Singapore Dipendenti Stock Option

Di oggi Borsa Notizie amp analisi in tempo reale After Hours Pre-Market News Flash Citazione Sommario Citazione Interactive Grafici predefiniti Impostazione Si prega di notare che una volta effettuata la selezione, che si applicherà a tutte le visite future a NASDAQ. Se, in qualsiasi momento, si è interessato a ritornare alle nostre impostazioni predefinite, selezionare Impostazioni predefinite sopra. Se avete domande o incontrano problemi nel cambiare le impostazioni predefinite, inviare un'e-mail isfeedbacknasdaq. Si prega di confermare la selezione: Hai scelto di modificare l'impostazione predefinita per il preventivo Cerca. Questo sarà ora la tua pagina di destinazione predefinita a meno che non si cambia di nuovo la configurazione, o si eliminano i cookie. Sei sicuro di voler modificare le impostazioni Abbiamo un favore da chiederti Si prega di disattivare il blocco annuncio (o aggiornare le impostazioni per garantire che JavaScript ei cookie sono abilitati), in modo da poter continuare a fornire la notizia mercato di prim'ordine ei dati youve si aspettano da us. Glossary di opzioni Terminologia Aggiornato 1 gennaio 2017 Indice alfabetico da accumulo ordine - Se le scorte iniziano a muoversi lateralmente dopo un calo significativo in quanto gli investitori iniziano ad accumulare. Rettificato Opzioni - stock option non standardizzate con condizioni personalizzate al fine a scontare grandi cambiamenti nella struttura del capitale sottostante scorte. Leggi l'intero tutorial su Opzioni regolata. Tutto o niente (AON) Order - Un ordine che deve essere riempito completamente, altrimenti non verrà eseguito. Questo è un ordine utile per i commercianti opzione esecuzione di strategie di opzioni complesse che ha bisogno di essere riempito con precisione. Tipi di ordini opzioni spiegate. American-Style Option - Un contratto di opzione che può essere esercitato in qualsiasi momento tra la data di acquisto e la data di scadenza. La maggior parte delle opzioni negoziate in borsa sono in stile americano. Leggi il tutorial su Opzioni di stile americano. Arbitraggio - L'acquisto simultaneo e vendita di strumenti finanziari al fine di beneficiare di differenze di prezzo. commercianti opzione spesso cercano differenze di prezzo dello stesso contratto di opzione tra le diverse borse di opzione, beneficiando un commercio privo di rischi. Ulteriori informazioni sulle opzioni di arbitraggio. Chiedi Prezzo - Come utilizzato nel tentativo frase e ha chiesto è il prezzo al quale un potenziale venditore è disposto a vendere. Un altro modo di dire questo è il prezzo richiesto per quello che qualcuno sta vendendo. Si acquista contratti di opzione ed azioni in loro prezzo Ask. Per saperne di più sulle opzioni di prezzi. Assegnare - designare uno scrittore un'opzione per l'adempimento del suo obbligo di vendere le azioni (call option scrittore) o comprare magazzino (opzione put scrittore). Lo scrittore riceve un avviso di assegnazione della Options Clearing Corporation. Ulteriori informazioni sulle opzioni di assegnazione. Al Denaro - Quando un prezzo di opzioni d'esercizio è uguale al prevalente prezzo delle azioni. Saperne di più su le opzioni di denaro. Esercizio automatico - una procedura di protezione con cui il Options Clearing Corporation tenta di proteggere il titolare di un'opzione con scadenza in-the-money esercitando automaticamente l'opzione per conto del titolare. Auto-negoziazione - Un accordo a tre vie per avere il vostro broker di opzioni eseguire automaticamente il commercio consigliato dal servizio di opzioni di consulenza. Per saperne di più su Auto-Trading. Backspread - vedi strategia inversa. Saperne di più su Backspreads. Opzioni Barrier - opzioni esotiche che viene all'esistenza o va fuori dell'esistenza, quando è stato raggiunto alcuni prezzi. Ulteriori informazioni sulle opzioni barriera Qui Bearish - un parere che si aspetta un calo dei prezzi, sia per il mercato generale o da un titolo sottostante, o entrambi. Opzioni ribasso Strategie - Diversi modi per utilizzare le opzioni del risultato ordine da un basso muovono nel titolo sottostante. Leggi il tutorial su strategie di opzioni ribassista. Orso Spread - una strategia di opzione che fa il suo massimo profitto quando lo stock diminuisce sottostante ed ha il suo massimo rischio se il titolo sale di prezzo. La strategia può essere attuata sia con puts o chiamate. In entrambi i casi, un'opzione con un prezzo superiore colpisce è acquistato e uno con un prezzo sorprendente inferiore è venduto, entrambe le opzioni generalmente avente la stessa data di scadenza. Vedi anche Bull Spread. Opzione Strategia biblioteca. Bear Trap - Qualsiasi movimento in discesa tecnicamente non confermato che incoraggia gli investitori ad essere ribassista. Di solito precede rally forti e spesso coglie gli incauti. Beta - Una cifra che indica la propensione storica di un prezzo delle azioni di muoversi con il mercato azionario nel suo complesso. Bid Price - Il prezzo al quale un potenziale acquirente è disposto ad acquistare da voi. Questo significa che si vende al prezzo di offerta. Per saperne di più sulle opzioni di prezzi. BidAsk Spread - La differenza tra il prezzo di offerta prevalente e chiedere. In generale, contratti di opzione che sono più liquidi tendono ad avere una più stretta BidAsk diffusione, mentre i contratti di opzione che sono meno liquidi e sono sottilmente negoziati tendono ad avere una più ampia BidAsk Spread. Per saperne di più sulle opzioni di prezzi. Opzioni Binarie - Opzioni che o si paga un rendimento fisso quando si finisce in the money per scadenza o niente del tutto. Per saperne di più opzioni binarie. Black-Scholes Model - Una formula matematica progettato per prezzo un'opzione in funzione di alcune variabili-in generale prezzo delle azioni, il prezzo colpisce, volatilità, tanto in scadenza, i dividendi da pagare, e il tasso d'interesse privo di rischio corrente. Saperne di più su modello di Black-Scholes. Box Spread - un complesso a 4 zampe opzioni strategia di trading lo scopo di trarre vantaggio da discrepanies dei prezzi opzioni per un arbitraggio privo di rischio. Ulteriori informazioni su spread Box. Break - Even Point-il prezzo delle azioni (o prezzi) in cui una particolare strategia non fa né perde denaro. Spetta generalmente al risultato, alla data di scadenza delle opzioni coinvolti nella strategia. Un punto di pareggio quotdynamicquot è uno che cambia col passare del tempo. Larghezza - Il numero netto delle scorte avanzare rispetto a quelli in declino. Quando avanza superano declina l'ampiezza del mercato è inclinando. Quando i cali superano avanza il mercato è in declino. Breakout - Che cosa si verifica quando un prezzo delle azioni o si muove in media al di sopra di un precedente livello di resistenza elevata o inferiore a un precedente livello di supporto basso. Le probabilità sono che il trend continuerà. Bullish - un parere in cui ci si aspetta un aumento di prezzo, sia per il mercato generale o da un singolo titolo. Opzioni Rialzista Strategie - Diversi modi di usare le opzioni del risultato ordine da un verso l'alto muoversi nel titolo sottostante. Leggi il tutorial su strategie di opzioni rialzista. Bull call spread - Una strategia rialzista opzioni che mira a ridurre il costo iniziale di acquisto di opzioni call, al fine di trarre profitto dalle scorte che si prevede un aumento moderato. Leggi il tutorial su Bull call spread. Bull Spread - una strategia di opzione che raggiunge il suo massimo potenziale se il titolo sottostante si alza abbastanza lontano, e ha il suo massimo rischio se la sicurezza cade abbastanza lontano. Un'opzione con un prezzo inferiore colpisce è comprato e uno con un prezzo più elevato che colpisce è venduto, sia in generale che hanno la stessa data di scadenza. Sia puts o chiamate possono essere utilizzati per la strategia. Opzione Strategia biblioteca. Bull Trap - Qualsiasi mossa tecnicamente non confermato al rialzo che incoraggia gli investitori ad essere rialzista. Di solito precede cali importanti e spesso sciocchi coloro che non aspettano la conferma forma da altri indicatori. Farfalla Spread - Una strategia di opzione neutra che ha sia un rischio limitato e il potenziale di profitto limitata, costruito combinando uno spread toro e uno spread orso. Tre prezzi di esercizio sono coinvolti, con il più basso due sono utilizzati nella diffusione toro e il più alto di due nella diffusione orso. La strategia può essere stabilita sia con puts o chiama ci sono quattro diversi modi di combinare opzioni per costruire la stessa posizione di base. Imparare tutto su La diffusione farfalla. Acquista Per aprire - per stabilire una posizione opzioni andando a lungo. Leggere il Buy Aprire tutorial. Call - vedere Opzione Call. Call rotto Stendere ala di farfalla - uno spread a farfalla con un profilo riskreward distorta che non fa perdite o addirittura una leggera credito quando il titolo sottostante rompe al ribasso. Ciò si ottiene con l'acquisto di un'ulteriore colpire delle opzioni call soldi di un normale spread a farfalla. Leggi il tutorial on Call rotto Diffusione ala di farfalla. Chiama rotto diffusione ala Condor - uno spread Condor con un profilo riskreward distorta che non fa perdite o addirittura una leggera credito quando il titolo sottostante rompe al ribasso. Ciò si ottiene con l'acquisto di un'ulteriore sciopero fuori delle opzioni call soldi di un regolare diffusione Condor. Leggi il tutorial su Broken chiamata Ala Condor Spread. Call Ratio backspread - Una strategia di opzioni di credito di trading con profitto illimitato di profitto rialzo e al ribasso limitata attraverso l'acquisto di più out of the money chiama rispetto al denaro chiamate sono in cortocircuito. Leggi il tutorial sul rapporto chiamata backspread. Call Ratio Spread - Una strategia di trading opzioni di credito con la possibilità di trarre profitto quando un titolo va alto, in basso o lateralmente attraverso il corto circuito più out of the money chiama rispetto al denaro chiamate vengono acquistati. Leggi il tutorial sul rapporto di call spread. Chiama Ora Spread - Un altro nome per Call Calendar Spread. Una strategia di Trading Opzioni in cui vengono acquistate opzioni call a lungo termine e opzioni call vicino a termine sono scritti al fine di trarre profitto dal tempo di decadimento. Leggi il tutorial su chiamata Diffusione momento. Chiamato Away - Il processo in cui uno scrittore opzione call è obbligato a cedere il titolo sottostante al compratore dell'opzione ad un prezzo pari al prezzo di esercizio della call option. Leggi il tutorial su chiamato via. Calendario Spread - Un tipo di strategia di trading di opzioni che utilizza una combinazione di opzioni con diverse date di scadenza, al fine di trarre profitto soprattutto dal tempo di decadimento. Leggi tutto su spread calendario. Calendario Straddle o COMBINATION - Una complessa strategia di opzioni neutrali per l'acquisto di uno straddle lungo termine e la vendita di uno straddle breve termine. Leggi tutto su Calendar Straddle. Calendario Strangle - Una complessa strategia di opzioni neutrali per l'acquisto di un strangolamento a lungo termine e la vendita di un strangolamento a breve termine. Leggi tutto su Calendar Strangle. Opzioni chiamata - Opzioni che conferisce al titolare il diritto di acquistare il titolo sottostante ad un determinato prezzo per un certo periodo fisso di tempo. Leggi Tutto su Opzioni chiamata. Capitalizzazione - La quantità totale di titoli emessi da una società. Questo può includere: obbligazioni, obbligazioni, azioni privilegiate, azioni ordinarie e surplus. Cash Put Secured - opzioni put brevi che sono completamente coperti da denaro necessario in caso di una cessione. Leggi Tutto su Cash Put sicuro. Pagamento in contanti contanti Consegnato - Opzioni che, se esercitata, batte il profitto in contanti invece di un'attività sottostante. Articolo dedicato a Cash Settled Opzioni. CBOE - Il Chicago Board Options Exchange il primo scambio a livello nazionale per il commercio di stock option elencate. CBOE VIX - Vedi VIX. Catena - Un elenco di opzioni cita tra più prezzi di esercizio. Per saperne di più sulle opzioni di catene. Classe di Opzioni - contratti di opzione dello stesso tipo e lo stile che copre la stessa attività sottostante. Close - Periodo al termine di una giornata di negoziazione in cui vengono calcolati i prezzi finali per la giornata. Chiusura Order - Il riacquisto o vendere fuori di un'opzione per il quale un commerciante opzione ha la posizione opposta. Un commerciante di opzione che scrive un'opzione call eseguirà un ordine di chiusura con l'acquisto di chiudere tale opzione call. Un commerciante di opzione che hanno acquistato un'opzione call eseguirà un ordine di chiusura con la vendita di chiudere tale opzione call. Tipi di ordini opzioni spiegate. Condor Spread - Una strategia di opzione neutra complesso che beneficia di una compravendita di azioni all'interno di un intervallo prestabilito. Articolo dedicato a Condor diffonde Qui contango - Un termine proveniente dal mercato del petrolio. Questo è quando più lontano mese la volatilità implicita è più elevata rispetto al mese la volatilità implicita più vicino. Questo è indicativo di una condizione normale di mercato. Contingent Order - Un avanzato ordine opzioni personalizzabili che innesca subordinato l'adempimento dei criteri predeterminati. Per saperne di più sugli ordini potenziali. Correzione - Quando uno stock scende nel prezzo temporaneamente per poi risalire in seguito. Dimensione del contratto - La quantità di sottostante coperto dal contratto di opzione. Questo è generalmente 100. Se un'opzione viene citato per 2,50, quindi un contratto costerebbe 2,50 x 100 250 e coprirebbe 100 azioni. Contratto di copertura Neutro - Una tecnica di copertura statica che coinvolge l'acquisto di 1 put o vendere 1 un'opzione call per ogni 1 azione posseduta. Saperne di più su contratto Neutral copertura Qui Contrariamente Opinione - La convinzione opposta a quella della Andor pubblico Wall Street. E 'più importante presso i principali punti di svolta del mercato. Un consenso generale di opinione, sia rialzista o ribassista, di solito segna un estremo. Un investitore prendendo una tesi opposta di solito beneficiare nel tempo. Conversione - La trasformazione di un lungo magazzino posizione in una posizione che è breve lo stock utilizzando opzioni, senza chiudere la posizione originale lunghi stock, attraverso l'utilizzo di posizioni sintetiche. Per saperne di più conversioni. Consolidamento - Se le scorte comincia ad andare di traverso dopo un aumento significativo in quanto gli investitori iniziano a vendere alcune delle loro partecipazioni di prendere profitto. Campo di gara - Il prezzo più alto e quello più basso che un contratto di opzione è stato scambiato a. Per saperne di più su contratto Range. Cover - di riacquistare come un'operazione di chiusura un'opzione che è stato inizialmente scritto. Coperto chiamata scrittura - una strategia in cui si scrive opzioni call e contemporaneamente possedere un pari numero di azioni del titolo sottostante. Leggi tutte le chiamate About coperto qui coperti di scrittura Put - una strategia in cui si vende opzioni put e allo stesso tempo è breve un pari numero di azioni del titolo sottostante. Imparare tutto su Il Put coperto. Coperto Straddle scrittura - il termine usato per descrivere la strategia in cui un investitore possiede il titolo sottostante e anche scrive un straddle su quello della sicurezza. Questo non è davvero una posizione coperta. Covered Warrant - il termine usato per i warrant strutturati che funziona quasi esattamente la stessa di opzioni call e put. Leggi le differenze tra Warrant Opzioni. Credito - Il denaro ricevuto in un conto. Una transazione di credito è quello in cui i ricavi netti di vendita sono più grandi delle buy proventi netti (COST), portando così il denaro sul conto. Ci sono molte strategie opzione di credito. Articolo dedicato a debito e di credito si diffonde Qui credito spreadsheets Una posizione Credit Spread è uno spread un'opzione in cui i ricavi netti di vendita sono più grandi delle buy proventi netti (COST), portando così il denaro sul conto. Per saperne di più su spread creditizi. Giorno Order - Un ordine che scade alla fine del giorno di mercato, se non viene eseguito. Leggi Tutto su Opzioni gli ordini qui il Giorno commerciante Daytrader - I commercianti che aprono e le posizioni di opzione stretti o più posizioni di opzione tutti all'interno della stessa giornata di trading. Giorno di negoziazione Daytrading - methodolody Trading che consiste nel rendere più mestieri che vengono aperte e chiuse tutte nello stesso giorno di negoziazione. Per saperne di più stili di Trading Opzioni. Debito - Una spesa, o soldi pagati da un conto. Una operazione di addebito è quello in cui il costo netto è superiore ai proventi della vendita netti. Debito Spread - spread option che si deve pagare per mettere su. Per saperne di più spread di debito. Decay - vedere il tempo di decadimento da fornire - Le attività finanziarie che vengono consegnati ai titolari opzioni quando le opzioni sono esercitate. Delta - l'importo di cui un prezzo option146s cambierà per una corrispondente variazione di prezzo da parte dell'ente sottostante. Le opzioni call avere delta positivi, mentre le opzioni put hanno delta negativo. Tecnicamente, il delta è una misura istantanea della variazione di prezzo option146s, in modo che il delta sarà alterata per variazioni anche frazionata da parte dell'entità sottostante. Di conseguenza, i termini quotup deltaquot e quotdown deltaquot potrebbe essere a pagamento. Essi descrivono il cambiamento option146s dopo un cambio completo 1 punto di prezzo del titolo sottostante, sia verso l'alto o verso il basso. Il deltaquot quotup può essere più grande della deltaquot quotdown per un'opzione call, mentre il contrario è vero per opzioni put. Per una spiegazione più dettagliata su Delta e altri greci, vai a Opzioni di Delta. Delta Neutral - Quando le opzioni delta positivo e opzioni delta negativo compensano l'un l'altro per la produzione di una posizione che né guadagni né diminuisce in valore del titolo sottostante si muove leggermente verso l'alto o verso il basso. Tale posizione restituirà un profitto non importa in che modo l'azione sottostante casualmente muove finché il movimento è significativo. Imparare a eseguire Delta Trading