioro del entorno externo". El banco central de China inyectó una cantidad neta de 365.000 millones de yuanes a los mercados de dinero esta semana, lo que los comerciantes citaban como la mayor inyección semanal.

El Departamento de Trabajo de Estados Unidos informó una disminución de 26.000 en reclamos iniciales ajustados estacionalmente para la semana que terminó el 22 de septiembre, a 359.000, en comparación con la cifra revisada de la semana anterior de 385.000. La cifra estaba en su punto más bajo desde finales de julio. Por otra parte, la acusada disminución de los créditos iniciales hacía pensar en una mejora de las condiciones del mercado de trabajo. Las estimaciones de consenso habían proyectado que la cifra llegara a 378.000.

Ayer, el Departamento de Comercio sacó la tercera estimación del Producto Interno Bruto (PIB). La Oficina de Análisis Económicos en su tercera estimación dijo que el PIB real aumentó a una tasa anual del 1,3% en el segundo trimestre de 2012, lo que estuvo por debajo de las estimaciones del consenso de un aumento del 1,7%.

El informe también señaló: "Los gastos de consumo personal real aumentaron un 1,5 por ciento en el segundo trimestre, en comparación con un aumento del 2,4 por ciento en el primero". Los bienes duraderos disminuyeron un 0,2 por ciento, en contraste con un aumento del 11,5 por ciento. Los bienes no duraderos aumentaron un 0,6 por ciento, en comparación con un aumento del 1,6 por ciento. Los servicios aumentaron un 2,1 por ciento, en comparación con un aumento del 1,3 por ciento ".

Por separado, el Departamento de Comercio de los Estados Unidos reportó una fuerte caída en los pedidos de bienes duraderos en agosto. La cifra se redujo en un 13,2%, mucho más allá de la estimación del consenso de una caída del 4,7%. Esta disminución fue la caída más grande desde enero de 2009. Excluyendo defensa y transporte, las nuevas órdenes disminuyeron 12.4% y 1.6% respectivamente.

La Asociación Nacional de Agentes de Bienes Raíces publicó ayer los datos del índice de ventas pendientes de viviendas, que registraron una disminución de 2,6% a 99,2 en agosto. El índice había aumentado un 2,4% a 101,9 en julio. Las estimaciones de consenso habían proyectado un aumento del 1%. Sin embargo, el índice de ventas pendientes de viviendas llegó en un 10,7% más alto que la cifra de agosto de 2011 de 89,6.

A pesar de los datos desalentadores de la vivienda, las acciones de construcción de viviendas tuvieron un resultado positivo ayer. Los constructores de SPDR S & amp; P Homebuilders (XHB) ganaron 1.8% y las existencias incluyendo KB Home (NYSE: KBH), Hovnanian Enterprises, Inc. (NYSE: HOV), The Ryland Group, Inc. (NYSE: RYL) (NYSE: MDC) y Standard Pacific Corp. (NYSE: SPF) subieron un 5,1%, 4,1%, 2,7%, 2,2% y 2,2%, respectivamente.

Del equipo en myStockOptions. com y myNQDC. com. Este blog tiene comentarios sobre la compensación de equidad y NQ diferido comp, consejos sobre la planificación fiscal y financiera relacionados, actualizaciones sobre cosas nuevas en nuestros sitios web, ya veces el lado más ligero de los temas que cubrimos. Hacemos nuestro mejor esfuerzo para mantener la escritura animada.

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20 de septiembre de 2012

Además de myStockOptions. com, publicamos un sitio web separado: myNQDC. com. Todo sobre la remuneración diferida no calificada (NQDC). Por lo tanto, fue con interés que nos dimos cuenta de un artículo reciente sobre NQDC en The New York Times. Si bien, dado el actual clima económico, el título del artículo no necesariamente halaga el tema de NQDC ( "For Top Executives, Richer Planes de Retiro" por Fran Hawthorne, 11 de septiembre), el texto presenta de hecho un Un resumen informativo de la remuneración diferida no calificada y los temas y riesgos relacionados para los participantes en los planes de NQDC.

Apreciamos en particular la cobertura equilibrada del autor sobre el valor de los aplazamientos de NQDC en el actual entorno de aumento de las tasas impositivas. Como ilustra una opinión, el artículo presenta las opiniones de un administrador de la riqueza que afirma que las tasas impositivas futuras más altas, como se espera para los altos ingresos en los próximos años, hacen que estos planes sean menos deseables, porque los participantes están demorando el pago de impuestos hasta que se retiran Los activos. " Mientras que el consejero recomienda reducir los aplazamientos de NQDC, otras opiniones de expertos expresadas en el artículo toman la opinión contraria: "Si los ingresos de un ejecutivo son significativamente menos en la jubilación, o él o ella se traslada a un estado de bajo impuesto desde un alto - el impuesto uno, la factura de impuestos podría seguir siendo menor en el futuro que hoy, incluso si las tasas suben. Los rendimientos altos y compuestos de la inversión también podrían sobrepasar los aumentos de impuestos. "

Por qué los diferimientos de NQDC pueden hacer sentido incluso con tasas de impuestos más altas por delante

Este razonamiento está, de hecho, fuertemente apoyado por los expertos de NQDC que han contribuido artículos y preguntas frecuentes a myNQDC. com. En particular, dos artículos que hemos publicado demuestran el valor de los aplazamientos NQDC incluso cuando se espera que las tasas de impuestos aumenten en el futuro. (Véase la creciente importancia de la compensación diferida no calificada en medio de las tasas de aumento del impuesto por Andy Shourds y las ventajas de diferir el ingreso en un ambiente fiscal incierto por Steve Broadbent y Chris Nyland.) Como indican estos autores, el poder del ahorro diferido y la inversión a través de NQDC Los planes a menudo persiste incluso si se espera que la tasa de impuesto sobre la renta del participante sea mayor en el momento del pago que en el momento del aplazamiento.

¿Como puede ser? Incluso con el aumento de las tasas impositivas, recuerde que el principio básico de los planes NQDC todavía se aplica. Los participantes diferirán dos veces los impuestos: primero, cuando habrían recibido su salario o bonificación y habrían pagado el impuesto sobre la renta ordinario en ese momento; En segundo lugar, sobre sus ingresos de inversión a medida que se acumula. Mientras que los ingresos como los intereses, dividendos y ganancias de capital realizadas de los ahorros tradicionales después de impuestos en una cuenta de corretaje sujeto a impuesto sobre la renta cada año, los ingresos y el monto diferido en un plan de compensación diferido no calificado Beneficio se distribuye realmente. El costo fiscal de desembolso anual de los inversionistas después de impuestos en una cuenta regular de corretaje reduce su tasa anual de rendimiento.

Suponiendo que un aplazamiento antes de impuestos es atractivo, ¿qué pasa con la participación de NQDC a la luz de los aumentos esperados de la tasa de impuestos. ¿Es mejor tomar la compensación ahora, pagar impuestos corrientes a tasas más bajas de ingresos ordinarios que los esperados en el futuro, reinvertir la cantidad neta y luego venderla más tarde a las ganancias de capital? ¿O es mejor diferir los ingresos y los impuestos sobre él hoy y pagar una mayor cantidad total de impuestos cuando se distribuye en el futuro? La respuesta depende de tres factores:

El cálculo de los tipos impositivos actuales y futuros tanto para los ingresos ordinarios como para las plusvalías

El rendimiento de la inversión sobre la remuneración diferida

El crecimiento de la (s) inversión (es) alternativa (s) para el monto después de impuestos de la compensación sin diferimiento

La mayor parte del tiempo, el valor futuro del crecimiento diferido de impuestos de la compensación, incluyendo los ingresos por inversiones, excederá el valor futuro de esa compensación sin diferir. En resumen, los participantes están comenzando con una suma antes de impuestos mucho mayor que crece en una forma diferida de impuestos, en lugar de pagar impuestos sobre su compensación antes, retrasando el aplazamiento y luego invirtiendo la menor cantidad neta después de impuestos. A pesar de que los participantes pueden deber más impuestos al final, el valor neto después de impuestos de la cantidad aplazada es mayor.

NQDC Calculadora: Diversión, Informativo, Gratis

El poder del ahorro con impuestos diferidos y la inversión a través de los planes de NQDC también se muestra en nuestra calculadora de comparación de opciones de aplazamiento en myNQDC. com. Por supuesto, la situación de todos es diferente. Esta herramienta puede ayudarle a decidir el mejor curso para sus circunstancias. Puedes ver la diferencia entre:

Diferir la compensación, ponerla en inversiones disponibles en una cuenta NQDC y recibir distribuciones imponibles en el futuro

Tomar la compensación ahora, pagar impuestos sobre ella, y poner la red en sus propias inversiones o cuenta de corretaje

Si bien esta herramienta es un gran punto de partida, consulte a un asesor financiero y lea nuestro contenido en myNQDC. com antes de tomar cualquier decisión sobre cuánto ingreso a diferir o sobre las opciones de inversión.

10 de septiembre de 2012

A medida que las brisas espumosas del otoño introducen esa sensación de regreso a la escuela, en myStockOptions. com hemos publicado un par de nuevos artículos exclusivos para la educación ejecutiva sobre compensación de acciones y asuntos relacionados.

En una serie de dos partes, las preocupaciones de cumplimiento que los ejecutivos deben entender para prevenir SEC, IRS y problemas corporativos. El planificador financiero Richard Friedman de The Ayco Company explica sus 10 puntos más importantes que los ejecutivos deben saber para mantenerse fuera de problemas con sus premios de capital. Este artículo complementa perfectamente los otros artículos y preguntas frecuentes en la sección de la Ley SEC en myStockOptions. com. La Parte 1 se centra en cuestiones relacionadas con el cumplimiento de participaciones y transacciones de acciones de la compañía, incluidos los temas de información privilegiada, Sección 16, requisitos de participación en acciones y Regla 144. La Parte 2 presenta varias cuestiones más, incluidas las relacionadas con intereses financieros extranjeros. , Fondos para planes de retiro y reglas de la compañía.

Las formas de medir y abordar el riesgo se han vuelto importantes para Corporate America, Afirma el Sr. Friedman. Uno de los riesgos morales a menudo subestimados que enfrentan las empresas de todos los tamaños es el riesgo de que un ejecutivo o empleado pueda violar las leyes corporativas, tributarias o de valores. Como las empresas están sujetas a una divulgación mejorada ya menudo obligatoria, las violaciones pueden conducir a la atención pública no deseada, la vergüenza y el riesgo de reputación.

Mientras tanto, Michael Melbinger, abogado de compensación y beneficios, de Winston & amp; Strawn en Chicago, ha escrito un artículo específicamente sobre los problemas de impuestos sobre el patrimonio que enfrentan los ejecutivos no estadounidenses que se preparan para trabajar en los Estados Unidos. Ejecutivos extranjeros que se trasladan a los Estados Unidos: Estrategias de planificación tributaria para la equidad La compensación describe las importantes oportunidades de planificación fiscal y patrimonial - y trampas - que existen para los ejecutivos extranjeros que vienen a Estados Unidos. "Si usted es un extranjero que se convertirá en un extranjero residente en los Estados Unidos", & quot; Escribe el autor, "el tiempo es crucial en el reconocimiento de ingresos y el pago de gastos deducibles."

En myStockOptions. com, nuestro programa de publicación funciona todo el año. Vuelva a revisar a menudo para nuevos artículos, y recuerde que cualquiera o todo nuestro contenido está disponible para la licencia por las compañías como parte de su educación del plan común para los empleados y los ejecutivos.

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Modificaciones del régimen fiscal y social de las acciones y atribuciones gratuitas de acciones

La loi de Finances pour 2013 modifique la imputación a la adquisición de acciones y acciones gratuitas atribuidas a partir del 28 de septiembre de 2012.

& # 0160; Le gain d'acquisition (la diferencia entre el valor de la acción en el ejercicio de la opción y el precio de ejercicio de la opción o valor de la acción atribuida en el momento de la adquisición definitiva) Sobre las acciones y las atribuciones gratuitas de las acciones efectuadas antes del 28 de septiembre de 2012 resto sometido, entre las principales contribuciones, los títulos se adjuntan al título del año de la cesión de los títulos y de los títulos;

- rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate rate 'Un délai de portage de 2 ans) y 30% para las acciones gratuitas & # 0160 ;;

- contribución salariale de 10% y prélèvements sociaux de 15,5%.

& # 0160; La imposition proportionnelle globale is done, en pratique de 55,5% a 66,5% para las opciones de compra y de 55,5% para las attributions gratuites d'actions.

& # 0160; En application des nouvelles dispositions, le gain d'acquisition

& # 0160; - barème progressif de l'impôt sur le revenu (taux marginal de 45%) & # 0160 ;;

- contribución salariale de 10% y prélèvements sociaux de 8% (no 5,1% déductibles).

& # 0160; Au total, el contribuyente puede ser impuesto a un tipo máximo de 60,7% antes de la aplicación, el resultado de la contribución sobre los ingresos hauts (3% y / o 4%).

& # 0160; De son côté, l'employeur reste redevable de la contribution du 30% applicable au moment de l'attribution des actions et de l'attribution gratuite d'actions.

En esta sección

Stock-options et actions gratuites. LF 2013 Reformar sus regímenes fiscaux y de seguridad social

Briefing de clientes

20 de diciembre de 2012

Dans un objectif d'harmonisation de l'imposition des différents revenus dits de nature salariale & quot; Et d'alignement de la fiscalité des revenus du capital sur les revenus du travail, de la loi de finances pour 2013 (ci-après & lt; LF 2013 & quot;) Plus-values d'acquisition et de cession réalisés par les bénéficiaires de stock-options et d'attributions gratuites d'actions et majoration du taux de la contribution salariale sur le plus-value d'acquisition, - respecto de una condición de conservación de las acciones de los beneficiarios.

Contrato a la aplicación rétroactiva adoptada en la versión inicial del proyecto de ley, adoptada por el Parlamento el 20 de diciembre de 2012 Disposición relativa a los regímenes de seguridad y de seguridad social aplicable a las acciones y las acciones atribuidas gratuitamente a compter del 28 de septiembre 2012.

Vous trouverez ci-dessous une description des régimes fiscaux et de sécurité sociale applicables aux bénéficiaires de stock-options et d'attributions gratuites d'actions pour les acteurs de la LF 2013 adoptée par le Parlement D'une invalidation par le Conseil Constitutionnel).

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Stock-options et actions gratuites. LF 2013 Reformar sus regímenes fiscaux y de seguridad social

Autores

Anne Lemercier

Britta Hardeck

Anne Lemercier

Britta Hardeck

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Noticias del Mercado de Valores para el 28 de septiembre de 2012

Por Zacks Equity Research Publicado el 28 de septiembre de 2012 |

El anuncio del plan presupuestario de España y la especulación de que China puede introducir nuevas medidas para introducir más liquidez en su sistema bancario ayudó a rebote de los benchmarks para registrar ganancias. Mientras que el Dow volvió a ganar modos después de seis días consecutivos de pérdidas, el S & amp; P 500 rebotó al verde después de una racha de cinco días perdidos largos. Sin embargo, a excepción de una caída en las reclamaciones iniciales, las lecturas económicas nacionales fueron en gran medida decepcionantes.

El anuncio del plan presupuestario 2013 de España impulsó el sentimiento y elevó los niveles de referencia. Las reformas presupuestarias dieron prioridad a los recortes de gastos sobre las subidas de impuestos. Olli Rehn, Comisario de Asuntos Económicos y Monetarios de la Unión Europea, dijo: "Las reformas están claramente dirigidas a algunos de los retos políticos más acuciantes". El Gobierno español proyecta un ahorro de 13.000 millones de euros el próximo año. El ministro de Finanzas también dijo que un proyecto de presupuesto para el año fiscal 2013 reduce el gasto general en 40.000 millones de euros (51.000 millones de dólares). Sin embargo, a medida que aumentan las demandas por la independencia de Cataluña, la capacidad de España para controlar el gasto del gobierno regional se vería amenazada.

Mientras tanto, la especulación de que el banco central de China puede reaccionar para impulsar la economía lo antes posible ayudó a los mercados & rsquo; Positivo. Ayer, un asesor del banco central dijo que China ha subvaluado la desaceleración económica mundial y por lo tanto la reducción de las tasas de interés más o la reducción de los requerimientos de reservas de los bancos dependerá del "deterioro en el entorno externo & rsquo ;." El banco central de China inyectó una cantidad neta de 365.000 millones de yuanes a los mercados de dinero esta semana, lo que los comerciantes citaban como la mayor inyección semanal.

El informe también señaló: "Los gastos de consumo personal real aumentaron un 1,5 por ciento en el segundo trimestre, en comparación con un aumento del 2,4 por ciento en el primero. Los bienes duraderos disminuyeron 0.2 por ciento, en contraste con un aumento de 11.5 por ciento. Los bienes no duraderos aumentaron un 0,6 por ciento, en comparación con un aumento del 1,6 por ciento. Los servicios aumentaron un 2,1 por ciento, en comparación con un aumento del 1,3 por ciento.

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Constructor de confianza estable en marzo; La escasez de mano de obra daña

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Enero Las ventas de casas nuevas caen: ¿Puede la vivienda permanecer fuerte en '16?

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Buscando valor entre las acciones de Dow Jones

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En el centro de todo lo que hacemos es un fuerte compromiso con la investigación independiente y compartir sus descubrimientos provechosos con los inversores. Esta dedicación a dar a los inversores una ventaja comercial llevó a la creación de nuestro probado Zacks Rank sistema de clasificación de valores. Desde 1986 casi triplicó el S & amp; P 500 con una ganancia media de + 26% por año. Estos rendimientos cubren un período de 1986-2011 y fueron examinados y atestiguados por Baker Tilly, una firma de contabilidad independiente.

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CAW Ratifica Contrato GM

Por Zacks Equity Research Publicado el 28 de septiembre de 2012 |

Después de Ford Motor Co. (F - Informe de Analista), el sindicato de Trabajadores de Automóviles de Canadá (TCA) ha ratificado el acuerdo de 4 años con General Motors Company (GM - Informe de Analista). Alrededor del 73% de los miembros del sindicato han aceptado el acuerdo. Bajo el acuerdo, GM crearía o ahorraría 1.750 empleos e invertiría C $ 675 millones ($ 692 millones) en sus plantas canadienses.

El acuerdo incluyó a 5.600 trabajadores de CAW representados por GM en Ontario. Los trabajadores pertenecen a una planta de montaje de vehículos en Oshawa que fabrica Chevrolet Impala y el Cadillac XTS, así como una planta en St. Catharines que produce motores V-8 y V-6.

El sindicato de CAW ya ratificó su contrato de 4 años con Ford la semana pasada. El nuevo contrato ayudará tanto a Ford como a GM a reducir los costos laborales en Canadá.

Bajo los acuerdos de Ford y GM, a los trabajadores se les pagará el 60% (en lugar del 70% anteriormente) de la mayor tasa de salario por hora de C $ 33.89 (US $ 34.74), que sería $ 20.40, una disminución de C $ 23.80 anteriormente. Los salarios tomarían 10 años en vez de 6 años para alcanzar el nivel más alto.

El nuevo acuerdo también incluye primas de suma global para los trabajadores en lugar de bonificación por ajuste de costo de vida para los primeros tres años. Tanto los trabajadores de GM como de Ford recibirán $ 2,000 ($ 2,039) pagos de suma fija en el segundo, tercer y cuarto año del contrato en lugar de ajustes por costo de vida y una bonificación de $ 3,000 ($ 3,059) por la ratificación.

El nuevo acuerdo también alteraría los planes de jubilación para los nuevos empleados. Se moverá la mitad de la pensión en un plan de contribución definida, donde los trabajadores pagarán cierta cantidad en un fondo de pensiones, mientras que el pago eventual dependerá de la actuación del fondo. En el momento de la jubilación, la empresa está obligada a compensar el déficit si el fondo de pensiones tiene un rendimiento inferior.

Bajo el acuerdo, GM extendería la operación en su línea de montaje consolidada en Oshawa, Ontario, por un año más. La planta debía cerrarse en junio del próximo año. También agregará un tercer cambio de 900 trabajadores en otra planta en Oshawa y 100 trabajos en una planta de motor y transmisión en St. Catharines, ubicada al suroeste de Toronto.

El sindicato de Trabajadores Automotrices de Canadá (CAW) ha concluido su negociación laboral con el restante fabricante de automóviles de Detroit, Chrysler Group LLC, propiedad mayoritaria de Fiat SpA. Entre los Tres Grandes de Detroit, Chrysler opera la instalación más grande de Canadá. El voto de ratificación para el acuerdo de Chrysler está programado para el 29 de septiembre y el 30 de septiembre.

