Abgeltungsteuer: Wie Optionsgeschäfte besteuert werden

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1. Was sind Optionsgeschäfte?

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Überblick

Wie Optionsprämien steuerlich behandelt werden

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2. Kauf einer Kaufoption (long call)

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a) Gezahlte Optionsprämie

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b) Ausübung einer Kaufoption

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c) Veräußerung einer Kaufoption

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d) Glattstellung einer Kaufoption

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e) Verfall einer Kaufoption

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Knock-out-Papiere: Verlust des Kapitals steuermindernd absetzbar?

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• Xxx XXX xxx xxx Xxxxx xxxxxx: Xxx Xxxxxxxxx xxx xx xx Xxx. x Xxxx x XXxX xxxxxx xxxxxxxxxxxx xxxxx xx, xx xxx Xxxxxxxxxxxxxxx xxxxxxxx. Xxxxxx xxx xxx xx xxxxxxxxx Xxxxxxxxxxxxxx xxxxxxxxxxx, xxx xxx xxx Xxxxxxxxxxxxxxxxxx xxxxxx xxxx xxxxxxxxx xxxxx xxxxxx Xxxxx xx xxxxxxxxxx xxx. Xxx XxxxxxxxxxXxxxxxxxx xx Xxxx xxx Xxxxxxxxxxxx xxxxxxx xx xxxx xxxx, xx xxx XXX xxxxxx, xx xxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxxxx, xxx xx Xxxxxxxxxx Xxx xx Xxx xxxxx Xxxxxxxxx xxxxxxxxxxx xxxxxx xxxxxx xx xxx xxxx xxx Xxxxxxxxxxxxxxx xxxxxxxxx Xxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxx xxxx xx xxxxxxx.

Veräußerung kurz vor Verfall? 

Xx xxx Xxxxxxxxxxxxx xxxxx xxxxxxx xxxxxxxxx, xxxxx xxx Xxxxxx xxxxxxxxx xx xxxxxx, xxxxx xxx xxxxxxxx xxxxxxxx Xxxxxx xxxx xxx Xxxxxxx xxxxxxxx xxxxxx x xxxx xxxx xxx xx xxxxx xxxxxxxxxxxx Xxxxx xxx xxxxxx x Xxxx xx.X. x,x Xxxxx. Xxxx xxxxxxxx xxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxx xx xx Xxx. x XXxXx x xxx xxx Xxxxxxx xxx xxx xxxxxxx Xxxxxxxxxxxxxxxx xxxxxxxxxxxx. Xxx xxx Xxxxxxxxxx xxx Xxxxxxxxx xxxxxx xxx xxxxxxxx Xxxxxxxxxxxxxx xxxxxxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxx xxxxxxxxx xxxxxx.

Xxx Xxxxxxxxxxxxx Xxxxxxxxxxxxx xxx xxxxx xxx Xxxxxx xxxxxxxxxxx, xxxx xxxx Xxxxxxxxxxxxx xxxx xxxx xxxxxxxx, xxxx xxx Xxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx xxxxx xxxxxxxxxxx. Xx xxxxxx Xxxx xxxx xxxx xxxx xxx Xxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxx xxx xxxxxxxxx Xxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx. Xxx xxxxxxxxxxxxxxxx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxx xxxxx xx Xxxxxx xxxxx Xxxxxxxxx. Xxx xxxxxx xxxxxxxxx xx xxx xxxxxxxxxxxxx Xxxxxxxx, xxxx xxx xxxxxxxxxxx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxx Xxxx xxxxxxx xXX Xxxxxxxxxxxxx xxx xx.xx.xxxx, x X xxxxxxxxx.xxxxxxXxxxx xxx xxx Xxxxxxxxxxxxxxx xxxxx xxx Xxxxxx xxxxxxxxxxx, xxxx Xxxxxxxx xxx xxx Xxxxxxx xxx Xxxxxxxx xxx xxxxxxxx Xxxxxxxxx x xxxxx xxx Xxxxxxxxxxxxxxx!x x xxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxx xx xx Xxx. x Xx. xx XXxX xx xxxxxxxxxxxxxxxx xxxx xxx xxx xxxxxxxxxxxxx Xxxxxxx xxx xxxxxxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx xxxx xXXXxXxxxxxx xxx xx.x.xxxx, XX X xxxxx, XX X xxxxx, XX X xxxxxx.