neutro. Delta Spread - Uno spread rapporto che si instaura come una posizione neutrale, utilizzando i delta delle opzioni coinvolti. Il rapporto neutro è determinato dividendo il delta dell'opzione acquistata dal delta dell'opzione scritta. Derivati ​​- Uno strumento finanziario il cui valore è derivato in parte dal valore e le caratteristiche di un altro strumento finanziario. Esempi di derivati ​​sono opzioni, futures e warrant. Diagonale di chiamata Tempo Spread - Una strategia di trading di opzioni neutro trarre profitto in primo luogo attraverso il tempo di decadimento con l'acquisto di lungo termine alle opzioni call denaro e il corto circuito di breve termine fuori delle opzioni call soldi contro di loro. Leggi la diffusione Tutorial diagonale chiamata Tempo. Diagonal Spread - Una opzioni sparse sullo stesso sottostante, stesso tipo, ma diverso mese di scadenza e sciopero. Leggere il Tutorial diffusione diagonale. Sconto - Un'opzione è scambiato a uno sconto se si è scambiato per meno rispetto al suo valore intrinseco. Un futuro è scambiato a uno sconto se si è scambiato a un prezzo inferiore al prezzo in contanti del suo indice sottostante o merce. Vedere anche valore intrinseco e di parità. Discount Broker - Una società di brokeraggio che offre tassi di commissione bassi. Ottenere un elenco di broker di opzioni Qui Dividendo - Quando una società paga una quota dei profitti agli azionisti esistenti. Questa quota di utile può essere in denaro o opzioni. Leggere circa gli effetti di dividendi su stock option. Downside Protezione - generalmente utilizzato in collegamento con la scrittura chiamata coperto, questo è il cuscino contro la perdita, nel caso di un calo dei prezzi del titolo sottostante, che viene offerta dalla opzione call scritta. In alternativa, può essere espressa in termini della distanza lo stock può cadere prima della posizione totale diventa una perdita (un importo pari al premio opzionale), oppure può essere espresso come percentuale del prezzo corrente. Dinamico copertura - Una tecnica di copertura che richiede costantemente riequilibrio, al fine di mantenere il rapporto di copertura. Esercizio anticipato (assegnazione) - L'esercizio o la cessione di un contratto di opzione prima della sua data di scadenza. Employee Stock Option - stock option assegnate ai dipendenti dalle loro aziende come mezzo di compensazione e di incentivazione. Saperne di più su Employee Stock Options. Equità Opzione - Un'opzione che ha azione comune come titolo sottostante. ETF - Exchange Traded Funds. Aprire i fondi ended negoziabili su uno scambio proprio come un magazzino. ETF ha reso possibile per gli investitori di investire in una varietà di altri strumenti come oro e argento, proprio come investire in azioni. Esercizio europea - Una caratteristica di un'opzione che prevede che l'opzione può essere esercitata solo alla sua scadenza. Pertanto, non ci può essere assegnazione iniziale con questo tipo di opzione. Leggi il tutorial su Opzioni di stile europeo. Esercizio - per invocare il diritto concesso ai sensi di un contratto di opzioni elencate. Il titolare è colui che esercita. titolari di chiamata esercitano di acquistare il titolo sottostante, mentre i titolari di Put di vendere il titolo sottostante. Leggi il tutorial su come esercitare un'opzione. Esercizio Limite - Il limite per il numero di contratti che un supporto in grado di esercitare in un determinato periodo di tempo. Impostare dallo scambio opzione appropriata, che è progettato per impedire un investitore o un gruppo di investitori dal quotcorneringquot mercato in un magazzino. Prezzo di Esercizio - Il prezzo al quale il titolare opzione può acquistare o vendere il titolo sottostante, come definito nei termini del suo contratto di opzione. E 'il prezzo al quale il titolare può esercitare chiamata di acquistare il titolo sottostante o il titolare può esercitare put per vendere il titolo sottostante. Per le opzioni elencate, il prezzo di esercizio è lo stesso del Prezzo di Esercizio. Rendimento atteso - Un piuttosto complessa analisi matematica che coinvolge distribuzione statistica dei prezzi delle azioni, è il ritorno che un investitore potrebbe aspettare di fare un investimento se dovesse fare esattamente lo stesso investimento numero di volte nel corso della storia. Data di scadenza - Il giorno in cui un contratto di opzione diventa nullo. La data di scadenza per stock option di cui è il Sabato dopo il terzo Venerdì del mese di scadenza. Tutti i possessori di opzioni devono indicare il loro desiderio di esercitare, se desiderano farlo, entro tale data. Leggi l'intero tutorial su Opzioni di scadenza. Ora di scadenza - L'ora del giorno con il quale tutte le comunicazioni di esercizio devono essere ricevute alla data di scadenza. Tecnicamente, il tempo di scadenza è attualmente 17:00 alla data di scadenza, ma i titolari pubblici di contratti di opzione deve indicare la volontà di esercitare entro e non oltre 17:30 del giorno lavorativo precedente la data di scadenza. I tempi sono Eastern Time. Scadere senza valore - Quando out of the money opzioni perdono tutto il loro valore e scadono il giorno di scadenza. Leggi l'intero tutorial su scadere senza valore. Estrinseca Valore - Conosciuto anche come valore di Premium o tempo di valore. È la differenza tra un prezzo opzioni e il valore intrinseco. Leggi l'intero tutorial su estrinseca valore. Fair Value - Un termine usato per descrivere il valore di un contratto di opzione o future, come determinato da un modello matematico. Fiduciary Call - Un stratey trading delle opzioni che acquista opzioni di chiamata in sostituzione di una put di protezione o put sposati nella stessa proporzione. Saperne di più su Fiduciary chiamate Qui Strumento finanziario - Un documento fisico o elettronico che ha valore monetario intrinseco o trasferimenti di valore. Ad esempio, contanti, azioni, futures, opzioni e metalli preziosi sono strumenti finanziari. Frontspreads - strategie di opzioni progettate per trarre profitto da condizioni di mercato neutrale dove i prezzi cambiano molto poco. Per saperne di più Frontspreads. Analisi Fondamentale - Un metodo per analizzare le prospettive di un titolo osservando misure contabili riconosciuti come i guadagni, le vendite, le attività, e così via. Gamma - Il tasso di cambiamento di un delta di stock options per una variazione unitaria del prezzo del titolo sottostante. Leggi Tutto su Opzioni Gamma. Gamma Neutro - Una posizione che ha zero o vicino allo zero valore di gamma con la conseguente valore delta della posizione rimanere stagnante non importa quanto le sue azioni si muove sottostanti. Articolo dedicato a Gamma neutro. Goldilock Economia - Un'economia che ha una crescita costante e un'inflazione moderata che non è né troppo riscaldata né freddo e consente di politiche monetarie amichevole del mercato azionario. Buona fino all'annullamento (GTC) - Una denominazione applicata ad alcuni tipi di ordini, il che significa che l'ordine rimane in vigore fino a quando non si sia riempito o annullato. Leggi Tutto su Opzioni ordini Qui Andando avanti - Analisti gergo. Significato in futuro. 12 mesi che vanno in avanti significa 12 mesi nel futuro. Greci - una serie di criteri matematici coinvolti nel calcolo dei prezzi di stock option. Si prega di leggere di più su di opzione greci. Grocession - Un periodo prolungato di 0-2 crescita del PIL che si sentirà come una recessione. Hedge - Operazioni in grado di proteggere contro la perdita attraverso un movimento di prezzo di compensazione. Articolo dedicato a copertura Qui rapporto di copertura - La quantità matematica che è uguale al delta di un'opzione. E 'utile in favoreggiamento in una siepe che teoricamente privo di rischio può essere stabilita assumendo posizioni di segno opposto in magazzino sottostante e sulla sua chiamata o opzioni put. Leggi Tutto sul rapporto di copertura Qui volatilità storica - Volatilità del passato movimento del prezzo del titolo sottostante. Conosciuto anche come volatilità Realizzato. Orizzontale chiamata Tempo Spread - Una strategia di opzione in cui vengono acquistati più lungo termine alle opzioni call e denaro a breve termine alle opzioni call soldi sono scritti al fine di trarre profitto quando il titolo sottostante rimane stagnante. Leggi il tutorial su orizzontale chiamata Diffusione momento. Put orizzontale Tempo Spread - Una strategia di opzione in cui vengono acquistati più lungo termine le opzioni soldi messi e di breve termine le opzioni soldi messi sono scritti al fine di trarre profitto quando il titolo sottostante rimane stagnante. Leggi il tutorial su orizzontale Diffusione mettere il tempo. Diffusione orizzontale - Una strategia di opzione in cui le opzioni hanno lo stesso prezzo di esercizio, ma diverse date di scadenza. Volatilità implicita - Una misura della volatilità del titolo sottostante, è determinato utilizzando i prezzi attualmente esistenti sul mercato, al momento, piuttosto che utilizzando i dati storici sulle variazioni di prezzo del titolo sottostante. Per saperne di più volatilità implicita. Incrementale ritorno Concept - Una strategia di covered call writing in cui l'investitore sta cercando di guadagnare un rendimento aggiuntivo dalla scrittura opzione contro una posizione della quale egli si rivolge a vendere-possibilmente a prezzi notevolmente più elevati. Indice - Una compilazione dei prezzi delle diverse entità comuni in un singolo numero. Index Option - Una opzione il cui sottostante bene è un indice invece di un bene difficile come azioni. La maggior parte delle opzioni su indici sono di cassa. Leggi l'intero tutorial su Index Options. Nel denaro - Un termine che descrive qualsiasi contratto di opzione che ha valore intrinseco. Un'opzione call è in-the-money se il titolo sottostante è superiore al prezzo di esercizio della chiamata. Un'opzione put è in-the-money se la sicurezza è al di sotto del prezzo di esercizio. Leggi tutto su nelle opzioni di soldi qui. Intrinsic Value - Il valore di un'opzione se dovesse scadere immediatamente con l'azione sottostante al suo prezzo corrente l'importo di cui l'opzione è in-the-money. Per le opzioni di chiamata, questa è la differenza tra il prezzo delle azioni e il prezzo sorprendente, se tale differenza è un numero positivo o zero altrimenti. Per le opzioni put è la differenza tra il prezzo sorprendente e il prezzo delle azioni, se tale differenza è positiva, e zero altrimenti. Leggi l'intero tutorial su Intrinsic Value Ultima Trading Day - Il terzo Venerdì del mese di scadenza. Opzioni cessare l'attività alle 3:00 PM Eastern Time l'ultimo giorno di negoziazione. Leg - (verbo) Un rischio metodo orientato di stabilire una posizione fronte-retro. Invece di entrare in una transazione simultanea per stabilire la posizione (a diffusione, per esempio), l'operatore esegue prima un lato della posizione, sperando di eseguire l'altro lato in un secondo tempo e un prezzo migliore. Il rischio si materializza dal fatto che un prezzo migliore non può mai essere a disposizione, e un prezzo peggio deve alla fine essere accettata. (Noun) In una strategia di opzione che prevede molti tipi di opzioni, ogni tipo di opzione è noto come una gamba. Leggi l'intero tutorial su Opzioni Leg Leggings - Entrando ogni gamba di un complesso posizione di negoziazione di opzioni separatamente e singolarmente. Leggi l'intero tutorial su Legging LEAPS - Long-Term Equity Anicipation Securities. È presto detto, si tratta di contratti di opzione che scade 1 anno o più in futuro. A volte i contratti di opzione che scade 6 mesi a un anno più tardi sono noti anche come LEAPS. Per saperne di più aboutLEAPs. Livello II Citazioni - quotazioni in tempo reale fornite dal NASDAQ delinea l'offerta specifica ask spread fornito da ciascun market maker. Articolo dedicato a Livello II cita qui. Leverage - degli investimenti, il raggiungimento di una maggiore percentuale di profitto e rischio potenziale. Un titolare di chiamata ha leverage rispetto ad un magazzino porta-ex avranno maggiori profitti e le perdite di quest'ultima percentuale, per lo stesso movimento del titolo sottostante. Leggi su come calcolare opzioni di leva. Limite - Vedere Trading Limite. Limit Order - Un ordine di acquistare o vendere titoli ad un determinato prezzo (il limite). Per saperne di più Limit Order. Liquido di liquidità - la facilità con cui un acquisto o vendita possono essere effettuati senza interrompere i prezzi di mercato esistenti. Leggi su ciò che colpisce di Stock Option liquidità Qui è elencato Opzione - Un'opzione put e di call che è scambiato in una borsa opzione nazionale. opzioni elencate hanno prezzi fissi suggestivi e le date di scadenza. Lungo - Per molto tempo è quello di possedere qualcosa. Per saperne di più opzioni lunghe posizioni. Opzioni Lookback - opzioni esotiche, che consente al titolare di guardare indietro alla azione dei prezzi dell'attività sottostante durante l'espirazione per decidere il prezzo ottimale in cui esercitare le finestre di ricerca Opzioni. Ulteriori informazioni sulle opzioni lookback Qui Margine (stock) - Per acquistare un titolo prendendo a prestito fondi da una casa di brokeraggio. Il requisito-il margine percentuale massima dell'investimento che può essere prestato dalla società di brokeraggio-è fissato dal Federal Reserve Board. Margine (opzioni) - deposito in contanti necessari per essere tenuto in considerazione quando si scrive opzioni. Leggi l'intero tutorial su Opzioni margine. Contrassegnato-to-model - Un metodo di valutazione usando modelli finanziari per il livello 2 Attività, che sono attività meno liquide che sono difficili da valutare a causa di una mancanza di un mercato prontamente disponibili. Market Maker - Un membro di cambio la cui funzione è quella di aiutare nella realizzazione di un mercato, rendendo le offerte e le offerte per il suo conto in assenza di buy pubblico o vendere gli ordini. Diversi market-maker sono di norma assegnati ad un determinato titolo. Il sistema di mercato-maker comprende i market maker e gli intermediari di bordo. Leggi Tutto sul Market Maker Qui Market Order - Un ordine di acquistare o vendere titoli al prezzo di mercato corrente. L'ordine verrà evaso finché c'è un mercato per la sicurezza. Leggi Tutto su Opzioni Mercato Dispositivo Per chiudere (MOC) - Un ordine trading delle opzioni che riempie una posizione in zona di chiusura del mercato. Articolo dedicato a Opzioni gli ordini qui il Put Married e stock - una put e il calcio sono considerati a sposarsi se sono acquistate lo stesso giorno, e la posizione è designato a quel tempo come una siepe. Saperne di più su Sposato mette Qui Mini Index Options - Opzioni di indice che sono solo un decimo delle dimensioni di opzioni su indici regolari. Saperne di più su Mini Index Options Qui Mini Opzioni - Stock option che copre solo 10 parti invece di 100 azioni. Saperne di più su Mini opzioni qui Modello - Una formula matematica progettato per prezzo un'opzione in funzione di alcune variabili-in generale prezzo delle azioni, il prezzo colpisce, volatilità, tanto in scadenza, i dividendi da pagare, e il tasso d'interesse privo di rischio corrente. Il modello di Black-Scholes è uno dei modelli più diffusi. Moneyness - Il prezzo di esercizio di un'opzione in relazione al prezzo prevalente dell'attività sottostante. Saperne di più su moneyness qui diverse compressione - Se il mercato globale svendere per un periodo di tempo al fine di ridurre in generale i rapporti PE su tutta la linea a causa di pessimismo circa l'economia macro. Multiplo Espansione - Dove il rally di mercato complessive per un periodo di tempo al fine di aumentare in generale i rapporti PE su tutta la linea a causa di ottimismo circa l'economia macro. NASDAQ - National Association of Securities Dealers automatico sistema di quotazione. Si tratta di un mercato elettronico in USA in cui i titoli sono quotati e negoziati elettronicamente. Opzione Nudo - vedi Opzione scoperto. Narrow Based - Generalmente riferimento a un indice, indica che l'indice è composto di pochi titoli, generalmente in un gruppo specifico settore. indici basati su strette non sono soggetti ad un trattamento di favore per gli scrittori di opzione nudi. Vicino opzioni di denaro - Opzioni con prezzi di esercizio vicino al prezzo spot del titolo sottostante. Leggi il tutorial su Vicino opzioni di denaro. Neutro - Descrivendo un parere che non è né ribassista o rialzista. strategie di opzione neutri sono generalmente progettati per eseguire meglio se non vi è poca o nessuna variazione netta del prezzo del titolo sottostante. Opzioni Neutral Strategie - Diversi modi di usare le opzioni in ordine di profitto un magazzino rimane stagnante o all'interno di un trading range stretto. Leggi il tutorial su strategie di opzioni neutri. Non-Equity Option - An option whose underlying entity is not common stock typically refers to options on physical commodities, but may also be extended to include index options. One Sided Market - A market condition where there are significantly more sellers than buyers or more buyers than sellers. In this case, there are not enough buyers putting up offers to buy from sellers or that there are not enough sellers putting up offers to sell to buyers. Open Interest - The net total of outstanding open contracts in a particular option series. An opening transaction increases the open interest, while any closing transaction reduces the open interest. Read More About Volume and Open Interest . Option - The right to buy or sell specific securities at a specified price within a specified time. A put gives the holder the right to sell the stock, a call the right to buy the stock. Options Chains - Tables presenting the various options that a stock offers over various strike price and expiration dates. Read the full tutorial on Options Chains . Options Contracts - Contingent claims contracts that allows its holder to buy or sell a specific asset when exercised. Read the full tutorial on Options Contracts . Options on Futures - Options that have futures contracts as their underlying asset. Read the full tutorial on Options on Futures . Optionable Stocks - Stocks with tradable options. Option Pain - Also known as Max Pain or Max Option Pain. It is the stock price which will result in the most number of options contracts expiring out of the money. Read More About Option Pain . Option Pricing Curve - A graphical representation of the projected price of an option at a fixed point in time. It