Traders perform conversions when options are relatively overpriced by purchasing stock and selling the equivalent options position.

Some options positions require a firm to adjust its hedging positions every day, even if it does not undertake any new trades with customers.

The average price of CAO's total options position was US$ 48/barrel.

He was not authorized to trade in the Treasury futures pit except to cover options positions.

Later in the morning, Mr. Stern's eldest son, Jeffrey, began directing from his computer the even more complicated task of unwinding the options positions.

Before taking any options position, she said, investors should reassess just how bullish or bearish they want to be.

As it happened, traders said, many traders who were closing out options positions needed to buy stocks.

Until now, only firms acting for their own accounts were allowed to have one margin account for combined futures and options positions.

Others had to establish separate margin accounts for their futures and options positions.

Short interest may also be affected by options positions.