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Team Kulture

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Theodore Cruz
Theodore Cruz

Fair Strike !LINK!



where $S*$ is some fixed reference price that you can think of as the approximate at-the-money forward stock level that marks the boundarybetween liquid puts and liquid calls, $S_0$ is underlying current spot price, $P(K)$ and $C(K)$ are current prices of put and call both with the strike $K$ respectively, $r$ is risk-free rate and $T$ is time to expiration.




Fair Strike



The language around implied volatility can be a bit loose. For example, the Black-Scholes implied volatility of an at-the-money call on a stock could be 15%. For a 10% out-of-the-money put option on the same stock, the Black-Scholes implied volatility could be 18%. The variance swap is a measure of the overall implied volatility, not connected with a particular strike price. You could think of it as a weighted average of the implied volatilities of struck options, as given by the integral formulae in @zer0hedge answer.


In equation B4 of Appendix B, the author takes the Taylor Series of the variance swap replication portfolio with the constant term being equal to implied volatility squared. For me, this implies that the fair strike of a variance swap is equal to implied volatility squared when there is no skew in the IV surface.


I developed a tool to replicate fair variance strike and I always get a value higher than the IV squared when I use constant volatility to price each option in the replication. I get similar results when I use my trader's pricer at my job. I doubt there is a numerical error as I am simply doing a partial sum. Hence, I would expect the error to underprice the fair strike.


As many of you know, we have begun strike authorization votes at most of our NYC private sector hospitals and will be done voting at those facilities in the next couple days, with the goal to complete all our votes at all of our facilities by the end of the year. So far, an overwhelming majority of our NYSNA colleagues are voting yes to authorize a strike.


An Oscar statue with a table setting in the background is displayed during a preview of food and decor for the 80th Academy Awards Governors Ball in Hollywood January 30, 2008. No one will get inside one of Hollywood's most exclusive Oscar night parties this year: Vanity Fair magazine said on Tuesday it was scrapping its famous fete in support of Hollywood's writers in their three-month-old strike. REUTERS/Phil McCarten


As many hospital CEOs continue to take significant raises on multi-million-dollar salaries, executives offer nurses just 4 percent in average annual wage increases VIDEO: Watch video of nurses announcing their intent to strike.


Graduate student researchers and academic student workers at the University of California voted this week to approve new contracts, ending their six-week strike today (Dec. 23). Under the terms of the new contracts, these workers will be among the best supported in public higher education in the country.


The University continues to do everything possible to mitigate the impacts of a strike and ensure continuity of instruction and research. We have appropriate measures in place to ensure instructional continuity and are encouraging faculty departments and academic units to provide additional support and resources for student learning. Our campuses will be prepared for contingencies in the event a strike impacts the conclusion of the academic term.


A single mom of three school-aged kids, Congresswoman Porter has been a staunch advocate for families throughout her time in Congress. She recently reintroduced legislationto strike an unfair penalty against single parents in the tax code, as well as a bill to more than double the amount of pre-tax income families can set aside for dependent care. She has also been an outspoken advocate for moms, who have been disproportionately forced out of work during the pandemic.


The fair market value of a public company is open to the public and established by the market. The FMV of a share of common stock in a private corporation is the acknowledged current value of that share. Independent third-party appraisers assess fair market value. It represents the value of the stock on the open market.


If the stock price rises, the employee will profit if the option is exercised at the strike price that is lower than the current stock price or FMV. If the stock loses value, the option will be worthless, and the employee will not exercise the option and hence suffers no loss.


Private companies usually use an independent 409A valuation provider to evaluate the fair market value of their common shares. This can help them avoid expensive audits and their employees from penalties.


When the FMV of the stock increases, the difference between the FMV and the option strike price is called the spread. This is the underlying value of the stock. When the spread is positive, options are considered ITM.


After their previous labor contracts expired in July and months of stalled negotiations fell flat, the strike began on Nov. 19, when 34 dump truck drivers at Gary Merlino Construction set up picket lines at their facilities in Renton and South Park. By Dec. 3, that number had swelled to 330 as these drivers were joined by cement mixer drivers, concrete pourers, and a host of mechanics, plant and lab technicians, and yard workers at facilities across King County, putting a stop to the majority of concrete deliveries.


University staff across Oregon are fighting though one of the most difficult contract negotiations in years. Unlike their counterparts at State agencies, administrators at the seven public universities have refused to offer us fair raises and benefits. While many of them receive six figure salaries (four even make a cool seven figures), they leave a large number of classified staff with less than living wages. The economy is strong and Higher Ed funding is at a record high. It is time for change. That is why employees across all campuses are pledging to strike if the time comes.


A strike is when workers withhold their labor, effectively rendering their workplace unable to continue without them. While management and employers tend to hold most of the money and resources, the employees who make a workplace function have the people. We do the work that makes the university system possible, and so when management treats us as though we do not matter, we remind them we do matter by taking a bit of our power back. By walking out on strike we reclaim the strength we have when we act collectively through our union, and it is the strongest tool we have to push management to do the right thing.


Strikes are the last resort for a union bargaining a contract, and if management refuses to make fair concessions in the negotiating process then the employees can decide to walk away and strike as a way of exerting pressure. Striking only works as a negotiating tactic if most of the employees are on board, which is why employees are signing strike pledge cards right now. If negotiations continue to be stalled then a strike vote will be issued and members can decide if they want to authorize a strike.


A strike is called by a majority vote. Each and every worker will have to make the choice about whether or not they will stand with their coworkers on the picket line. A strike is only successful if we come together in collective strength and it is critically important that we stand together during this process.


We understand a lot is on the line for employees when they are walking the picket line, but a lot is on the line in contract negotiations as well. Management wants to keep wages low, keep you below market rate, and undermine the protections you enjoy at work as part of a union. The quality of your job is in question right now. So when we join together as a union and choose to join a strike, we are doing everything possible to save our workplaces.


Strikes do not happen in isolation. Employees will be working with a whole range of supporters. We are already working with student groups and other unions on campus, and making the ask that they will not cross the picket line. This means that they will respect that the strike is happening and refuse to enter places where workers are striking and will not do work that is normally performed by the classified staff taking their union action. Community groups from around the state will also be signing community support petitions, and politicians from across Oregon will be speaking out. We are a strong unit and Oregon supports us.


Strike FundThe SEIU Local 503 board recently approved $500,000 to create a Hardship Fund to support workers who do go out on strike. For people who lose wages for the few days they are away from work during the strike, they can apply for money from that Hardship Fund as a way of filling the gaps. As a union, we come together to support each other when things get hard, and this is a way of maintaining our strength even when we put ourselves on the line during a strike.


There are three primary ways that a person can get this kind of support if they are on strike. The first is through a picket stipend of $400 per week to help fill the gaps lost if they go on strike for more than seven days. The second is the hardship fund mentioned above, which will address bigger issues that a member faces because of the strike period, such as missed bills. The third will be an additional Hardship Fund that is specific to sub-locals, adding to the number of financial resources that members will have access to.


To raise your voice and support your team you should make sure to sign a strike pledge here. This just means that you commit to joining the strike if it is authorized, but a strike vote will not happen until September .


The government today (15 July 2015) introduces new reforms to strengthen strike laws, ensuring the right to strike is fairly balanced with the right of people to be able to go about their daily lives and work.


People have the right to expect that services on which they and their families rely are not going to be disrupted at short notice by strikes that have the support of only a small proportion of union members. 041b061a72


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