reflects the amount of time value premium in the option for various stock prices, as well. The curve is generated by using a mathematical model. The delta (or hedge ratio) is the slope of a tangent line to the curve at a fixed stock price. Option Trader - Also known as Options Trader. It is anyone who buys and sells options in the capital market. Read more about Option Traders . Option Trading - Also known as Options Trading. It is the buying and selling of stock and index options in the capital market so as to speculate for leveraged profits in every market condition or perform hedging to reduce portfolio risk. Read more about Option Trading . Options Clearing Corporation (OCC) - The issuer of all listed option contracts that are trading on the national option exchanges. Options Margin - See Margin (Options). Options Trading - The buying and selling of stock and index options in the capital market so as to speculate for leveraged profits in every market condition or perform hedging to reduce portfolio risk. Read more about Options Trading . Options Trader - Anyone who buys and sells options in the capital market. Read more about Option Trading . Options Strategist - An investment professional who specializes in research, analysis and execution of options strategies. Options Symbol - A string of alphabets that define specific options contracts. Can be referred to as the name of an options contract. Read more about Reading Options Symbols. Out of the Money - Describing an option that has no intrinsic value. A call option is out-of-the-money if the stock is below the strike price of the call, while a put option is out-of-the-money if the stock is higher than the strike price of the put. Read More About Out Of The Money Options . Over-the-Counter Option (OTC) - An option traded over-the-counter, as opposed to a listed stock option. The OTC option has a direct link between buyer and seller, has no secondary market, and has no standardization of striking prices and expiration dates. Overvalued - Describing a security trading at a higher price than it logically should. Normally associated with the results of option price predictions by mathematical models. If an option is trading in the market for a higher price than the model indicates, the option is said to be overvalued. Parity - Describing an in-the-money option trading for its intrinsic value: that is, an option trading at parity with the underlying stock. Also used as a point of reference-an option is sometimes said to be trading at a half-point over parity or at a quarter-point under parity, for example. An option trading under parity is a discount option. Physical Option - An option whose underlying security is a physical commodity that is not stock or futures. The physical commodity itself typically a currency or Treasury debt issue-underlies that option contract. Physically Settled Option - An option which the actual underlying asset exchange hands when exercised. Read more about Physically Settled Options. Portfolio - Holdings of securities by an individual or institution. A portfolio may contain options of different stocks or a combination of shares, options and other financial instruments. Position - Specific securities in an account or strategy. A covered call writing position might be long 1,000 XYZ and short 10 XYZ January 30 calls. It also refers to facilitate buy or sell a block of securities, thereby establishing a position. Position Trading - The use of options trading strategies in order to profit from the unique opportunities presented by stock options, such as time decay, volatility and even arbitrage to make safe, fixed, albeit lower profit. Read more about Options Trading Styles . Premium - The total price of an option contract is made up of the sum of the intrinsic value and the time value premium. Even though most people refer to the price of an option contract as the Premium, it is actually an inaccurate expression. The Premium of an option contract is the part of the price that is not intrinsic. Please read more about Options Premium. Premium Over Parity - See Extrinsic Value. Profit Range - The range within which a particular position makes a profit. Generally used in reference to strategies that have two break-even points-an upside break-even and a downside breakeven. The price range between the two break-even points would be the profit range. Profit Table - A table of results of a particular strategy at some point in time. This is usually a tabular compilation of the data drawn on a profit graph. Protected Strategy - A position that has limited risk. A protected short sale (short stock, long call) has limited risk, as does a protected straddle write (short straddle, long out-of-the-money combination). The Ride The Flow System is an example of a protected strategy. Protective Call - An option trading hedging strategy that protects profits made in a short stock position using call options. Read More About Protective call Here Protective Put - An option trading hedging strategy that hedges against a drop in stock price using put options. Read More About Protective Put Here Public Book (of orders) - The orders to buy or sell, entered by the public, that are away from the current market. The board broker or specialist keeps the public book. Market-makers on the CBOE can see the highest bid and lowest offer at any time. The specialist146s book is closed (only he knows at what price and in what quantity the nearest public orders are). Pull back - A temporary fall in price after a rally. The rally usually continues after a Pull Back. This is also known as a Correction. Put Broken Wing Butterfly Spread - A Butterfly Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular butterfly spread. Read the tutorial on Put Broken Wing Butterfly Spread . Put Broken Wing Condor Spread - A Put Condor Spread with a skewed riskreward profile which makes no losses or even a slight credit when the underlying stock breaks to upside. This is achieved by buying further strike out of the money put options than a regular put condor spread. Read the tutorial on Put Broken Wing Condor Spread . Put - An option granting the holder the right to sell the underlying security at a certain price for a specified period of time. See also Call. Read About Put Options Here . Put Call Parity - Put Call Parity is an option pricing concept that requires the extrinsic values of call and put options to be in equilibrium so as to prevent arbitrage. Put Call Parity is also known as the Law Of One Price. Read About Put Call Parity Here . Put Call Ratio - The ratio of the number of open put options against the number of open call options. The higher the resulting number, the more put options are bought or shorted on the underlying asset. For daily total equity put call ratio, please visit Option Traders HQ. Read more about Put Call Ratio . Put Ratio Backspread - A credit options trading strategy with unlimited profit to downside and limited profit to upside through buying more out of the money puts than in the money puts are shorted. Read the tutorial on Call Ratio Backspread . Put Ratio Spread - A credit options trading strategy with the ability to profit when a stock goes up, down or sideways through shorting more out of the money puts than in the money puts are bought. Read the tutorial on Put Ratio Spread . Quadruple Witching - The third Friday of March, June, September and December when Index Futures, Index Options, Stock Futures and Stock Options expire. This is one of the most volatile trading days of the year, with exceptionally high trading volume. Read all about Quadruple Witching . Quarterlies Quarterly Options - Options with quarterly expiration cycle. Read more about Quarterly Options . Ratio Backspread - Credit volatile options trading strategy that opens up one leg for unlimited profit through selling a smaller amount of in the money options against the purchase of at the money or out of the money options of the same type. Read the Tutorial on Ratio Backspreads . Ratio Calendar Combination - A strategy consisting of a simultaneous position of a ratio calendar spread using calls and a similar position using puts, where the striking price of the calls is greater than the striking price of the puts. Ratio Calendar Spread - Selling more near-term options than longer-term ones purchased, all with the same strike either puts or calls. Ratio Spread - Constructed with either puts or calls, the strategy consists of buying a certain amount of options and then selling a larger quantity of out-of-the-money options. Ratio Strategy - A strategy in which one has an unequal number of long securities and short securities. Normally, it implies a preponderance of short options over either long options or long stock. Ratio Write - Buying stock and selling a preponderance of calls against the stock that is owned. Realize (a profit or loss) - The act of closing a position, incurring a profit or a loss. As long as a position is not closed, the profit or loss remains unrealized. Resistance - A term in technical analysis indicating a price area higher than the current stock price where an abundance of supply exists for the stock, and therefore the stock may have trouble rising through the price. Reward Risk Ratio - A gauge of how risky a position can be by dividing its maximum profit potential against the maximum loss potential. A ratio of above 1 means that the potential reward is higher than the potential loss. Read the full tutorial on Calculating Reward Risk Ratio . Return On Investment (ROI) - The percentage profit that one makes, or might make, on his investment. Return If Exercised - The return that a covered call writer would make if the underlying stock were called away. Return If Unchanged - The return that an investor would make on a particular position if the underlying stock were unchanged in price at the expiration of the options in the position. Reversal - The transformation of a short stock position into a position which is long the stock using options, without closing the original short stock position, through the use of synthetic positions. Read more about reversals and synthetic positions. Reverse Hedge - A strategy in which one sells the underlying stock short and buys calls on more shares than he has sold short. This is also called a synthetic straddle and is an outmoded strategy for stocks that have listed puts trading. Reverse Strategy - A general name that is given to strategies which are the opposite of better known strategies. For example, a ratio spread consists of buying calls at a lower strike and selling more calls at a higher strike. A reverse ratio spread also known as a backspread consists of selling the calls at the lower strike and buying more calls at the higher strike. The results are obviously directly opposite to each other. Risk Graph - A graphical representation of the riskreward profile of an option position. Learn All About Risk Graphs Now Risk Free Return - Profit on a risk free investment instrument such as the Treasury bills. It is a common standard of measuring the opportunity cost of having your money in anything other than Treasury bills. Roll Down - Close out options at one strike and simultaneously open other options at a lower strike. Read the tutorial about Roll Down . Roll Forward - Close out options at a near-term expiration date and open options at a longer-term expiration date. Read the tutorial about Roll Forward . Rolling - A follow up action in which the strategist closes options currently in the position and opens other options with different terms, on the same underlying stock. Roll Up - Close out options at a lower strike and open options at a higher strike. Read the tutorial about Roll Up . Rotation - A trading procedure on the option exchanges whereby bids and offers, but not necessarily trades, are made sequentially for each series of options on an underlying stock. Russell Sage - Renowned American Politician and Financier who introduced OTC call and put options in 1872. Read about the History of Options Trading Security Securities - (finance) A tradable financial instrument signifying ownership in financial assets issued by companies or governments. Such financial assets includes but are not restricted to stocks, bonds, futures and debts. Sell To Close - Closing a position by selling an option contract you own. Learn About Sell To Close Now Sell To Open - Opening a position by selling an option contract to a buyer. Learn About Sell To Open Now Selling Climax - Exceptionally heavy volume created when panic-stricken investors dump stocks. Often this marks the end of a bear market and is a spot to buy. Series - An option contracts on the same underlying stock having the same striking price, expiration date, and unit of trading. Settlement - The resolution of the terms of an options contract between the holder and the writer when the options contract is exercised. Read the full tutorial on Options Settlement. Short (to be short) - To Short means to Sell To Open. That means to write or sell an options contract to a buyer. This gives you the obligation to fulfill the exercise of the option should the buyer decides to do so. Read all about Short Options Positions Short Backspread - Volatile options strategies which are set up with a net credit and unlimited profit potential in one direction. Short Calendar Spread - Volatile options strategies that profit primarily through the difference in time decay of long term and short term options, achieved through writing longer term options and buying short term options. Read the full tutorial on Short Calendar Spreads . Short Horizontal Calendar Call Spread - Short Calendar Spread that uses only call options. Read the full tutorial on Short Horizontal Calendar Call Spreads . Short Covering - The process of buying back stock that has already been sold short. Spread - An options position consisting of more than one type of options on a single underlying asset. Read the full tutorial on Options Spreads. Spread Order - An order to simultaneously transact two or more option trades. Typically, one option would be bought while another would simultaneously be sold. Spread orders may be limit orders, not held orders, or orders with discretion. They cannot be stop orders, however. The spread order may be either a debit or credit. Spread Strategy - Any option position having both long options and short options of the same type on the same underlying security. Static Hedging - A hedging technique where a hedging trade is established and held without needing to rebalance. Stock Options - Options contracts with shares as the underlying asset. Read All About Stock Options. Stock Replacement Strategy - A trading strategy that seeks to reduce risk and volatility through owning deep in the money call options instead of the stock itself and using the remaining cash for hedging. Read All About Stock Replacement Strategy. Stock Repair Strategy - An options strategy that aims to recover lost value in a stock quickly through writing call options against it. Read All About Stock Repair Strategy. Stop Limit Order - Similar to a stop order, the stop-limit order becomes a limit order, rather than a market order, when the security trades at the price specified on the stop. Read All About Options Stop Loss Here Stop Order - A traditional stop loss method which closes a position when a predetermined price is hit. Read All About Options Orders Here Straddle - The purchase or sale of an equal number of puts and calls having the same terms. Strip Straddle - A Straddle with more put options than call options. Read the full tutorial on Strip Straddle. Strap Straddle - A Straddle with more call options than put options. Read the full tutorial on Strap Straddle. Strategy - With respect to option investments, a preconceived, logical plan of position selection and follow-up action. Strike Arbitrage - An options arbitrage strategy that locks in discrepancies in options pricing between strike prices for a risk-free arbitrage. Read More About Strike Arbitrage. Strike Price - The price at which the buyer of a call can purchase the stock during the life of the option or the price at which the buyer of a put can sell the stock during the life of the option. Read More About Strike Prices. Structured Warrants - An alternative to stock options which works almost exactly like stock options and traded in markets such as the Singapore market. See how Structured Warrants Are Traded In The Singapore Market. Support - A term in technical analysis indicating a price area lower than the current price of the stock, where demand is thought to exist. Thus a stock would stop declining when it reached a support area. See also Resistance. Swing Trading - A trading methodology that trades short term price swings for short term profits. Read more about Options Trading Styles. Synthetic Position - A combination of stocks andor options that return the same payoff characteristics of another stock or option position. Synthetic Put - A security which some brokerage firms offer to their customers. The broker sells stock short and buys a call, while the customer receives the synthetic put. This is not a listed security, but a secondary market is available as long as there is a secondary market in the calls. Synthetic Stock - An option strategy that is equivalent to the underlying stock. A long call and a short put is synthetic long stock. A long put and a short call is synthetic short stock. Synthetic Short Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Short Straddle. Read More About Synthetic Short Straddle. Synthetic Straddle - A combination of stocks and call options which produces the same payoff characteristics as a Long Straddle. Read More About Synthetic Straddle. Systematic Risk Systemic Risk - Overall market risk that cannot be diversified away using a diversified portfolio based in the same market. Take Delivery - To fulfill the obligation of buying stocks when put options that you sold becomes exercised. Technical Analysis - The method of predicting future stock price movements based on observation of historical stock price movements. Thales of Miletus - The creator of options back in 332BC. Read about the History of Options Trading Theoretical Value - The price of an option, or a spread, as computed by a mathematical model. Theta - One of the 5 option greeks. Theta determines the rate of time decay of an