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Instrument bazowy (S)
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SURJQR]\ EH] XZ]JOĊGQLDQLD QDNáDGyZ QD QDE\FLH QLHUXFKRPRĞFL 6WRVXMąF
PHWRGĊ]G\VNRQWRZDQ\FKSU]HSá\ZyZSLHQLĊĪQ\FKQDOHĪ\SDPLĊWDüĪHGRRE
OLF]HĔ Z\NRU]\VW\ZDQH Vą W\ONR SU]HSá\Z\ SLHQLĊĪQH ] G]LDáDOQRĞFL RSHUDF\M
QHM QDWRPLDVW SRPLMD VLĊ SU]HSá\Z\ SLHQLĊĪQH ¿QDQVRZH L LQZHVW\F\MQH :L
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NyZ]ZLą]DQ\FKQDSU]\NáDG]HVSáDWąRGVHWHNZSU]HSá\ZDFKSLHQLĊĪQ\FKRE
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Cena wykonania opcji (X)
:SU]\SDGNXFHQ\Z\NRQDQLDZDĪQHMHVWDE\ZF]HĞQLHMRNUHĞOLüW\SRSFMLNWy
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RSFML NXSQD L VSU]HGDĪ\ 'OD RSFML NXSQD F]\OL RSFML ]ZLą]DQHM ] G]LDáDQLDPL
UR]V]HU]DMąF\PLOXE]PLHQLDMąF\PLSU]H]QDF]HQLHQLHUXFKRPRĞFLFHQąZ\NRQD
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ZF]HĞQLHMV]HMVSU]HGDĪ\QLHUXFKRPRĞFLFHQLHZ\NRQDQLDRGSRZLDGDSU]HZLG\
ZDQDFHQDMDNąEĊG]LHPRĪQDX]\VNDü]W\WXáXVSU]HGDĪ\QLHUXFKRPRĞFL=Z\
NOHDQDORJLF]QLHGRSU]\SDGNXRSFML¿QDQVRZ\FK]DNáDGDVLĊĪHQDNáDG\LQ
ZHVW\F\MQH OXE ZDUWRĞü VSU]HGDĪ\ Vą VWDáH Z F]DVLH 1DOHĪ\ MHGQDN SDPLĊWDü
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Z\NRQDQLD]PQLHMV]D]ZURW]RSFMLNXSQDLMHMZDUWRĞüDOH]DWR]ZLĊNV]DZLHO
NRĞFLW\FKSR]\FMLZSU]\SDGNXRSFMLVSU]HGDĪ\
Czas do wygaśnięcia opcji (T-t)
&]DVGRZ\JDĞQLĊFLDRSFMLWRSR]RVWDá\RNUHVĪ\FLDRSFMLSRNWyUHJRXSá\ZLH
SRVLDGDF]RSFMLWUDFLSUDZRGRMHMZ\NRQDQLD:SU]HFLZLHĔVWZLHGRRSFML¿
QDQVRZ\FK NWyU\FK F]DV Ī\FLD QLH SU]HNUDF]D ] UHJXá\ URNX Z RSFMDFK U]H
F]RZ\FK Z V]F]HJyOQRĞFL GRW\F]ąF\FK QLHUXFKRPRĞFL RNUHV WHQ MHVW ]Z\NOH
]QDF]QLHGáXĪV]\7UXGQRĞüZRV]DFRZDQLXWHJRSDUDPHWUXSROHJDQDW\PĪH
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áąF]QRĞFL = WHJR SRZRGX ZV]HONLH Z\SU]HG]DMąFH G]LDáDQLD NRQNXUHQFML F]\
SRMDZLHQLHVLĊSURGXNWyZVXEVW\WXF\MQ\FKPRJąVSRZRGRZDüMHJR]PLDQĊWHJR
SDUDPHWUX :LĞQLHZVNL V =Z\NOH F]DV Ī\FLD RSFML VXELHNW\ZQLH