XXXXXXX xxx xx xxx x.x.xxxx xxxxxxxxxx xxxx Xxxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxx: Xxxxxxxxxxxxxxxxxxxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx, xxxxxxxxxxxx xxx xxx Xxxxxxx xxx Xxxxxxxx, xxx xxxx xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxx xxx Xxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxx. Xxxxx xxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxx xx.xxx XXX. Xxxxx xxxxxxxxxxx Xxxxxxxx xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxx xx Xxxxx xxx xx.xxx XXX xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx, xxxx xxxx xxx xxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxx xxxxxxxxx xxx xx Xxx. x Xxxx x XXxX, xxxxxxxxxx xxxxx xxx "Xxxxxx xxx Xxxxxxxxxxx xxxxx Xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx"x xxxxxxxxx xxxx xxx "Xxxxxxxxxxxxxxxxxx xxxx"x.

• Xxx Xxxxxxxxxxx xxxx xxxx Xxxxxxxx, xxx xx xxx x.x.xxxx xxxxxxxxx xxx xx Xxx. xx Xxxx xx XXxXx.
• Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxx xxxxx xxx xxxxxxx Xxxxxxxxxxxxxxxx xxxx xxx xxxxxxx Xxxxxxxxxxx xxxxxxxxxx xxxxxx.
• Xxx Xxxxxxxxxxxxxxxx xxxx xx xx Xxx. x Xxxx x XXxX xxxxxx xxx xx Xxxxxx xxx Xxxxxxxxxxx xxxxx, xxxx xxxx xxxxx xxx xxx Xxxxxxxxxxx xxxxxxxxxxx!xxxxxxXxxxxxxxxx Xxx xxxx xxx Xxxxxx Xxxxx Xxxxxxxxxxxxxxxxxxxxxxxxx xxxxx Xxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxxxx xx xxx Xxxxxxxxxxx xxx xxxxxxx Xxx xxx Xxxxxx XXX xxx!xxxxxx

Xxx xxxxx xxxx xxxx: Xxxx Xxxxxxxxxxxxxxxxxxxx xxx xx.xxx XXX xxxxx xxxx xxx, xxxx xxxxxxxx xxxxxxxx Xxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxx. Xxxxx xxxxx xxxx xxx x.x. Xxxx xxxxxxxxxxxxxx, xx xxx xxxxxx xxxxxxxx Xxxxxxxxxxxxxxxxxx xxx xxx Xxxx xxxxxxxx xxxxxx.

3. Kauf einer Verkaufsoption (long put)

Xxxxx xxx Xxxx xxxxx Xxxxxxxxxxxxxx xxxxxxxx Xxx x xxx Xxxxxxxxxxxxx x xxx Xxxxx, xxx Xxxxxxxxxx xXxxxxxxxxxxxx xxxx xxxxxxxxx Xxxxxx xxx Xxxxxx xx xxxxx xxxxxxxxxx Xxxxxxxxxx xx xxxxxxxxx. Xxxxxx xxxxxx Xxx xxx Xxxxxxxxxxxx xxxx Xxxxxxxxxxxxxx.

Xxx xxxxxx Xxxxxxxxx xxxxx Xxx xxxxx xxx, xxxx xxx Xxxxxxxxxxx xxx Xxxxx xxxxxx xxxx. Xxx xxxxxxxxxx Xxxx xxxxxx Xxx Xxxx Xxxxxx xxxxxxxx xxx xxx Xxxxxxxxxxxx xxx Xxxxxx xxx xxxxxxxxxxxx xxxxxxxx Xxxxxxxxxx xxxxxxxxx. Xxx xxxxxxx xxx Xxxxxx xxxxxxxxxxxx xx xxx xxxxxxxxxxx Xxxxxxxxxxx xx xxx Xxxxxx xxxxxx. Xxx Xxxxxx xxx xxx Xxxxxxxxx xxxx Xxxxx xxx xxxxxxxxx Xxxxxxxxxxxxxx. Xxxxx xxxx xxx Xxxxxxxxxx xxxxxx, xxxxxx Xxx Xxxx Xxxxxx xxxxxxxxx. Xxxx xx xxx Xxxxxx xxxxxxx Xxx xxx Xxxxxx xx xxxxx xxxxxxxx Xxxxx xxxxxxxxx xxx xxxx Xxxxxxxxxxxx. Xxx xxxxxxxxx xxx xxxxxxxx Xxxxxxxxxxxxxx xxx xxxxx Xxxxx Xxxxxxxxxxxxxx xx xxxxxx Xxxxx.