option contracts premium. For more details on how Theta works and how it is calculated, please visit Option Greeks. Ticker Symbol - Symbol representing the shares and options of a companys shares traded in the stock market. MSFT is the ticker symbol for Micrsoft shares while MSQFB is the ticker symbol for Microsofts June29Call options. Time Decay - The reduction of a stock options extrinsic value as expiration date draws nearer. See Theta above. Read the full tutorial on Time Decay . Time Spread - see Calendar Spread. Read the full tutorial on Time Spreads. Time Value - Also known as Premium Value or Extrinsic Value. It is the difference between an options price and the intrinsic value. Read more about how Stock Options Are Priced. Topping Out - A peak point where the sellers begin to outnumber the buyers. Total Return Concept - A covered call writing strategy in which one views the potential profit of the strategy as the sum of capital gains, dividends, and option premium income, rather than viewing each one of the three separately. Trading Limit - The exchange imposed maximum daily price change that a futures contract or futures option contract can undergo. Trend - The direction of a price movement. A trend in motion is assumed to remain intact until there is a clear change. Triple Witching - Prior to 2001. The third Friday of March, June, September, and December, when stock options, index futures and options on index futures expire. After 2001, the introduction of Single Stock Futures transformed Triple Witching into Quadruple Witching as single stock futures expire on the third Friday of every quarterly month as well. Type - The designation to distinguish between a put or call option. Uncovered Option - A written option is considered to be uncovered if the investor does not have a corresponding position in the underlying security. Underlying Asset - The security which one has the right to buy or sell via the terms of a listed option contract. An underlying asset can be any financial instrument on which option contracts can be written based on. Some examples are. Stocks, ETFs, Commodities, Forex, Index. Undervalued - Describing a security that is trading at a lower price than it logically should. Usually determined by the use of a mathematical model. Variable Ratio Write - An option strategy in which the investor owns 100 shares of the underlying security and writes two call options against it, each option having a different striking price. Vertical Spread - Any option spread strategy in which the options have different striking prices, but the same expiration date. Read the full tutorial on Vertical Spreads . Vertical Ratio Spread - Vertical spreads that buy and short an unequal number of options on each leg. Read the full tutorial on Vertical Ratio Spreads . VIX - An index measuring the level of implied volatility in US index options and is used as a measurement of volatility in the US stock market. Read More About VIX . VIX Options - Non-equity options based on the CBOE VIX. Read More About VIX Options . Volatile - A stock or market that is expected to move up or down unexpectedly or drastically is known as a volatile market or stock. Volatile Strategy - An option strategy that is constructed to profit no matter if the underlying stock moves up or down quickly. Read All About Volatile Option Strategies . Volatility - A measure of the amount by which an underlying security is expected to fluctuate in a given period of time. Generally measured by the annual standard deviation of the daily price changes in the security, volatility is not equal to the Beta of the stock. Read More About Volatility . Volatility Crunch - A sudden, dramatic, drop in implied volatility resulting in a sharp reduction in extrinsic value and hence the price of options. Read More About Volatility Crunch . Volatility Index - Also known as VXN, is an index by the CBOE that measures volatility in the market using implied volatility of SP500 stock index options. Volatility Skew - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming a right skewed curve. Read More About Volatiliy Skew . Volatility Smile - A graphical characteristic of the implied volatility of options of the same underlying asset across different strikes forming the concave shape of a smile. Read More About Volatiliy Smile . Volume - The number of transactions that took place in a trading day. Read More About Volume and Open Interest . Write - To short an option. 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Abbiamo un sistema completo per rilevare plagio e prenderemo azioni legali contro qualsiasi individuo, siti web o aziende coinvolte. We Take Our Copyright VERY Seriously OptionsXpress Holdings, Inc. is not affiliated with Masters O Equity Asset Management, and does not sponsor or endorse any of the content on this website. The information previously on this page about military caning in Singapore has been removed to the Country files section. Judicial corporal punishment by caning is in widespread use for male offenders in Singapore, Malaysia and Brunei, three adjacent and closely linked members of the British Commonwealth in South-East Asia. This article is about judicial CP (JCP) and CP for infractions of prison rules. It does not include caning in the military or in boys reformatories, or the (much less severe) caning of boys at school, which is covered elsewhere on this website . Thousands of judicial canings are ordered each year. Men are caned for serious crimes and also for non-violent offences like illegal entry and vandalism. In some cases it is a mandatory punishment. These canings are very severe and are criticised by such organisations as Amnesty International. Caning in all three countries is administered across the bare seat. Contrary to popular myth, this is always done privately inside the prison. There has never been public JCP these countries. The prisoner is stripped naked and shackled by strong leather straps to a trestle or A-frame. In Singapore and Brunei he is held down in a bent-over position with his buttocks protruding. In Malaysia he stands upright at the A-frame to which he is tied. He is then punished by a well-built warder wielding a four-foot long length of flexible rattan which has been soaked in water. Left: Official demonstration of caning of a dummy in Singapore Right: Official demonstration of caning of a dummy in Malaysia Left: Official demonstration of caning of a dummy in Brunei THE HISTORY OF CANING IN SINGAPORE, MALAYSIA AND BRUNEI The penal legislation in what used to be British Malaya -- the peninsular part of present-day Malaysia, plus Singapore -- has its historical roots in the criminal laws of England and India. When the Straits Settlements, comprising the three predominantly Chinese-populated port cities of Singapore, Melaka (Malacca) and Penang (George Town), was formed as a British colony in 1826, the criminal law of England applied. Straits Settlements Penal Code Ordinance IV replaced the common law in 1871. It was based on the Indian Penal Code, enacted in 1860. Offences punishable by whipping in the Code were robbery, aggravated theft, house trespass or house breaking, assault with intent to outrage modesty, and a second or subsequent offence of rape or living on or trading in prostitution. This list of whipping offences was roughly similar to that of England and Wales at the time. The remainder of what is now Malaysia consisted of separate Moslem sultanates, nominally independent but increasingly under de facto British control. By the early part of the 20th century, these had coalesced into three groupings: the Federated Malay States (FMS), a fully-fledged British protectorate with a new federal capital at Kuala Lumpur this comprised the sultanates of Selangor, Perak, Pahang and Negri Sembilan the unfederated Malay states, a more diffuse (and not geographically contiguous) grouping of five states, four of which were ceded in 1909 by Siam (now Thailand), with a somewhat looser relationship with Britain and two states on the island of Borneo, British North Borneo (now Sabah) and Sarawak, nowadays together described as East Malaysia. A third Malay sultanate on Borneo, the small oil-rich state of Brunei, has, like Singapore, chosen to become independent rather than be part of the new post-1963 Malaysia. Given all these shifting legal and constitutional complexities, it is not clear exactly how, when or to what extent practice in judicial matters such as CP became unified across the whole territory. However, at least from the First World War onwards, the whole peninsula was in political terms regarded as British Malaya and for practical purposes was run as an entity, overseen by a Governor based in Singapore who reported to the Colonial Office in London. What is clear, anyway, is that the JCP regime as it developed was an outgrowth of British judicial custom and practice. It did not have anything to do with Islamic justice. The fact that much of the territory (except for the Straits Settlements) had a majority Moslem population was coincidental. During this period, the instrument used for CP was either a cat-o-nine tails or a rattan, and the triangles were of the usual pattern, and the flogging was on the buttock. The travel writer Bruce Lockhart, visiting Singapore in the early 1930s, was shown round the jail: Crossing from one block of buildings to another, we passed a narrow oblong strip of grass surrounded by high windowless walls. . There was an atmosphere of cloistered seclusion about the place. . And yet there was something uncanny and sinister about these high grey walls which shut out everything except the stretch of sky overhead. The plot is not an architects whim. It has its uses. Sometimes its walls resound with the dull, heavy sound of the lash and with the screams of prisoners. . Since the 1890s this plot has been used for floggings and hangings. (R. H. Bruce Lockhart, Return to Malaya . Putnam, London, 1936.) Most canings in prison are ordered by the courts for offences against the law, but the punishment can also be inflicted for infractions of prison discipline. In 1938 canings for breaches of the prison rules in the Straits Settlements were: 24 strokes - 2 sentences 20 strokes - 1 sentence 12 strokes - 9 sentences 8 strokes - 2 sentences 6 strokes - 8 sentences 4 strokes - 1 sentence For the last three years of the Second World War, the whole territory was under military occupation by Japan. It is not known to what extent, if at all, the ordinary machinery of justice functioned during this period. After the war, Britain resumed control on an interim basis with a view to granting independence. The old Straits Settlements colony was not revived. Instead, Singapore was made a separate colony, while a new Federation of Malaya based in KL comprised all the rest of the peninsula -- the former FMS and the former UMS plus Malacca and Penang. At this point the Singapore Penal Code retained its provisions for whipping, but they were not particularly frequently used. In 1949, 46 offenders (all adult men) were caned by order of the court, and 26 for prison offences. The 1948 Report of the Singapore Prison Enquiry Commission records the rules at that time for prison offences: For aggravated offences against prison discipline - - ordered by Superintendent: not exceeding 12 strokes with a rottan - ordered by Visiting Justices: not exceeding 24 strokes with a rottan - for Juveniles under 15 years, by Visiting Justices: not exceeding 6 strokes with a light rottan. Punishment with the rottan shall be inflicted on the buttocks of the offender. In the case of adults the rottan shall be not more than half an inch in diameter, while in the case of juveniles a light rottan shall be used. In 1953 there were 12 cases of caning for internal prison disciplinary reasons, and in 1954 only two (information from annual prison service reports). Mention is also still made of the possibility of the cat being used, but in practice it seems to have fallen out of use by this period. In 1955 the Criminal Justice (Punishment Amendment) Ordinance removed the cat-o-nine tails from the Singapore statute book, and thenceforth corporal punishment could be inflicted only with a rotan (or rottan or rattan -- these are simply different spellings of the Malay word for cane). At the same time, the power to award JCP was restricted to the High Court -- a move that was later reversed, for nowadays local and subordinate courts all have caning powers. In 1954 there had been a mere 7 canings ordered by the courts. In 1994 a letter from a former superintendent of Changi Prison during the British colonial period confirmed that canings were inflicted on the bare buttocks. He describes 6 or 12 strokes as the usual punishment, and says he never saw profuse bleeding, only severe bruising. This might suggest that the manner of infliction has become more severe over time. Corporal punishment as a judicial penalty was abolished in England, Wales and Scotland in 1948. and in India in 1955. In all parts of Malaya, however, as in Hong Kong, caning was retained. In Singapore, independent from British rule in 1965, the scope of JCP was increased by legislation on many occasions from 1966 onwards, providing for its use in a greater range of offences, often requiring its mandatory imposition, and on occasions increasing the minimum number of strokes. Since 1993 it has become mandatory for 42 crimes, and optional for a further 42 (see table below) and partly as a result (combined with rapid increases in population) its use has increased from a few dozen to thousands of sentences a year. The most recent extension of caning powers was in February 2008, when five new offences were added to the list. The earlier of these post-independence extensions of the scope of JCP were publicly justified, in part, as the official response to an alarming crime wave: armed robberies tripled between 1966 and 1971. Much of this was gang-related. It was a modern resurgence of an old difficulty: like the rest of the Chinese diaspora, Singapore had historically faced a serious gangsterism problem. The present regime claims, citing UN figures, that Singapore now has one of the lowest rates of violent crime in the world, even compared with famously tranquil places such as Denmark and Switzerland -- partly no doubt because the authorities have managed to make the island almost entirely gun-free (No death from killers bullet in Spore, Straits Times . 9 May 2000). The British colonial authorities had likewise used corporal punishment to deal with organised gang violence in the 1920s and 1930s. The Governor of the Straits Settlements wrote to the Colonial Office in London in October 1929 that the yearly influx of uneducated Chinese into Singapore has created a situation which can only be met by measures which might at first sight appear to be somewhat at variance with the accepted ideas of punishment at the present time. He enclosed a return showing that, excluding canings for prison discipline, 78 offenders had been whipped in 1928, mostly for armed robbery or -- an offence added to the list only in 1926 -- the possession of weapons. London seems to have found the figures rather excessive: the Secretary of State had said that the frequent resort to flogging as a punishment in the Colony appears to require some special justification, so the Governor also enclosed a letter from the Chief Justice, drawing attention to the exceptional prevalence of very brutal gang robberies, mostly committed by young lawless Chinese of the coolie class who immigrate . in a continuous stream every year . a continually renewed source of potential crime. The Chief Justices letter concluded: I am convinced that the power to whip is essential to the judiciary for dealing with the particular types of crime that are prevalent in Singapore. This view was echoed by the Deputy Public Prosecutor, Singapore, who observed that prison alone was no deterrent to this type of criminal: Men who live from hand to mouth and in uncomfortable surroundings . find prison life by comparison not unpleasant . only flogging would have any real and lasting effect. (Public Record Office, CO 27355413.) It is clear from these and other historical records that, except for the light rattan canings of juveniles for much less serious offences, the use of judicial CP was regarded by the British colonial authorities as appropriate only for crimes involving personal violence or the threat thereof. It is from this long-held policy stance that modern Singapore, Malaysia and Brunei have so radically departed. These are wide-ranging, particularly in Singapore. There are dozens of offences for which a man might be given the cane -- from serious violent crimes to some non-violent offences that might seem relatively minor in the West but are regarded as serious in Singapore, a highly authoritarian state where the importation and sale of chewing gum is an offence (though not a caneable one) and where people can be fined significant sums for dropping litter, smoking in public places, or failing to flush a public toilet after use. Malaysia is markedly less authoritarian at that trivial level, but its attitudes towards more serious crime and the use of corporal punishment are very similar. In particular, drugs offences and sexual offences frequently attract very heavy caning sentences in all three countries. To these severe canings for serious offences have been added, in recent years, in both Malaysia and Singapore, a very large number of much less severe canings of illegal immigrants. The number of offences for which caning may or must be inflicted has continued to increase in all three countries, and politicians from time to time float suggestions in the local press about yet further crimes to add to the list. In Malaysia over recent years, for instance, there have been calls for caning to be introduced for: The idea that criminals might be reformed was explicitly abandoned by some senior members of Singapores judiciary: former Chief Justice Yong Pung How said in 1996. Rehabilitation is something I have never understood . Compassion went out the window a long time ago. Now I just deliver justice. But in 2006 a new Chief Justice was appointed in Singapore, Chan Sek Keong, who was quoted by the Associated Press as wanting to give judges more room to give alternative punishments, with rehabilitation in mind. This emboldened the President of the Association of Criminal Lawyers to describe current practices as outdated, and he continued: Everything is jail, or jail plus caning. There must be alternative sentencing options like community service, or probation, or probation with a lot of strings attached to it. Singapore claims particular success in its war on drugs. In addition to implementing the death penalty for drug-traffickers (as Malaysia also does), in 1998 Singapore introduced a special scheme for non-trafficking drug addicts called the long-term imprisonment (LT) regime. This originally covered users of opiates such as morphine and heroin, but has since been extended to include synthetic drugs like Ketamine, Ecstasy and Subutex. Under the scheme, 4,500 addicts were jailed for up to seven years and given six strokes of the cane between 1998 and 2006. Less than 2 of these were caught taking drugs again, and these few were then jailed for up to a further 13 years, with up to 12 further strokes of the cane. (All out to nab the junkies, Today . Singapore, 7 September 2006). Caning in Singapore is mandatory for over 40 different offences. These include rape, robbery, possession of offensive weapons, vandalism, and the sale or import of fireworks and also for any drug-trafficking cases where for one reason or another the death penalty is not applied. (Offenders sentenced to death are not caned as well.) Possession of offensive weapons may likewise attract a caning sentence in Malaysia. Vandalism does not at present, though there have been suggestions that it should . In some cases a mandatory minimum number of strokes is required -- up to 15 for certain offences. Men who enter Singapore illegally or who overstay their visas by more than 90 days automatically receive a minimum of 3 strokes of the cane. This provision is aimed essentially at controlling foreign workers. Malaysia and Brunei have copied Singapore in this respect, and now have similar provisions, except that in Malaysia the minimum sentence is only one stroke. Most of these immigration offenders come from the three countries much poorer and much more populous neighbour, Indonesia. But Western visitors also sometimes fall foul of these laws. In 1994 a 45-year-old Frenchman was ordered 5 strokes -- in addition to an 8-month prison term -- for overstaying his visa in Singapore ( Los Angeles Times . 