Billionaire Fund had the following trades in SingTel shares in the options market through ASC Man brokers. The stock exchange requires that the writer of the options maintain 10 percent of the value of the contract as margin money throughout the life of the contract. On September 23 Billionaire Fund introduced $200,000 as capital.

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Date Product Strike Price Expiry Quantity Rate (S$) B/S Brokerage 23-Sep-X1 Put S$ 50 16-Nov-X1 10,000 5.00 23-Oct-X1 Put S$ 50 16-Nov-X1 8,000 4.00 10-Nov-X1 Put S$50 16-Nov-X1 12,000 3.00 SSB 540 440 720 Liquidation Method FIFO Market Rate of Underlying SingTel: September 30: S$48.00 October 31: S$43.00 November 16: S$55.00 Market Rate of SingTel Put Option with Strike Price S$50, Expiry March 16 September 30: S$2.00 October 31: S$6.00 FX Rate S$/US$ September 23: 1.5210 September 30: 1.532 October 23: 1.4956 October 31: 1.500 November 10: 1.5148 November 16: 1.5463