Xxxxxxxx:
Xxxx Xxxxxxxx xxxxxxx xx xxx XXXXX Xxxxxxxxxxxxxxx xxx xxx XxXxxxx xxx xxxxx Xxxxxxxxxx xxx xxx XXX xx xxxxx Xxxxxxxxxxxx xxx xx XXX.

Xx Xxxx x xxxx Xxxx Xxxxxxxx xxx Xxxxxx xxx, xxxx xx xxx Xxxxxxxxxxxx xxx Xxxxxx xxxx xxx XXX xxxxxxxxx xxxx, xxxxxxxx xx xxx xx xxx Xxxxxx xxxx xx XXX xxxxxx xxxxxxxx xxxx. Xxxx Xxxxx xxx xxxxxxxxx Xxxxxxxxxxxxxx xxxxxxxxx xxx xxx Xxxxxx xxx xx XXX.
Xx Xxxx x xxxxxx Xxxx Xxxxxxxx xxx Xxxxxx xxxxxxxxx, xx xx xxx Xxxxxx xx xxx Xxxxxx xx xxxxx xxxxxxxx Xxxxx xxxxxxxxx xxxx. Xx xxxxxxxx xxxx xxxxx Xxxxxxxxxxxxxx xxx xxxxx xxxxxx Xxxxxxxxxxxxxx xx Xxxxx xxx xx XXX.

a) Gezahlte Optionsprämie

Xxx xxxxxxxx Xxxxxxxxxxxxxx xxxx xxx Xxxx xxx Xxxxxxxxxx xxxxxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxx xxx. Xxx xxxx Xxxx xxxxxxxxxxx Xxxxxxxxxx, Xxxxxxxxxxx xxx xxxxxx Xxxxxxxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxx xxxxx xxxxxxxxx xx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxx xxx xxxx XXXxXxxxxx xxx xx.x.xxxx, XXxXx. xxxx XX X. xxxxxxxxxxXXXxXxxxxxxxxxxxxxxxxx xx.x.xxxx,xxxxxxXXxXx xxxx X X. xxx, Xx. xxx.

b) Ausübung einer Verkaufsoption

xxxxx Xxx xxx Xxxxxxxxxxxxx xxx, xxxxxxxx Xxx xxx Xxxxxxxxxxxx xxx Xxxxxxxxx xx.X. Xxxxxxx xxxxxxxxx. Xxxx xxxxx xxxxxxxxxxxx xxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxx xx xx Xxx. x XXxXx. Xxx Xxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxx xxxxxxxx xx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxx.

Xxxxxxxxxxx Xxx xxx xx xxxxxxxxxx Xxxxxx, xxx xxx Xxxxxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxxx Xxxxxxxxxxxxxx xxxxxxxxxx xxx Xxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxxxxxxxxxxx.

Xx Xxxxxx xxx Xxxxxxxxxxx xXxxxxxx xxxxxxx Xxx xxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxx xxxx xxxxx Xxxxxxxxxxxx xx Xxxx xxxxxxxx. Xxxxx Xxxxxxxxxxxx xxxxx Xxxxxxxxxxxxx xxxxx Xxxxxxxxx xxx Xxxxxx xxxxxx xxxxx Xxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx, xxx xxxxx xxx Xxxx xxx Xxxxxxx xx xxx Xxxxxx xxxxxxxxx xxxxxxx. Xxx Xxxxxxxxxxxx xxxxxxx xx Xxxxx xxx Xxxxxxxxx xxxxxxxx xxx Xxxxxxxxxxx xxx Xxxxxxxxxx xx Xxxxxxxxxxxxx xxx xxx Xxxxxxxxxx xxx Xxxxxx.

Xxxxxx Xxxxxx xxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxxx xxxxxxxx xx xx Xxx. x Xx. xx XXxXx. Xxx xxx Xxxxxxxxxx xxx Xxxxxxx xxxxxxx xxx Xxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxx xxxxxxxxx xxxxxx xxx xx Xxx. x Xxxx x XXxXx.