GM, una acción de Zacks # 3 Rank (Hold), informó una fuerte caída de 41% en los beneficios a $ 1,49 mil millones o 90 centavos por acción en el segundo trimestre del año de $ 2,52 mil millones o $ 1,54 en el mismo trimestre de 2011. Sin embargo, Superó la estimación del consenso de Zacks en 15 centavos por acción.

Los ingresos en el trimestre cayeron 4.5% a $ 37.61 mil millones, que es inferior a la estimación de consenso de Zacks de $ 37.98 mil millones. Las ventas de la unidad subieron un 3% a 2,39 millones de vehículos de 2,32 millones de vehículos en el segundo trimestre de 2011. El fabricante de automóviles ocupó una cuota de mercado mundial de 11,6% durante el trimestre, frente al 12,3% de hace un año.

La disminución de los beneficios y los ingresos se debió al fortalecimiento del dólar estadounidense frente a la mayoría de las principales monedas, así como a la debilidad de las condiciones macroeconómicas en todo el mundo, especialmente en Europa y Sudamérica.

Noticias de Zacks para (F, FIATY, GM)

5 acciones sólidas de dividendos para comprar en nueva Fed Outlook

Resumen de Auto Stock: GM anuncia unidad Express, Honda venderá HondaJet en México

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El volumen de ventas de Ford en Europa supera a la industria en febrero

Auto Stock Roundup: Ventas de Ford en China caen, Honda vende Clarity FCV en Japón

Noticia para (F, FIATY, GM)

La industria automotriz: un modelo de exceso americano

Raj Nair, presidente técnico de Ford, nombró a Banquet como orador principal de la Conferencia Internacional de Convergencia SAE 2016

2017 Escape estrena nuevo SYNC 3 con Apple CarPlay, Android Auto; Nuevos controles de calidad mejoran el SUV más vendido de Ford

Yelp Hits un hito y una nueva experiencia "Walking" en Comic Con en la última BizWireTV

General Motors 'febrero de ventas Dip en el mercado de automóviles más caliente del mundo

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Pregunta

El 31 de diciembre de 2012, Dow Steel Corporation tenía 650.000 acciones ordinarias y 35.000 acciones del 9%, acciones preferentes no convertibles, no convertibles emitidas y en circulación. Dow emitió un dividendo de acciones ordinarias del 5% el 15 de mayo y pagó dividendos en efectivo de $ 450,000 y $ 74,000 a accionistas ordinarios y preferenciales, respectivamente, el 15 de diciembre de 2013.

El 28 de febrero de 2013, Dow vendió 64.000 acciones ordinarias. Also, as a part of a 2012 agreement for the acquisition of Merrill Cable Company, another 26,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2014, if Merrill s 2014 net income is at least $550,000. In 2013, Merrill s net income was $680,000.

In keeping with its long-term share repurchase plan, 7,000 shares were retired on July 1. Dow s net income for the year ended December 31, 2013, was $2,350,000. The income tax rate is 40%.

As part of an incentive compensation plan, Dow granted incentive stock options to division managers at December 31 of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Information concerning the number of options granted and common share prices follows:

Foros

A local electrician installed my NEMA 14-50 circuit 8/31 for $285. I thought that was very reasonable. Nothing fancy. it was a short cable run from my main 200 Amp power panel to a stud mounted receptacle in the garage. No permitting required. The workman told me they have also done wall mounted HPCs. If you live in the San Diego area and are interested in a referral, drop me an email: stevenmaifert@att. net

nickjhowe | 23 septembre 2012

I just did mine this afternoon. I ran 40ft of wire and conduit, plus breaker and NEMA 14-50 outlet. Total of less than $200 and about 4 hours work. Fortunately I had space in my panel, and enough feed to the house. Here's the parts list:

#6 wire is $1/ft at Lowes/Home Depot. You'll need four wires - red/black/white and green. If you keep it simple and use #6 for everything it is therefore $4/ft.

PVC conduit is $2/10ft.

NEMA 14-50R outlet plus box: $10

50A breaker: $10

Conduit clips plus screws: $10

The most expensive part is the wire. I don't think you actually need #6 for the neutral and earth, but I played it safe.

nickjhowe | 23 septembre 2012

BTW - I did a long run so that I could mount the outlet at the side of the garage door. I figured with the 20ft TM charging cable I'd be able to reach the charge port regardless with the car was nose in, reversed in or outside the garage. If I'd mounted the outlet near the breaker I wouldn't be able to charge it outside.

jbunn | 24 septembre 2012

Nick, You do need #6 for the neutral, but the green wire can step one size down to #8. Depending on code, if it's all metal conduit, you may not even need the ground wire since it's grounded throught the conduit. I used 3 #6 and 1 #8, running through 1 inch PVC, and just did mine this week as well. 20 foot run which puts the outlet right by the garage door on the drivers side. That should let me charge eiether in the garage, or outside the garage. I went out and bought one of those 3 dollar garden hose hangers and mounted it chest high right above the NEMA plug. Since the charging cord will only need to extend about 5 feet to the car when it's in the garage, I need a way to keep the cable off the floor and looking tidy. It's my "poor man's" HPC.

I'm just short one thing. A car to plug it into.

FYI - also thinking about getting an extra cord. I'd like to have one plugged into the garage and not have to bend down to plug and unplug the NEMA end. The extra cord can go in the frunk or runk, for charging on the road.

nickjhowe | 24 septembre 2012

@jbunn - exactly what I did. I used 3/4" PVC conduit, mounted the outlet near the floor and will put a hanger on the wall. I was going to mount the outlet about 5ft off the floor out of the way, then realized I would lose 5ft of the 20ft cable length just getting to the floor! Duh!

I am meeting with a Solar City rep at my house tonight to go over installation of a 14-50 NEMA outlet outside my garage. The estimate for installation, including a 50' run from my electric box to the installation location, is $900. I admire @nickjhowe and others who are doing it themselves, but I lack the time, skill and confidence to pull it off!

nickjhowe | 26 septembre 2012

@NJS1207 - I thought long and hard before doing it; If I hadn't had plenty of empty space on the panel I wouldn't have attempted it. Now you know what the retail parts cost is (<$200 for the wire, $50 for all other parts) and that it should only take 3 hours (the longest part was putting up the conduit single handed) you can judge whether $900 is reasonable, or whether to get someone else to quote.

Adam | 26 septembre 2012

I paid about $350 to get mine installed. It's right under the panel and now I wish it was higher up, I'm worried about hitting it with the car door since it's not recessed into the wall..

I also have the Roadster HPC and I was surprised that when using the HPC adapter I could only get 40 amps, the same as the NEMA 14-50. I would have thought the HPC would charge the Model S faster than the 220 outlet.

Nah the NEMA 14-50 is a 50 amp plug, but the single charger in the car pulls 40 amps. So in regard to Adam's post, eiether the Roadster HPC only puts out 40 amps by design, or the S in question has a single charger. Really, no point in purchasing a sepearate adapter for the roadster HPC. Cheaper to just add a Nema 14-50 plug off right below the roadster HPC on the same circut and use one or the other (but not both at the same time). Save a lot more money than the adapter.

David70 | 27 septembre 2012

NEMA 14-50 gets 40A. The HPC for the Roadster gets 70A, maybe higher with the ones for the Model S. There are at least 20 70A chargers along the West Coast for Roadsters. This is on the Tesla Highway google map.

dahtye | 27 septembre 2012

I just talked to an electrician to request a quote to add a NEMA 14-50 outlet in my garage.

I have an older home (built 1932) and the service to the home is only 100A per leg (dual leg service gives me 200A of 120V or 100A of 240V or any combination between). He asked me about my large appliances. I told him I have: A/C, Electric dual ovens, Electric clothes dryer, Electric water heater upstairs even though downstairs water heater is gas, a Jacuzzi tub in master bat, and a hot tube in the back yard.

He told me that I need 200Amp service regardless of adding the NEMA 14-50 for the Model S.

So, I'll need to contact my power company (PG&E) and have them string heavier wire to my house, upgrade my main panel, upgrade my subpanel in the detached garage run new 125A conduit from the main panel to the garage (about 100 ft), then I can add the NEMA 14-50.

He said it's not gonna be cheap. I'm hoping it's less than $5K.

I'm having Solar City come out next week to quote this as well. But from this thread, it appears that Solar City is more expensive than a local electrician.

Davis | 27 septembre 2012

As in the post above, I am also in an older home and just finished talking with my electrician. Fortunately, I don't have as many issues. The new outlet will be in a different bay from the NEMA 14-50 I use for my roadster (which is about 6 feet from my breaker box and cost about $300 three years ago). They are "slimming down" some of the existing breakers to make room for the new breaker. The new outlet will require about 40 feet of conduit and associated wire. Also, since there isn't access to better space, the conduit will run across the ceiling and have to be punched through 2 sheet rock walls.

ReeceWeb | 27 septembre 2012

@dahtye: Stock up on candles. I went through this dance a few years ago when we added A/C to our home with a 60A service. They pulled our meter when the upgrade process began, and we didn't get it back until both PG&E and the city agreed the upgrade went as expected. It required a 3-way inspection with my electrician, PG&E, and the city. Either PG&E or the city (I forget which) failed to show up for the first such meeting, so our power outage was extended a few days while a new inspection got set up.

In my case, the power feed to the house is buried, so they had to inspect the trench before we were allowed to back-fill. If your feed is from a pole, then it may be a bit easier for you. ¡Buena suerte!

dahtye | 27 septembre 2012

The electrician said they can do the work before contacting PG&E (our electricity provider in our area). He said it will take about 3.5 days to do the work. Then I contact PG&E and wait until they can string heavier cable from the pole (no digging, I'm assuming here, but they may need to check on the transformer at the pole to make sure there's enough juice available).

I did get the quote for all the work I described a few posts ago.

I'm having Solar City come out to quote as well.

Part of the issue in my install is they need to put down a new underhouse and underground conduit that will accomodate the new 125A breaker box in the detached garage. So, heavy labor is involved and labor rates in the SF bay area are quite high.

The positive of all this is that they can start the job since they are available - before it starts raining.

MandL | 28 septembre 2012

Electrician just left. It seems we have three-phase 150amp feed. Unfortunately, from the main shut off in the garage it goes up to the 4th floor where the main panel is. There is a heater in the garage with a 20amp 208v feed, which I intend to tap into. More than 20amps is going to cost me north of $2k to put in a sub panel off the main feed (and I rent). Electrician wasn't very keen on the idea of putting a 14-50 on a 20amp feed, but I don't think Tesla has any other adapters available yet. I assume I can just put in a 14-50 and the Model S will only take what's available, not trip the breaker.

jat | 28 septembre 2012

@dahtye - a year ago I had electrical work done, adding circuits in the house and preparing for EVs. We replaced the main panel (which was already 200A but too small), added a 100A subpanel in the garage, and ran

100ft of #0 wire to the garage. I supplied the subpanel in the garage and did some of the work myself and it came to just under $5k, but that did include about $750 for the extra circuits in the house. So, just going by that I would say the estimate isn't totally crazy.

@MandL - you will have to make sure that you can program the Model S to only draw 16A (unless the breaker for that heater line is rated for continuous duty, you have to derate by 25%) -- it might just assume that if you gave it a 14-50 it can draw 50A. I know you are supposed to be able to do it with the HPWC, but I don't know about the others.

ReeceWeb | 28 septembre 2012

@MandL "Electrician wasn't very keen on the idea of putting a 14-50 on a 20amp feed. "

You can always have your electrician put in a suitable outlet (probably NEMA 6-20), and then make you a 6-20 to 14-50 adapter cable. The connectors and a short length of cable won't cost very much, and since it isn't part of the house wiring, you don't have to show it to the inspector. It would be perfectly safe to use, since the whole line will be limited to 20A (16A continuous), you just have to use it with that current limitation in mind or you'll trip the breaker.

If Tesla doesn't come out with a full range of adapters quickly, or if they are way overpriced, I'll probably make up a full-range of adapters myself so I'm ready for any charging situation.

Brian H | 28 septembre 2012

MandL; see if you can get your landlord to buy into/pay for the renos, on the basis it makes the place more rentable (in particular to high-roller EV-lovers, etc.) I was successful in getting substantial appliance upgrade where I live (rent) based on such considerations! (And by subtly hinting I'd relocate to somewhere better equipped otherwise; landlords HATE to lose long-term (5 yrs. in my case) renters; turnover is brutal financially for them.)

MandL | 28 septembre 2012

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La Loi de Finances pour 2012 a mis en place une contribution pour les hauts revenus. applicable dès l’imposition des revenus de 2011 et, en principe, jusqu’à l’apurement des déficits publics. L’assiette de la contribution est le revenu fiscal de référence du foyer fiscal, sans qu’il soit fait application des règles de quotient familial, et dont l’assiette est bien plus large que celle de l’impôt sur le revenu car elle inclut, outre les revenus d’activités (salaires par exemple), toutes les catégories de revenus (dividendes, plus-values mobilières, immobilières, etc…). A noter qu’à ce titre, il n’est pas tenu compte des abattements pour durée de détention et de l’abattement fixe.

Le montant de cette contribution est égal à 3 % de la fraction du revenu fiscal de référence supérieure à 500.000 € pour les contribuables soumis à une imposition commune et à 4 % de la fraction excédant 1.000.000 €. Par contre, les seuils sont portés à 250.000 € et à 500.000 € pour un contribuable célibataire.

Un système de lissage est cependant mis en place afin d’éviter qu’un contribuable qui touche un revenu exceptionnel une année ne soit assujetti à la contribution entièrement.

Ce mécanisme permet d’atténuer l’imposition des contribuables qui franchissent le seuil d’imposition en raison de la perception d’un revenu exceptionnel.

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le revenu fiscal de référence de l’année d’imposition doit être supérieur ou égal à une fois et demi la moyenne des revenus fiscaux de référence des deux années précédentes ;

le revenu fiscal de référence de chacune des deux années précédant celle de l’imposition doit être inférieur ou égal à la limite d’assujettissement à la contribution (250.000 € ou 500.000 € selon le cas) ;

le contribuable doit avoir été passible de l’impôt sur le revenu au titre des deux années précédant celle de l’imposition pour plus de la moitié de ses revenus de source française ou étrangère de même nature que ceux entrant dans la composition du revenu fiscal de référence.

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Pour les actions attribuées à compter du 28 septembre 2012 . dès lors qu’il n’existe plus qu’un seul régime applicable, la période de conservation des actions gratuites exigée pour bénéficier des taux forfaitaires est inutile.

Toute référence à une telle période d’indisponibilité a donc été supprimée en matière fiscale.

Ces actions restent cependant soumises au délai de conservation prévu par le Code de commerce. à défaut, l’article 80 quaterdecies ne serait pas applicable et le gain d’acquisition serait traité comme un salaire imposable l’année de l’acquisition définitive de l’action gratuite (et non l’année de cession des titres).

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Le gain d’acquisition des actions gratuites attribuées depuis le 28 septembre 2012et autorisées par une décision d’attribution intervenant au plus tard à la publication de la loi Macron sont soumis à la CSG et à la CRDS sur les revenus d’activité, au taux global de 8 %, mais selon les modalités applicables aux revenus du patrimoine. La CSG est déductible du revenu global imposable l’année de son paiement, à hauteur de 5,10 %.

Le gain d’acquisition des actions attribuées en vertu d’une autorisation postérieurement à la publication de la loi Macron est soumis, comme celui relatif aux actions gratuites attribuées avant le 28 septembre 2012, à la CSG et à la CRDS sur les revenus du patrimoine, ainsi qu’aux prélèvements y adossés (prélèvement social, contribution additionnelle et prélèvement de solidarité), au taux global de 15,5 %.

Dès lors que le gain d’acquisition n’est pas soumis à un taux forfaitaire d’imposition mais est soumis au barème, la CSG reste déductible, à hauteur de 5,10 %, du revenu global imposable l’année de son paiement.

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L’imposition des plus-values réalisées par un résident fiscal français détenant des stock-options ou des actions gratuites sur une société étrangère dépend notamment des caractéristiques de son plan.

Pour bénéficier du régime français spécifique aux stock-options ou aux actions gratuites, ce plan doit être « qualifié » au regard des règles du code de commerce.

Si le plan est qualifié et si le bénéficiaire exerce son activité en France, ses gains seront taxés, lors de la cession en France.

Si le plan est qualifié et si le bénéficiaire exerce son activité hors de France, ses gains seront taxés, lors de la cession au prorata en fonction de la période de référence et du pays concerné.

Si le plan n’est pas qualifié et si le bénéficiaire exerce son activité en France, ses gains seront taxés, lors de la levée des titres au barème progressif de l’impôt sur le revenu, au titre des traitements et salaires.

Si le plan n’est pas qualifié et si le bénéficiaire exerce son activité à l’étranger, les gains pourraient être à la fois taxés en France au titre de l’impôt sur le revenu et à l’étranger, sauf convention internationale contraire.

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Pour les actions gratuites dont l’attribution a été autorisée par une décision de l’assemblée générale extraordinaire postérieure au 7 août 2015 . la contribution salariale de 10% est supprimée (CSS art. L 137-14 modifié par la loi 2015-990 du 6 août 2015. JO 7).

Publié dans Action gratuite | Comments Off on La contribution salariale pour les nouvelles actions gratuites

Grâce à notre simulateur impôt sur le revenu, mis à jour selon les lois de finances 2015 (rectificative) et 2016, calculez et optimiser votre impôt 2016 sur les revenus perçus en 2015.

Le simulateur de calcul d’Impôt sur les revenus permet d’optimiser sa déclaration grâce à la comparaison de plusieurs simulations et aux conseils personalisés. Vous pourrez choisir les meilleures options fiscales pour votre déclaration pour ainsi optimiser en fonction des options que vous choisirez .

Ce service est un service payant par contact+ (Orange) et proposé par GIBMEDIA.

Le coût est de 0.5€ à la connexion puis de 1.25€ la minute.

Publié dans Stockoptimisation. Stocktax | Comments Off on Simuler et optimiser votre IR 2016 et 2017 …

L’article 80 quaterdecies du Code Général des Impôts (CGI) précise expressément que la plus-value, qui est égale à la différence entre le prix de cession et la valeur des actions à la date d’acquisition, donc la plus-value de cession, est imposée dans les conditions prévues à l’article 150-0 A du CGI lorsqu’il s’agit actions issues d’actions gratuites .

Ainsi, pour les cessions réalisées depuis le 1er janvier 2013, la plus-value de cession, éventuellement réduite de l’abattement pour durée de détention, doit être comprise dans le revenu global soumis à l’impôt sur le revenu au barème progressif .

Pour les gains réalisés à compter du 1er janvier 2013 soumis au barème progressif de l’impôt sur le revenu, la plus value est réduite d’un abattement pour durée de détention.

L’abattement pratiqué sur le montant net de la plus-value est égal à :

50 % de son montant pour une détention comprise entre deux et huit ans ;

65 % de son montant après huit ans de détention.

La durée de détention est décomptée à partir de la date d’acquisition des actions.

Il n’est pas tenu compte de l’abattement pour durée de détention pour la détermination de l’assiette des prélèvements sociaux (CSG, CRDS, prélèvement social et contributions additionnelles à ce prélèvement).

Ces prélèvements sont donc appliqués sur le montant des gains nets, avant application de l’abattement.

Publié dans Action gratuite | Comments Off on Les plus values de cessions d’actions issues d’actions gratuites

Durcissement du régime social (article 8 de loi de financement de la sécurité sociale pour 2016) :

Jusqu’en 2015, la part des indemnités versées à l’occasion de la cessation forcée du mandat social, exonérée d’impôt sur le revenu en application de l’article 80 duodecies du CGI, était exonérée de cotisations de sécurité sociale et CSG / CRDS dans la limite de 2 fois le plafond annuel de la sécurité sociale, « PASS » (soit 76 080 € en 2015), à condition de ne pas dépasser 10 fois ledit plafond, soit 380 400 €.

Les indemnités de cessation forcée versées au mandataire social (personne physique chargée de représenter la personne morale auprès des tiers) qui excédait ce plafond de 380 400 € étaient intégralement assimilées à des rémunérations pour le calcul des cotisations sociales et CSG / CRDS. En 2016, ce seuil est divisé par deux et donc abaissé à 5 fois le PASS, soit 193 080 €.

Durcissement du régime fiscal (article 3 de la loi de finances pour 2016) :

Jusqu’en 2015 (imposition des revenus 2014), en application de l’article 80 duodecies 2° du CGI, les limites d’exonération des indemnités versées à l’occasion de la cessation forcée des fonctions des mandataires sociaux, dirigeants et personnes visés à l’article 80 ter du CGI étaient calquées sur celles applicables aux indemnités de licenciement et donc exonérées d’impôt sur le revenu dans la limite la plus élevée :

de la moitié du montant des indemnités perçues, ou

de deux fois le montant de la rémunération annuelle brute perçue par les intéressés au cours de l’année précédant la cessation des fonctions

La fraction ainsi exonérée ne pouvait néanmoins excéder six fois le PASS, soit 225 288 € en 2014. Par exception, en cas de mise à la retraite, la limite d’exonération était ramenée à cinq fois le PASS, soit 187 740 €.