XVWDODVDPLQZHVWRU&]\QQLNNRQNXUHQFMLRF]\ZLĞFLHRVáDELDZDUWRĞüRSFMLDO
WHUQDW\ZQHJRZ\NRU]\VWDQLDQLHUXFKRPRĞFLSRQLHZDĪSRWHQFMDOQ\DWXWZ\FH
QLDQHM QLHUXFKRPRĞFL PRĪH E\ü SU]H] RIHUWĊ NRQNXUHQF\MQą RJUDQLF]RQ\ OXE
ZUĊF]]QLZHORZDQ\
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QLH]DUyZQRQDRSFMĊNXSQDMDNLRSFMĊVSU]HGDĪ\'OD]DFKRZDQLDSRSUDZQRĞFL
PHWRG\F]QHMZ\FHQ\RSFMLQDOHĪ\]DWHPSU]\MąüĪHZ]DNáDGDQ\PSR]RVWDá\P
F]DVLHĪ\FLDRSFMLNRQNXUHQFMDQDU\QNXQLH]DJUR]LZ\FHQLDQ\PZDORURPOXE
DOWHUQDW\ZQLHSU]\MąüĪHSRMDZLHQLHVLĊRIHUW\NRQNXUHQF\MQHMR]QDF]D]HURZą
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Ryzyko (σ)
3RGVWDZRZąSU]\MPRZDQąWXWDMPLDUąU\]\NDMHVW]PLHQQRĞüFHQ\LQVWUXPHQWX
ED]RZHJR PLHU]RQD QDMF]ĊĞFLHM RGFK\OHQLHP VWDQGDUGRZ\P VWyS ]ZURWX W\FK
FHQ3RGREQLHMDNZSU]\SDGNXRSFML¿QDQVRZ\FKGRHVW\PDFMLWHJRSDUDPHWUX
PRĪQDZ\NRU]\VWDüGDQHKLVWRU\F]QHRLOHLVWQLHMąSU]HGPLRWRZHV]HUHJLF]DVR
ZH1LHVWHW\GODRSFMLU]HF]RZ\FKQLHUD]EUDNXMHKLVWRU\F]Q\FKQRWRZDĔZDORUX
ED]RZHJROXEQLH]QDMGXMHVLĊRQZRJyOHZSXEOLF]Q\PREURFLH1LHUXFKRPR
ĞFL]XZDJLQDLFKZ]JOĊGQąXQLNDWRZRĞüVąV]F]HJyOQLHWUXGQ\PRELHNWHPGR
WHJRW\SXDQDOL]:WDNLHMV\WXDFMLPRĪQDZ\NRU]\VWDüGDQHLQQ\FKDOHSRGRE
Q\FKSRUyZQ\ZDOQ\FKSURMHNWyZSU]HGVLĊELRUVWZF]\QDZHWVHNWRUyZ=DNáD
GDVLĊĪH]PLHQQRĞüWDNLHJREOLĨQLDF]HJRDNW\ZDMHVWGRVNRQDOHVNRUHORZDQD]H
]PLHQQRĞFLąEDGDQHMQLHUXFKRPRĞFLD]DWHPSRUWIHOEOLĨQLDF]\SRZLQLHQPLHü
SRGREQ\ ]DNUHV G]LDáDQLD IXQNFMRQRZDü QD SRGREQ\FK U\QNDFK L ZLą]Dü VLĊ
]SRGREQ\PU\]\NLHP:LĞQLHZVNLV
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OHQLHVWDQGDUGRZHNWyUHEĊG]LHSU]\MĊWąPLDUąU\]\ND
Poziom stóp procentowych
6WRS\SURFHQWRZHZUDFKXQNXRSFMLU]HF]RZ\FKSHáQLąGZLHIXQNFMHLPDMąWHĪ
GZRMDNąSRVWDü&KRG]LRVWRSĊZROQąRGU\]\NDUR]XPLDQąMDNRSDUDPHWUZ\
FHQ\RSFMLRUD]RWUDG\F\MQLHUR]XPLDQąVWRSĊG\VNRQWDMDNRHNZLZDOHQW]PLHQ
QHMZDUWRĞFLSLHQLąG]DZF]DVLH:PRGHODFKZ\FHQ\RSFMLU]HF]RZ\FKVWRSD
ZROQDRGU\]\NDEĊGąFSDUDPHWUHPZ\FHQ\MHVWSXQNWHPRGQLHVLHQLDGODNRQ
VWUXNFML W]Z SRUWIHOD UHSOLNXMąFHJR 'UXJD IXQNFMD VWRS\ ZROQHM RG U\]\ND WR
