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In options trading, a box spread is a combination of positions that has a certain i.e. riskless payoff, considered to be simply 'delta neutral interest rate position'. For example, a bull spread constructed from calls e.g. long a 50 call, short a 60 call combined with a bear spread constructed from puts e.g. long a 60 put, short a 50 put has a constant payoff of the difference in .

Alternative wine closure

Synthetic corks are made from plastic compounds designed to look and 'pop' like natural cork, but without the risk of TCA contamination. Disadvantages of synthetic corks include a risk of harmful air entering a bottle after as little as 18 months, difficulty in extracting them from the bottle, and difficulty in using the cork to reseal the wine.

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Synthetic position

The synthetic long put position consists of three elements: shorting one stock, holding one European call option and holding − dollars in a bank account. Here K & 92;displaystyle K is the strike price of the option, and r & 92;displaystyle r is the continuously compounded interest rate , T & 92;displaystyle T is the time to expiration and S & 92;displaystyle S is the spot price of the stock at .

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