A New Role for Options

Roger F. Murray

Journal of Financial and Quantitative Analysis, 1979, vol. 14, issue 4, 895-899

Abstract: During the explosive growth in options markets, from 18.1 million contracts traded in 1975 to 57.2 million in 1978, institutional participation has lagged. While precise measures are not available, informed estimates suggest that only 12 to 15 percent represents true institutional activity in spite of the fact that one by one, tax, regulatory, and conceptual barriers have been reduced or eliminated. In addition to such retarding factors as lethargy, prejudice, and unfamiliarity, there are still some fundamental characteristics of options which make questionable the prudence of their use by fiduciaries or asset managers in a fiduciary position.

Date: 1979
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