27 October 1994). Caning is optional for many further offences. In Singapore, these include rioting, extortion, living off the earnings of prostitution, manslaughter, and causing hurt. It has also been introduced for a third offence for certain road traffic offences, though there are few reports of this being applied in practice. The offences added most recently (Feb 2008) to the list include joining an unlawful assembly while armed with a deadly weapon, manslaughter, and causing hurt with poison. There are many cases where courts convict, but do not hand down a caning sentence, even where they are empowered to do so. Ill-researched articles sometimes appear in the Western media suggesting that nearly every Singapore court case ends up with a caning sentence. It is evident from available data, such as this table of selected cases , that this is far from the truth. Extension by judicial activism Where the punishment was discretionary, the traditional practice was that it should be imposed only if the offence in question involved a substantial degree of physical violence -- e. g. Lim Thian Han and Others v R Tan Beng Seng v R Chua Ah Seng v R 1953 31 MLJ 213. However, in 1965 in Anwar v PP 1965 31 MLJ 63, the plaintiff had been found guilty of possessing a knuckle duster during a period of racial disturbances, although there was no evidence that he was involved in the riots. The then Chief Justice nevertheless sentenced him to three months imprisonment and 6 strokes of the cane. It was suggested that the main factor in that case was the importance of deterrence at a time when society was afflicted with a serious outbreak of violence. Since the 1990s, moreover, the highest courts have been more inclined to impose sentences of caning where it is not mandatory. Examples are in cases of rape ( Chia Kim Heng Frederick v PP 1992 1 SLR 361) road bullying where grievous hurt results ( PP v Lee Seck Hing 1992 2 SLR 745) hiring of persons to assault another and molesting women. One molest case attracted controversy. 18-year-old Goh Cheng Yew was convicted of molesting a woman in a lift. The Chief Justice not only dismissed his appeal against a six-month prison sentence, but also enhanced it of his own motion by adding three strokes of the cane. Although caning had never been imposed in such cases before, he felt it should be given in view of the increasing incidence of molest cases. The ruling attracted much publicity (All Molesters should be Caned, says CJ, Straits Times . 20 August 1993). As a result, in cases of outraging the modesty of a woman (indecent assault), courts are expected to order a minimum of 9 months imprisonment and three strokes of the cane if the offence involves touching the womans private parts. This benchmark remains in force (Sentencing benchmarks that he set, Straits Times . 1 April 2006). Liability of employees to caning for crimes committed by a company In a few instances, Singapore legislation requires that male employees be caned for offences committed by a company. The Dangerous Fireworks Act requires that a manager, director or owner of a company which deliberately or negligently imports, delivers or sells dangerous fireworks must be caned. Likewise, the manager or director of a company which engages in the business of conveying illegal immigrants must be (in Singapore) or may be (in Malaysia) sentenced to caning if he has authorised, consented to or connived in such activity. As a punishment for breaches of prison discipline As was once the case in Britain itself, several former British territories that still retain corporal punishment permit its infliction for serious breaches of the rules by prisoners in addition to its use as a court sentence for offences against the law. Under Singapores Prisons Act, a prison Superintendent may impose a caning of up to twelve strokes for aggravated prison offences (see table ). This punishment can be imposed after a mini-court hearing within the prison, at which the inmate is given an opportunity to hear the evidence against him and present his defence. As with judicial caning, only men under 50 are liable for internal prison caning. A record must be kept in a register for inspection by the Visiting Justices. If the Superintendent thinks his powers are inadequate in a particular case, he may report the matter in writing to the Visiting Justices, who may award up to 24 strokes. In addition to mutiny or violence against an officer or fellow prisoner, aggravated prison offences include wilful destruction to property wilfully causing to himself any illness, injury or disability wilfully making a false or groundless complaint against any officer or prisoner a third repetition of a minor offence (there are 48 acts which are defined as such) as well as a general clause covering any other act of gross misconduct or insubordination. Prisoners may not engage lawyers to appeal against an internal award of punishment. However, each such order is subject to approval by the Director of Prisons before being carried out. There are no statistics on how often prison discipline caning occurs. 75 aggravated offences were committed in Singapore prisons in 1984, and 66 in 1985. Presumably, for some of these offences at least, caning was imposed, since the 1974 Prisons Reorganisation Committee recommended the imposition of caning for offences which involved the use of violence. The Prisons Department declines to comment on the number of internal prison discipline canings, but claims that such punishment is rare and only imposed on a very small number of inmates who commit serious or aggravated offences. In one 1997 case. five prisoners caught smuggling cannabis into Changi Prison were caned and had their prison terms extended. Normally, though, such cases are not reported in the press and remain unknown to the general public. In 1989, caning powers were extended to Drug Rehabilitation Centres. Section 58(1)(o) of the Misuse of Drugs Act enables the Minister to make regulations providing for the control, discipline (including the imposition of corporal punishment) and occupation of inmates of Drug Rehabilitation Centres. Paragraph 8 of the Regulations made under that Act permits the Superintendent of a Centre to award corporal punishment not exceeding 6 strokes for major offences. These offences are similar to the aggravated prison offences under the Prisons Act, but include in addition bringing any drug, money, intoxicating substance or cigarette into a Centre without permission, or concealing any of these substances in the Centre, and possessing or consuming any drug while on leave from the Centre. A former employee at the Drug Rehabilitation Unit in Changi prison said six strokes were given for drugs in the urine or for homosexuality, and three for fighting (Eye of a Tiger, The Guardian . London, 20 May 1995). It seems likely that similar provisions apply in prisons in Malaysia and Brunei, but information on this is not currently to hand. WHO IS LIABLE TO CANING Caning is normally confined to males aged between 16 and 50. Cases are often reported in which a man escapes the cane simply because he is over 50. In one Singapore case. a man sentenced to jail and caning when he was 49 was able to evade caning by appealing his sentence. Although his appeal failed, the High Court ruled that he could not now be caned because in the meantime he had turned 50. Malaysia has for some time discussed abolishing the upper age limit for rapists, on the grounds that if a man is still fit enough to commit rape he is fit enough to be caned. This change in the law has now been made, and one of the first cases in which a rapist over 50 was sentenced to caning in Malaysia took place in April 2008. a 56-year-old was ordered to receive 12 strokes. No similar change to the law has been reported in Singapore or Brunei. In Singapore, younger teenage offenders may not be caned by the lower courts: The Juvenile Court. has no power to order corporal punishment (Helena H. M. Chan, The Legal System of Singapore . Butterworths Asia, 1995). Part III of the Children and Young Persons Act states: No child or young person shall be sentenced by any court other than the High Court to corporal punishment (s.37(3)). The Singapore High Court, then, is empowered to order the cane for boys under 16. Reports of such cases are rare, but in July 1999 the High Court ordered three 15-year-olds to be caned for offences committed while one of them was still only 14. Three months later the Court went even further, sentencing a boy still only 14 to five years in jail and ten strokes of the cane for kicking and robbing an elderly man. Ten strokes is the maximum for boys under 16 (section 230 of the Criminal Procedure Code) and the caning in such cases is applied with a light rattan (s.229(4)). Some statistics on this are available: 20 juveniles were judicially caned in Singapore in 1998, and 39 in the period Jan to Sep 1999. This latter amounts to about one per week. However, a more recent report DOC suggests that 1999 was a blip: there were 76 juvenile canings in the 4 years from the beginning of 2003 to June 2007, an average of 17 per year. As far as is known, the procedure for caning boys under 16 in Singapore is the same as for adult men apart from the use of the smaller rattan. In this respect generally, however, Singapore has become more like pre-1972 Canada -- where the prison and judicial strap was confined to offenders over 16 -- than pre-1948 Britain, where the great majority of judicial corporal punishments were of boys under 16 (Scotland) or under 14 (England and Wales) and the sentences not combined with imprisonment. The situation in Malaysia and Brunei differs in that local courts do have caning powers over juveniles, and in Malaysia these were actually increased in 1999. with new Childrens Courts being given the power to order up to 10 strokes with a light cane for boys aged between 10 and 18. Ordinary magistrates courts already had this power, but the canings in that case must be given by the boys parent or guardian within court premises. Canings under the Child Act 2001 are to be administered with average force, in the court premises. The boy must remain clothed, and the person administering the cane must not raise his hand over his head, in order that the skin is not cut. The cane must be lifted after each stroke and not pulled. The parent or guardian may be present, if they so wish. In Brunei, the law provides that in the case of a youthful offender, whipping should be inflicted in the way of school discipline with a light rotan. This suggests that here, too, the boy keeps his trousers on. No information seems to be available as to how often these powers are used. Very few such cases are ever mentioned in the press, but that might just be because reporters do not bother to cover juvenile court proceedings. One which was reported involved a boy of 15 the court ordered his father to give him four strokes of the light cane. and this was done immediately. These Malaysian juvenile canings, unlike the adult ones, need not be combined with a prison sentence. Normally, judicial CP gets into the international news only when Western visitors are caned. In Singapore the best-known example is that of Michael Fay in 1994. to whose case we shall return later. But there have been several others. A 48-year-old Dutchman got 6 years plus 10 strokes for importing Ecstasy -- and he wasnt even bringing the drugs to Singapore, merely changing planes on his way to Indonesia. In Malaysia, too, there have been high-profile cases of Westerners receiving caning sentences, especially for drugs offences. Examples include the New Zealander Aaron Cohen and the Australian Robert Symes . Adult caning is never or almost never imposed on its own, but is in addition to a prison sentence. Sometimes a male and a female both commit the same offence and are equally culpable. The female may get a prison sentence but the male will have to suffer a caning in addition to the jail term. Many thousands of men have received this punishment, and the numbers rose inexorably over the years. Some figures for Singapore: 1987: 602 caned (including 115 foreigners) 1988: 616 caned (119 foreigners) 1992: 1,422 caned 1993: 3,244 caned, or over 60 per week. 2006: 5,984 caning sentences (about 95 of which were carried out) 2007: 6,404 caning sentences (about 95 of which were carried out), or about 120 canings per week. But the number of such sentences has fallen dramatically since then, down to only 2,318 in 2011, presumably as a result of a more lenient sentencing policy introduced following a change of Chief Justice in 2006. This information has not, as far as we can discover, been published in Singapore itself, but it appears annually in US State Department Human Rights Reports, so presumably it is correct or the Singapore authorities would surely have challenged it. The 60 a week figure in the 1990s is backed up by a former employee at Changi Jail, who in 1995 said: They are flogging more and more these days. Before they were doing maybe 60 on Tuesdays and Fridays, now theyre doing a hundred (Eye of a Tiger, The Guardian . 20 May 1995). And he was evidently talking about Changi prison alone. I remember one day seeing maybe 60 naked men in Changi waiting to get caned, he added. However, it is possible that this figure includes prison discipline cases as well as court-ordered canings. What these statistics also show is that the great majority of court cases are not covered in the local press, or at least not in the English-language papers, which typically report around three or four caning sentences a week, on average. The most likely explanation is that the majority of canings are of immigration offenders, who usually receive the mandatory minimum of three strokes as well as being fairly briefly imprisoned and then deported. Channel News Asia reported that 11,790 arrests were made in Singapore for immigration offences in 2004 (Nearly 11,800 immigration offenders arrested in 2004, 17 February 2005). An analysis of newspaper reports of caning sentences imposed in Singapore for the period 1997-2000 gives some broad information on this topic, although again it must be stressed that only a fraction of the sentences imposed are reported in the media. During this period about 360 sentences inflicting a total of approximately 3,200 strokes were reported. Of those sentenced: 30 were in their teens (8) 156 in their 20s (43) 108 in their 30s (30) 66 in their 40s (18). Applying these ratios to a possible annual figure of about 3,500 recipients during that period, we can estimate the following numbers caned each year: 16 to 19 year olds: 280 Men in their 20s: 1,505 Men in their 30s: 1,050 Men in their 40s: 630 16 of the Singapore sentences studied imposed 6 strokes, 12 imposed 12 strokes, and 10 imposed 24 strokes, the remainder covering the whole range of odd and even numbers from 1 to 20 strokes. But these figures largely exclude immigration offences. Some Singapore reports refer to dozens of illegal immigrants being sentenced to caning at each court session. The same kind of thing has happened more recently in Malaysia, as in this 2004 case in which about 160 offenders were sentenced, all on one day, to be caned and deported. The usual sentence in such cases is 3 or 4 strokes in Singapore and Brunei, but often only one stroke in Malaysia. In December 2004 it was reported that 18,607 illegal immigrants had been whipped in Malaysia in two years. Only five of these men had received six strokes. 15,214 of them received only one stroke. 11,473 of those caned were Indonesians. In December 2006, Malaysia set up special immigration courts. In the first half of 2007 these new courts sentenced 5,657 immigration offenders to jail terms in special detention centres. 