OPTIONS,FUTURES,ANDOTHERDERIVATIVESTENTHEDITIONThispageintentionallyleftblankOPTIONS,FUTURES,ANDOTHERDERIVATIVESJohnC.HullMapleFinancialGroupProfessorofDerivativesandRiskManagementJosephL.RotmanSchoolofManagementUniversityofTorontoTENTHEDITIONNewYork,NYCopyright#2018,2015,2012byPearsonEducation,Inc.,oritsaffiliates.AllRightsReserved.ManufacturedintheUnitedStatesofAmerica.Thispublicationisprotectedbycopyright,andpermissionshouldbeobtainedfromthepublisherpriortoanyprohibitedreproduction,storageinaretrievalsystem,ortransmissioninanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise.Forinformationregardingpermissions,requestforms,andtheappropriatecontactswithinthePearsonEducationGlobalRightsandPermissionsdepartment,pleasevisitwww.pearsoned.com/permissions/.Acknowledgmentsofthird-partycontentappearontheappropriatepagewithinthetext.PEARSONandALWAYSLEARNINGareexclusivetrademarksownedbyPearsonEducation,Inc.,oritsaffiliatesintheU.S.and/orothercountries.Unlessotherwiseindicatedherein,anythird-partytrademarks,logos,oriconsthatmayappearinthisworkarethepropertyoftheirrespectiveowners,andanyreferencestothird-partytrademarks,logos,icons,orothertradedressarefordemonstrativeordescriptivepurposesonly.Suchreferencesarenotintendedtoimplyanysponsorship,endorsement,authorization,orpromotionofPearson’sproductsbytheownersofsuchmarks,oranyrelationshipbetweentheownerandPearsonEducation,Inc.,oritsaffiliates,authors,licensees,ordistributors.LibraryofCongressCataloging-in-PublicationDataHull,John,1946–,author.Options,futures,andotherderivatives/JohnC.Hull,UniversityofToronto.Tenthedition.NewYork:PearsonEducation,[2018].Revisededitionoftheauthor’sOptions,futures,andotherderivatives,[2015].Includesindex.2016051230|013447208X1.Futures.2.Stockoptions.3.Derivativesecurities.HG6024.A3H852017|332.64/5–dc23LCrecordavailableathttps://lccn.loc.gov/201605123010987654321ISBN-10:013447208XISBN-13:9780134472089VicePresident,BusinessPublishing:DonnaBattistaDirectorofPortfolioMana...
