Given the following SPY options prices, could you find any arbitrage opportunities if there is no dividend? If so, please construct the arbitrage procedure and calculate the arbitrage profits. According to the regulations for futures trading, please explain why CME only allows sellers to request for delivery? A trader longs a European call and shorts a European put option. The options have the same underlying asset, strike price and maturity. Please depict the trader's position. Under what conditions is the value of position equal to zero? A company enters into a short futures contract to sell 5000 bushels of wheat for 250 cents per bushel. The initial margin is $3000 and the maintenance margin is $2000. What price change would lead to a margin call? A bank offers a corporate client a choice between borrowing cash at 11% per year and borrowing gold at 2% per year. Given the risk free interest rate is 9.25 per year, and storage costs are 0.5% per year. Should you borrow cash or gold? Currently, most of hedgers in volatility' index futures (VIX) market are buyers and most of the speculators are sellers. What should be the relationship between the futures price and expected future price? Why? The US stock market dropped more than 1% due to the potential crisis of Deutsche Bank (DB) on Sep. 29, 2016. Some investors believed that the market overreacted to DB and the price should bounce bank in the following trading section. Do you agree? Why