L’article 3 de loi de finances pour 2016 (imposition des revenus 2015) modifie les dispositions de l’article 80 duodecies 2° du CGI et remplace les limites d’exonération des indemnités de cessation forcées versées aux mandataires sociaux et dirigeants par une limite unique d’exonération fixée à 3 fois le PASS, soit :

114 120 € pour les indemnités perçues en 2015,

115 848 € pour celles perçues en 2016.

Publié dans Mandataires | Comments Off on Durcissement du régime social et fiscal des indemnités de départ pour les mandataires sociaux

Un système de lissage est cependant mis en place afin d’éviter qu’un contribuable qui touche un revenu exceptionnel une année ne soit assujetti à la contribution.

Ce mécanisme permet d’atténuer l’imposition des contribuables qui franchissent le seuil d’imposition en raison de la perception d’un revenu exceptionnel.

Ce mécanisme s’applique si les trois conditions suivantes sont remplies :

le revenu fiscal de référence de l’année d’imposition doit être supérieur ou égal à une fois et demi la moyenne des revenus fiscaux de référence des deux années précédentes ;

Publié dans Stocktax | Comments Off on Les stock-options et actions gratuites concernés par la contribution pour les hauts revenus

Et bien … ¡No!

Les titres pouvant figurer sur un PEA sont mentionnés à l’article L 221-31 du Code monétaire et financier, et sont pour l’essentiel les suivants :

actions et certificats d’investissement (ainsi que les droits ou bons de souscription ou d’attribution y attachés), parts de SARL ou de sociétés dotées d’un statut équivalent, certificats coopératifs d’investissement et titres de capital des sociétés coopératives, à condition que l’émetteur ait son siège en France ou dans un autre Etat de l’Union européenne, en Islande, en Norvège ou au Liechtenstein et soit soumis à l’IS ou à un impôt équivalent dans les conditions de droit commun. Cette dernière condition n’est toutefois pas exigée des entreprises nouvelles, des SCR et des SDR. Peu importe que ces titres soient cotés ou non en bourse ;

actions de Sicav, parts de FCP (y compris de FCPR et FCPI), et parts ou actions d’OPCVM européens « coordonnés » détenant au moins 75 % de titres répondant aux conditions ci-dessus.

Certains titres sont expressément exclus du PEA afin d’éviter un cumul d’avantages fiscaux . Il s’agit notamment des parts de fonds communs de placement constitués en application des législations sur la participation des salariés aux résultats des entreprises et les plans d’épargne salariale (PEE ou Perco), des titres acquis lors de la levée d’options de souscription ou d’achat d’actions (stock-options) et des titres ouvrant droit à réduction d’impôt sur le revenu ou à réduction d’ISF.

Sont également exclues du PEA les participations dans une société supérieures à 25 % (en tient compte des participations détenues par le groupe familial).

Publié dans Non classé. Stockoptimisation. Stocktax | Comments Off on Bonne idée de lever vos stock-options dans le PEA.

2012 Featherlite Prices, Values and Specs

Featherlite was founded in 1973 centered on the creation of an all-aluminum trailer. Constructing an assorted variety of trailers for commercial as well as pleasure activities, Featherlite fifth wheel trailers have ranged from 15 to 40 feet in length. For recreational purposes, Featherlite products are best-suited for comfortable toy hauling. The Featherlite name has gained universal recognition within motorsports for supplying NASCAR stock car racing as well as the NHRA drag racing series with travel solutions to and from the racetrack.

Select a 2012 Featherlite Series

Question

Consider the September 2012 IBM call and put options in Problem 20-3. Ignoring any interest you might earn over the remaining few days life of the options, consider the following.

a. Compute the break-even IBM stock price for each option (i. e. the stock price at which your total profit from buying and then exercising the option would be 0).

segundo. Which call option is most likely to have a return of ?100%?

do. If IBM s stock price is $216 on the expiration day, which option will have the highest return?

Expert Answer

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L'article 11 de la loi de finances pour 2013 remanie profondément le régime fiscal et social applicable aux gains de nature salariale constatés à l'occasion de la levée d'options sur actions ou de l'acquisition définitive d'actions gratuites. Ces gains de levée d'options et d'acquisition d'actions gratuites seront désormais imposés au barème progressif de l'impôt sur le revenu et les anciens taux forfaitaires (18 %, 30 % ou 41 % selon les cas) sont supprimés. L'entrée en vigueur de cette réforme ne sera pas rétroactive puisque seules seront concernées les options et les actions gratuites attribuées à compter du 28 septembre 2012 (date du Conseil des ministres qui a annoncé le projet de loi de finances pour 2013). Le législateur est, en effet, revenu sur les dispositions initiales du texte qui prévoyaient une application du dispositif aux gains réalisés à compter du 1er janvier 2012.

Cabinet d’Astarac Patrimoine & Prévoyance - 142, rue de Rivoli - 75001 PARIS Tél. 06 27 42 54 23 - Email. thibault@axapatrimoine. fr N°ORIAS 12 067 807 www. orias. fr

Les régimes de retraites

Retraite Ce que change la réforme 2013

Fiscalité des stock-options

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Situation des stock-options attribuées avant et après le 28 septembre 2012 Synthèse A noter qu’il existe un régime dérogatoire pour les PME < 10 ans en savoir plus Les options sur actions (ou « stock-options ») sont des options d'achat ou de souscription d'actions à prix fixe distribuées aux salariés et dirigeants d'une entreprise en contrepartie de leur activité au sein de celle-ci. Leur attribution se fait normalement dans les conditions prévues par les articles L 225-177 et suivants du Code de commerce. Les actions gratuites sont des actions distribuées gratuitement à ces personnes. Leur attribution se fait normalement dans les conditions prévues par les articles L 225-197-1 et suivants du Code de commerce. Ces dispositifs donnent chacun lieu à la constatation de deux gains distincts. & # 8226; un gain de nature salariale à l'occasion de l'acquisition définitive de l'action gratuite ou de la levée de l'option, qui est égal à la différence entre le prix d'acquisition (nul pour une action gratuite) et la valeur réelle du titre à la date de l'acquisition de l'action ou de la levée de l'option. Ce gain bénéficie d'un régime d'imposition spécifique selon des taux forfaitaires, subordonné à la condition que les titres aient été attribués conformément aux dispositions du Code de commerce et au respect d'un délai d'indisponibilité. A défaut, ces gains sont imposés comme des salaires de droit commun, c'est-à-dire intégrés dans les revenus salariaux de l'année de leur constatation (année de la levée de l'option ou de l'acquisition définitive de l'action gratuite) et imposés au barème progressif de l'impôt sur le revenu ; & # 8226; un gain (ou une perte) de nature patrimoniale à l'occasion de la cession du titre (plus ou moins-value de cession, égale à la différence entre la valeur réelle du titre à la date de l'acquisition de l'action ou de la levée de l'option et le prix de cession). Le gain de cession suit, au plan fiscal, le régime normal des valeurs mobilières, droits sociaux et titres assimilés prévu aux articles 150-0 A et suivants du CGI et, au plan social, le régime des revenus du patrimoine. On rappelle que le régime fiscal des cessions de titres est également modifié par la loi de finances 2013. Régime fiscal pour les actions attribuées avant le 28 septembre 2012 Le gain de levée d'option est imposé au taux forfaitaire de 30 % (ou 41 % au-delà de 152 500 €) sous réserve du respect d'une période d'indisponibilité de 4 ans entre l'attribution du titre et sa cession (CGI art. 163 bis C), avec possibilité d'option pour l'imposition au barème progressif des traitements et salaires (CGI art. 200 A, 6). La date de levée de l'option est sans influence sur ce délai. Le taux d'imposition est abaissé à 18 % (ou à 30 % au-delà de 152 500 €) en cas de respect d'une période supplémentaire de conservation de 2 ans (délai de portage) qui court à compter de la fin de la période d'indisponibilité ou à compter de la date de levée de l'option si celle-ci est postérieure (CGI art. 200 A, 6). Lorsque le délai d'indisponibilité des options n'est pas respecté, le gain de levée d'option est imposé normalement dans la catégorie des traitements et salaires de l'année de cession du titre. Aux termes de l'article 163 bis C du CGI, l'imposition est due l'année de la cession, à titre onéreux ou à titre gratuit, du titre sauf dans le cas des opérations intercalaires suivantes. échange sans soulte d'actions résultant d'une opération d'offre publique, de fusion, de scission, de division ou de regroupement réalisée conformément à la réglementation en vigueur, ou de l'apport à une société créée dans les conditions prévues à l'article 220 nonies du CGI (société créée pour le rachat d'entreprise par ses salariés - RES). Dans ces hypothèses, en effet, l'imposition est reportée à l'année de la cession des titres reçus suite à l'opération. Par exception, l orsque le prix d'acquisition des actions est inférieur à 95 % de la moyenne des cours ou du cours moyen d'achat mentionné aux articles L 225-177 et L 225-179 du Code de commerce, l a différence est imposée dans la catégorie des traitements et salaires au titre de l'année au cours de laquelle l'option est levée (CGI art. 80 bis, II). Cette différence immédiatement imposable est communément dénommée « rabais excédentaire ». Pour les options attribuées avant le 20 juin 2007, le gain de levée d'option, bien que de nature salariale, est imposé suivant les règles applicables aux valeurs mobilières prévues par les articles 150-0 A et suivants du CGI, ce qui entraîne diverses conséquences et, en particulier, la « purge » du gain de levée d'option en cas de cession à titre gratuit. Pour les options attribuées depuis le 20 juin 2007, le régime d'imposition est défini par des règles propres codifiées à l'article 200 A du CGI et non plus par référence au régime des plus-values sur valeurs mobilières. Même si le régime est similaire, cette modification a eu des conséquences notamment sur la notion de cession déclenchant l'imposition de l'avantage tiré de la levée de l'option. Ainsi la mutation à titre gratuit des actions, entre vifs comme pour cause de décès, n'exonère plus le gain de levée des options correspondantes. Remarque. La moins-value éventuelle de cession du titre est imputable sur le gain de levée d'option. Régime social Les gains de levée d'options constatés sur des titres cédés dans le respect de la période d'indisponibilité de 4 ans prévue à l'article 163 bis C du CGI bénéficient d'une exonération de cotisations sociales (CSS art. L 242-1, al. 2). Ils sont également exonérés de CSG et de CRDS sur revenus d'activité. Ces gains sont, par ailleurs, soumis à la CSG (non déductible de l'IR) et à la CRDS ainsi qu'aux prélèvements sociaux sur revenus du patrimoine (taux global de 15,5 %). Enfin, les gains de levée d'options attribuées depuis le 16 octobre 2007 sont notamment soumis à une contribution salariale (au taux de 10 % depuis le 18 août 2012. CSS art L 137-14). E n cas de non-respect de la période d'indisponibilité, le gain de levée d'option est imposé comme un salaire et doit alors être soumis aux cotisations sociales ainsi qu'à la CSG et la CRDS sur revenus d'activité. Le rabais excédentaire est soumis aux cotisations de sécurité sociale dès la levée d'option. Le fait générateur des prélèvements sociaux et de la contribution salariale est la cession des titres. Régime fiscal pour les actions attribuées après le 28 septembre 2012 D'un point de vue formel, l'article 11 de la loi finances 2013 simplifie la présentation du régime fiscal puisque les articles 163 bis C et le 6 de l'article 200 A du CGI sont abrogés et réunis au sein de l'article 80 bis du CGI. Sur le fond, les modifications sont les suivantes. Taux d'imposition Le régime applicable est simplifié et aligné sur le régime de droit commun des traitements et salaires. Le gain salarial (gain de levée d'option ou « plus-value d'acquisition ») sera désormais toujours soumis au barème progressif de l'impôt sur le revenu dans la catégorie des traitements et salaires. Il est toutefois noté que la nouvelle contribution exceptionnelle de 18 % sur les très hauts revenus ne sera pas applicable aux gains salariaux liés à l'actionnariat salarié dès lors qu'ils sont soumis à la contribution salariale prévue à l'article L 137- 14 du Code de la sécurité sociale Période d'indisponibilité Dès lors que le seul régime applicable à la plus-value d'acquisition sera désormais celui des traitements et salaires, la période d'indisponibilité qui conditionnait jusqu'à présent l'application des taux forfaitaires devenait inutile. Toute référence à une telle période d'indisponibilité est donc supprimée pour l'application du régime fiscal. Cependant, le respect ou non d'un délai d'indisponibilité de 4 ans détermine le taux de la contribution salariale spécifique applicable Année d'imposition L'alignement sur le régime fiscal des salaires n'est pas complet, le législateur ayant voulu tenir compte des spécificités de ces gains salariaux qui ne permettent un gain réel (perception des fonds) qu'au moment de la cession du titre. La plus-value d'acquisition sera imposée au titre de l'année de disposition, de cession (à titre onéreux ou à titre gratuit), de conversion au porteur ou de mise en location des titres correspondants. La liste des opérations intercalaires reste inchangée. En cas de réalisation d'une de ces opérations, l'impôt est alors dû au titre de l'année de disposition, de cession, de conversion au porteur ou de mise en location des actions reçues en échange. Calcul du gain Les modalités de calcul du gain de levée d'option n'ont pas été modifiées par le législateur. On rappelle que le gain de levée d'option est égal à la différence entre la valeur du titre à la date de levée de l'option et le prix de souscription ou d'achat. Du montant ainsi obtenu, il faut déduire, s'il y a lieu, le rabais excédentaire. La possibilité d'imputer la moins-value éventuelle de cession des titres sur le gain de nature salariale est conservée. Si les titres sont cédés pour un prix inférieur à leur valeur à la date de levée de l'option, la différence vient donc en déduction du gain de levée d'option. Le législateur a ainsi choisi de conserver une approche pragmatique de l'appréciation des capacités contributives du contribuable qui tient compte du risque de variation négative de la valeur du titre au cours du temps. Régime social Des aménagements sont apportés au régime social applicable aux gains de levée d'option et aux gains d'acquisition d'actions gratuites, mais l'identité de régime pour ces deux revenus est maintenue. L'exonération de cotisations de sécurité sociale n'est plus subordonnée au respect du délai d'indisponibilité. Elle est toutefois désormais soumise au respect de la condition suivante. les entreprises doivent notifier à l'Urssaf l'identité de leurs salariés ou mandataires sociaux auxquels des actions ont été attribuées au cours de l'année civile précédente, ainsi que le nombre et la valeur des actions attribuées à chacun d'entre eux. A défaut, l'employeur est tenu au paiement de la totalité des cotisations sociales, y compris pour leur part salariale. Il en est de même lorsque l'attribution est effectuée par une société dont le siège est situé à l'étranger et qui est mère ou filiale de l'entreprise (CSS art. L 242-1, al. 2 modifié). Une telle condition était déjà exigée pour les actions gratuites en vertu de l'article L 242-1 al. 13. Cette condition est désormais étendue aux options sur actions. Le régime du rabais excédentaire n'est pas modifié. Il continue par conséquent de s'appliquer dans les mêmes conditions. Afin de mieux faire correspondre le régime social à la nature salariale de ces gains, ceux-ci seront désormais dans tous les cas soumis à la CSG (7,5 %) et à la CRDS (0,5 %) sur les revenus d'activité (CSS art. L 136-2, II-6° nouveau), sans application de la déduction forfaitaire pour frais. Il faut cependant noter que ces contributions seront établies, recouvrées et contrôlées dans les conditions et suivant les modalités applicables aux revenus du patrimoine ce qui permettra, en pratique, de ne pas modifier la déclaration et le paiement de ces contributions pour les contribuables (CSS art. L 136-5 modifié). Conséquence importante mais normale de ce changement, la CSG sur les revenus d'activité sera déductible du revenu imposable à l'impôt sur le revenu à hauteur de 5,1 %. La CSG sur le gain de levée d'option et sur le gain d'acquisition d'actions gratuites étant recouvrée comme la CSG sur revenus du patrimoine (donc par voie de rôle), elle doit être déduite des revenus selon les mêmes modalités que cette dernière, c'est-à-dire au titre de l'année de son paiement (CGI art. 154 quinquies, I modifié). Cas des gains réalisés dans un contexte international L'article 182 A ter du CGI prévoit l'application d' une retenue à la source sur le montant du gain de levée d'option ou d'acquisition d'actions gratuites de source française lorsque la cession des titres est réalisée par un non-résident fiscal. Cette retenue se fait alors actuellement soit aux taux forfaitaires applicables à ces gains (6 et 6 bis du 200 A), soit selon le barème progressif prévu à l'article 182 A du CGI pour la retenue à la source sur les salaires (taux de 0 %, 12 % ou 20 % suivant le montant. IRPP-VII-19150 s.) si les gains sont imposés selon le droit commun des traitements et salaires, c'est-à- dire en cas d'option du contribuable ou en cas de non-respect par celui-ci des périodes d'indisponibilité ou de conservation des titres. Le principe de cette retenue à la source est maintenu mais, conséquence logique de la suppression des taux forfaitaires, seuls les taux de la retenue à la source de droit commun de l'article 182 A seront désormais applicables aux gains de levée d'option ou d'acquisition d'actions gratuites de source française. En revanche, le régime de la retenue à la source n'est pas modifié pour les gains de cession de titres de BSPCE de source française.

This chart shows why September could be an ugly month for stocks

September isn’t starting out any better for investors. The Dow Jones Industrial average was down 300 points at midday on Tuesday. But perhaps we shouldn’t be surprised. If August is any guide, and history says it will be, September may not offer any relief for battered investors.

The market was down just over 6% in August, making it the worst month for the market in a long time. It was also the seventh worst August for stocks going all the way back to 1945. That may actually be worse news than it seems. When the market drops in August, September tends to follow.

Sam Stovall, the U. S. equity strategist at S&P Capital IQ, took a look at the the correlation between August and September stock market performance. What he found is that when the market falls by more than 5% in August, over 80% of the time stocks tend to fall or be flat in September. During six of the 11 times stocks tumbled in August, they had a bigger or similar fall in September. For instance, the most recent down August was in 2011. The S&P 500 fell 5.7% that month. The following month, in September, stocks were down 7.2%. The average market drop during September months following a down August is 4%.

In the short-term, momentum, especially when there are big moves in the market, tends to be a pretty good indicator of where the market is headed. Yes, the market is a random walk, but there is also a fair amount of herding. We tend to all randomly walk together. So it’s not all that surprising that a bad August, or any month, would lead to another down month for the market.

But Stovall suspects (he hasn’t actually run these numbers) that negative August market performances have a stronger connection to bad news in September than other months. That’s because September is already a worrisome month for stocks. Yes, the big memorable drops have come in October, like in 1929, 1987, and 2008. But going back to 1945, September has a pretty bad track record as well. Stocks tends to drop 55% of the time in the month, which is significantly more often than other months. Stovall says a bad August just adds fuel to the fire. And this year, you have the added problems of a slowing China, weak U. S. corporate profits, and the possibility of an interest rate hike from the Fed. Although if the first two tend to be really big problems, you would imagine that the Fed wouldn’t—and shouldn’t—go ahead with a rate increase anytime soon.

“People are spooked about October,” says Stovall. “But the numbers say you should be worried about September.” And this year there is already worry in the air.

View the step-by-step solution to: On December 31, 2012, Dow Steel Corporation had 650,000 shares of

This question was answered on Nov 25, 2013. View the Answer

On December 31, 2012, Dow Steel Corporation had 650,000 shares of common stock and 35,000 shares of 9%, noncumulative, nonconvertible preferred stock issued and outstanding. Dow issued a 5% common stock dividend on May 15 and paid cash dividends of $450,000 and $74,000 to common and preferred shareholders, respectively, on December 15, 2013. On February 28, 2013, Dow sold 64,000 common shares. Also, as a part of a 2012 agreement for the acquisition of Merrill Cable Company, another 26,000 shares (already adjusted for the stock dividend) are to be issued to former Merrill shareholders on December 31, 2014, if Merrill’s 2014 net income is at least $550,000. In 2013, Merrill’s net income was $680,000. In keeping with its long-term share repurchase plan, 7,000 shares were retired on July 1. Dow’s net income for the year ended December 31, 2013, was $2,350,000. The income tax rate is 40%. As part of an incentive compensation plan, Dow granted incentive stock options to division managers at December 31 of the current and each of the previous two years. Each option permits its holder to buy one share of common stock at an exercise price equal to market value at the date of grant and can be exercised one year from that date. Information concerning the number of options granted and common share prices follows:

Date Granted Options Granted Share Price (adjusted for the stock dividend) December 31, 2011 12,000 $ 16 December 31, 2012 7,000 $ 25 December 31, 2013 10,500 $ 24

The market price of the common stock averaged $24 per share during 2013. On July 12, 2011, Dow issued $900,000 of convertible 10% bonds at face value. Each $1,000 bond is convertible into 30 common shares (adjusted for the stock dividend).

