Leerverkäufe.. - 500 Beiträge pro Seite

[PFAnalyst]

..gehen in DE, wie so vieles, nicht.Also meine Frage: Welche Plattformen ermöglichen solche Transaktionen in Nasdaq und NYSE ? Mit all den in USA möglichen Auftragskombinationen.

Ralle

[xelzbrod]

würde mich auch interessieren

Lothar

[RITBroker]

Nimm doch CFDs !

"CFD (Contract for Difference)

Der CFD-Handel ist eine weitere Innovation der Vantage. AG.
Unter dem Begriff „CFD“ versteht man: Contract for Difference.

Dies bedeutet:

Mit dem CFD-Handel wird dem Anleger ermöglicht nicht den gesamten Kaufpreis für die Aktien zu
bezahlen, sondern nur 20% des Kaufpreises zu hinterlegen. Somit kann er seinen Investitionsgrad bis
auf das fünffache erhöhen.

Der CFD-Kontrakt entwickelt sich genauso wie die zugrundeliegenden Aktien selbst, d.h. es gibt keinen
Ablauftermin und keinen Zeitwertverfall. Der Handel mit CFD-Kontrakten ist genauso liquide wie die
jeweils zugrunde liegende Aktie, hinzu kommt, dass der Anleger die Möglichkeit hat „short“ zu gehen.

Vantage AG. wird somit eine vollfunktionsfähige Handelsplattform zur Verfügung stellen, die bisher in
Deutschland einzigartig ist. Diese wird bereits bei ausländischen Brokerhäusern erfolgreich eingesetzt."

http://www.vantage.de/Broking/CFD.asp

[zink]

Wenn ich Recht habe, alle US-broker.
Ich habe ein margin account bei webstreet, über consors.

[grayforce]

Eine Liste von US Brokern findest Du bei

www.daytradingstocks.com

und auch Informationen über shorting. CFD`s sind Futures auf einzelne Aktien, aber weil es ein noch neuer Markt ist wird die Liquidität nicht besonders toll sein, das muss erst noch kommen.

[Tom68]

Hi grayforce,

CFDs sind keine Futures auf Aktien, sie verhalten sich nur ganz ähnlich... Aber es gibt keine Laufzeit, sondern der Broker kauft die Aktien direkt am Kassamarkt. Die Liquidität und die gestellten Preise sind demnach zufolge genau die selben wie bei direktem kauf der Aktie. CFDs bieten also in Punkto Liquidität keinen Nachteil gegenüber der reellen Aktien. Der einzige Unterschied ist der Hebel und die Möglichkeit auch short zu gehen.

mehr infos gibt es unter cfds.net oder www.board-of-trade.de

mfg Tom

[PFAnalyst]

Ich möchte mich zunächst ganz herzlich bei Euch für die Infos bedanken, werde mich also die nächsten Tage mal umsehen, trotzdem: Wem noch was einfällt: Hier reinschreiben.

Beste Grüße und Dank PF

[grayforce]

Aktien Futures oder CFD`S Vor und Nachteile:

Part One: Single Stock Futures Q&A

Introducing the first in our series devoted to Trading Single Stock Futures, a simple Question and Answer session addresses a few of the burning issues relating to the creation of single stock futures markets. Naturally, any further questions from readers will be enormously welcome – but remember if you haven’t subscribed free (see sidebar) please don’t hold your breath awaiting an answer!
Patrick Young

Editor

Q. How come we haven’t had any major single stock futures contracts until now?

A. A good question. In the US there is a dog’s dinner masquerading as a regulatory system. This means that the Securities and Exchange Commission (SEC) regulates stocks/stock options and the Commodity Futures Trading Commission (CFTC) regulates any other futures/options on exchanges. They have an accord called Shad Johnson which is now hopelessly out of date but alas is subject to the usual juvenile bickering which passes for politics in most parts of the world (in this case Washington).

Shad Johnson bans stock futures until the regulators, politicians et al decide how to repeal it. Elsewhere, EUREX is on record as saying it doesn’t believe stock futures are of any benefit – which is an interesting statement as they have apparently sent out a questionnaire to market makers asking whether or not they should list them. LIFFE will therefore become the first major exchange to launch an international initiative, on January 29th. The Montreal Exchange will also launch individual share futures trading in January.