XXXXXXXXX: Xxxx xxxx Xxx xxx Xxxxxxxxxxxxxx xx Xxxxxxx xxxxxxx xxxxx, xxxxxxx Xxx xxxxx xxxx xx xxx Xxxx, xx xxx Xxx xxx Xxxxxxxxxxxx xxxxxxxx, xxxxxxxx. Xxxx xxxx xxxxxxxxxxxxx xxxxx xxx Xxx xxx. Xxxxxxxxxxxxxx xxxx xx xx Xxx. x XXxX xXXXxXxxxxx xxx xx.x.xxxx, XXxXx. xxxx XX X. xxxx. Xxxxx Xxxxxxxxxxxx xxxxxx xxxxxxxxxx xxx xxxxx Xxxxxxxxxx, xxx xxx Xxxxxx xxxx xxx xxxxxxxx Xxxxxxxxxx xxxxxxxxxxxxxxx xxx.xxxxxxXxx XXX xxxxxxxx xxxxxxx:xxxxxxXxx xxxxxxxxx Xxxxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxx xxxx xxx Xxxxxxxxxxxxxx "Xxxxxxxxxxxxxxx. Xxxx Xxxxxx xxx Xxxxxx xxxxxxxxxx Xxxxxxxxxx, Xxxxxxxxxxx xxx xxxxxx Xxxxxxxxxxxxxxxxxx xxxx Xxxx xxx Xxxxxxxxxxxxxxxxxx xXXXxXxxxxxxxxxxxxxxxxx xx.x.xxxx,xxxxxxXXxXx xxxx X X. xxx, Xx. xxx. Xxxxx xxxxxx xxxx xxx Xxxxxxxxxxxxxxx xxxx xxxx Xxxxxxx xxx XXX xxxx xxx Xxxxxxxxx xxx Xxxxxxxxxx xxx. XXXXXXX xxx xxxx Xxxxxxxxxxxxxxx xxxx Xxxxxxxx xxxxx xxx Xx.xxxxxxXXXX X xxxxxxxxxxxxxxxxxxxx, xx xxx xx xx xxx Xxxxx xxxx, xx xxx xxxxxxxxx xxx Xxx xxx Xxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx xxxx xXxxxxxxxxx:xxxxxxXX Xxxxxxxx, Xxxxxx xxxxxxxxxxx.x.xxxx,xxxxxxx X xxxxxxxx.

c) Veräußerung einer Verkaufsoption

Xxxxxxxxxxx Xxx Xxxx Xxxxxxxxxxxxx, x.X. XxxxXxxxxxxxxxxxx, xxx xxx Xxxxxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxxx xxxxxxxx xx xx Xxx. x Xx. xx XXxXx.

d) Glattstellung einer Verkaufoption

Xxx xxxxxxx Xxxx Xxxxxxxx xxxxx xxx Xxxxxxxxxxxxxx xxxxxxxxxxxx, xxxxx Xxx xxx Xxxxxxx xxx Xxxxxxxxxxxxx xxxx Xxxxxxxxxxxxx xxxxxxxxx Xxxxx xxx XxxxxxxxXxxxxxx xxxxxxxxx. Xxx XxxxxxxxXxxxxxx xxxxx xxxxx xxx Xxxxxxxxxxxx Xxxxx Xxxxxxxxxxxxxxxxxxxxx. Xxxxx xxx Xxxxxxx xxx Xxxxxxxxxxxxx xxxxx Xxx xxx Xxxxxxxx xxxxx Xxxxxxxxxxxx xxx xxx xxxxxxxx xxxxxx xxxx Xxxxxxxxxxxxxx.

XXXXXXX xxx xxx Xxxxxxxxxxxxxxx xxxxx xxx Xxxxxx xxxxxxxxxxx, xxxxxxxxxxXxxxxxxxxxxx xxxx Xxxxxxxxxxxxxxxxxxxxxxxx xxx xxx xxxxx xxxxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxx. Xxxxxx xxxxx xx Xxxxxxx xxxx xxxxx xxxxxxxxx Xxxx xxxxxxx, xxxxxxx xxx Xxxxxxxxxxx xx xxx Xxxx, xx xxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxx. Xxxxxxxx xxxxxxx xx xxxx xx xxxx Xxxxxxxx xxx Xxxxxxxxxxxxxx xxxxxxx xx xx Xxx. x Xxxx x XXxX xxx xx xxx xxxxxxxxxxxxxx Xxxxxxxx xxxxxxx xx xxx Xxx. x Xxxx x Xx. x XX. Xxxxxx xxxx xxxxx xxxx xxx xxxxxxxx XxxxxxxxxxxxxXxxxxxxxxxxxxxxxxxxxxxx xxxx xxxxxxxx Xxxxxxxxx, xxx xxxxxx Xxxxxxx xxxxxxxxxxxx xxx xxxxxxxxxx xxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxxxxx xXXXxXxxxxx xxx x.x.xxxx, XXXX X xxxxxx.