2,922 of these were also caned. Overall JCP statistics for Malaysia do not seem to be available. A 2005 report quoted an official in the state of Sabah as saying that about 60 convicts are caned per week in that state. Sabah contains about 15 of Malaysias population. So if it is typical of the country as a whole, this would suggest some 400 canings a week, or about 21,000 per year. This would be roughly 1 caning per year per thousand inhabitants, broadly similar to the ratio in Singapore. Even less information is available about the frequency of JCP in tiny Brunei. The Associated Press has reported that there were 68 canings in Brunei in 2007 for immigration offences. HOW MANY STROKES ARE GIVEN The Singapore Criminal Procedure Code lays down that 24 strokes is the maximum that can be ordered. Contrary to popular myth, the strokes must all be inflicted on the same occasion, and not in instalments. It is important to be clear that most caning sentences are not of anywhere near 24 strokes. Much more common are sentences of between three and six strokes. (Michael Fays sentence for vandalism was six strokes, reduced in the event to four as an act of clemency.) Press reports of sentences probably give a misleading impression of the norm: the more serious cases are the ones more likely to be reported. As we have seen, the great majority of caning sentences do not get into the media. Most of the more graphic descriptions of the results of judicial caning relate to the more severe sentences and do not really apply when only three or four strokes are given. It was previously thought that 24 strokes was a maximum sentence per trial . but it has recently been clarified by the Law Minister in Parliament that for this purpose per trial means per offence, and the 24-stroke limit per caning is only a general rule following a decision by the Attorney-General in 1990 that 24 strokes are enough of a deterrent measure. The Minister added: There may be a limit of 24 strokes of the cane in any one caning session but that doesnt mean that if he has been tried for different offences, that when hes sent to prison, he may not be receiving different sessions of caning. The same figure of 24 is also the maximum in Malaysia and Brunei. It has been reported that in Malaysia, too, the 24-stroke maximum is per infliction and per warrant, not per trial: if a prisoner is charged under several warrants, he has to serve the combined number of strokes. He can take at the most 24 strokes each time. When the wounds are healed, he has to endure the painful experience all over again. A case was reported in August 2004 in which a rapist was sentenced to 50 strokes in total. In 1991, Quek Kee Chong, 26, sued the Singapore Government for grievous injuries to his buttocks following a 48-stroke caning at Changi jail in April 1988. The court had awarded him 12 strokes on each of four armed robbery charges (Convicted man sues Govt over number of strokes he received, Straits Times . 6 June 1991). Clearly he should not have been given all the strokes at once, and the government later gave him an ex-gratia compensation payment in settlement. Other members of Queks criminal gang have recently made similar claims. saying they too received more than 24 strokes each, but did not realise at the time that this was contrary to the rules. Mr Queks family members said he had later been hospitalised at the Changi Prison Hospital. They were surprised how he withstood the 48 strokes, which, according to informed prison sources, is quite remarkable for a sturdy man to take. THE DIMENSIONS OF THE CANE Punishment canes are made of rattan. Contrary to popular myth, bamboo is not used. Unlike bamboo, rattan is very flexible when wet. The word cane causes some confusion because in American English it usually means a thick, rigid stick, as in a walking stick. A rattan punishment cane is nothing like a walking cane. In some pictures the soaked rattan appears to be so bendy that it may be understandable that some observers are said to have mistakenly thought the implements were actually leather whips. The size and dimensions of the cane are prescribed by regulation. In Singapore, for adult men it is 1.2 metres (4 feet) long, and 1.3cm (half an inch) in diameter (Prison Regulations 132(2)). The Malaysian cane is very slightly smaller, at 1.09m long and 1.25cm thick. A smaller cane, the light rattan, is used for boys under 16, in both Singapore and Malaysia. The dimensions of Singapores light rattan are not known. It could be similar to the Singapore school cane, which is only slightly shorter than the judicial cane but a good deal thinner. In Malaysia, it has been revealed that the juvenile light rattan is also used for non-violent white-collar offenders, those convicted of criminal breach of trust -- embezzlement and the like (Criminal Procedure Code (Amendment) Act 1994). It has been described as about half the size of the standard rotan. This seems to be an exaggeration. The following picture, from a display at Johor Baru prison, shows one longer and two shorter canes, and the shorter ones are only a few inches shorter than the longer one, but also somewhat thinner. Malaysia, but not Singapore, also has separate Islamic religious courts administering Sharia (Syariah) law, applicable only to Moslems. This operates in parallel with the mainstream judicial system. Its provisions vary in detail from one state to another and do not primarily concern criminal matters but, when they do, canings are occasionally ordered for such sins as adultery or drinking alcohol. (In practice this sort of thing appears to happen only in the conservative rural northern states. where Islam is much stronger than in KL or the other heavily westernised urban centres on the west coast.) These are carried out in prisons by the same officers who administer the ordinary judicial canings. But, here again, it is the smaller rotan that is used, and it is applied with much less force, the aim being a symbolic act of shame rather than serious physical pain. The prisoner is strapped to a large wooden trestle. The type used in Singapore is clearly closely based on, if not identical with, the British dual-purpose prison flogging frame, originally designed for both floggings with the cat on the upper back (offender standing upright) and punishments applied to the posterior (offender bending over). The Singapore trestle seen in a recent government anti-crime video, Prison Me No Way, is specially made and painted blue. It is like two Hs joined at the top and extended at the base to about three feet. There is a timber base, comprising four pieces of timber joined to form a rectangle, on which the prisoner stands in his bare feet. On his side of the trestle there are two horizontal bars. The upper crossbar is slightly padded and adjustable, so that in position it is at the level of his waist. The padding is like a sheepskin or piece of foam wrapped around a piece of timber. The lower crossbar has bolted to it two short lengths of chain, each of four links to which are attached, by D-rings, restraining ankle cuffs. These are of black leather, with chrome fittings they are about two inches wide with smaller tightening straps. On the opposite side of the trestle there is a stabilising crossbar, higher up, and another crossbar placed slightly lower than the adjustable one on the prisoners side. Attached to this crossbar are wrist cuffs, similar to the ankle cuffs. When the prisoners wrists are attached to these cuffs his hands are able to hold on to this crossbar. The Singapore Director of Prisons said: . it is essential that the leather be strong . the prisoner struggles violently after each of the first three strokes . In some reports the cuffs are stated to be of rubber. Possibly, different equipment is used in different institutions. It can be seen from several pictures of dummy demonstration canings that very similar equipment is used in Brunei. In Malaysia, on the other hand, the frame (pictured right) is a triangle rather than a trestle, coming to a point at the top instead of having parallel sides. The convict does not bend over but must stand upright. A specially designed protective shield is placed round the torso, leaving only the buttocks exposed. It is not known when or why this different approach was adopted in Malaysia. THE MEDICAL EXAMINATION It is a requirement that the prisoner be medically fit to be caned. At the beginning of the official Malaysian caning video. the prison doctor and his assistant are seen carrying out a medical examination on a prisoner about to receive punishment. The Singapore Criminal Procedure Code, Section 231(1) provides: The punishment of caning shall not be inflicted unless a medical officer is present and certifies that the offender is in a fit state of health to undergo such punishment. There is no appeal against the MOs decision that the prisoner is fit to be caned ( Tam Eng Chye v Director of Prisons . Attorney-Generals Annual Report 20045 PDF, p.9). The doctor has the power to stop the punishment at any time, and his duties include medical treatment on its completion. In the Malaysian video it is seen that each recipient is taken to the prison hospital immediately the caning is over, where he lies face down on a bed and has his buttocks cleaned up and disinfected. In Singapore the post-caning treatment is said to include the painting-on of gentian violet, a disinfectant which dyes the skin temporarily purple (possibly making the damage look worse than it actually is). However, some Singapore recipients, including Michael Fay, report being taken straight back to their cells without any immediate medical attention (though later he got some sort of dressing on his wounds). One might infer that first aid is not always deemed necessary after only a few strokes. High blood pressure or heart problems are said to be grounds for exemption in Malaysia. A report in 2003 stated that, out of 19 prisoners being whipped on a particular day at a jail in Sarawak, three (about 15) were found medically unfit. As we have seen, however, in Singapore it has been stated that 95 of caning sentences are actually inflicted. CANING SESSIONS IN PRISON In both Singapore and Malaysia, canings are inflicted so frequently that there are regular sessions at which groups of men are dealt with together. The men are made to squat in a line outside the caning room to await their turn. According to a former Singapore prison employee interviewed in 1994, these sessions are normally held every Tuesday and Friday at Changi, the famous top-security jail. But there are also other jails, notably Queenstown Remand Prison, where the American teenager Michael Fay was caned in May 1994 for vandalism. Prisoners are not told in advance when their caning is to take place. Fay was one of a group of ten inmates punished that Thursday afternoon: Fay was led from his cell to a waiting room, along with nine other inmates. He said About 2.30 p. m. they brought me down a hall handcuffed. After his number was called, he was taken into the punishment area. Others have described as waiting their turn in groups of ten or even twenty men. Presumably, sometimes there will be a long wait, particularly if there is a large batch of men and if a number of 15 or 24 stroke sentences have to be inflicted. Having to wait no doubt adds to the fear and apprehension of the occasion. Peter (not his real name), who received 10 strokes in Changi Prison for gang offences, recalled his experience in a 1991 newspaper interview: That morning, about 10 of us were called up for a medical check-up. Nobody told us what it was for but we knew. The anxiety began when we were led back to our cells after the check up. I kept thinking of the unwritten law. No begging and no screaming. I kept reminding myself. After lunch and a short break, our group was led to the caning compound. All 10 of us were made to squat while waiting in a corridor. The wait was terrible. We were all hoping to be called first, to get it over and done with. At least you dont have to see the others suffer and be even more scared. Another man, Sam, who received 15 strokes for rape, described his experience: (I was) three months into my prison term when the day of the caning came. There were about twenty of us all lined up in a row outside a room where we were going to be caned. I was number 6. We were all in shorts and singlets. Another prisoner, Ah Seng, described his wait: I was very frightened. I had heard how painful caning was and also what one suffered after the caning. INSIDE THE CANING AREA This tiny picture from an official Youth Crime CD-ROM produced in the 1990s is the only known photograph of an actual judicial caning under way in Singapore. (NOTE: Contrary to some press reports, the CD-ROM contains only small stills, not a video of a caning.) The room in the picture is large and has a very high ceiling. There is a polished floor. At the end of the room there are tables at which senior prison staff are seated to view the infliction. At the other end of the room is the caning trestle. It is perhaps 9 feet high, solidly constructed from timber, on a wooden base on which the prisoner stands. It is not known where this photo was taken. Perhaps it is Changi jail. Michael Fays caning at Queenstown Road Remand Prison, however, took place -- according to the transcript of a later TV interview with Fay -- not in a room at all, but in an open-air prison yard that was partially protected from a tropical downpour by a covering over the trestle to which he was bound. Here is a computer-enhanced version of another picture from the CD. This shows the prisoner from behind as he is strapped into the frame, during or immediately after the punishment. Here it is just possible to discern the raw and bleeding flesh of the lower buttock area, particularly the right buttock, with some blood trickling down the thigh. Compare these pictures with the following diagram from the government-controlled Straits Times of 1 May 1994, headed How a Prisoner is Caned, part of an article entitled Prisons Department sets the facts straight on caning. One respect in which the artist of the above drawing seems to have got it significantly wrong is in showing the offenders feet spread wide apart, with the ankles strapped to the side legs of the frame. The photos show the legs in fact fairly close together, as in pre-1965 British prison birchings. This ensures that the genitalia are not accidentally hit from behind. In Malaysian prisons, the punishment is inflicted in an open yard, as we see in these video clips. The main difference with Singapore is that the prisoner stands upright, and his legs are placed apart (see picture at right). The danger of hitting the genitals is avoided by the use of a special torso shield, which covers the mans lower body, exposing only the buttocks themselves. Judicial caning involves a formal, ritualised ceremony. Uniformed officers are in attendance, and orders are given by the senior officer. Although canings are inflicted out of sight of other prisoners, there are several prison officers in attendance, including the superintendent, a superintendent warder, prison officers, the doctor and male nurse or assistants, and the officers administering the caning. Victims have described how sometimes the caning officer will be practising on a dummy while the prisoner is being prepared. Peter described being called in for his turn: When my name was called, I tried to pretend everything was under control. But I couldnt walk properly and my T-shirt was wet with sweat. The sound of the warder flexing the cane made it worse. When it was my turn to go in, I saw six men in the room: two police officers, a doctor, and three men -- the ones administering the caning. I also saw a cluster of rotans THE CANING OFFICERS The caning officers are specially trained. They are all robustly built and some hold quite high grades in martial arts, though official sources have denied that this is a requirement. Michael Fay described the warder who administered his caning as young, very fit. Sam remembered his caner as muscular. The official interviewed by Maggie OKane of The Guardian in 1995 (Eye of a Tiger, 20 May) was only in his early twenties but had already retired from the job. The officers are put though a period of training before they are accredited. The chief caner is always present at these training sessions, and often a doctor is there too. The aim is to inflict maximum pain with the least permanent damage. Caning is practised on sandbags, dummies or banana trees. The caners wear a T-shirt or similar costume as freedom of movement is essential. One former caning operative has said that in the 1960s he was paid SGD 1 for each prisoner caned. The largest number of strokes he could remember delivering in one session was 60. By 1990 the sum paid was SGD 10 to SGD 20 per flogging, plus SGD 20 (about euro10) per month on top of the normal prison officers salary ( The Caning of Michael Fay by Gopal Baratham, p.108). Nick Rogue Trader Leeson claimed that the Singapore caners are bodybuilders, who are paid SGD 2 for every stroke ( Daily Mail . London, 10 July 1999). However, Leeson was probably merely retailing prison gossip. He is not necessarily a reliable source, and neither, certainly, is the Daily Mail . In Malaysia, where canings take place at numerous prisons in the various states, there are some 50 flogging officers nationwide. The fx paid to them was increased in 2005 from MYR 3 per stroke (less than one euro) to MYR 10 per stroke (nearly euro3). At Kajang prison, canings are scheduled for every Wednesday and Friday. Selecting and training caning officers is said to be a long and difficult process. out of 30 candidates among prison officers, only two may be selected following a test of their strength, precision, consistency and movement of their strokes and their discipline, attitude and team spirit. PROCEDURE IN DETAIL The Singapore Prisons Regulations require that caning be inflicted on the buttocks (Regulation 132(2)). In practice the prisoner is required to strip completely naked for the administration of the punishment. A former prison officer has stated that, before the caning, the prisoners name is read out to ensure he is the correct person. The offence and the prescribed punishment is read out so the prisoner can confirm it. (The same precautions are taken in Malaysia, as shown in the official video.) Once he has removed his clothes, the inmate is made to stand facing the trestle so that he can be tied to it. In Singapore, he is made to bend over a pad between the front legs. His feet are secured to the front base with his hands secured to the back legs, so that he is bent over at about right angles at the hip. As the Straits Times described it in 1974, he bends over with his bottoms sic up, ready to receive his punishment. A pillow or cushion is secured across the small of his back to protect the vulnerable kidney area from a mis-stroke. Michael Fay said they stripped me and put rubber-lined padding around my sides, leaving the buttocks bare. Otherwise I was completely naked (interview in Newsweek . 