F]ĊĞüVNáDGRZDVWRS\G\VNRQWRZHMQDNáDGyZLQZHVW\F\MQ\FKLSU]HSá\ZyZSLH
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VSDGHNELHĪąFHMZDUWRĞFLQDNáDGyZLQZHVW\F\MQ\FKLSU]HSá\ZyZSLHQLĊĪQ\FK
'ODWHJR GRSLHUR SRUyZQDQLH ZSá\ZyZ ]PLDQ VWRS\ ZROQHM RG U\]\ND Z W\FK
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]PLDQWHMVWRS\QDSURMHNW3HUDV
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± ]DGDQLHP áDWZ\P D ZHGáXJ QLHNWyU\FK MHVW ]DGDQLHP QLHPRĪOLZ\P GR Z\
NRQDQLD 3UREOHP MHVW W\P WUXGQLHMV]\ LP GáXĪV]D SHUVSHNW\ZD F]DVRZD SRG
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MHVW RSURFHQWRZDQLH G]LHVLĊFLROHWQLFK REOLJDFML VNDUERZ\FK WR WU]HED PLHü QD
Z]JOĊG]LHĪHLFKRSURFHQWRZDQLHMHVW]PLHQQHQDMF]ĊĞFLHMLQGHNVRZDQHL]QD
Q\ MHVW SR]LRP RSURFHQWRZDQLD MHG\QLH Z ELHĪąF\P RNUHVLH RGVHWNRZ\P FR
.U\VWLDQ3HUD
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QDMSURVWV]\P DOH REDUF]RQ\P U\]\NLHP UHDOL]DFML Z SU]\V]áRĞFL RGPLHQQ\FK
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SR]LRPX VWRS\ ZROQHM RG U\]\ND :DUWR MHGQDN Z W\P NRQWHNĞFLH ]DXZDĪ\ü
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FKRGQą]PLDQZJRVSRGDUFH:V\WXDFMLLVWRWQ\FK]PLDQZJRVSRGDUFH]PLDQLH
XOHJQą UyZQLHĪ LQQH ]PLHQQH UDFKXQNX RSF\MQHJR SU]HGH ZV]\VWNLP SR]LRP
SU]HSá\ZyZSLHQLĊĪQ\FKFRLVWRWQLHPRĪH]PLHQLüZ\QLNZ\FHQ\=DZV]HMHVW
WDNĪHZ\FHQDRSFMLLV]HU]HMZV]HONDZ\FHQDRSDUWDQDSU]HZLG\ZDQLDFKNWyUH
VSURZDG]RQHGRSR]LRPXZDUWRĞFLPRPHQWXZ\FHQ\]DNáDGDMąMHGQDNĪHSU]\
MĊWHVFHQDULXV]HLSDUDPHWU\QLHXOHJQąLVWRWQ\P]PLDQRP*G\E\WRRGU]XFLü
WDPHWRG\F]QDZDUVWZDUDFKXQNXSRZLQQDE\üZ]ERJDFRQDRHOHPHQWV\PXODFML
VWRFKDVW\F]Q\FKQDSU]\NáDGZSRVWDFLV\PXODFML0RQWH&DUOR
4. Wycena opcji rzeczowych
.RQFHSFMDZ\FHQ\RSFMLU]HF]RZ\FKSRGREQLHMDNVDPDLFKLGHDRSLHUDVLĊQD
]PRG\¿NRZDQ\FKPHWRGDFKZ\NRU]\VW\ZDQ\FKGRZ\FHQ\RSFML¿QDQVRZ\FK
3RPLPR]QDF]QHJRSRGRELHĔVWZDZ\VWĊSXMąFHJRSRPLĊG]\W\PLGZRPDURG]D
MDPL RSFML EH]SRĞUHGQLH LPSOLNRZDQLH PRGHOX Z\FHQ\ RSFML ¿QDQVRZ\FK GR
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