=+iii Discuss the relative merits of using traded options rather than futures for speculation. 5 On 14

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=+iii Discuss the relative merits of using traded options rather than futures for speculation.

5 On 14 August British Biotech traded options were quoted on LIFFE as follows:

Calls Puts Option Sept.

Dec.

March Sept Dec.

March British Biotech 160 301/

40 53 74 16 2312

(177/,)

180 2011 31 454/

164/, 27

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