4 July 1994). The prisoner is not gagged. Qwek Shi Lei, the then Director of Prisons, gave more details at a press conference in 1974. Prisoners, he said, are frightened that they will be unable to stop themselves crying out. They want to be able to take their punishment like a man, and crying means a loss of face. (Face is a big deal in Asian cultures.) Once the prisoner is secured, the caning officer will take up position, standing about five feet away, and adjusting his position with the aid of the cane. According to Mr Qwek . correct positioning is critical. If he is too near the prisoner, the tip of the cane will fall beyond the buttocks and thus reduce the effect of the stroke. If he is too far, the stroke will only cover part of the buttocks. A senior officer stands by, with the doctor. The cane is soaked overnight in water, so it is supple. The Prisons Department says this is to prevent it from splitting and shearing the skin. They denied earlier claims that the cane is soaked in brine. However, it is treated with antiseptic before use. A former flogger interviewed by Gopal Baratham has specified more precisely that it is the front third of the cane that is soaked in fluid to make it supple, producing the effect of a lash the back third is rigid so the caner has greater control (op. cit. p.105). Once the caning officer is in position and the order given to proceed, the strokes are called out: One Two, etc. by a warder. Michael Fay said they go Count one -- you hear them yell it really loud -- and a few seconds later they come. Each stroke is delivered after the call of the count. The blows are delivered at intervals of about thirty seconds. Sometimes two caning officers take turns to administer the strokes. CRIMINAL WHIPPING VS SYARIAH WHIPPING FOR A SYARIAH WHIPPING, the officer must exercise restraint and keep the upper arm close to the body. The rotans end is held at the height of the offenders head. The rotan swings downwards with only a movement of the wrist. -- PHOTOS: NEW STRAITS TIMES Irrespective of the age of the offender or the type of crime committed, every stroke is inflicted with the full strength of the warder: Canings are administered with maximum force ( South China Morning Post . Hong Kong, 2 April 1994). . when caning, the warder uses the whole of his body weight, and not just the strength of his arms, to strike. He holds the cane rigidly at arms length and pivots on his feet to deliver the stroke. (Singapore Director of Prisons, September 1974) A 25-year-old caning officer in Malaysian prisons, Iskandar Radz, said that he underwent a two-week training course during which he was taught how to swing the 1.09-metre cane at a minimum speed of 160kph and produce a force upon impact of at least 90kg. Apparently different techniques are permitted: . there were those who twirled and those who took a breath and took careful aim. There were those who took three steps forward and those who stood absolutely still. It was all a matter of individual style some played a serve and volley game and some preferred to play from the base line, some used a type of top spin, others preferred the quick smash. They were allowed to use the method they liked best. Individual preference was respected (Baratham, p.107). Others have said . the caner was remarkably good. No two strokes inflicted by him fell on the same spot. It was one slightly above or below the other. The caning was implemented with machine-like precision . . . my men were trained using dummies with chalk lines on their buttocks. The timing and aim of the stroke had to be just right, just like a golf swing . Michael Fay stated . the caner did not run, but rather walked sharply forward three steps so he can get a little power behind him. The caner in the photo from the CD-ROM, on the other hand, appears to be launching into a sort of flying leap. The photo sequence on the right, from the Straits Times of 3 July 2005, shows a Malaysian prison officer demonstrating his caning technique. The accompanying article quotes prison officer Wahid, 35, who metes out 100 strokes in an average week at Kajang Prison in Selangor, near Kuala Lumpur: Under the criminal penal code, the whipping officer must use as much force as he can muster during the caning. The power behind an ordinary whipping comes from the wrist, arm, shoulder and the swing. Whipping convicts is much more difficult (than administering a Syriah caning) because you have to do it with a lot of power. The harder, the better. If he holds back even one notch, the officer fails in his duty. Thats why all whipping officers are tall and big bodied. You have to be very focused because there is a very small area to hit. When you have made contact with the buttocks, you must drag the tip of the rotan along the skin to break it. It could be the use of this dragging technique to deliberately break the skin, as much as the size of the cane and the force with which it is used, that makes judicial caning so much more severe in its effects than school caning. THE IMMEDIATE PHYSICAL EFFECTS Eyewitnesses and others have reported on the severity of the canings: The blows are applied with the full force of the jailers arm. When the rattan hits the bare buttocks, the skin disintegrates, leaving a white line and then a flow of blood. (Singapore Bar Association report) I . saw blood at the fourth stroke. The prisoner slumped over in evident terrible pain. The caning stopped (Caning -- the most dreaded punishment. Straits Times . 7 September 1974). The skin at the point of contact is usually split open and, after three strokes, the buttocks will be covered in blood. (Singapore Director of Prisons, September 1974) Left: Asiaweek published this picture purportedly of bleeding immediately after a Malaysian caning (number of strokes unknown). Compare with the results seen as canings progress in the Malaysian official video. The skin did rip open, there was some blood, said Michael Fay of his four-stroke caning. adding Lets not exaggerate, and lets not say a few drops or that the blood was gushing out. It was in between the two. Its like a bloody nose. The Prisons Department has denied allegations that the cane causes skin and flesh to fly. But they conceded that it does leave bruises and marks. This contradicts earlier statements in the government-controlled press. The New Paper . apparently rehashing reports of the famous 1974 press conference, did report in 1992 that Pieces of skin and flesh fly at each stroke. A US analyst has suggested that these earlier accounts may have been deliberately exaggerated in the hope of deterring delinquents (Singapores Relations With U. S. Still Sore, Washington Post . 14 May 1994). Another explanation for some of the apparent discrepancies between different accounts may simply be that not enough distinction has been made between canings of just a few strokes and those at or near the maximum of 24. For a very much more gruesome illustration of what appears to be the immediate aftermath of a caning of a large number of strokes, probably in Malaysia, see the JCP Pictures page (warning: not for the squeamish). Thus, when Gopal Baratham asked a former flogger Does the skin break and the flesh fly, the reply was, Always after fifteen strokes, however accurate the flogger, the skin will be gone and the flesh will fly (op. cit. p.119). The Singapore authorities could therefore perhaps claim that many of the more lurid media descriptions ahead of Michael Fays punishment were exaggerations when applied to what was to be only a six-stroke caning (reduced at the last minute to four). But then it is they or their predecessors, and particularly Prisons Director Qwek in 1974, who were the original source of most of these descriptions. If its a well-trained caner, the skin across the whole backside will split 99 per cent of the time. The well-trained caner will whack on different spots, avoiding already open wounds. (This produces the most pain with the least scarring). The cane leaves huge red welts and permanent scars ( Straits Times . 8 April 1994). REACTION OF THE PRISONER TO THE CANING The Director of Prisons said at his 1974 press conference that most prisoners put up a struggle after each of the first three strokes. He continued After that their struggles lessen as they become weaker. At the end of the caning those who receive more than three lashes are usually in a state of shock. Many will collapse, but the medical officer and his team of assistants are on hand to revive them and to apply antiseptic to the caning wounds. Many will pretend to faint, but they cannot fool the prison doctor whose presence is legally required. Michael Fay said that a prison officer stood beside him and guided him through the ordeal, saying: Okay Michael, three left. Okay Michael, two left. Okay one more, youre almost done. He was later told that he shouted out Im dying when the first stroke hit but he could not remember crying out. Fay did not recall hearing the caner say one word throughout the whole procedure. One of the floggers interviewed by Gopal Baratham said, Most are silent, but some pray, some beg for mercy, others scream (op. cit. p.107). Nick Leeson was not caned but he says his two cellmates were. He reported: It causes an awful lot of trauma to the body. People shake and shake. They cant stop themselves. The inmates are not allowed to utter a sound when theyre flogged if they want to keep face. Five lashes basically leave no unbroken skin on the backside, so if youre having 24 your backside is a mess. But you cannot scream. DESCRIPTIONS OF THE EXPERIENCE BY MEN WHO HAVE BEEN CANED It is the clear intention of the authorities that the caning be as painful as possible, and, judging from the descriptions of men who have personally experienced it, this aim is achieved. Neveille Tan, now a pastor in his sixties, received a total of 30 strokes on three occasions in 1958, 1959 and 1966 in Changi Prison. In his memoirs Iron Man he described the excruciating pain of a thick cane landing forcefully on soft flesh: He was a tall Indian man with a black moustache which twirled upwards at both ends. He looked fierce and strong. His arms were huge as I glanced at them through eyes of fear and tension. In his right hand was the cane, about as thick as the size of my thumb. He was flexing it, bending it and taking swings at the air with it. Each time he swung the cane it whistled. I began to imagine how much it would hurt when it landed on my bare backside. Two warders (prison guards) were busy strapping me on to a contraption that looked like a huge broadside letter A. One of them was strapping a canvas pad just above my buttocks. When he finished, he strapped another pad just below my buttocks to expose only the main part of my backside. By now my heart was pounding inside my chest. I gritted my teeth and prepared to receive the first stroke of the cane. This was the first time I was going to be whipped. My legs began to tremble and my heart pounded furiously as I heard the superintendent of prisons (the warden) reading the court order for me to be whipped with six strokes of the cane. The prison doctor, a thin turbaned Sikh with a stethoscope around his neck, was giving me the final look over. Are you OK he asked me as he pressed his stethoscope on my chest and back. Breathe in he ordered me. OK he asked again. I nodded. I could hear some movement behind me then I heard the voice of the Superintendent of prisons ordering the whipping to begin. Satu which in Malay means one he began the slow count . I heard the whizzing sound of the cane as it whizzed its way towards my bare buttocks. I heard the sharp cracking sound like the sound of a small pistol shot as it landed square, right across the tender flesh of my behind. There was no pain at first, just a warm burning sensation but slowly, as feeling returned, the heat became unbearably painful. It felt as if a red-hot poker had been pressed against my backside. I felt my flesh tingling and then came the throbbing pain. That was only the first stroke. I gritted my teeth as I heard the voice of the Superintendent calling out the second number in Malay - Dua as the second stroke landed, I found myself shivering with the pain. Every nerve in my body seemed to be reacting to the sting. The pain was now excruciating. Enam (six) came the count. Again, I heard the horrible whizzing sound of the descending cane through the air. My whole backside was now totally swollen. The pain had become extremely excruciating. The officer who was administering the whipping was not supposed to hit me on the same spot twice, but he did. I felt like I was ready to black out, but I forced myself to remain conscious and fought back the engulfing darkness. Even then, barely conscious, my pride was still strong. It would be shameful if I could not take even six strokes of the cane. I was not going to let them see my pain. I gritted my teeth so hard that my jaws felt stiff and ached. Then it was all over. I had received the full six strokes, my first six strokes of the cane. They untied me and as I tried to straighten myself, my legs were so wobbly that they almost buckled. It was over. The male nurse swabbed a dark violet blue lotion over my raw backside and I was ushered out of the room. Later in the book he describes the time when he was awarded 12 strokes for assaulting another inmate: (I was sentenced to) solitary confinement for fourteen days and twelve strokes of the cane. Two days later, the prison doctor visited my cell. He was the same, skinny, turbaned Sikh doctor who had attended to me when I was in Changi prison. You again he greeted me. And this time twelve He shook his head as he placed his stethoscope on my chest. He listened for a while and then said No problem lah Twenty-four also can, he smirked and with that, he left. I thought they would at least wait until my arm was totally healed. But that was not to be. The next day I was called out of my cell again and into the familiar room and strapped onto the same contraption as I received another twelve strokes of the cane . I laid face down on the floor naked from the waist down. I could feel liquid oozing from my wounds but I was too weak to pay any attention to it. That day, I refused to bathe. In the exercise yard, I just leaned against the wall and glared into the sky. I was drained of all emotions. What had I done. How did I get myself into this situation Had I buried myself in prison for good The days dragged by very slowly. Finally I counted that there would be only two days left before I would be released from solitary confinement. My backside had healed though the scabs were still there. I could wear my shorts now but there was still some bleeding every now and then. My wound was also beginning to itch but I was careful not to itch it. Further descriptions, from more recent times, are equally graphic: I waited for the first blow to land, biting my teeth hard and closing my eyes. I heard the cane crack and felt blood shoot right through my body. The pain was beyond description. If there is a word stronger than excruciating, that should be the word to describe it. (10 strokes) Someone said count one and he took three steps, swinging (the cane) back and forth, before hitting me on the third step. You hear a crack when it hits you. About a second went by and then it just burned all through my body. And it hurts, it does hurt. I felt a deep burning sensation throughout my body, real pain. My flesh was ripped open. (Michael Fay, 4 strokes) It sounded like a tree falling onto my buttocks. First, a stinging blow to my buttocks and when the cane was lifted, I could feel blood shooting up from my body. The pain was unbearable. And it got more painful. my body shook with pain (Sam, 15 strokes) If I was not tied up during the caning, I would have climbed up the wall with my bare hands (Jack, 20 strokes). The first stroke came. the pain was unbelievable and there were still five to go. There was pain in my whole body. Only my hair didnt feel pain. I thought nothing could be worse than that until the second stroke hit me. Then I really thought I was going to die. By the time the third came, my whole body was just a lump of pain and the other two strokes did not make any difference (Ah Seng, 5 strokes, interviewed by Baratham, p.111 ff.). Another warder stripped me and strapped me to a wooden trestle by my ankles and wrists. By then I was already shivering and perspiring with fear. Then I heard the cane. It sounded like a plank hitting the wall. A split second later, I felt it tearing across my buttocks. I screamed and struggled like a mad animal. All I thought was that I wanted to run away. If Im not tied up, one stroke could keep me running for a mile. It went on and on, one stroke one minute. Some lashes fell on the same spot, splitting open the skin even more. I felt giddy and went limp on the trestle at the last stroke. My bleeding buttocks throbbed with pain and felt like they were on fire. After we were flogged, a medical officer applied some antiseptic on the wounds. My buttocks then swelled to twice their normal size. My thighs went blue-black. I had to go without shorts for more than two weeks so that my wounds could heal. I couldnt sit on my buttocks or sleep on my back or bathe all this time either (Account of unidentified prisoner caned at age 17, New Paper, Singapore, 12 October 1988). Another description was broadcast on the Voice of America on 21 March 1994: (Reporter:) Miss Jones remembers the trauma reported by one man who came to Amnesty International after several strokes of the cane: he was shivering and perspiring with fear just before. and then during the caning, he remembers how it felt. it was like a tearing across his buttocks. he talked about how he screamed like a mad animal and how basically, it leaves festering and huge scars on his derriere. it swelled to twice its