accululator股票掛勾衍生工具一問？

Accumulator is a kind of derivative very popular recently in private banking. The mechanism is that the customers enjoy high yield of deposits if the underlying stock such as HK Exchange price move up. However, if the stock proce drop below a certain % of the price (say 80% of the predetermined price that is strike), the customer will need to buy that stock at the strike price. Furthermore, if the structure is leveraged, the client will buy 2 times or 3 times the amount of stock when it fall below strike. They will need to bring money to the bank to purchase the stocks. Therefore, if they do not have enough money, they will bear large debts.

2008-03-28 10:23:36 補充：
所謂Accumulator是一種以合約形式買賣的衍生產品，為投行與客戶近年興起的場外交易，一般投行會與私人客戶簽定最長達1年的合約，大戶有權以指定價格向投行購入某股。以港交所(0388)為例，股價處於258元時部分合約指定價設於220元，大戶每日透過孖展以220元買入1手並即時沽貨，理論上「除笨有精」；惟該股跌穿220元後，投行有權要求大戶以220元接貨2手，資金不足的大戶要不即時補倉，要不即接即沽損手離場加速該股跌勢。