Quantitative and qualitative aspects of Asian and Australian options

虽然亚洲期权在世界各地都非常受欢迎，并在场外交易，但只有极少数国家以机构为基础进行交易。澳大利亚就是其中之一。可变购买期权(VPO)自1992年以来在澳大利亚证券交易所交易，收益由股票的商数及其平均价格决定。它们构成了澳大利亚衍生品市场的重要组成部分，外国投资者尤其感兴趣，因为他们在国内市场上找不到这种金融产品。为了最大限度地为澳大利亚金融市场和经济带来好处，有必要更好地了解这些产品。

While Asian options are highly popular and traded over the counter all over the world, they are traded on an institutional basis in only very few countries. Australia is one of them. Variable purchase options (VPO's), where the payoff is determined by the quotient of a stock and its average price, are traded on the Australian stock exchange since 1992. They build an important component of the Australian derivatives market and are particularly interesting for foreign investors, who are not able to find this sort of financial product on their domestic markets. A better understanding of these products is necessary to maximize the benefits for Australia's financial markets and economy.