Required: Compute Dow's basic and diluted earnings per share for the year ended December 31, 2013.

Chickadee posted a question · Oct 31, 2013 at 5:42pm

Top Answer

From the team at myStockOptions. com and myNQDC. com. this blog has commentaries on equity compensation and NQ deferred comp, tips on the related tax and financial planning, updates about new stuff at our websites, and sometimes the lighter side of the topics we cover. Hacemos nuestro mejor esfuerzo para mantener la escritura animada.

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14 March 2013

Big Tax Changes In France Affect Stock Compensation

The election of a new government in France last year has had a major impact on the country's tax landscape, and stock compensation has not escaped. Enacted on December 30, 2012, the French Finance Act of 2013 significantly changed the taxation of qualified stock options and RSUs granted on or after September 28, 2012. For these grants, income received at exercise/vesting is taxed at progressive rates of up to 45%, though the payment of this tax is deferred until the sale of the shares. In addition to the payment of income tax at sale, however, any appreciation in share value after exercise is also subject to progressive income tax rates up to the maximum of 45% plus additional social taxes of 15.5%. This tax treatment is effective from 2013 onward for all sales, regardless of the date when the underlying equity award was granted or the date when the shares were acquired.

However, holding the shares after acquisition can help reduce the capital gains tax at sale. For capital gains on shares that have been held for two years or longer, a progressive tax rebate is available on the following scale:

20% rebate for shares held between 2 and 4 years

30% rebate for shares held between 4 and 6 years

40% rebate for shares held longer than 6 years

Note that the rebate applies only to the income tax portion of the tax on capital gains. It does not apply to the social taxes.

Other recent tax developments in France that may affect mobile employees with equity awards include the following:

In 2012, France introduced a new surtax on all forms of yearly income, including equity award gains at exercise/vesting, dividend income on shares, and capital gains at the sale of shares. For a single taxpayer with annual income above €250,000 (for joint filers, €500,000), the surtax is 3%. For a single taxpayer with annual income above €500,000 (for joint filers, €1 million), the surtax is 4%.

With effect from January 1, 2013, a wealth tax applies to any French tax resident with net assets worth at least €1.3 million. If the wealth tax is triggered, the first €800,000 of net assets is exempt. Beyond that point, the tax rate ranges from 0.5% (on net assets between €800,000 and €1.3 million) up to 1.5% (on net assets worth more than €10 million). Wealth tax and income taxes are capped at 75% of an individual's worldwide net income during the preceding tax year.

The rate of the French exit tax has changed. The exit tax applies to people who (1) have been tax residents of France for at least six of the ten years before the exit date and (2) either hold shares worth over €1.3 million or own at least 1% of financial rights in a company that is subject to corporate tax. The taxable moment is the date before the date of departure from France. Latent capital gains are taxed as if the assets were sold on that date. For people who ended French tax residency before September 28, 2012, the rate of exit tax is 19%. For departures that occurred at any time on or after September 28, 2012, through the end of 2012, the rate is 24%. From January 1, 2013, the exit tax is assessed at normal progressive tax rates up to the maximum of 45%.

For more on the complex taxation of stock comp in France, and on the taxation of equity awards in over 30 other countries around the world, see the Global Tax Guide at myStockOptions. com.

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Index Volatility Swap Matrix documents under the 2011 ISDA Equity Derivatives Definitions

(published September 15, 2015)

The Index Volatility Swap Matrix consolidates the terms of the master confirmation agreement forms previously published by ISDA to create a single set of rules that can be applied to both single and multi-exchange index volatility swap trades in open markets in Europe and the Americas.

Free Download Click here to view/download PDF (format) - Definitions and Terms Supplement Click here to view/download PDF (format) - General Terms Confirmation Click here to view/download PDF (format) - Matrix Support Supplement Click here to view/download PDF (format) - Relationship Supplement

2011 ISDA Equity Derivatives Definitions and Appendix

Click here for TOC Click here to Read Introduction Appendix to the 2011 Equity Derivatives Definitions version 1/1.1 (December 1, 2011) ( Free Download )

Appendix to the 2011 Equity Derivatives Definitions version 2.0 (September 12, 2012) ( Free Download ) Version 2.0 of the Appendix to the 2011 Equity Derivatives Definitions introduces the following:

A revised Preamble, further refining the structure of the 2011 Equity Definitions that had been applied in version 1.0 and 1.1 of the Appendix.

Introduces IndxVarSwp-1 ED Transaction Type (Single/Multi-Exchange Index - OM - All Parties) . an ED Transaction Type that documents index variance swap transactions in the Americas and Europe.

Appendix to the 2011 Equity Derivatives Definitions version 2.1 (April 10, 2013) ( Free Download ) Version 2.1 of the Appendix to the 2011 Equity Derivatives Definitions introduces the following:

Introduces IndxVarSwp-2 ED Transaction Type (Single/Multi - Exchange Index - OM - All Parties) . an ED Transaction Type that documents index variance swap transactions in all open markets, including Asia and Japan. Note that IndxVarSwp-2 ED Transaction Type (Single/Multi-Exchange Index - OM - All Parties) contains trading disruption language that is different from IndxVarSwp-1 ED Transaction Type (Single/Multi-Exchange Index - OM - All Parties).

A restated IndxVarSwp-1 ED Transaction Type (Single/Multi-Exchange Index - OM - All Parties).

Appendix to the 2011 Equity Derivatives Definitions version 2.2 (August 29, 2013) ( Free Download ) Version 2.2 of the Appendix to the 2011 Equity Derivatives Definitions introduces the following:

Version 2.2 is substantially similar to the Variance matrices previously published by ISDA. Note that the changes in the document relate to two points: 1) a change in the economics set forth in the EO System to provide for Volatility Swap economics (as opposed to variance) and 2) a different definition of RVIND from that used in variance, adding a reference to the volatility of volatility per the Working Group. ).

Appendix to the 2011 Equity Derivatives Definitions version 2.3 (January 10, 2014) ( Free Download ) Version 2.3 of the Appendix to the 2011 Equity Derivatives Definitions introduces the following:

Introduces two new ED Transaction Types: ShrAccFwd-1 ED Transaction Type (Single Security - OM - All Parties), which documents accumulator transactions in all open markets, and ShrDecFwd-1 ED Transaction Type (Single Security - OM - All Parties), which documents decumulator transactions in all open markets.

A restatement of the other ED Transaction Types published in previous versions of the Appendix.

Memorandum — Integration of Cash Equity Markets of the Tokyo Stock Exchange Inc. and the Osaka Securities Exchange Co. Ltd.

(published July 8, 2013)

Memorandum by Linklaters addressing successor issues under the 2002 ISDA Equity Definitions relating to the integration of the cash equity markets of the Tokyo Stock Exchange, Inc. and the Osaka Securities Exchange Co. Ltd.

Free Download for members only Click here to access on Members Portal. Located under "Legal Memorandum"

Memorandum — Integration of the Derivatives Markets of the Osaka Securities Exchange Co. Ltd. and the Tokyo Stock Exchange Inc.

(published March 5, 2014)

Memorandum by Linklaters addressing successor issues under the 2002 ISDA Equity Definitions relating to the integration of the derivatives markets of the Osaka Securities Exchange Co. Ltd. and the Tokyo Stock Exchange, Inc.

Free Download for members only Click here to access on Members Portal. Located under "Legal Memorandum"

Memorandum — Integration of Cash Equity Markets of the Tokyo Stock Exchange Inc. and the Osaka Securities Exchange Co. Ltd.

(published July 8, 2013)

Free Download for members only Click here to access on Members Portal. Located under "Legal Memorandum"

Equity Derivatives Supplement to IndxVarSwp-1 ED Transaction Type (Single/Multi-Exchange Index - OM - All Parties)

(published October 15, 2012)

This Equity Derivatives Supplement to IndxVarSwp-1 ED Transaction Type (Single/Multi-Exchange Index - OM - All Parties) from the 2011 ISDA Equity Derivatives Definitions may be used to confirm equity derivatives transactions referencing the IndxVarSwp-1 equity matrix. It is comprised of two parts: 1) a Relationship Supplement, which documents relationship-level terms (previously documented in a Master Confirmation Agreement) and 2) a Transaction Supplement.

Per the terms set forth in the 2011 ISDA Equity Derivatives Definitions for this ED Transaction Type, this form provides all of the information that is to be agreed and specified by the parties prior to trading. For the sake of convenience, the form provides 1) free text fields, where the parties are to include text and 2) check-boxes, where the parties are to select from a set of elections. This version of the form restricts edits to these fields. If users would like to unlock the form, they may do so by changing the settings of the document. There is no password.

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Equity Derivative Electronic Eligibility Matrix (published December 1, 2010)

The Electronic Eligibility Matrix identifies products that are electronically eligible and therefore eligible for the industry electronic processing targets. The matrix is maintained by the EIG and will be published on a quarterly basis.

Free Download Click here to view/download excel (format) - Version 6.0 Click here to view/download excel (format) - Version 5.0 Click here to view/download excel (format) - Version 4.0 Click here to view/download excel (format) - Version 3.0 Click here to view/download excel (format) - Version 2.0 Click here to view/download excel (format) - Version 1.0

BRIC40 Index Template (published September 28, 2009)

This long form confirmation is for use with index option transactions which reference S&P BRIC40 Index.

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European Equity MCA Depository Receipt Supplement Implementation Side Letter (published January 31, 2008)

This side letter is designed to enable parties to implement the two depository receipt supplements to the 2002 ISDA Equity Derivatives Definitions that were published in 2007. The letter includes different annexes that may be included with the letter (as applicable) to implement the depository receipt supplements into various European equity derivatives master confirmation agreements. The letter provides standard fallbacks for selection of the 2007 Partial Lookthrough Depository Receipt Supplement or the 2007 Full Lookthrough Depository Receipt Supplement depending on the location of the underlying shares.

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2007 Partial Lookthrough Depository Receipt Supplement to the 2002 ISDA Equity Derivatives Definitions (published December 7, 2007)

This supplement to the 2002 ISDA Equity Derivatives Definitions may be used in documenting equity derivatives transactions referencing depository receipts. This form is based on the 2007 Full Lookthrough Depository Receipt Supplement published by ISDA on September 17, 2007, but with a narrower scope of circumstances in which the transaction will look through to events affecting the shares underlying the depository receipts.

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2007 Full Lookthrough Depository Receipt Supplement to the 2002 Equity Derivatives Definitions (published September 17, 2007)

This supplement to the 2002 Equity Derivatives Definitions may be used in documenting equity derivatives transactions referencing depository receipts. It is intended for use in particular where the parties may be hedging in the Underlying Shares and require the terms of the transaction to look through to events in respect of the Underlying Shares. Please note that ISDA also anticipates publishing a form of Partial Lookthrough Depository Receipt supplement, for intended use in transactions where the parties require less extensive lookthrough to the Underlying Shares.

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Additional Provisions for Shares traded through the China Connect Service (published on October 14, 2014)

This document is intended to be used for cash-settled over-the-counter derivatives transactions referencing certain "A" shares listed on the Shanghai Stock Exchange traded through the China Connect Service (as defined in section 8 of the document). Parties should exercise care when using these Additional Provisions to ensure that the terms in these Additional Provisions work together with other terms applicable to the relevant Transaction. In particular, parties should expect to make appropriate adjustments to these Additional Provisions in light of the terms of any ISDA master confirmation agreement or other bespoke master confirmation terms applicable to their Transaction.

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Representations for Taiwan Market Access Products (published on November 11, 2013)

This document explains and sets out representations and undertakings for use by a party when entering into an ISDA Master Agreement or any other agreement with a counterparty in connection with listed or over-the-counter transactions and/or products which are linked to (i) securities traded on the Taiwan Stock Exchange or GreTai Securities Market ("Taiwan Listed Securities"). (ii) futures transactions which make reference to Taiwan Listed Securities or (iii) indices the components of which consist of Taiwan Listed Securities which would involve such party investing in Taiwan Listed Securities under its "foreign financial institutional investor" ("FINI") status according to the "Regulations Governing Investments in Securities by Overseas Chinese and Foreign Nationals."

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Representations for China Market Access Products (published February 10, 2011)

This document sets out representations relating to the selling restriction of China market access products referencing A-shares, bonds or warrants listed on any stock exchange in the PRC, securities investment funds quoted in Renminbi or any other Renminbi denominated financial instruments in which a Qualified Foreign Institutional Investor is permitted to invest under the laws and regulations of the PRC.

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Second Revised 2007 AEJ Master Variance Swap Confirmation Agreement (published December 28, 2009 Note: This supersedes version dated March 9, 2009 )

The Second Revised 2007 AEJ Master Variance Swap Confirmation Agreement incorporates the requisite amendments to give effect to the Market Practice Statement issued by ISDA on December 28, 2009 in regard to the circumstances which would constitute a Market Disruption Event for single stock share variance swaps and single exchange index variance swaps involving Australian shares. The Confirmation Agreement documents cash-settled index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand.

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Amendment to the Revised 2007 AEJ Master Variance Swap Confirmation Agreement and the 2007 AEJ Master Variance Swap Confirmation Agreement (published December 28, 2009)

Parties who have entered into the Revised 2007 AEJ Master Variance Swap Confirmation Agreement published on March 9, 2009 or the 2007 AEJ Master Variance Swap Confirmation Agreement published on February 12, 2007 can use this Amendment to incorporate the requisite amendments to give effect to the Market Practice Statement issued by ISDA on December 28, 2009 in regard to the circumstances which would constitute a Market Disruption Event for single stock share variance swaps and single exchange index variance swaps involving Australian shares.

Free Download Click here to view/download word (format) - Amendment to the Revised 2007 AEJ Master Variance Swap Confirmation Agreement Click here to view/download word (format) - Market Practice Statement dated Dec 28, 2009

Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement (published October 7, 2009 Note: This supersedes version dated March 9, 2009 )

The Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement incorporates Annex CMISO in addition to Annexes previously published. The Confirmation Agreement contains the following annexes: the Multiple Exchange Index Annex; Annex CMISO, which documents to document index and share Option Transactions referencing closed markets; the Open Market Annex OMISO, which documents cash and physically-settled European and American style index and share options; and the Open Market Annex OMEFS, which documents cash-settled equity finance share swaps. Open market annexes reference underlying shares or indices in Australia, Hong Kong, New Zealand or Singapore; Closed market annexes reference underlying shares or indices in India, Indonesia, Korea, Malaysia, Taiwan and Thailand.

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AEJ Cash Settled Closed Markets Index Share Options Annex (published October 7, 2009)

The purpose of this Closed Market Option General Terms Confirmation (this "CMISO General Terms Confirmation") is to document index and share Option Transactions referencing closed-markets entered into between counterparties under the Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement.

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Revised ISDA AEJ Reference Price Source Matrix (published June 25, 2009 Note: This supersedes version dated November 29, 2006 )

If parties have executed the Second Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement or the Revised 2007 AEJ Master Variance Swap Confirmation Agreement or the Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement (or any previous versions thereof), and if the Reference Price of the Transaction is listed in the Revised ISDA AEJ Reference Price Source Matrix as of the Trade Date, then the Reference Price Source contained therein with respect to such Reference Price currency shall be deemed to apply to the Transaction.

Free Download Click here to view/download pdf (format) - Matrix Click here to view/download pdf (format) - Statement

Second Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement (published March 9, 2009 Note: This supersedes version dated March 13, 2007 )

The Second Revised 2005 AEJ (Asia Excluding Japan) Interdealer Master Equity Derivatives Confirmation Agreement incorporates the amendments that were made to the Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009. The Confirmation Agreement is designed to document Index Option, Index Swap, Share Option and Share Swap Transactions with respect to underlying shares or indices in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand in the interdealer market.

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Revised 2007 AEJ Master Variance Swap Confirmation Agreement (published March 9, 2009 Note: This supersedes version dated February 12, 2007 )

The Revised 2007 AEJ Master Variance Swap Confirmation Agreement incorporates the amendments that were made to the 2007 AEJ Master Variance Swap Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009. The Confirmation Agreement documents cash-settled index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore and Taiwan.

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Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement (published March 9, 2009 Note: This supersedes version dated August 22, 2008 )

The Revised 2008 AEJ Master Equity Derivatives Confirmation Agreement incorporates the amendments that were made to the 2008 AEJ Master Equity Derivatives Confirmation Agreement by the 2009 ISDA AEJ Derivatives Protocol published by ISDA on March 9, 2009. The Confirmation Agreement contains the following annexes: the Multiple Exchange Index Annex, the Open Market Annex OMISO, which documents cash and physically-settled European and American style index and share options, and the Open Market Annex OMEFS, which documents cash-settled equity finance share swaps. All of the annexes to this agreement reference underlying shares or indices in Australia, Hong Kong, New Zealand or Singapore.

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Revised Additional Provisions for Use with Indian Underliers (published November 28, 2008)

The revised Additional Provisions for Use with Indian Underliers makes changes to the original version published on 6 June 2005 to take into account amendments made to the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations in May 2008.

The Amendment to Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement and 2007 AEJ Master Variance Swap Confirmation Agreement allows parties to bilaterally amend their existing Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement and 2007 AEJ Master Variance Swap Confirmation Agreement to update the references therein from the Additional Provisions published in 2005 to the revised version.

Free Download Click here to view/download word (format) - Additional Provisions Click here to view/download word (format) - Amendment

2008 AEJ Master Equity Derivatives Confirmation Agreement (published August 22, 2008)

The 2008 AEJ Master Equity Confirmation Agreement contains the following annexes: EFS Annex, which documents cash-settled equity finance share swaps, the Multiple Exchange Index Annex and an Open Market Annex OMISO, which documents cash and physically-settled European and American style index and share options. All of the annexes to this agreement reference underlying shares or indices in Australia, Hong Kong, New Zealand or Singapore.

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Amendment to Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement and 2007 AEJ Master Variance Swap Confirmation Agreement (published August 11, 2008)

The Amendment revises the Settlement Price term of Annex SO (Share Option) of the Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement by fixing the Strike Price as the Settlement Price for Physically Settled Options. The Amendment also revises the Related Exchange term and the Market Disruption Event term of Annex SVS (Cash-settled Share Variance Swap) of the 2007 AEJ Master Variance Confirmation Agreement by determining Scheduled Trading Days with regard only to the Exchange and not the Related Exchange.

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2008 AEJ Master Equity Derivatives Confirmation Agreement (published March 31, 2008)

The 2008 AEJ Master Equity Confirmation Agreement contains the Open Market EFS Annex which documents cash-settled equity finance share swaps referencing underlying shares in Australia, Hong Kong, New Zealand or Singapore

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2007 AEJ Master Variance Swap Confirmation Agreement (published February 12, 2007)

The 2007 AEJ Master Variance Swap Confirmation Agreement documents index and share variance swap transactions with respect to an underlying index or share in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand.

Free Download Click here to view/download word (format)

Amendment to the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement (published March 13, 2007 Note: This supersedes version dated November 29, 2006 )

The Amendment will enable parties who have executed the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement to amend Annex IO (Index Option) and SO (Share Option) of their existing 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement by inserting the date of the amendment on Exhibit I.

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Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement (published March 13, 2007 Note: This supersedes version dated November 29, 2006 )

The Revised 2005 AEJ (Asia Excluding Japan) Interdealer Master Equity Derivatives Confirmation Agreement amends Annex IO (Index Option) and SO (Share Option) of the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement to facilitate electronic matching of transactions. The Confirmation Agreement is designed to document Index Option and Share Option Transactions with respect to underlying shares or indices in Australia, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Singapore, Taiwan and Thailand in the interdealer market.

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ISDA AEJ Reference Price Source Matrix (published November 29, 2006)

If parties have executed the Amendment to 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement or the Revised 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement, and if the Reference Price of the Transaction is listed in the ISDA AEJ Reference Price Source Matrix as of the Trade Date, then the Reference Price Source contained therein with respect to such Reference Price currency shall be deemed to apply to the Transaction.

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Allen & Overy LLP Memo on Joint Calculation Agents (published December 21, 2005)

This Memorandum by Allen & Overy discusses the Joint Calculation Agent provision in the AEJ Master Equity Derivatives Confirmation and its impact on the enforceability of a Transaction.

Free Download for members only click here to access on Members Portal . Located under "Legal Resources - Memorandum"

Additional Provisions for Use with Indian Underliers (published June 6, 2005)

These additional representations and warranties are for use in conjunction with the 2005 AEJ Interdealer Master Equity Derivatives Confirmation Agreement, and can be applied by election in the General Terms Confirmation of each transaction type.

