FA-61633 / Options payoff and settlement / Member archive

Uncovered short option margin requirement: premium is only part of the percentage branch · case 03

Options at the minimum requirement exclude their own premium.

Member previewVariant 3 · 3 implementations · 8 checks per implementation

Case contract

Inputs kind, underlying price, strike, premium, contracts and multiplier. Out-of-the-money amount is max(K-S,0) for calls and max(S-K,0) for puts. Per-unit requirement = premium + max(20% of underlying - OTM amount, 10% of floor base) where the floor base is the underlying for calls and the strike for puts. Return requirement*multiplier*contracts rounded to cents.

Why this case matters

Option expiry, exercise and settlement engines move cash and shares; a wrong branch misstates obligations.

One recorded failure

Sample boundary fixture

This sample comes from the broken implementation of a controlled reproducer.

Boundary fixture	Actual	Expected	Outcome
regression premium inclusion 1	`950.0`	`1290.0`	Failed

MEMBER ARCHIVE

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