Options are mainly used to protect the capital (long puts), especially with regard to high currency exposures.
Only occasional use of options in the context of a so called ‘yield enhancement strategy’ (covered short calls on existing equity positions to generate an additional income or short puts in order to purchase equity at favourable prices).
Options will be used for speculative purposes only on an exceptional basis. Speculative positions in options are only established after having received the client’s specific approval.
There will be no transactions carried out in financial futures.