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2010 EMEA EM Interdealer Master Equity Derivatives Confirmation Agreement (published November 23, 2010)

The 2010 EMEA EM Interdealer Master Equity Confirmation Agreement includes Annex ISEMO. Annex ISEMO documents equity cash-settled index options and cash/physically-settled share option transactions with respect to an underlying index or share in Czech Republic, Egypt, Greece, Hungary, Israel, Kuwait, Poland, Qatar, Russia, South Africa, Turkey, the United Arab Emirates and any other country otherwise agreed between the parties

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Annex FVSS to the 2009 European Interdealer Master Equity Derivatives Confirmation Agreement (published July 9, 2010)

Annex FVSS (Fair Value Interdealer Share Swap) documents interdealer fair value share swaps that reference an Exchange in a country specified under the terms of the 2009 European Interdealer Master Equity Derivatives Confirmation Agreement.

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ANNEX IIS to the 2009 European Interdealer Master Equity Derivatives Confirmation Agreement (published April 16, 2010)

Annex IIS documents interdealer index swap transactions referencing a European index.

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Annex IS and Component Security Index Annex to the 2007 European Master Equity Confirmation Agreement (published December 15, 2009)

Annex IS provides documentation for Cash-settled Index Swaps. The Component Security Index Annex applies to a transaction unless otherwise specified in the Transaction Supplement.

2009 European Interdealer Master Equity Derivatives Confirmation Agreement (published August 4, 2009)

The 2009 European Interdealer Master Equity Confirmation Agreement includes Annex SS which documents equity finance Share Swap Transactions. Additional Annexes referenced in Exhibit I will be published when agreed by the market.

Free Download Click here to view/download word (format) - Annex SS Click here to view/download word (format) - Confirmation

ISDA Standard Terms Appendix for use with European Variance Option Transactions (published January 27, 2009)

By incorporating the ISDA Standard Terms Appendix for use with European Variance Option Transactions into a Transaction Supplement under a Revised 2007 European Variance Swap Master Confirmation Agreement, the parties agree to amend such MCA to add the provisions of Annex IVO (Index Variance Option) and Annex SVO (Share Variance Option).

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This form of amendment removes Iceland from the definition of covered jurisdictions for (i) the 2007 European Master Equity Derivatives Confirmation Agreement (the " 2007 European Master Equity Derivatives Confirmation Agreement ") and (ii) the Revised 2007 European Variance Swap Master Confirmation Agreement (the " Revised 2007 European Variance Swap Master Confirmation Agreement " and together, with the 2007 European Master Equity Derivatives Confirmation Agreement, the " European MCAs "). Parties are free to utilize this form of amendment language to bilaterally amend their European MCA's.

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2007 European Master Equity Derivatives Confirmation Agreement (published September 17, 2007)

This amended version includes Annex EFS (Cash-settled Equity Finance Share Swap).

The 2007 European Master Equity Confirmation Agreement documents option transactions with respect to a European index or share (includes Multiple Exchange Index Annex and Index/Share Option Annex) as well as cash-settled equity finance share swaps.

(Note: The Multiple Exchange Index Annex is intended to override the need to use Exhibit H in the User’s Guide to the 2002 ISDA Equity Derivatives Definitions (EuroStoxx Confirmation Definitions).

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Revised 2007 European Variance Swap Master Confirmation Agreement (published, June 25, 2007)

(Note: this version supersedes version dated March 7, 2007)

This amended version includes changes to Annex SVS in respect of the application of Related Exchange / Exchange when determining a Scheduled Trading Day for Share Variance Swaps. Related Exchange is no longer taken into account for the determination of a Scheduled Trading Day for a Share Variance Swaps.

The 2007 European Variance Swap Master Confirmation Agreement is designed to document index and share variance swap transactions with respect to Covered Transactions. Covered Transactions are defined in the agreement as Share Variance Swap Transaction with an Exchange in a Specified Country and on a share (excluding American Depository Receipts and Global Depository Receipts) issued by an Issuer that is not a fund or similar collective investment scheme; or an Index Variance Swap Transaction with a Related Exchange in a Specified Country. Specified Countries are defined as Austria, Belgium, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland or the United Kingdom.

(Note: The Multiple Exchange Index Annex is intended to override the need to use Exhibit H in the User’s Guide to the 2002 ISDA Equity Derivatives Definitions (EuroStoxx Confirmation Definitions).

Free Download Click here to view/download word (format) - Confirmation Click here to view/download word (format) - Blackline

European Dispersion Variance Swap General Terms Confirmation (published December 2, 2008)

The Dispersion Variance Swap General Terms Confirmation/Annex DVS ("DVS General Terms Confirmation") is designed to document variance swap transactions composed of an Index Variance Swap Transaction and a Share Variance Swap Transaction composed of several Share Variance Swap Transactions. The DVS General Terms Confirmation is to be used with the Revised 2007 European Variance Swap Master Confirmation Agreement.

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European Master Equity Confirmation Agreement (published May 10, 2007)

The 2007 European Master Equity Confirmation Agreement documents option transactions with respect to a European index or share (includes Multiple Exchange Index Annex and Index/Share Option Annex).

(Note: The Multiple Exchange Index Annex is intended to override the need to use Exhibit H in the User’s Guide to the 2002 ISDA Equity Derivatives Definitions (EuroStoxx Confirmation Definitions).

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2007 European Variance Swap Master Confirmation Agreement (published March 7, 2007)

(Note: The Multiple Exchange Index Annex is intended to override the need to use Exhibit H in the User’s Guide to the 2002 ISDA Equity Derivatives Definitions (EuroStoxx Confirmation Definitions).

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Revised 2008 Japanese Dividend Swap Master Confirmation Agreement (published January 19, 2010) ( Note: This supersedes version dated May 16, 2008 )

The Revised 2008 Japanese Dividend Swap Master Confirmation Agreement (Annex IDS) is designed to document index dividend swap transactions based on a Japanese index.

Free Download Click here to view/download word (format) - Revised 2008 Japanese Dividend Swap Master Confirmation Agreement Click here to view/download word (format) - Amendment to the 2008 Japanese Dividend Swap Master Confirmation Agreement

2008 Japanese Master Equity Derivatives Confirmation Agreement (published July 24, 2008)

The 2008 Japanese Master Equity Derivatives Confirmation Agreement is designed to document Cash-settled Index Option Transactions with respect to a Japanese Index and Cash or Physically-settled Share Option Transactions with respect to Japanese Share

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2008 Japanese Dividend Swap Master Confirmation Agreement (published May 16, 2008)

The 2008 Japanese Dividend Swap Master Confirmation Agreement (Annex IDS) is designed to document index dividend swap transactions based on a Japanese index.

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2006 Japan Master Variance Swap Confirmation Agreement (published January 22, 2007)

The 2006 Japan Master Variance Swap Confirmation Agreement documents index and share variance swap transactions with respect to a Japanese index or share. Other than with regard to designation of the Calculation Agent, it is identical in terms to the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement.

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Share Variance Swap Confirmation (published December 21, 2006)

The Share Variance Swap Confirmation, to be used in conjunction with the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement expands product coverage under the 2006 Japan Interdealer Master Variance Swap Confirmation Agreement to share variance swaps.

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2006 Japan Interdealer Master Variance Swap Confirmation Agreement (Annex IVS published June 30, 2006, Annex SVS published December 21, 2006)

The 2006 Japan Interdealer Master Variance Swap Confirmation Agreement is designed to document index and share variance swap transactions with respect to a Japanese index or share.

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Confirmations for use with the 2002 ISDA Equity Derivatives Definitions - Japanese Inter-Dealer Market

The Confirmations for the Cash-settled Index Option Transaction with respect to a Japanese Index and the Physically-settled Share Option Transaction with respect to Japanese Shares are designed to be used for the Japanese inter-dealer market.

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2005 Japanese Interdealer Master Equity Derivatives Confirmation Agreement (Revised April 2007)

The 2005 Japanese Interdealer Master Equity Derivatives Confirmation Agreement is designed to document Cash-settled Index Option Transactions with respect to a Japanese Index and Physically-settled Share Option Transactions with respect to Japanese Shares in the Japanese interdealer market.

Free Download Click here to view/download word (format) - Confirmation Click here to view/download word (format) - Blackline

North America documentation

2009 Americas Master Equity Derivatives Confirmation Agreement (published February 20, 2009 - updated August 5, 2009 and December 23, 2009)

The 2009 Americas Master Equity Derivatives Confirmation Agreement includes the following Annexes: Annex CSSS documents cash settled single share swaps; Annex IS documents index swap transactions; Annex ISO documents index and share option transactions; Annex ETCIO documents cash-settled Exchange-traded Contract Index Options; and Annex DCSO documents Physically-settled Designated Contract Share Options. Annexes ETCIO and DCSO were previously published under the 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement.

Free Download Click here to view/download word (format) - Annex IS Click here to view/download word (format) - Annex ISO Click here to view/download word (format) - Confirmation

2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement (published March 28, 2008)

This new 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement is intended to document physically-settled share option transactions and cash-settled index option transactions that reference listed share options (Designated Contracts) and listed index options (Exchange-traded Contracts) on U. S. underliers. This Master Confirmation incorporates the 2002 Definitions and includes one General Terms Confirmation for Designated Contracts (Annex A) and Exchange-traded Contracts (Annex B), respectively, and is supplemented with a related Transaction Supplement for trade details.

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Stand-alone 2007 Americas Master Variance Swap Confirmation Agreement

This Stand-alone Agreement is for use where parties, such as hedge funds, do not have an equity Master Confirmation in place, but wish to take advantage of the Master Confirmation approach for index and share variance swap transactions

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Index and Share Variance Swap Annexes and Implementation Side Letter

The Index and Share Variance Swap Annexes expand market coverage under the 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement to index and share variance swap trading. This is a revised version, published January 30, 2007. The side letter presents various options to assist with implementation of the new annexes.

Free Download Click here to view/download word (format) - Annexes Click here to view/download word (format) - Implementation Side Letter

Revised 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement (this supersedes the 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement published on March 29, 2004).

The 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement was updated on August 11, 2006. A blackline is available to show updates from the March 29, 2004 version.

Free Download Click here to view/download word (format) - Revised 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement Click here to view/download word (format) - Blackline Revised 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement

2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement and March 2004 Canadian Supplement to the Master Confirmation

The 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement (the “Master Confirmation”) covers Index Options, Index Swaps and Index Basket Swaps, Share Options, and Share Swaps and Share Basket Swaps on U. S. underliers. ISDA has also published the March 2004 Canadian Supplement to the Master Confirmation for transactions on Canadian underliers. The publication of this Master Confirmation is intended to encourage wholesale adoption of the 2002 ISDA Equity Derivatives Definitions (the “2002 Definitions”) and to simultaneously address large numbers of unsigned equity derivatives confirmations amongst the dealer community. This Master Confirmation is not intended to be a master confirmation for OTC equity derivative transactions with entities that are not dealers, as many dealers’ elections under the 2002 Definitions differ depending on the particular risks that they are hedging. The Master Confirmation, which dealers will enter into bilaterally, incorporates the 2002 Definitions, is subject to the applicable ISDA Master Agreement between such dealers, includes four General Terms Confirmations (each an Annex) with agreed upon house elections, and is supplemented with a related Transaction Supplement including trade details. Dealers may also agree on a bilateral basis to subject outstanding trades to the Master Confirmation on a retroactive basis.

Free Download Click here to view/download word (format) - 2004 Americas Interdealer Master Equity Derivatives Confirmation Agreement Click here to view/download word (format) - March 2004 Canadian Supplement to the Master Confirmation

Posts Tagged ‘Credit Spreads’

Friday, March 11th, 2016

Lots of people like GM. It is one of the most popular stocks in some of the largest mutual funds in America. Investors seem to like the 5.2% dividend it pays. Today I will show you how you could make 8 times that much with an options bet that will net 45% even if the stock doesn’t go up by a penny.

How to make 45% with a Safe Bet on GM

First, an update on my last 3 trade recommendations. Five weeks ago, I suggested a trade that would make 66% after commissions if Facebook (FB) closed at any price above $97.50 on March 18, 2016. FB is now trading above $106 and that looks like a sure winner when it closes out a week from today.

A little over 3 weeks ago I suggested a similar trade on Costco (COST) when it was trading at $147.20. This one would make 40% after commissions if COST finishes at any price above $145 next Friday (March 18th). It is now trading near $152. This one also looks like a sure winner.

The third suggestion was made two weeks ago, and it involved Nike (NKE) which according to both the Nasdaq and EarningsWhispers. com would announce earnings on March 17, just before the Mar-16 options expired. Now it appears that my sources were both wrong. The announcement (still unconfirmed) will probably not take place until the following week. We had expected that our long calls would benefit from rising expectations before the announcement, but we should have bought calls with a week of additional life to take advantage of that possibility. Even worse, the stock has fallen about $3 since we placed the spread, and it looks like it will end up being a loss unless the stock rallies strongly next week.

Today, I am suggesting a play on General Motors (GM). There is a lot to like about GM. For the second year in a row, Barron’s ranked it as one of its five favorite stocks for the coming year. Their 2015 prognosis was not a good one as the stock fell from about $35 to $30 in 2015 in spite of 5% higher sales and earnings. Barron’s second try seems to be more likely to work out.

In its January earnings announcement, GM exceeded expectations all around, authorized a new $5.5 billion buyback, and raised guidance. The market hardly budged, apparently worried about GM’s Chinese sales (which had gained 12% in 2015) and some concerns about price cutting from rivals.

The company sells at a P/E ratio of only 5.2 and pays a well-covered dividend of 5.2%. There are very few other companies out there selling so low with such a dividend.

Kevin O’Leary, “Mr. Wonderful” of Shark Tank, in a recent AARP interview, said that his mother told him never to buy a stock that didn’t pay a dividend, and that over the past 40 years, 71% of the returns on the S&P came from dividends, not capital appreciation. Dividends are clearly important these days, mostly because they usually provide a solid floor for the stock price. When the overall market fell in the first few weeks of 2015, GM edged briefly down to the $28 level, and quickly recovered back above $30 where it stands now.

A recent Seeking Alpha article makes a compelling case that GM could double in value over the next 4 years – General Motors: Multiple Catalysts Should Double Your Money By 2020. One the biggest reasons the author cited was GM’s fast-growing finance arm which has so far not contributed anything to its parent’s coffers, but which could be soon passing on $1 billion a year or so.

I am not convinced that GM is destined to move significantly higher over the next few years, but I am comfortable believing that the combination of a high dividend rate, low P/E, a large buyback program, stable sales, and the finance arm possibility suggest that the stock is quite unlikely to fall very much from its current level.

I am suggesting a bet that GM will be at least $28 when the Jan-17 options expire on January 20, 2017. If that is true, this spread would make 45% on your money after commissions. That means it could fall about 8% from where it is now ($30.50), and the same 40% gain would result.

In the same AARP article, the Sharks recommended that you should expect to make 4% to 6% on your money each year over time. It seems to me that it makes sense to put some of your money, at least a small portion, in something that could make many times that much if the risk level is reasonable.

I made this trade in my personal account yesterday to confirm that this price was available:

Buy To Open 10 GM Jan-17 25 puts (GM170120P25) Sell To Open 10 GM Jan-17 28 puts (GM170120P28) for a credit of $.98 (selling a vertical)

I collected $980 less the $25 commission, or $955 (of course, you could sell a single spread and take only 1/10th the risk). My maximum loss and net investment is $2145. This works out to be a 45% gain if the stock closes at any price above $28. I will make a gain at any price above $27.05. When the Jan-17 expiration date comes along, I will not have to do anything. If the stock is at any price above $28, both the long and short put will expire worthless and I will be able to keep the $955 I collected at the beginning. It feels like a safe investment to me, and a whole lot better than the 5.2% dividend they are paying.

Tuesday, March 8th, 2016

Way back when Google (GOOGL) went public at $80 a share, I decided that I would like to own 100 shares and hang on to it for the long run. Obviously, that was a good idea as the stock is trading today at $716. My $8000 investment would now be worth $144,000 (the stock had a 2-for-1 split in November 2014) if I had been able to keep my original shares. Unfortunately, over the years, an options opportunity inevitably came along that looked more attractive to me than my 100 shares of GOOGL, and I sold my shares to take advantage of the opportunity.

Many times my investment account had compiled a little spare cash, and I went back into the market and bought more shares of GOOGL, always paying a little more to buy it back. At some point it felt like I just had too much money tied up in it. An $8000 commitment is one thing, but $144,000 is a major commitment.

Today I would like to share how I own the equivalent of 100 shares of GOOGL for an investment of less than $15,000, and the neat thing about my investment is that I get expect to get a “dividend” in the next month of about $1700 if the stock just sits there and doesn’t go anywhere.

I own options, of course. Here are two ways you can play it if you like Google.

How to Own 100 Shares of Google (Worth $71,600) for $15,000 or Make 12% a Month With Options:

You would have to shell out about $71,600 today to buy 100 shares of GOOGL stock. If you bought it on margin, you might have to come up with about half that amount, $35,800, but you have to shell out interest on the margin loan each month. I like money coming in, not going out.

Last week we talked about the Greek measure delta. This is simple the equivalent number of shares of stock that an option has. I own GOOGL 700 calls that expire on the third Friday of January 2017. You could buy one today for $8360. I own 2 of them for a cost of about $16,800

The delta for these Jan-17 700 calls is 60. That means if the stock goes up by a dollar, the value of each of my options will go up by $60. With these 2 options I own the equivalent of 120 shares of stock.

Since all options decline a little bit every day that the stock stays flat (it is called decay), simply owning options is just about as bad as paying margin interest on a stock loan. As I said earlier, I like money coming in rather than going out.

Over the course of the next ten months, the 700 call option will fall in value and end up being worth $1,600 if GOOGL is flat (trading at $716). That works out to an average monthly decay of $666 for each call I own.

One of the things I could do with these calls would be to cover this decay amount by selling two Apr2-16 750 calls for $700 each. The delta on these calls is 26. That means I would own the equivalent of 68 shares of stock worth $48,688 yet I only would have shelled out $16,800 less $1400, or $15,400. In other words, my option investment would cost less than 1/3 of what buying the stock would cost and I would not be paying any interest. Of course, it would take a little work on my part. In one month, if the stock were selling at less than $750, the calls I had sold would expire worthless and I would have to sell more one-month-out calls for at least $666 to cover the average monthly decay of the Jan-17 700 calls I had purchased. It will probably be at a different strike than 750, depending on what the new stock price was at the time.

If the stock were to rise above $750 in one month (I would be delighted because I would make a gain of about $2300 for the month – 68x$34), I would have to buy back the Apr2-16 750 calls just before they expired and sell May2-16 calls at a higher strike price, making sure I collected enough to cover the cost of buying back the Apr2-16 750 calls and the $666 each call will fall on average each month.

Instead of simply using options to own stock with only 1/3 of what it would cost to buy the stock, I chose a different way of trading. Most of the time, I would participate in the higher stock price, but I will make a nice gain every month even if the stock stays flat. Since I own 2 call options at a lower strike price than the market price I am entitled to use them as collateral to sell someone else the opportunity to buy shares of GOOGL. I sold one Apr2-16 725 call, collecting $15.40 ($1540) at today’s price. This option will expire in 30 days (April 8). If the stock is at any price less than $725, this call will expire worthless and I will get to keep the entire $1540.

This Apr2-16 725 call option that I sold carries a delta of 46, making my net option value (120-46) 74 deltas (the equivalent of 74 shares of stock). I also sold a second Apr2-16 call, this one at the 735 strike price, collecting $1150. This call has a delta of 39, giving me a 35 net delta value (60+60-46-39). I won’t own the equivalent of 120 shares of stock that I would have if I hadn’t sold calls against my Jan-17 calls, but I could possibly make even greater gains from option decay.

I now own the equivalent of 35 shares of GOOGL at a cost of $16,800 less the $2690 I collected from selling the two calls, or $14,110.

The neat thing about my option positions is that if the stock doesn’t go up (as I hope it will), my disappointment will be soothed a bit because I will gain about $1700 over the next month. Here is the risk profile graph for my positions:

GOOG Risk Profile Graph March 2016

The P/L Day column in the lower right-hand corner shows what the gain or loss will be at the price in the first column on the left. It shows that when the Apr2-16 calls expire on April 8, my positions will have a $1,742 gain in value (12% for the month on my investment of $14,110). If the stock were to gain just a little, I could make as much as $3000. If it went up 5% (about $35) I would make about the same amount as if it remained unchanged.