size and he was not able for weeks and weeks to wear clothing. The tremendous bruising black and blue of thighs. And he says to this day he still has nightmares about it. This happened when he was seventeen. Hes now over 40. This isnt just a little spanking. This is truly traumatic. It may be easy for people to say oh, this is simply a little pain and itll go away. If one has undergone it, I think one can really understand the cruelty of it. Every stroke was a stroke of hell, which I will never forget as long as I live. Malaysian judicial canings have provoked very similar first-person descriptions. Aaron Cohen recalled his caning : I got six. Its just incredible pain. More like a burning -- like someone sticking an iron on your bum. Thats the sort of feeling. Pain -- just ultimate pain. . The strokes came at the rate of one a minute -- but it seemed like a lifetime to me. I waited and waited for the first one and as soon as I let my breath out -- Baamm. Afterwards my bum looked like a side of beef. There was three lines of raw skin with blood oozing out. Another lively account of being flogged in a Malaysian prison is to be found in Robert Symess 1991 article in Penthouse . Symes received six strokes in 1982 for drug-trafficking. Once the final stroke is delivered, the prisoner is unbuckled from the trestle and given medical treatment: The doctor puts that purple medicine (gentian violet) on the wounds and they go back to their cells. They paint some medicine on the flogged area and send the inmate back to his cell. They get the stuff out of a bucket, and paint it like a mans backside is a wall. When it is over, the wounds are treated with the antiseptic, gentian violet, and for weeks the prisoner cannot sit down. After the fifteenth stroke, they untied him and told him to go, after the doctor applied a medicated lotion on his buttocks. He was also given a bottle of lotion. When necessary, dressings are applied to cover the wounds. Michael Fay reported that a doctor changed the dressings on his wounds every day. Alex, who received three strokes for vandalism in November 1994, wrote: The day I was caned, I weighed about 132 pounds. That was about 40 days after admission. The pain was a bit killing but I was all right and there was no blood just after caning, so the attendant medic did not apply the blue lotion on my buttock. I have no experience so I sat on the floor to cool the buttock. Then the skin split and blood came out. He said that the blood just wet his shorts but there was not excessive bleeding. Most of the others caned on that day had blue lotion applied. It took about 2 weeks or longer to heal, because we were not given medicine or lotion. Also when we assembled, we squatted down. This caused the skin scar to part and blood will come out. For this reason, he said, men who have been caned seek to be excused from squatting at gate landings while moving about the prison. Nick Leeson when in Tumah Marah Prison recalled fellow inmates being caned: Some people say the easiest way to get over it is to go back to the hall where the floor is very hot and just sit on it to cauterise the wound (Repentance of a Rogue Trader, Daily Mail . London, 10 July 1999). After he is unshackled and treated, the prisoner is taken back to his cell to recover. Peter recalled that after 10 strokes, he was unable to walk without help from the warder: As I was being led out of the caning compound, I caught a glimpse of the used canes. They were split and bloody. They even had pieces of skin stuck on them. Some were probably mine. Some prisoners in Singapore are taken to the prison hospital after their caning. In Malaysia this appears to be routine for all caned prisoners. AFTER EFFECTS: THE HEALING OF THE WOUNDS This tiny picture (right), taken from the above-mentioned CD-ROM, gives a glimpse of the wounded backsides of two young offenders some time (it is not clear how long) after a Singapore caning. The photograph on the left (click it to enlarge), found on a Malaysian government (prison service) website, was originally captioned Kesan luka hukuman sebat (marks of wounds from caning punishment). It appears to show the position after bleeding has stopped but before the wounds have started to heal, so probably within a few days of the caning. The following picture was on display at the Johor Baru prison exhibition: This, too, was probably taken relatively shortly after these prisoners were caned. It is interesting to note how different the wounds can be from one case to another, even allowing for different numbers of strokes. The wounds of caning take some weeks to heal. Here are some descriptions of the after-effects by men who have been caned. My buttocks felt as if they were burning. They swelled to twice their normal size. I could not sit down or lie on my back. I couldnt even walk properly. The skin on (my) buttocks peeled off and (my) backside was completely bruised. It bled on and off for days . (I had to) put on an apron for about ten days as I could not wear shorts. (I was) also unable to sit. Immediately after the caning (I had to lie on my) stomach for about four hours. For two hours (I even had) difficulty standing up . Going to the toilet was the worst . you dont dare to squat because you may tear open the wounds again. So you try to do it half sitting and half squatting (Jack - 20 strokes). I stumbled to an adjacent room and plonked myself down. For the next three weeks (I) slept with my face down. (I) could neither eat or sleep properly. For the first week, I couldnt even sleep. The pain was unbearable. It took more than a month for the wounds to dry. My buttocks didnt look normal after that, with the skin drooping and the scars (Sam - 15 strokes). (After the caning) I couldnt sit down or lie on my back for a week. (Going to the toilet) was the worst of all . I could not squat or even bend my knees. I got scared every time I got the urge . I tried not eating but this did not work. I still had to go and I had to do this standing up, holding my buttocks wide apart. (This lasted) one week then things came back to normal (Ah Seng - 5 strokes). The wounds take between a week and a month to heal. During that time many cannot sit or sleep on their backs and dare not bathe for fear of getting sores. The wounds heal but the marks are indelible. The caners are supposed to be so skilful that they never hit the same spot twice ( Sunday Times . Singapore, 13 July 1986). My buttocks swelled a little bit . the wounds hurt for about five days after which they itched as they healed. The first couple of days it was very hard to sit. Now about six weeks after the caning on one side there are three dark brown scar patches on my right buttock, and four lines each about 1.2cm wide on my left buttock, where the flesh was torn (Michael Fay - 4 strokes). According to statements by Michael Fays father and one of his lawyers, the US diplomat who saw him in prison, shortly after the caning, was allowed to inspect the damage. Fay was reported to be bleeding through bandages over his buttocks. When the bandages were removed the diplomat is said to have observed that the flesh was ripped and broken, there were circular wounds, about two inches in diameter, where it appeared there was more serious damage, where the cane had struck twice. Fay senior also claimed that the diplomat had reported that Mike had a great deal of difficulty in walking, but he was able to sit down at one point, although again it was with a great deal of difficulty. His face was contorted. He was in pain, and when he sat down, he sat down very gingerly (Caned Youth Gets Visit In Singapore, New York Times . 7 May 1994). However, these are second - or third-hand impressions: the diplomat himself had declined to say anything to the press except that, not being a doctor, he was not qualified to make a judgement about Fays condition. At all events the Singapore authorities disputed these quoted accounts, dismissing Fay seniors remarks as wild allegations and misinformation and saying that Fay sat, laughed and smiled during the visit, and wanted his father to shut up about the caning. They also claimed that Fay said the caning was not as bad and horrifying as described in the press ( USA Today . 9 May 1994 Washington Post . 8 May 1994). But then, as Gopal Baratham has written, There are rumours that the caner was asked to go lightly on the boy so that the lashing did not leave permanent scars on his buttocks, scars that he could expose to the American media: scars that would do more harm to Singapores international image than they had done to Fays behind (op. cit. p.22). According to Nick Leeson, My cellmates had five strokes each. They lay on their front for two days. It basically takes two weeks to heal (Repentance of a Rogue Trader, Daily Mail . London, 10 July 1999). Caning as described above will produce permanent scars, according to several reports. In an NBC documentary shown in 1994, a former prisoner was shown raising his sarong and exposing his bottom to the camera - the scars of his caning were clearly visible. Likewise, The New Paper in 1991 published the following picture of the buttocks of an ex-convict who, it said, had been caned 10 years previously: And in Gopal Barathams book, two pictures are reproduced - in fact almost certainly different views of the same man: The Singapore Director of Prisons in his 1974 news conference said: . the cane marks are indelible and these will be a source of humiliation to (the prisoners) for the rest of their lives. Reporting on the news conference, the Straits Times . in an article called Branding the Bad Hats for Life. stated on 13 September 1974: The Director of Prisons . yesterday gave a graphic, blow-by-blow account of how criminals are caned so they will walk with scarred bottoms for the rest of their lives. Jack and Peter, both caned in the early 1980s, told the New Paper that the caning had affected them in their life after prison, and how they had to find excuses to explain away the marks. Men who have been caned are not permitted to serve in the Singapore Armed Forces. After the 1974 news conference, one Singapore paper took up the issue of scarring in an editorial. suggesting that . marking a criminal for life -- even on a spot not immediately visible to others -- smacks of barbaric medievalism. The editorial also criticised the whole tone of the Prisons Directors press conference. (Clearly the local newspapers were less rigidly controlled by the regime in 1974 than they are now: even this muted degree of criticism is never found in the Singapore press today.) However, it is not certain that the marks last forever in cases where relatively few strokes were administered. The following photograph of 20-year-old Dickson Tans bottom was taken just one year after his 8-stroke caning: Dickson Tan, who was caned for helping an illegal money lender, displays his bruises for the camera in Singapore March 27, 2008. Tan is suing the Singapore government for around S3 million (USD 2.2 million) in damages for mistakenly caning him three more strokes than he was sentenced to. court documents showed. REUTERSVivek Prakash Despite what the Reuters caption says, we see no bruises here, only weals. Any bruises had already disappeared. In fact this looks at first glance just like an ordinary schoolboy caning, until we remember that it is 12 months after the event. Even so, it is not obvious that this relatively moderate scarring is going to be there for life. HUMILIATION AND DETERRENCE Judicial caning is clearly intended to be a humiliating experience. Former Prime Minister Lee Kwan Yew, founding father of modern Singapore, introducing mandatory caning for vandalism in 1966, told Parliament: . if (the offender) knows he is going to get three of the best, I think he will lose a great deal of enthusiasm, because there is little glory attached to the rather humiliating experience of having to be caned. (Lee, now Minister Mentor, always seems to refer to the subject in this oddly juvenile vein -- three of the best, and so on -- as if to suggest, though he surely cannot seriously believe, that the punishments in question are somehow equivalent to the headmasters canings he received as a schoolboy at Raffles College in the 1930s, which he mentions in his memoirs.) In fact, the severity and humiliation of the punishment are widely publicised: compulsory prison visits for juvenile delinquents include viewing what newspapers have described as a film of the execution of the punishment (though it is not known whether such a film really exists for Singapore) as well as a real-life demonstration by a warder on a dummy. The films of Malaysian canings were evidently made by the authorities with a similar aim in mind. One newspaper article stated in 1974. In the Singapore context, caning is the most dreaded form of punishment. If proof be needed, I need only recall the very many instances when young and middle-aged offenders, under caning orders, begged the Appeal Court in vain to suspend them and give longer prison terms instead. (But) until Parliament changes the law, there is nothing that can be done. There is, indeed, little sympathy expressed towards those being caned. A writer from the National University of Singapore defended the punishment: . it is a part of the law that most Singaporeans are glad to give their support . the purpose of caning is to inflict pain. For this purpose, the safest place to cane is really the buttock, and none other . According to accounts given by people who have been caned, they suffered immense pain during the caning, and would not be able to sit or lie down on their buttocks for many days, even up to two weeks. And the surface of the skin may split open during the caning. Thats all The result of caning is a lasting mark on their buttocks. This serves a lasting educational purpose they will always be reminded not to commit the offence again Although the extensive use of corporal punishment in Singapore is a policy associated with Lee Kwan Yew and his ruling Peoples Action Party, it is not a policy on which the PAP has a monopoly. A spokesman for the opposition Singapore Democratic Alliance, Edmund Ng, has said: For criminals, caning serves as a deterrent . I would not change a winning formula ( The New Paper . 13 April 2006). The other opposition party represented in Parliament, the Workers Party , while hostile to very long terms of imprisonment and mandatory sentences, also does not oppose JCP, at any rate for crimes of violence. In Malaysia, though, there is more opposition from academics, human rights activists and lawyers. In particular the countrys Bar Council, representing lawyers, unanimously passed a resolution in 2007 described whipping as cruel, inhumane and degrading, and called for its abolition, especially for illegal immigrants. However, there is no sign that the present government shares this view. In addition, in 2007 there was a proposal by the Women, Family and Community Development Ministry to abolish the judicial caning of juveniles in Malaysia. No such change in the law has yet been reported. SOME DIFFERENCES BETWEEN SINGAPORE AND MALAYSIA Terminology: In Singapore, the punishment is nowadays always described, both in legislation and in press reports, as caning. In Malaysia the term caning is often used informally, and the phrases strokes of the cane and strokes of the rotan are used interchangeably, but officially the correct term is whipping, following traditional British legislative terminology. Note: when Malaysian newspapers report that someone is to be whipped three times, it just means three strokes of the cane on a single occasion. In former British times, this would have meant three different caning sessions (in the 19th century, some UK legislation stipulated that an offender might be once, twice or thrice privately whipped, meaning an unspecified number of strokes on each of up to three separate occasions), but this usage has been lost sight of. Modus operandi: In Singapore and Brunei the culprit must bend over for his caning, with his feet together. In Malaysia he stands upright at the frame with his legs apart. Implements: The Malaysian cane is marginally smaller than the Singaporean one. This does not seem to make any discernible difference, if first-person accounts from the two jurisdictions are compared. Also, Malaysia uses a smaller cane for white-collar offenders -- those convicted of non-violent financial crimes such as embezzlement. There are no reports of any such distinction being made in Singapore. Juveniles: In Singapore, only the High Court may order the caning of boys under 16. In Malaysia local courts may do so. Islamic law: Malaysia has a parallel judicial system covering some sins that are offences only when committed by Moslems, who constitute about 60 of the population nationally. In theory some of these may attract caning sentences, though this happens rarely. When it does, the smaller cane is used and the mode of infliction is much less severe. Singapore, only about 15 of whose population are Moslems, has no such system. Main sources in addition to those mentioned in the text: Director of Prisons press conference, September 1974 (reported in numerous papers, e. g. Strokes of Tradition, The Australian . 19 September 1974, and Singapore Still Flogs Felons, unidentified US newspaper, 26 September 1974) Amnesty International Briefing on Singapore, January 1978 Singapore Lawmen Dont Spare the Rod Or Spoil the Criminal, Wall Street Journal . 6 July 1982 Amnesty International Bulletin, 1989 10 years on, and we still feel the pain, The New Paper . Singapore, 10 September 1991 Caning horror show deters the hooligans, Daily Telegraph . London, 23 April 1994 Prisons Department sets the facts straight on caning, Sunday Times . Singapore, 1 May 1994 An Appeal to Use the Rod Sparingly: A Dispassionate Analysis of the Use of Caning in Singapore, by Mark Lim Fung Chian, in Singapore Law Review . Vol. 15, 1994 The Caning of Michael Fay: The Inside Story by a Singaporean. by Gopal Baratham, KRP Publications, Singapore, 1994 Links to more legalofficial documents on Singapore JCP: Country files: Judicial CP in Singapore External links to other documents on aspects of Singapores JCP regime: Web links: Judicial CP Numerous reports of Singapore court sentences involving caning: Singapore - Judicial in The Archive for each year or group of years