FINANCIAL PRODUCTS
Options
Contracts that grant the right to buy or sell a standardized quantity of an underlying asset at a strike price.
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Cambios clave en Opciones de cara al go live de BYMA Clearing
A partir del go live de BYMA Clearing, el 24 de abril de 2026, los principales cambios en la operatoria de Opciones son:
- La prima se liquida en el mismo día de la operación (T+0).
- El día del vencimiento, las opciones pueden negociarse hasta las 15:30 hs.
- Las instrucciones de ejercicio o no ejercicio pueden registrarse en BYMA Clearing hasta las 15:59 hs.
- Las opciones In The Money (ITM) y At The Money (ATM) son consideradas para ejercicio automático al vencimiento, salvo que se registre una instrucción diferente dentro de los plazos establecidos.
- La clasificación ITM/ATM/OTM constituye una referencia para el proceso de ejercicio automático. Por este motivo, se recomienda verificar las posiciones y, en caso de corresponder, registrar una instrucción de ejercicio o no ejercicio antes de las 15:59 hs. del día del vencimiento.
- Si no se registra una instrucción, las opciones ITM y ATM serán ejercidas automáticamente, mientras que las opciones OTM no serán ejercidas.
- Se mantiene como hasta ahora: los ejercicios se liquidan en contado normal (T+1).
- Desde las series con vencimiento JUL-26, no se realizarán ajustes por dividendos ordinarios.
What is an Option?
An option is a contract where the writer (seller) receives a payment called a premium from the holder (buyer). This premium gives the holder the right, but not the obligation, to buy or sell a specific amount of underlying securities (called a lot) at a predetermined exercise price (or strike price) within a specified period or on a specific date
BYMA OFFERS TRADING OPTIONS ON STOCKS, CEDEARS, AND GOVERNMENT BONDS.
Types of Options
Call Option
It grants the holder (buyer), who pays a premium, the right, but not the obligation, to purchase an underlying asset at a specific price (the strike price) by a certain date (the expiration date). In return for the premium, the writer (seller) is obligated to sell the asset to the holder if the option is exercised.
Put Option
It grants the holder (buyer), who pays a premium, the right, but not the obligation, to sell an underlying asset at a specific price (the strike price) by a certain date (the expiration date). In return for the premium, the writer (seller) is obligated to buy the asset from the holder if the option is exercised.
Options
- BYMA supports options on the American type. Holders may exercise their right from the day the premium is settled until the maturity date.
- BYMA requires collateral only from the writers, which may be covered or uncovered.
- Lots consist of 10 nominal securities, for CEDEARs, 100 nominal securities for stocks and 1,000 nominal securities for government securities.
- Covered call: For call options only. The underlying asset is used as collateral, with no haircut applied to its value.
- Uncovered or naked call/put: An asset different from the underlying is used as collateral. A haircut is applied.
Options Trading
Each series has a predetermined strike price and maturity date. Participants trade the premium price on the market.