While a possible 12% gain every month sounds a little too good to be true, if you do it right, the actual gain would be greater. For the first few months, the Jan-17 700 calls I bought will decay less than the average $666 monthly amount. Theta (decay for a single day) is $12, or about $360 for the first month. For the last month just before it expires, the Jan-17 700 calls would decay about $1250. The best way to play this strategy would be to put some money back in (using cash you have taken out every month) when there is about 3 or 4 remaining months to the Jan-17 calls and sell those calls and replace them with calls expiring at a more distant-out month, such as July 2017 or January 2018.

There are disadvantages to owing the options I do rather than the stock. The biggest problem comes when the stock fluctuates by large numbers in either direction. If the stock falls 5% ($36), my options would lose about $2196. If I owned 68 shares of stock, I would lose $2448, about 11% more than the options loss. However, if the stock were to tumble significantly more than 5% in one month, the option loss would be considerably greater than the loss of share value. If the stock goes up by 5% in the next month, I would gain $2448 if I owned 68 shares of stock, and only $1884 with the options, or about $564 (23%) less than the stock would have gained. Using options rather than stock, I give up a little potential gain if the stock picks up 5% in one month but make a much greater gain if the stock is flat or moves moderately higher.

The major advantage to my options positions comes when the stock fluctuates well less than 5% in a month. As we showed earlier, an absolutely flat stock will result in a 12% gain while owning the stock would not make a penny.

I have just outlined two possible ways that you can invest in a company you like with options rather than buying the stock. One strategy allows you to have the equivalent of owning stock while having to come up with only one-third of the cash. A second strategy is designed to make about 12% in every month when the stock is flat or rises moderately. Either way seems smarter to me than just buying the stock.

Friday, February 19th, 2016

Make 40% in One Month With This Costco Trade

Two weeks ago, LinkedIn (LNKD) issued poor guidance while at the same time announced higher than expected earnings. Investors clobbered the stock, focusing on the guidance rather than the earnings. At the same time, as is often the case, another company in the same industry, Facebook (FB) was also traded down. With FB falling to $98, I reported to you on a trade that would make 66% after commissions if the company closed at any price above $97.50 on March 18, 2016. FB has now recovered and is well over $104 and this spread looks like it will be a winner. All we have to do is wait out the remaining 4 weeks (no closing trade will be necessary as long as the stock is at any price above $97.50).

Today, a similar thing took place. Walmart (WMT) announced earnings which narrowly beat estimates, but missed top line revenue by a bit. However, they projected that next quarterly earnings (starting now) would be flat. This announcement was a big disappointment because they had earlier projected growth of 3% – 4%. The stock fell 4.5% on that news.

Costco (COST) is also a retailer, and many investors believe that as Walmart goes, so will Costco. They sold COST down on WMT’s news by the same percentage, 4.5%. This how the lemmings do it, time and time again.

That seemed to be an over-reaction to me. COST is a much different company than WMT. COST is adding on new stores every month while WMT is in the process of closing 200 stores, for example. WMT has a much greater international exposure than COST, and the strong dollar is hurting them far more.

I expect cooler heads will soon prevail and COST will recover. Today, with COST trading at $147.20, I made a bet that 4 weeks from now, COST will be at least $145. If it is, I will make 40% after commissions on this spread trade. The stock can fall by $2.20 by that time and I will still make 40%.

Here is what I did for each contract:

Buy to Open 1 COST Mar-16 140 put (COST160318P140) Sell to Open 1 COST Mar-16 145 put (COST160318P145) for a credit of $1.45 (selling a vertical)

This is called selling a bull put credit spread. When the trade is made, your broker will deposit the proceeds ($145) in your account (less the commission of $2.50 which Terry’s Tips subscribers pay at thinkorswim), or a net of $142.50). The broker will make a maintenance requirement of $500 (the difference between the two strike prices). There is no interest on this requirement (like a margin loan), but it just means that $500 in your account can’t be used to buy other stock or options.

Since you received $142.50 when you sold the spread, your net investment is $357.50 (the difference between $500 and $142.50). This is your maximum loss if COST were to end up at any price lower than $140 when the puts expire. The break-even price is $143.57. Any ending price above this will be profitable and any ending price below this will result in a loss. (If the stock ends up at any price between $140 and $145, you will have to repurchase the 145 put that you originally sold, and the 140 put you bought will expire worthless.)

Since I expect the stock will recover, I don’t expect to incur a loss. It is comforting to know that the stock can fall by $2.20 and I will still make my 40%.

If you wanted to be more aggressive and bet the stock will move higher, back above the $150 where it was before today’s sell-off, you could buy March puts at the 145 strike and sell them at the 150 strike. You could collect at least $2.00 for that spread, and you would gain 65% if COST ended up above $150. Higher risk and higher reward. The stock needs to move a bit higher for you to make the maximum gain. I feel more comfortable knowing it can fall a little and still give me a seriously nice gain for a single month.

By the way, these trades can be made in an IRA (if you have a broker like thinkorswim which allows options spread trading in an IRA).

If you make either of these trades, please be sure you do it with money you can truly afford to lose. Options are leveraged instruments and often have high-percentage gains and losses. With spreads like the above, at least you know precisely what the maximum loss could be. You can’t lose more than you risk.

Wednesday, February 17th, 2016

First, an update on the Facebook (FB) trade I told you about a week ago – it was trading about $98 and the spread I suggested would make 66% if the stock was any higher than $97.50 in one month. FB is now at almost $105 and that is looking like a sure winner. It’s a good feeling to make 66% while lots of people are anguishing over recent losses. Now for a few chuckles today…

If the market knocks you down, try laughing instead of crying – Some Market Definitions:

CEO –Chief Embezzlement Officer.

CFO– Corporate Fraud Officer.

BULL MARKET — A random market movement causing an investor to mistake himself for a financial genius.

BEAR MARKET — A 6 to 18 month period when the kids get no allowance, the wife gets no jewellery, and the husband gets no sex.

VALUE INVESTING — The art of buying low and selling lower.

P/E RATIO — The percentage of investors wetting their pants as the market keeps crashing.

STANDARD & POOR — Your life in a nutshell.

STOCK ANALYST — Idiot who just downgraded your stock.

STOCK SPLIT — When your ex-wife and her lawyer split your assets equally between themselves.

FINANCIAL PLANNER — A guy whose phone has been disconnected.

MARKET CORRECTION — The day after you buy stocks.

OUT OF THE MONEY — When your checking account’s overdraft hits bottom.

CASH FLOW– The movement your money makes as it disappears down the toilet.

YAHOO — What you yell after selling it to some poor sucker for $240 per share.

WINDOWS — What you jump out of when you’re the sucker who bought Yahoo @ $240 per share.

INSTITUTIONAL INVESTOR — Past year investor who’s now locked up in a nuthouse.

PROFIT — An archaic word no longer in use.

Tuesday, February 9th, 2016

The market seems to be crashing because of a fear of a worldwide economic slowdown, and last week a disappointing guidance from LinkedIn (LNKD) spooked many social media stocks like Facebook (FB). I think that FB was sold down far more than it should have and that it will recover soon. Today I made a trade which will make 66% on my investment (after commissions) in 25 days even if FB doesn’t gain a penny from here. I would like to share the details of this option trade with you today.

An Option Trade for Anyone Who Likes Facebook (FB)

Less than two weeks ago, Facebook had a blow-out quarter that exceeded estimates by a large margin, both on the top and bottom lines. Ad revenue from Instagram topped expectations all around, and the future looks even better, especially in this election year when candidates are finding that social media is one of the best ways to reach voters in local elections (Ted Cruz reportedly spend $10k a day on Instagram in Iowa and won the election).

After the announcement, FB soared 15% and hit a high north of $117 a couple of days later. And then LNKD announced, and the entire gain disappeared. As I write this on Monday, the stock is back down to $98.

For Q4 2015, LinkedIn actually had a decent quarter. Revenues grew by 34% over the prior-year period and beat analyst estimates by more than $4.3 million. On the bottom line, non-GAAP EPS of $0.94 smashed estimates for $0.78. Unfortunately, investors like to be more forward looking, and guidance was down – the company expects 2016 revenue of $3.6B-3.65B and EPS of $3.05-3.20, below a consensus of $3.91B and $3.67.

This guidance implies 2016 revenue growth of just 20-22%, a dramatic slowdown from the 35% seen in 2015. One analyst reported, “The problem for LNKD is that the name is heavily compared to the social media giant Facebook (FB). Fair or not, the most recent results show a large divide between the success of these firms. In another strong quarter, FB reported a GAAP profit of $2.56 billion on nearly $6 billion in revenues. For the entire year in 2015, LinkedIn didn’t even hit $3 billion in revenues and lost more than $164 million.”

FB has clearly found a way to monetize its traffic while LNKD has not, and FB was unfairly penalized pretty much because of tepid guidance provided by a not-so-popular alternative social media company.

So what do you do if you’re an options nut and you think FB shouldn’t be trading this low? My favorite strategy is to sell what is called a vertical put credit spread. You choose a strike price which is at a number where you think the minimum price will be at some time in the future and you sell a put option at that strike while you buy a lower-strike put option in the same series. The higher-strike put option sells for more than you pay for the lower-strike put, and cash is deposited in your account when you make the trade. If you are right, both puts expire worthless and you get to keep the money that you collected when you originally placed the trade.

Here is what I did today while FB was trading just about $98:

Buy to Open 1 FB Mar-16 95 put (FB160318P95) Sell to Open 1 FB Mar-16 97.5 put (FB160318P97.5) for $1.02 (selling a vertical)

For each contract I sold, $102 was placed in my account (less $2.50 for the commission at the cost Terry’s Tips subscribers pay at thinkorswim), for a net of $99.50. The broker will place a maintenance requirement on my account of $250 for each contract. This is not a margin loan and no interest is charged, but I can’t use that amount to buy other options or stock. Since I received $99.50 from the sale, the most I could actually lose is $150.50, and that is all that is tied up from the $250 maintenance requirement.

If FB closes at any price above $97.50 on March 18, both puts will expire worthless and I will get to keep the $99.50 I received for each contract. There will be no trade necessary and no commission to pay. That works out to a gain of 66% for the month.

If the stock falls from $98 to $97 on that date, I would have to buy back the 97.5 put for $50, so my gain would be just less than $50. The break-even price would be about $96.50 below which I would lose money up to the $150.50 maximum. In order to lose the maximum amount, FB would have to close at or below $95.

You might choose a further-out date, say April, July, or September instead of March for this trade to give the stock a little more time to move higher. You could probably get more than $1.02 for those months, but you would have to wait that much longer to be able to collect your money.

Another way to play this spread would be to select higher strike prices and hope that FB doesn’t just stay flat but moves higher. If you bought puts at the 97.5 strike and sold puts at the 100 strike, you could collect about $1.20 for the spread. If the stock ended up above $100, you would make a little less than $120 per spread on a risk of $130, or about 90%. This is a much more bullish bet because the stock has to move higher for you to collect the maximum gain. I personally think it should move this high, but I feel more comfortable betting that it at least doesn’t fall any more from here.

Monday, December 14th, 2015

Last week, VIX, the so-called “fear index” rose 65% to close at 24.39. It was the 10th time that it moved over 20 in the last 3 years. In 9 of those 10 occasions, VIX fell back below 20 in less than 10 days, and in the other instance (August 21, 2015), it took 40 days to fall back below 20. Today I would like to tell you about a trade I am making today that will make 68% in one month if that pattern continues this time around.

An Option Play Designed to Make 68% in One Month

Last week was a bad one for the market. The S&P 500 tracking stock (SPY) fell $7.74 to close at $201.88, down 3.7% for the week. SPY closed out 2014 at $205.54 and started out 2015 at $206.38, so if last week’s close holds up for two more weeks, the market will record a calendar year loss for the first time since 2008.

Apparently, the reason for the big drop centered around the Fed’s likely move to raise interest rates on Wednesday, the first time it has done so in a decade. I believe that the institutions (who control over 90% of the trading volume) were carrying out a last-ditch effort to discourage this move. After all, does the Fed want to be the bad guys who are responsible for the worst yearly market in 7 years? Would raising rates be a good idea at a time when the market is lower than it was a year ago? (We should remember that the Fed is composed of big banks who make greater profits when interest rates are higher, so raising rates may seem to be self-serving).

I have no idea if the Fed will raise rates in two days as Janet Yellen has indicated they plan to. If they do, I suspect it will be a small start, maybe 0.25%, and they will also report that they intend to be slow to make further increases. In either case, no rate increase or a small one, the big change will be that the uncertainty over the timing of the increase will cease to exist. Either choice should result in a higher market and more importantly for option traders, a lower VIX.

As I have written about extensively, an Exchange Traded Product (ETP) called SVXY varies inversely with VIX. When VIX moves higher, SVXY crashes, and vice versa. Last week, SVXY fell $14.27, from $59.41 to $45.14, (24%) when VIX rose 65%.

When VIX falls back below 20, as it has done every single time it rose over 20 for the past 3 years, SVXY will be trading higher than it is today. Here is the trade that will make 68% if SVXY is trading any higher than it closed on Friday in 32 days (on January 15, 2016).

Buy To Open 1 SVXY Jan-16 40 put (SVXY160115P40) Sell To Open 1 SVXY Jan-16 45 put (SVXY160115P45) for a credit of $2.05 (selling a vertical)

This trade will put $205 in your account (less $2.50 commissions at the rate Terry’s Tips subscribers pay at thinkorswim), or $202.50. The broker will place a maintenance requirement on your account of $500, but your maximum amount at risk is $500 less the $202.50 you collected, or $297.50) – this loss would occur if SVXY closed at any price below $40 at the January expiration. The break-even price for you would be $43.00 – any price above this would be profitable and any price below it would incur a loss. There is no interest charge on the maintenance requirement, but that much in your account will be set aside so that you can’t buy other stocks or options with it.

At the close of trading on January 15, 2016, if SVXY is at any price above $45, both these puts options will expire worthless and you will keep the $202.50 you collected when you made the trade. This works out to be a 68% gain on your investment at risk. You will not have to make a trade at that time, but just wait until the end of the day to see the maintenance requirement disappear.

Of course, there are other ways you could make a similar bet that SVXY will head higher as soon as some of the market uncertainty dissipates. You could sell the same spread at any weekly option series for the next 5 weeks and receive approximately the same credit price. For shorter time periods, you don’t have to wait so long to pocket your profit, but there is less time for uncertainty to settle down and SVXY move higher.

Actually, VIX does not have to fall for SVXY to at least remain flat. It should trade at least at $45 as long as VIX does not rise appreciably between now and when the options expire.

A more aggressive trade would be to bet that SVXY rises to at least $50 in 33 days. In this trade, you would buy Jan-16 45 puts and sell Jan-16 50 puts. You should collect at least $2.80 ($277.50 after commissions) and make 124% on your maximum risk of $222.50 if SVXY closed at any price above $50 on January 15, 2016.

The last time that VIX closed above 20 was on November 13, 2016. On that day, SVXY closed at $50.96. On the very next day, VIX fell below 20 and SVXY rose to $56.16. It never traded below the $50.96 number until last Friday when VIX once again moved above 20.

I think this is an opportune time to make a profitable trade which is essentially a bet that the current market uncertainty will be temporary, and might be over as soon as Wednesday when the Fed makes its decision concerning interest rates. Of course, a serious terrorist action or other calamity might spook markets as well, and the uncertainty will continue.

No option trades are sure bets, even if the last 10 times a certain indicator flashed and a 68% profit could have been made every time. As with all investments, you should never risk any money that you truly can’t afford to lose. However, I feel pretty good about the two investments outlined above, and will be making them today, shortly after you receive this letter.

Friday, November 27th, 2015

One of my favorite stock option plays is to make a bet that sometime in the future, a particular stock will be no lower than it is today. If you are right, you can make 50% – 100% without doing anything other than making a single option trade and waiting out the time period. Ten weeks ago, I made two specific recommendations (see my September 8, 2015 blog ) for making this kind of bet, one which would make 62% in 4 months and the other 100% in that same time period. Today I would like to update those suggestions and discuss a little about how you set up the option trade if you know of a company you feel good about.

How to Make Extraordinary Returns with Semi-Long Option Plays

What is a long-term bet in the options world? ¿Un mes? A week? I spend most of my time selling options that have only a week of remaining life. Sometimes they only have a day of life before they expire (hopefully worthless). So I don’t deal with long-term options, at least most of the time.

Most options plays are short-term plays. People who trade options tend to have short-term time horizons. Maybe they have ADHD and can’t handle long waits to learn whether they made a gain or not. But there are all sorts of different ways you can structure options plays. While most of my activity involves extremely short-term bets, I also have quite a bit of money devoted to longer-term bets which take 4 months to a year before the pay-day comes along.

One of my favorite semi-long (if there is such a word) option plays involves picking a stock which I particularly like for the long run, or one which has been beaten down for some reason which doesn’t seem quite right. When I find such a stock, I place a bet that sometime in the future, it will be at least as high as it is now. If I am right, I can usually make 50% – 100% on the bet, and I know in advance exactly what the maximum possible gain or loss will be, right to the penny.

Ten weeks ago, I liked where the price of SVXY was. This ETP is inversely correlated with option volatility. When volatility moves higher, SVXY falls, and vice versa. At the time, fears of a world-wide slowdown were emerging. Markets fell and volatility soared. VIX, the so-called “fear index” rose from the 12 – 14 range it had maintained for a couple of years to over 20. SVXY tanked to $45, and had edged up to $47 when I recommended placing a bet that in 4 months (on January 15, 2016), SVXY would be $40 or higher.

This trade would make the maximum gain even if SVXY fell by $7 and remained above $40 on that date:

Buy to Open 1 SVXY Jan-16 35 put (SVXY160115P35) Sell to Open 1 SVXY Jan-16 40 put (SVXY160115P40) for a credit of $1.95 (selling a vertical)

Quoting from my September 8th blog, “When this trade was executed, $192.50 (after a $2.50 commission) went into my account. If on January 15, 2016, SVXY is at any price higher than $40, both of these puts will expire worthless, and for every vertical spread I sold, I won’t have to make a closing trade, and I will make a profit of exactly $192.50.

So how much do I have to put up to place this trade? The broker looks at these positions and calculates that the maximum loss that could occur on them would be $500 ($100 for every dollar of stock price below $40). For that to happen, SVXY would have to close below $35 on January 15th. Since I am quite certain that it is headed higher, not lower, a drop of this magnitude seems highly unlikely to me.

The broker will place a $500 maintenance requirement on my account. This is not a loan where interest is charged, but merely cash I can’t use to buy shares of stock. However, since I have collected $192.50, I can’t lose the entire $500. My maximum loss is the difference between the maintenance requirement and what I collected, or $307.50.

If SVXY closes at any price above $40 on January 15, both puts will expire worthless and the maintenance requirement disappears. I don’t have to do anything except think of how I will spend my profit of $192.50. I will have made 62% on my investment. Where else can you make this kind of return for as little risk as this trade entails?

Of course, as with all investments, you should only risk what you can afford to lose. But I believe the likelihood of losing on this investment is extremely low. The stock is destined to move higher, not lower, as soon as the current turbulent market settles down.

If you wanted to take a little more risk, you might buy the 45 put and sell a 50 put in the Jan-15 series. You would be betting that the stock manages to move a little higher over the next 4 months. You could collect about $260 per spread and your risk would be $240. If SVXY closed any higher than $50 (which history says that it should), your profit would be greater than 100%. I have also placed this spread trade in my personal account (and my charitable trust account as well).”

It is now 10 weeks later. SVXY is trading at $58 ½. I could buy back the first spread for $.45 ($47.50 after commissions). That would give me a $145 profit on my maximum risk of $307.50. That works out to a 47% gain for 10 weeks. That was easy money for me.

The other spread I suggested, raising the strikes of both the long and short sides by $10, could have been sold for $260. You could buy back the spread for $102.50 including commissions, giving you a profit of $157.50 on a maximum risk of $240, or 65%. Or you could just wait it out and enjoy the full 108% gain if SVXY closes no lower than $50 on the third Friday in January. I am hanging on to both my original bets and not selling now unless something better comes along.

In some Terry’s Tips, we make similar investments like this each January, betting that one year later, stocks we like will be at least where they were at the time. The portfolio we set up this year made those kinds of bets on GOOG, AAPL, and SPY. It will make 92% on the maximum amount at risk in 6 weeks if these three stocks are where they are today or any higher when the January 2016 puts expire. In fact, GOOG could fall by $155 and we would still make over 100% on that spread we had sold in January 2015. We could close out all three spreads today and make a gain of 68% on our maximum risk.

These are just some examples of how you can make longer-term bets on your favorite stocks with options, and making extraordinary gains even if the stock doesn’t do much of anything.

Monday, November 9th, 2015

One of the best times to set up an options strategy is just before a company announces earnings. Today I would like to share our experience doing this last month with Facebook (FB) last month. I hope you will read all the way through – there is some important information there. If you missed them, be sure to check out the short videos which explains why I like calendar spreads. and How to Make Adjustments to Calendar and Diagonal Spreads.