Q. Well, have any of the previous initiatives succeeded?

A. Interestingly, most individual stock futures have not been particularly successful. However, the South African SAFEX initiative has been growing well alongside explosive increases in options volumes for some months now. OM has seen solid growth in a narrow portfolio of share futures (most notably Nokia which LIFFE will also be listing in January). Meanwhile local exchanges such as the Hong Kong Futures Exchange (HKFE) and the Sydney Futures Exchange (SFE) have not made any particularly significant impact on the world with their individual stock futures products. This is probably at least partially due to their rather secondary status as relatively small markets. They also lacked a true equity derivatives market-making culture at the time of launching these products. The LIFFE initiative is the acid test for single stock futures.

Q. But aren’t there already products which offer the same facility as single stock futures?

A. Not really. In the UK “contracts for difference” (CFDs) offer a sort of perpetual equity contract but they are more cumbersome to execute and maintain than a simple plain vanilla single stock future. Moreover, where an equivalent stock futures contract is available, liquidity is likely to make it cheaper to deal in than a CFD equivalent. Finally, margin on stock futures would appear to be lower than the published rates for CFDs.

Q. So, should CFD brokers be scared about the introduction of single stock futures?

A. No. In fact, while some rather linear brokers have written knocking copy about LIFFE’s Universal Stock Futures (USFs), the irony is that these products will create a much larger appetite for single equity derivatives. However, exchanges will only offer the largest and most liquid products. There is an enormous opportunity for CFD brokers who wish to cover a broader spectrum than the absolutely largest stocks in the world. LIFFE’s USF announcement in particular created the prospect of a much bigger equity cake which will offer an ample chance for CFD brokers who are sufficiently sharp to expand their businesses.

A good analogy can be drawn with the exchange traded funds business which has grown apace in the US and elsewhere in recent years at precisely the same time as the demand for equity index futures (which cynics erroneously suggested would be harmed) has also soared.

Q. So is America left out of the party?

A. Alas, yes. The Shad Johnson accord means that no American can directly trade single stock futures – although doubtless there will be considerable interest from the offshore arms of US institutions in the LIFFE product in particular. The fact that the first Montreal Exchange single stock future will be a Canadian share (Nortel) which is heavily traded in the US will also be an interesting development. American traders operating outside the US will be able to trade universal stock futures.

Q. Is this a product for the retail or the wholesale investor?

A. Both. Single stock futures will allow a range of interesting and cheap strategies to be undertaken efficiently by either the more sophisticated retail investors or a range of professional traders, including hedge funds, more conventional fund managers and all types of short-term equity traders.

Q. Such as?

A. Well, for a start there’s the flexibility of shorting any stock without having to concern yourself with stock borrowing or interest payments etc, thus enabling the selling of stock to be a simple reality for any investor.

Developing on this, one can try what is known as “pairs trading.” Pairs trading involves buying one share and selling another. Usually, the stocks are from the same sector and the play is a relative strength issue. For instance, one might feel that ABC telco has a better outlook than XYZ telco. Therefore one can buy ABC while selling a similar quantity of XYZ. Obviously, this is a lower risk trade than buying or selling equities outright and ought to be a very popular use for all stock futures.

Q. Why don’t investors just use existing options contracts to create the same results?

A. Simplicity. After all, to create a synthetic long or short position in a share, one has to buy a pair of options, with concomitant execution and related risks, as well as greater brokerage expense. There’s also the issue that using in-the-money strikes for synthetic options is usually costly because the bid-offer spread is broader thanks to less liquidity in the in-the-money options.

Single stock futures allow a trader to create a very simple long or short position in a share with a single purchase or sale.

Of course, it will not be lost on traders that the current state of affairs in the US means that they can synthesise stock futures using options, but they cannot actually access what will be a cheaper, more flexible product on futures exchanges thanks to the Shad Johnson restrictions.

Q. But won’t single stock futures just make the world a riskier place?

A. This is the derivatives equivalent to various economic fables which are often perpetuated by clueless members of the fourth estate or the even less intelligent, such as the political classes.

The fact of the matter is that derivative products actually help everybody to manage risks rather than adding to the risks per se. After all, bond and interest rate markets (to name but two) saw their cash market depth and liquidity improve when futures and options were added, so there is no reason to believe that this will not happen when stock futures catch on.

Also, the bid-offer spreads in individual equities the world over are usually quite shocking for those of us in “futuresland” used to a single tick “touch”. Indeed, if you look at equity index futures, you will find that the bid/offer spread is usually narrower than can be found in any single stock, let alone a package of 30, 100 or 500 of them! So, individual equity futures will be a great boon for the retail investor when they take off. Even if a widow or orphan never touches the futures themselves, they have the possibility to profit from a narrower cash bid/offer spread thanks to the positive effects of futures products.



Next month, we’ll start looking at the bigger issues associated with these contracts, in the second part of our guide to the universe of stock futures…

Patrick Young.