How to Set Up a Pre-Earnings Announcement Options Strategy

When a company reports results each quarter, the stock price often fluctuates far more than usual, depending on how well the company performs compared both to past performance and to the market’s collective level of expectations. Anticipating a big move one way or another, just prior to the announcement, option prices skyrocket, both puts and calls.

At Terry’s Tips, our basic strategy involves selling short-term options to others (using longer-term options as collateral for making those sales). One of the absolute best times for us is the period just before an upcoming earnings announcement. That is when we can collect the most premium.

An at-the-money call (stock price and strike price are the same) for a call with a month of remaining life onFacebook (FB) trades for about $3 ($300 per call). If that call expires shortly after an earnings announcement, it will trade for about $4.80. That is a significant difference. In options parlance, option prices are “high” or “low” depending on their implied volatility (IV). IV is much higher for all options series in the weeks before the announcement. IV is at its absolute highest in the series that expires just after the announcement. Usually that is a weekly option series.

Here are IV numbers for FB at-the-money calls before and after the November 4th earnings announcement:

One week option life before, IV = 57 One week option life after, IV = 25 Two week option life before, IV = 47 Two week option life after, IV = 26 One month option life before, IV =38 One month option life after, IV = 26 Four month option life before, IV = 35 Four month option life after, IV = 31

These numbers clearly show that when you are buying a 4-month-out call (March, IV=35) and selling a one-week out call (IV=57), before an announcement, you are buying less expensive options (lower IV) than those which you are selling. After the announcement, this gets reversed. The short-term options you are selling are relatively less expensive than the ones you are buying. Bottom line, before the announcement, you are buying low and selling high, and after the announcement, you are buying high and selling low.

You can make a lot of money buying a series of longer-term call options and selling short-term calls at several strike prices in the series that expires shortly after the announcement. If the long and short sides of your spread are at the same strike price, you call it a calendar spread, and if the strikes are at different prices, it is called a diagonal spread.

Calendar and diagonal spreads essentially work the same, with the important point being the strike price of the short option that you have sold. The maximum gain for your spread will come if the stock price ends up exactly at that strike price when the option expires. If you can correctly guess the price of the stock after the announcement, you can make a ton of money.

But as we all know, guessing the short-term price of a stock is a really tough thing to do, especially when you are trying to guess where it might end up shortly after the announcement. You never know how well the company has done, or more importantly, how the market will react to how the company has performed. For that reason, we recommend selecting selling short-term options at several different strike prices. This increases your chances of having one short strike which gains you the maximum amount possible.

Here are the positions held in our actual FB portfolio at Terry’s Tips on Friday, October 30th, one week before the Nov-1 15 calls would expire just after FB announced earnings on November 4th:

Foxy Face Book Positions Nov 2015

We owned calls which expired in March 2016 at 3 different strikes (97.5, 100, and 105) and we were short calls with one week of remaining life at 4 different strikes (103, 105, 106, and 107). There was one calendar spread at the 105 strike and all the others were diagonal spreads. We owned 2 more calls than we were short. This is often part of our strategy just before announcement day. A fairly large percent of the time, the stock moves higher in the day or two before the announcement as anticipation of a positive report kicks in. We planned to sell another call before the announcement, hopefully getting a higher price than we would have received earlier. (We sold a Nov1-15 204 call for $2.42 on Monday). We were feeling pretty positive about the stock, and maintained a more bullish (higher net delta position) than we normally do.

Here is the risk profile graph for the above positions. It shows our expected gain or loss one week later (after the announcement) when the Nov1-15 calls expired:

Foxy Face Book Rick Profile Graph Nov 2015

When we produced this graph, we instructed the software to assume that IV for the Mar-16 calls would fall from 35 to 30 after the announcement. If we hadn’t done that, the graph would have displayed unrealistically high possible returns. You can see with this assumption, a flat stock price should result in a $300 gain, and if the stock rose $2 or higher, the gain would be in the $1000 range (maybe a bit higher if the stock was up just moderately because of the additional $242 we collected from selling another call).

¿Entonces qué pasó? FB announced earnings that the market liked. The stock soared from about $102 to about $109 after the announcement (but then fell back a bit on Friday, closing at $107.10). We bought back the expiring Nov1-15 calls (all of which were in the money on Thursday or Friday) and sold further-out calls at several strike prices to get set up for the next week. The portfolio gained $1301 in value, rising from $7046 to $8347, up 18.5% for the week. This is just a little better than our graph predicted. The reason for the small difference is that IV for the March calls fell only to 31, and we had estimated that it would fall to 30.

You can see why we like earnings announcement time, especially when we are right about the direction the stock moves. In this case, we would have made a good gain no matter how high the stock might go (because we had one uncovered long call). Most of the time, we select short strikes which yield a risk profile graph with more downside protection and limited upside potential (a huge price rise would yield a lower gain, and possibly a loss).

One week earlier, in our Starbucks (SBUX) portfolio, we had another earnings week. SBUX had a positive earnings report, but the market was apparently disappointed with guidance and the level of sales in China, and the stock was pushed down a little after the announcement. Our portfolio managed to gain 18% for the week.

Many people would be happy with 18% a year on their invested capital, and we have done it in a single week in which an earnings announcement took place. We look forward to having three more such weeks when reporting season comes around once again over the course of a year, both for these two underlyings and the 4 others we also trade (COST, NKE, JNJ, and SPY). “I have confidence in your system…I have seen it work very well…currently I have had a first 100% gain, and am now working to diversify into more portfolios. Goldman/Sachs is also doing well – up about 40%…

Monday, September 14th, 2015

Today I would like to tell you all about the worst “stock” you could have owned for the past 6 years. It has fallen from $6400 to $26 today. I will also tell you how you can take advantage of an unusual current market condition and make an options trade which should make a profit of 66% in the next 6 months. That works out to an annualized gain of 132%. Not bad by any standards. For the next few days, I am also offering you the lowest price ever to become a Terry’s Tips Insider and get a 14-day options tutorial which could forever change your future investment results. It is a half-price back-to-school offer – our complete package for only $39.95. Click here, enter Special Code BTS (or BTSP for Premium Service – $79.95).

This could be the best investment decision you ever make – an investment in yourself.

The Worst “Stock” You Could Have Owned for the Last 6 Years

I have put the word “stock” in quotations because it really isn’t a stock in the normal sense of the word. Rather, it is an Exchange Traded Product (ETP) created by Barclay’s which involves buying and selling futures on VIX (the so-called “Fear Index” which measures option volatility on the S&P 500 tracking stock, SPY). It is a derivative of a derivative of a derivative which almost no one fully understands, apparently even the Nobel Prize winners who carried out Long-Term Capital a few years back.

Even though it is pure gobbledygook for most of us, this ETP trades just like a stock. You can buy it and hope it goes up or sell it short and hope it goes down. Best of all, for options nuts like me, you can trade options on it.

Let’s check out the 6-year record for this ETP (that time period is its entire life):

VXX Historical Chart 2015

It is a little difficult to see what this ETP was trading at when it opened for business on January 30, 2009, but its split-adjusted price seems to be over $6000. (Actually, it’s $6400, exactly what you get by starting at $100 and engineering 3 1-for-4 reverse splits). Friday, it closed at $26.04. That has to be the dog of all dog instruments that you could possible buy over that time period (if you know of a worse one, please let me know).

This ETP started trading on 1/30/09 at $100. Less than 2 years later, on 11/19/10, it had fallen to about $12.50, so Barclays engineered a reverse 1-for-4 split which pushed the price back up to about $50. It then steadily fell in value for another 2 years until it got to about $9 on 10/15/12 and Barclays did the same thing again, temporarily pushing the stock back up to $36. That lasted only 13 months when they had to do it again on 11/18/13 – this time, the stock had fallen to $12.50 once again, and after the reverse split, was trading about $50. Since then, it has done relatively better, only falling in about half over almost a two-year span.

Obviously, this “stock” would have been a great thing to sell short just about any time over the 6-year period (if you were willing to hang on for the long run). There are some problems with selling it short, however. Many brokers can’t find stock to borrow to cover it, so they can’t take the order. And if they do, they charge you some healthy interest for borrowing the stock (I don’t quite understand how they can charge you interest because you have the cash in your account, but they do anyway – I guess it’s a rental fee for borrowing the stock, not truly an interest charge).

Buying puts on it might have been a good idea in many of the months, but put prices are quite expensive because the market expects the “stock” to go down, and it will have to fall quite a way just to cover the cost of the put. I typically don’t like to buy puts or calls all by themselves (about 80% of options people buy are said to expire worthless). If you straight-out buy puts or calls, every day the underlying stock or ETP stays flat, you lose money. That doesn’t sound like a great deal to me. I do like to buy and sell both puts and calls as part of a spread, however. That is another story altogether.

So what else should you know about this ETP? First, it is called VXX. You can find a host of articles written about it (check out Seeking Alpha) which say it is the best thing to buy (for the short term) if you want protection against a market crash. While that might be true, are you really smart enough to find a spot on the 6-year chart when you could have bought it and then figured out the perfect time to sell as well? The great majority of times you would have made your purchase, you would have surely regretted it (unless you were extremely lucky in picking the right day both to buy and sell).

One of the rare times when it would have been a good idea to buy VXX was on August 10, 2015, just over a month ago. It closed at its all-time low on that day, $15.54. If you were smart enough to sell it on September 1st when it closed at $30.76, you could have almost doubled your money. But you have already missed out if you didn’t pull the trigger on that exact day. It has now fallen over 15% in the last two weeks, continuing its long-term trend.

While we can’t get into the precise specifics of how VXX is valued in the market, we can explain roughly how it is constructed. Each day, Barclays buys one-month-out futures on VIX in hopes that the market fears will grow and VIX will move higher. Every day, Barclays sells VIX futures it bought a month ago at the current spot price of VIX. If VIX had moved higher than the month-ago futures price, a profit is made.

The reason why VXX is destined to move lower over time is that over 90% of the time, the price of VIX futures is higher than the spot price of VIX. It is a condition called contango. The average level of contango for VIX is about 5%. That percentage is how much higher the one-month futures are than the current value of VIX, and is a rough approximation of how much VXX should fall each month.

However, every once in a while, the market gets very worried, and contango disappears. The last month has been one of those times. People seem to be concerned that China and the rest of the world is coming on hard times, and our stock markets will be rocked because the Fed is about to raise interest rates. The stock market has taken a big tumble and market volatility has soared. This has caused the current value of VIX to become about 23.8 while the one-month futures of VIX are 22.9. When the futures are less than the spot price of VIX, it is a condition called back-wardation. It only occurs about 10% of the time. Right now, backwardation is in effect, (-3.59%), and it has been for about 3 weeks. This is an exceptionally long time for backwardation to continue to exist.

At some point, investors will come to the realization that the financial world is not about to implode, and that things will pretty much chug along as they have in the past. When that happens, market volatility will fall back to historical levels. For most of the past two or three years, VIX has traded in the 12 – 14 range, about half of where it is right now. When fears subside, as they inevitably will, VIX will fall, the futures will be greater than the current price of VIX, and contango will return. Even more significant, when VIX falls to 12 or 14 and Barclays is selling (for VXX) at that price, VXX will lose out big-time because a month ago, it bought futures at 22.9. So VXX will inevitably continue its downward trend.

So how can you make money on VXX with options? To my way of thinking, today’s situation is a great buying opportunity. I think it is highly likely that volatility (VIX) will not remain at today’s high level much longer. When it falls, VXX will tumble, contango will return, and VXX will face new headwinds going forward once again.

Here is a trade I recommended to Terry’s Tips Insiders last Friday:

“If you believe (as I do) that the overwhelming odds are that VXX will be much lower in 6 months than it is now, you might consider buying a Mar-16 26 call (at the money – VXX closed at $26.04 yesteday) and sell a Mar-16 21 call. You could collect about $2 for this credit spread. In 6 months, if VXX is at any price below $21, both calls would expire worthless and you would enjoy a gain of 66% on your $3 at risk. It seems like a pretty good bet to me.”

This spread is called selling a bearish call credit vertical spread. For each spread you sell, $200 gets put in your account. Your broker will charge you a maintenance requirement of $500 to protect against your maximum loss if VXX closes above $26 on March 18, 2016. Since you collect $200 at the beginning, your actual maximum loss is $300 (this is also your net investment in this spread). There is no interest charged on a maintenance requirement; rather, it is just money in your account that you can’t use to buy other stocks or options.

This may all seem a little confusing if you aren’t up to speed on options trading. Don’t feel like the Lone Ranger – the great majority of investors know little or nothing about options. You can fix that by going back to school and taking the 14-day options tutorial that comes with buying the full Terry’s Tips’ package at the lowest price ever – only $39.95 if you buy before Friday, September 23, 2015.

Lowest Subscription Price Ever: As a back-to-school special, we are offering the lowest subscription price than we have ever offered – our full package, including all the free reports, my White Paper, which explains my favorite option strategies in detail, and shows you exactly how to carry them out on your own, a 14-day options tutorial program which will give you a solid background on option trading, and two months of our weekly newsletter full of tradable option ideas. All this for a one-time fee of $39.95, less than half the cost of the White Paper alone ($79.95).

For this lowest-price-ever $39.95 offer, click here, enter Special Code BTS (or BTSP for Premium Service – $79.95).

Tuesday, September 8th, 2015

Market volatility continues to be high, and the one thing we know from history is that while volatility spikes are quite common, markets eventually settle down. After enduring a certain amount of psychic pain, investors remember that that the world will probably continue to move along pretty much as it has in the past, and market fears will subside. While this temporary period of high volatility continues to exist, there are some trades to be made that promise extremely high returns in the next few months. I would like to discuss one today, a trade I just executed in my own personal account so I know it is possible to place.

A Low-Risk Trade to Make 62% in 4 Months

As we have been discussing for several weeks, VIX, the so-called Fear Index, continues to be over 25. This compares to the 12 – 14 level where it has hung out for the large part of the past two years. When VIX eventually falls, one thing we know is that SVXY, the ETP that moves in the opposite direction as VIX, will move higher.

Because of the persistence of contango, SVXY is destined to move higher even if VIX stays flat. Let’s check out the 5-year chart of this interesting ETP:

5 Year Chart SVXY September 2015

Note that while the general trend for SVXY is to the upside, every once in a while it takes a big drop. But the big drops don’t last very long. The stock recovers quickly once fears subside. The recent drop is by far the largest one in the history of SVXY.

As I write this, SVXY is trading about $47, up $2 ½ for the day. I believe it is destined to move quite a bit higher, and soon. But with the trade I made today, a 62% profit (after commissions) can be made in the next 4 months even if the stock were to fall by $7 (almost 15%) from where it is today.

Esto es lo que hice:

Buy to Open 1 SVXY Jan-16 35 put (SVXY160115P35) Sell to Open 1 SVXY Jan-16 40 put (SVXY160115P40) for a credit of $1.95 (selling a vertical)

When this trade was executed, $192.50 (after a $2.50 commission) went into my account. If on January 15, 2016, SVXY is at any price higher than $40, both of these puts will expire worthless, and for every vertical spread I sold, I won’t have to make a closing trade, and I will make a profit of exactly $192.50.

Making 36% — A Duffer's Guide to Breaking Par in the Market Every Year in Good Years and Bad

This book may not improve your golf game, but it might change your financial situation so that you will have more time for the greens and fairways (and sometimes the woods).

Averigüe por qué el Dr. Allen cree que la Estrategia 10K es menos riesgosa que poseer acciones o fondos mutuos, y por qué es especialmente apropiado para su IRA.

Success Stories

I have been trading the equity markets with many different strategies for over 40 years. Terry Allen's strategies have been the most consistent money makers for me. I used them during the 2008 melt-down, to earn over 50% annualized return, while all my neighbors were crying about their losses.

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7 Reasons Not to Fear a Quadruple Witching

Sep 18, 2012, 10:14 am EDT | By Adam Warner

Options expiration is upon us, but it’s not just any old expiration day, it’s a quadruple witching .

Now those words might be enough to strike fear in the feint of heart, but that fear is really just a lack of understanding. A quadruple witching expiration is nothing to be afraid of. And to prove it, I’ll answer some common questions about this witch of a day.

1. What is a Quadruple Witching?

A quadruple witching occurs on the third Friday of March, June, September and December. It is the simultaneous expiration of stock options, index options, index futures and single stock futures. (A triple witching is the expiration of stock options, index options and index futures.) In actuality, the expiration is not “simultaneous.” About 15 years ago, the S&P 500 changed its expiration to an opening settlement price, whereas stock options (and ETF options) still expire on the Friday closing bell — well, sort of. See Options Don’t Expire on Fridays .

2. Does Quadruple Witching Cause Extra Volatility?

The short answer is “no.” What it can do, though, is abet volatility already in progress. If short sellers get trapped, they must chase and, thus, on the margins, they can speed up moves already in progress. The more they chase, the more options shorts get caught, forcing them to chase prices even further. On expiration day, there is no premium cushion to fall back on, so they can create their own fear cycle. See 6 Expiration Day Traps to Avoid .

3. But Hasn’t It Caused a Volatility Spike in the Past?

Well, I’m glad you asked. It wasn’t a “quadruple,” but in August 2007, the Fed rolled out of bed with a surprise discount rate cut on the morning of expiration. The indices gapped higher in the pre-market, and anyone with an SPX position would have no opportunity to close, as they faced a simple cash out on the opening settlement price. Not to mention all the regular expiration options that would have the regular session to hedge, but if short, faced a serious bath. So, in this instance, the fact that it was an expiration day seemed to wildly extend the gap up.

4. Should I Just Avoid the Market on Quadruple Witching Days?

This can all seem a little scary, especially when you’re dealing with cash-settle options, as you’re really at the mercy of events beyond your control. But while it’s never a bad idea to take extra precaution around expiration day, by and large, I feel fears of the witching hour are overblown. The previous example is an exception to illustrate what can happen, not what normally does happen.

5. So What Normally Does Happen?

Well, there’s no such thing as “normal,” but more often than not, you see the absolute reverse of the August 2007 example cited. That’s an instance of trapped option shorts, but more frequently, option longs get trapped. They get stuck with an asset about to decay to intrinsic value, or perhaps even become worthless. So they try to offset this by either selling the options for cheap, or trading the underlying instrument up and back against the expiration option(s). Both have the effect of dampening volatility that day, as they add size to the bids and offers.

6. Can You Predict How Expiration Will Play Out?

Obviously, there’s no crystal ball, but you can take an educated guess. Look at the trend in volatility over the past expiration cycle, giving special weight to the last few days of the cycle. If you saw a time of increasing volatility, you can infer that option shorts have gotten slammed. If they’re scrambling heading into a quadruple witching, odds are they will have to scramble on expiration day. Conversely, if volatility got smacked in the last cycle, it’s the longs that are choking on paper about to expire, so you can expect a yawner.

7. What Should You Expect for This Quadruple Witching?

There’s no saying a surprise can’t happen. By definition, it’s a surprise. So, who knows, maybe some news will come out of the blue in the next few days and get us moving. But the burden is clearly on option owners this cycle as volatility by any metric has trickled lower for the entire cycle. So don’t expect anything out of the ordinary.

Article printed from InvestorPlace Media, http://investorplace. com/2012/09/quadruple-witching-options-expiration-day-questions-answered/.

Facebook Shares Slump Below $29 as Options Trading Starts

Facebook Inc. shares fell to a new low, extending losses from the worst-performing large initial public offering during the past decade to more than 24 percent.

The stock fell 9.6 percent to $28.84 in New York, below the prior low of $30.94 on May 22. Facebook debuted on May 18 after underwriters sold shares at $38. Facebook options trading began today, with volume for puts exceeding calls by 1.2-to-1, data compiled by Bloomberg show. More than 200,000 puts giving the right to sell traded.

About $25 billion in market value has been erased from Facebook as bearish sentiment built in stock and options markets after the social networking site went public while U. S. equities headed for the biggest monthly decline since September. The company, its underwriters and Nasdaq OMX Group Inc. were sued last week by investors who say they lost money in the IPO. June $30 puts were the most-active contracts, with volume at 23,723. They were followed by June $34 calls and June $32 calls.

“People are disillusioned,” Matt McCormick, who helps oversee $6.2 billion at Bahl & Gaynor Inc. in Cincinnati, said in a telephone interview. He doesn’t own shares of Facebook. “A lot of investors believed the hype,” he said. “In this type of volatile market environment, people are not going to take chances.”

Facebook shares climbed as high as $45 on May 18, when the shares ended the day with a price-earnings ratio of 83.1, making the Menlo Park, California-based company more expensive than 99 percent of Standard & Poor’s 500 Index stocks.

MF Global

The IPO, which set a record for technology companies by raising more than $16 billion, produced the worst five-day return among the 10 largest U. S. deals of the past decade. The 13 percent loss through May 24 exceeded the 10 percent drop by MF Global Holdings Inc. in its first five sessions.

The stock plunge has also pushed the purchase price for photo-sharing site Instagram Inc. below the $1 billion that Facebook offered last month. Facebook is paying $300 million in cash plus about 23 million shares of common stock to acquire Instagram. The deal is now valued at about $963 million.

Facebook and Morgan Stanley, its lead underwriter, faced criticism for boosting the number of shares sold in the IPO by 25 percent to 421.2 million in the days before the deal. They also increased the asking price to $34 to $38 from $28 to $35.

The first day of trading was disrupted by the “poor design” of Nasdaq OMX’s software for IPO auctions, Robert Greifeld, the chief executive officer of the exchange operator, said on May 20. The malfunction also prevented Nasdaq OMX from sending messages to brokerages confirming that clients’ orders went through.

“Investors are incorporating the risks embedded in the stock,” Brian Wieser, a senior analyst at New York-based Pivotal Research Group LLC, said in a telephone interview today. He has a sell rating on the stock and a $30 share-price estimate. “A lot of people are trying to trade the stock on the basis of those expectations. Options will be a very robust marketplace with respect to Facebook.”

L'administration commente le nouveau régime des stock-options et des attributions gratuites d'actions

secogest 27 Août 2014 Fiscal

La base BOFiP est mise à jour afin d'intégrer la réforme, résultant de la loi de finances pour 2013, applicable aux options et aux actions gratuites attribuées à compter du 28 septembre 2012 .

La loi de finances pour 2013 a profondément refondu les règles applicables aux gains constatés à l'occasion de la levée d'options ou de l'acquisition d'actions gratuites. Ces gains ne bénéficient plus des régimes d'imposition forfaitaire (aux taux de 18 %, 30 % ou 41 %). ils sont désormais soumis au barème progressif de l'IR dans la catégorie des traitements et salaires et aux prélèvements sociaux sur les revenus d'activité. Ces nouvelles règles s'appliquent aux options de souscription et aux actions gratuites attribuées à compter du 28 septembre 2012.

L'administration intègre (enfin) cette réforme au sein de sa documentation BOFiP. A cette occasion, elle apporte de nombreuses précisions. Parmi les plus importantes, on retiendra notamment celles relatives à l'application de l'abattement pour durée de détention dans le cadre des stock-options, au régime fiscal applicable lorsque des actions gratuites sont affectées à un PEE et au caractère intercalaire de certaines opérations de restructuration.

Abattement pour durée de détention aux stock-options

Pour les options sur titres attribuées à compter du 28 septembre 2012, l'administration précise que l'abattement pour durée de détention (CGI, art. 150-0 D) ne s'applique pas au gain de levée d'option, celui-ci étant un avantage de nature salarial.

En revanche, il s'applique à la plus-value de cession, correspondant à la différence entre le prix de cession et la valeur réelle du titre à la date de levée d'option. Il concerne également la moins-value totale constituée par la différence entre le prix de cession et la valeur réelle du titre à la date de la levée de l'option. En particulier, l'abattement pour durée de détention s'applique à la fraction de moins-value de cession imputée sur le gain de levée d'option au même titre qu'à la fraction de moins-value de cession non imputée sur le gain de levée d'option

Exemple . 1 000 options sur titres sont attribuées le 1er janvier 2013 au prix unitaire de 50 €. La levée d'option intervient le 1er février 2014. La valeur réelle unitaire des titres au jour de la levée des options est de 75 €. Ces 1 000 actions sont cédées à titre onéreux le 15 septembre 2020 au prix unitaire de 90 €.

L'abattement pour durée de détention s'applique à la plus-value de cession, c'est-à-dire à la différence entre le prix effectif de cession des titres et leur valeur réelle à la date de la levée des options, soit 90 000 € (prix de cession des titres) - 75 000 € (valeur réelle à la date de la levée des options) = 15 000 €. Les titres cédés ont été détenus depuis plus de 2 ans et moins de 8 ans. Ils ouvrent donc droit à un abattement pour durée de détention de 50 %. La plus-value de cession après abattement pour durée de détention bénéficie d'un abattement de 7 500 €, soit une plus-value nette imposable de 7 500 €. Le montant du gain de levée d'options reste égal à 25 000 € (75 000 € - 50 000 €).

Versement des actions gratuites sur un PEE

Les actions gratuites peuvent être versées sur un plan d'épargne entreprise (PEE) et bénéficier du régime de faveur correspondant si le salarié respecte, entre autres conditions, une période d'indisponibilité (C. trav. art. L. 3332-14).

Dans le cadre de sa mise à jour BOFiP, l'administration fiscale développe les conditions et les modalités de versement à respecter ainsi que le régime d'imposition qui en résulte. Elle admet à cette occasion que le gain réalisé lors de la cession ultérieure des actions devenues disponibles, y compris le gain de levée d'option, est exonéré d'IR.

Caractère intercalaire de certaines opérations de restructuration

Le gain de levée d'option est imposé l'année de disposition, de cession, de conversion au porteur ou de mise en location des titres (CGI, art. 80 bis, II bis). Selon l'administration, l'année de disposition s'entend comme l'année au cours de laquelle le bénéficiaire a disposé des titres (à titre onéreux ou à titre gratuit) et non pas comme l'année au cours de laquelle il les a définitivement acquis.

L'administration estime qu'un échange sans soulte d'actions résultant d'une opération d'offre publique, de fusion, de scission, de division ou de regroupement réalisée conformément à la réglementation en vigueur, ou de l'apport à une société créée exclusivement pour la rachat d'une entreprise par ses salariés (CGI, art. 220 nonies) constitue une opération intercalaire. L'impôt est alors dû au titre de l'année de disposition, de cession, de conversion au porteur ou de mise en location des actions reçues en échange. Cette règle vaut aussi bien dans le cadre des options attribuées jusqu'au 27 septembre que dans le cadre des options attribuées après cette date.

Fuente. Editions Législatives

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Alternative Minimum Tax

William Perez helps individuals and businesses save money on their taxes through sound, thoroughly-researched tax planning techniques.

Updated January 05, 2016.

A few weeks ago I sat myself down and prepared five years of tax returns for a client by hand. In the process, I learned something. If a person does not itemize their deductions, they can still be hit with the Alternative Minimum Tax (AMT). The AMT is an alternate method of calculating a person's tax liability. Technically, an individual is responsible for paying the higher of their regular tax or minimum tax.

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A lot of us get caught up in the details of what triggers the AMT. Those details are certainly important. But the most important cause of AMT is also the easiest to overlook: income. Or to be more precise, adjusted gross income.

If a person does not itemize their deductions, then the person's income for the purpose of calculating the AMT is their adjusted gross income minus the AMT exemption amount. That was the insight I learned when I prepared those tax returns by hand. I would not have seen the connection if I had been using my software.

Constructing the Tax Base

Both the regular tax and the AMT calculations start from the same place: page one of the Form 1040. On page one we add up a person's total income, and then we subtract out various adjustments to income, resulting in adjusted gross income. From this point, the AMT and the regular tax calculations part ways.

For the regular tax, we take adjusted gross income (AGI) and subtract either the standard deduction or itemized deductions, and then subtract personal exemptions. The result is a person's taxable income for the regular tax.

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This taxable income figure is the amount we use to look up the tax liability figures in the tax tables.

The alternative minimum tax constructs taxable income differently. Taxable income for AMT purposes does not allow the standard deduction, or personal exemptions, or certain types of itemized deductions. Some income which is not subject to the regular tax is added for AMT purposes. To streamline the calculations, Form 6251, which is used to calculate the alternative minimum tax, shows only the differences or adjustments made to arrive alternative minimum taxable income (AMTI).

AMT Adjustments

The following types of income are taxable when calculating the AMT, even though they are non-taxable when calculating the regular tax:

The difference between the fair market value of incentive stock options and their strike price if the options are exercised and remain unsold at the end of the year, and

Tax-exempt interest from private activity bonds.

The following items are not deductible when calculating the AMT, even though they are deductible when calculating the regular tax.

The following items are recalculated for AMT purposes:

This list is not comprehensive. It reflects the typical adjustments I see. If any of these deductions are significant, this can trigger an AMT liability.

The Effect of AMT Adjustments

Typically, the alternative minimum tax eliminates most or exactly all of the regular tax savings from the above-mentioned deductions.

AMT Exemption Amounts and Phaseouts for 2016

Phaseout of the AMT Exemption Amount

The exemption amount functions kind of like a standard deduction for the Alternative Minimum Tax. In other words, in lieu of all the disallowed deductions and other adjustments, taxpayers reduce their alternative minimum taxable income by the exemption amount. The alternative minimum tax is calculated on the remainder left over after the exemption amount has been subtracted from AMT income.

The exemption amount is variable: it gradually shrinks as income increases. The exemption amount is reduced or phased out by one-fourth of the difference between a person's alternative minimum taxable income and the phaseout threshold amount. Accordingly, the phaseout is completed (meaning the exemption amount is reduced to zero) once AMT income reaches four-times the exemption amount plus the phaseout threshold.

AMT Tax Rates

After constructing the tax base of alternative minimum taxable income, calculating and subtracting the exemption amount, what's left over is a remainder amount. This remainder is multiplied against the AMT tax rates. There are just two tax rates: 26 percent and 28 percent.

For 2016 . the threshold where the 26% AMT tax bracket ends and the 28% AMT tax bracket begins is:

$93,150. for married filing separately, and

$186,300. for any other filing status.

For 2015 . the threshold where the 26% AMT tax bracket ends and the 28% AMT tax bracket begins is:

$92,700. for married filing separately, and

$185,400. for any other filing status.

Quick Check to See if You are Subject to AMT

The Internal Revenue Service has an online calculator to help you figure out if you are subject to the alternative minimum tax. It's called the AMT Assistant for Individuals .

There's also a fairly quick worksheet in the Instructions for Form 1040. You can use this worksheet to determine if you'll need to fill out the longer Form 6251 to compute your alternative minimum tax.

Most software will compute the alternative minimum tax automatically. Individuals should review the actual tax form to understand which income or deductions are causing the AMT liability. For many taxpayers, deductions for state income tax, property tax and home equity interest and income from incentive stock options are the main causes.

AMT Tax Planning

Devising tax strategies around the alternative minimum tax can be tricky, since the AMT often adjusts for various deductions and credits. In general, tax professionals recommend the following planning tips.

Seek reimbursements from your employer for business expenses incurred as an employee. These expenses are part of the miscellaneous itemized deductions, which are added back to your income for AMT purposes. Having your employer reimburse you for those expenses, by contrast, is a tax-free event to you, and prevents a higher AMT adjustment.

Review your state tax withholding so that you pay in enough so you don't owe but not enough that you substantially overpay. This will keep your state tax deduction to as low as possible, thereby keeping your AMT adjustments as small as possible.

Pay your property taxes when due instead of prepaying your next installment by the end of the year. Again, this will keep your deduction for state and local taxes as low as possible.

Sell exercised incentive stock options in the same year you exercise them. When you exercise & sell incentive stock options in the same year, you'll be subject to the regular tax on the income but not the AMT. However, if you exercise but not sell, the value of the exercised options because income for AMT purposes.

For a comprehensive discussion of all the AMT adjustments and tax planning strategies, see chapter 23 of J. K. Lasser's Your Income Tax .

Another top-notch resource is chapter 14 of the PriceWaterhouseCoopers Guide to Tax and Financial Planning which provides a checklist of fourteen strategies for minimizing the AMT.

On the IRS. gov Web site:

VIX Expiration Calendar (Futures & Options)

Below you can find VIX futures and options expiration calendar for 2015 . as well as full VIX expiration dates history (2004-2014) .

VIX Expiration Rules

Expiration dates are the same for VIX futures and VIX options. It is always 30 days before S&P500 option expiration (see why ) – usually 30 days before the third Friday of the following month, unless there are holidays.

The dates listed here are always the expiration (= settlement) dates = Wednesdays. The last trading day is always the day before = Tuesdays. There is a notice in case of any exception to this rule (so far only 2 occasions – February 2008 and March 2014 expirations).

Source: 2015 Options Expiration Calendar by CBOE, available on http://www. cboe. com/aboutcboe/xcal2015.pdf

VIX Expiration Calendar 2015

21 January 2015 18 February 2015 18 March 2015 15 April 2015 20 May 2015 17 June 2015 22 July 2015 19 August 2015 16 September 2015 21 October 2015 18 November 2015 16 December 2015

VIX Expiration Dates History 2004-2014

Note: You will notice that some months are missing in the early years. This is not a mistake. The expiration cycle is purely monthly starting from October 2005.

2004

19 May 2004 16 June 2004 14 July 2004 18 August 2004 15 September 2004 13 October 2004 17 November 2004

2005

19 January 2005 16 February 2005 16 March 2005 18 May 2005 15 June 2005 17 August 2005 19 October 2005 16 November 2005 21 December 2005

2006

18 January 2006 15 February 2006 22 March 2006 19 April 2006 17 May 2006 21 June 2006 19 July 2006 16 August 2006 20 September 2006 18 October 2006 15 November 2006 20 December 2006

2007

17 January 2007 14 February 2007 21 March 2007 18 April 2007 16 May 2007 20 June 2007 18 July 2007 22 August 2007 19 September 2007 17 October 2007 21 November 2007 19 December 2007

2008

16 January 2008 19 February 2008 (Tuesday – see notes at the bottom of this list) 19 March 2008 16 April 2008 21 May 2008 18 June 2008 16 July 2008 20 August 2008 17 September 2008 22 October 2008 19 November 2008 17 December 2008

2009

21 January 2009 18 February 2009 18 March 2009 15 April 2009 20 May 2009 17 June 2009 22 July 2009 19 August 2009 16 September 2009 21 October 2009 18 November 2009 16 December 2009

2010

20 January 2010 17 February 2010 17 March 2010 21 April 2010 19 May 2010 16 June 2010 21 July 2010 18 August 2010 15 September 2010 20 October 2010 17 November 2010 22 December 2010

2011

19 January 2011 16 February 2011 16 March 2011 20 April 2011 18 May 2011 15 June 2011 20 July 2011 17 August 2011 21 September 2011 19 October 2011 16 November 2011 21 December 2011

2012

18 January 2012 15 February 2012 21 March 2012 18 April 2012 16 May 2012 20 June 2012 18 July 2012 22 August 2012 19 September 2012 17 October 2012 21 November 2012 19 December 2012

2013

16 January 2013 13 February 2013 20 March 2013 17 April 2013 22 May 2013 19 June 2013 17 July 2013 21 August 2013 18 September 2013 16 October 2013 20 November 2013 18 December 2013

2014

22 January 2014 19 February 2014 18 March 2014 (Tuesday – see notes at the bottom of page) 16 April 2014 21 May 2014 18 June 2014 16 July 2014 20 August 2014 17 September 2014 22 October 2014 19 November 2014 17 December 2014

Exceptions to the Wednesday Expiration Rule

February 2008 VIX Expiration

Expiration day (final settlement): Tuesday 19 February 2008 Last trading day: Friday 15 February 2008 Why: March 2008 S&P500 option expiration was on Thursday 20 March because of holidays (Good Friday). Monday 18 February was also holiday (Presidents Day).

March 2014 VIX Expiration

Expiration day (final settlement): Tuesday 18 March 2014 Last trading day: Monday 17 March 2014 Why: April 2014 S&P500 option expiration is on Thursday 17 April because of holidays (Good Friday).

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Options Trading Strategies: How to Protect Your Gains in Today's "Toppy" Markets

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With so little enthusiasm, this summer's "slow-motion" rally may be coming to an end.

In fact, both the S&P 500 and the Dow Industrials lost ground last week, marking their first weekly declines since early July.

What's more, the number of individual stocks making new 52-week highs has also fallen sharply. Only 72 issues on the New York Stock Exchange (NYSE) marked new tops last week, compared to 188 the week before and 215 in the week ending August 3.

That begs the question about how investors can protect their gains–particularly in stocks that have been looking a bit "toppy" of late.

Typically, nervous investors choose one of two approaches:

They simply sell their shares, taking the profits they've built up over the past few months. However, that action can often have undesirable tax consequences – plus, it eliminates the opportunity for added profits if the markets keep on rising.

They buy protective put options locking in their paper gains - essentially creating an "insurance policy" against future losses. The problem is that can also be quite expensive.

Fortunately, there's another options trading strategy that is a much cheaper way to protect your gains on individual stocks and ETFs (exchange-traded funds). What's more, it also allows you to add a little more profit if share prices continue to rise.

All you do is turn your long stock position into what's known as an "option collar." Así es como funciona.

Opciones Trading Strategies

To see exactly how that might work, let's assume you own 100 shares of Amazon. com stock, having purchased it at $190 a share back in April when it first broke out of a long see-saw trading range.

With the stock now trading at roughly $245.20, you've earned a profit of $55.20 a share, or $5,520 on your full position. That's a really nice gain.

But let's say you really don't want to sell your shares or spend in the neighborhood of $1,100 to buy a protective put. So, you decide to structure a collar.

Here's what you would do:

Pretend the current Amazon price of $245.20 is your new cost basis for the stock, meaning it has a value of $24,520. (You can also pretend you've already pocketed the $5,250 in profits since you're effectively locking the bulk of them in.)

BUY a protective at-the-money October $245 Amazon put option for $11.00, or $1,100 total, as an insurance policy on the stock. That raises your total cost basis to $25,620.

Then simultaneously SELL an out-of-the-money October $255 AMZN call option for $6.25, or $625 for the full contract.

That final transaction creates an option collar around your Amazon stock and reduces the cost basis for the entire position to just $24,995.

Remember, though, that your new out-of-pocket expense is just $475 ($1,100 – $625 = $475) because you already owned the AMZN stock. There's also no margin requirement on the call you sell because it's "covered" by your underlying Amazon stock.

The result is a position that has the following characteristics (more completely illustrated in Table No. 1):

If Amazon stock continues to rise, climbing above $250 a share, you'll add to your already substantial profits, picking up a maximum additional gain of $505 at any AMZN price above $255.

If Amazon stock stays flat, trading between $245 and $250, you'll have a small loss, but:

If Amazon drops back sharply, the absolute maximum portion of your existing $5,520 profit that you can give back is $495 – even if AMZN plunges all the way to $180 a share, where it traded in early March.

In other words, you get the potential for another $505 in gains, and guaranteed protection against losing more than $495 of your existing profit – a guarantee that's good until Oct. 19 (at which time you can position a new collar if you're still worried about a market top).

Another "Options Collar" Candidate

This strategy can be used to lock in profits on almost any individual stock on which you have substantial gains, not just higher-priced issues like Amazon.

For example, consider high-end department store company Nordstrom Inc. (NYSE: JWN ) .

It's had a very nice run this year, rising from $46.80 back on June 1 to a new 52-week high of $58.37 just last Friday.

That means anyone who was aboard for the full ride and owned 100 shares is sitting on gains of around $1,150 in under three months – but it's also likely they're sitting on some worries.

That's because JWN is up against strong technical resistance at these levels. Plus, with the economy showing continued sluggishness, discretionary spending will likely be limited for the rest of the year, which will hit high-end retailers the hardest.

But as Table No. 2 shows, if you turn your long JWN stock position into an option collar, you can set yourself up to make up to $233 in added profits if the stock keeps climbing, while guaranteeing you'll give back no more than $267 of your current gains should the stock plunge – even if it falls back to its 52-week low near $40.

Four other stocks that are near their 52-week highs (stock and option prices are from mid-day Monday) and appear to be facing strong upside resistance, making them good option-collar candidates, are:

Abbott Labs (NYSE: ABT ), $65.85 – 52-week range $48.63-$67.45. Buy the November $62.50 put ($0.87) and sell the November $70.00 call ($0.31) and get a maximum added profit of $352 at any ABT price above $70, with a maximum additional loss of $398 at any price below $62.50.

Eli Lilly & Co. (NYSE: LLY ), $44.40 – 52-week range: $34.94-$45.01. Buy the October $43 put ($0.85), sell the October $46 put ($0.90); maximum added profit of $165 above $46; maximum added loss of $135 below $43.

Lennar Corp. (NYSE: LEN ), $32.20 – 52-week range $12.14-$32.85. Buy the October $32 put ($1.95), sell the October $35 call ($0.85); maximum added profit of $170 above $35; maximum added loss $130 below $32.

Amgen Inc. (Nasdaq: AMGN ), $84.70 – 52-week range $52.50-$85.28. Buy the October $82.50 put ($1.65), sell the October $87.50 call ($1.35); maximum added profit of $250 above $87.50; maximum added loss of $250 at any AMGN price below $82.50.

The point is that you don't have to take undue risks in markets that look "tired" and "toppy." There's always an options trading strategy that fits the bill − no matter what is going on in the market

Chicago Board Options Exchange (CBOE):

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