• Xxx Xxxx: Xxx Xxxxxxx xxxxxxx xxxxxxx xxxxxxxxxxxxxxxxxxxxxx Xxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxxx. Xx xxxxxxxx Xxxxx xxx Xxxxxxxxxxxxxxxx xxx xxxxxxxxxxx xxxxxx Xxxxxxxxxxxxxxxxxxx xx Xxxxx xxxx xx.X. xxx.xxx XXXx. Xxxxx xxxxxxx xx xx xxx Xxxxxxxxxxxxxxxxxxxxxxxxx xxx xxxxx xxxxxx Xxxxxxxx xx Xxxxx xxxx xx.X. xxx.xxx XXXx. Xx xxxxxxxx xxx Xxxxxxx xxx xx.xxx XXX, xxx xxx Xxxxxxxxx xxxxx xxxxxxxxxx xxxx.
• Xxxxxx xxx XXX: Xxxxxxxxx xxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xx, xxxxxxx xxxx xxx xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxx x xxxxxxxxxxxx xx Xxxx xxxxx Xxxxxx x xx xxx xx Xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxx Xxxxxxxx. Xxx Xxxxxxxxxxxx xxxx xxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxxxxxxx xxxx xxx Xxxxxxxxxxxxxxxxxxxx xxxxxxxxxx, xx xxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxx. Xxxx xxxx xxxx xxxx, xxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xx xxxxx xxxxxxx Xxxxxxxxxxxxxxxxxxxx xxxxxxxxx xxxx xxx xxx Xxxxxxxxxxxxxxxxxxxx.
• Xxx Xxxxxxxxxxxxxxxxxxx xxxx xxxx xxxxxxxxx xx Xxxx xxx Xxxxxxxxxxxxx xx xxxxxxxxxx. Xxx xx Xxxxxxxxx, xx xxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxx xxxx, xxx Xxxxxxxxxxxxxxxx xxxx xxx Xxxxxxx xxxx xxxxx xxxxxxxx xxxx xxx Xxxxxxxxxxxxxx xxxx xxxxx xxxxxxxxxxxxxxxx, xxxxxxx xxx xxxxxxxxx Xxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxx xxx xxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxx xxxxxxxx xxxxxx. Xxx xxxxxxxx xxx Xxxxxxxxxxxxxx xxxxxxx xxxxxxxxxxxxxxxx, xxxx xx xxxxxxxxxxxx xxxxxxxxx xxxxxxxx xx xx Xxx. x Xx. xx Xxxxxxxx x XXxX xxx xx xxx Xxx. x Xxxx x Xx. x XXx.

e) Verfall einer Verkaufsoption

Xxxxx xxx Xxxx xxxxx Xxxxxxxxxxxxxx xxxxx xxxx, x.X. xxx Xxxxxx,xxxxxxxx Xxx x xxx Xxxxxxxxxxxxx x xxx Xxxxx, xx xxx Xxxxxxxxxx xXxxxxxxxxxxxx xxxx xxxxxxxxx Xxxxxx xxx Xxxxxx xx xxxxx xxxxxxxxxx Xxxxxxxxxx xx xxxxxxxxx. Xxxxxx xxxxxx Xxx xxx Xxxxxxxxxxxx xxxx xxx Xxxxxx xxx Xxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxx. Xxx xxxxxx Xxxxxxxxx xxxxx Xxx xxxxx xxx, xxxx xxx Xxxxxxxxxxx xxx Xxxxx xxxxxx xxxx. Xxxx Xxxx Xxxxxxxx xxx, xxxxx Xxx xxx Xxxxxx xxx. Xxxxxxx xxx Xxxxxxxxx xxxxxxxx Xxxxx Xxxxxxxxx xxxxx xxx Xxxxxxxxxx, xxxxxxxx xxx Xxxxxxxxxxxx xx Xxxxxxxxxxx xxxxxxxxxxx xx Xxxx, xxxx xxxx xxxxxxxxxxxxxx xxx xxx Xxxxxxx xxxxxxx. Xxxxxx Xxx xxxx xxx Xxxxxxxxxxxxxx xx Xxxx xxx Xxxxxxxx xxxxxxxxx, xxx xxx xxxxxxxx Xxxxxxxxxxxxxx xxxxxxx Xxxxxxxxxxx xxx xxxxx Xxx xxxxxxxx Xxxxxxxxxxxxxx xxxxxxxx.

Xxx xxxxxxxxxxxx Xxxxxxxxxx, xxxxxxxxxxxx xxx Xxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx, xxxxx Xxxxx xx.

4. Verkauf einer Kaufoption (short call)

Xxxxx xxx Xxxxxxx xxxxx Xxxxxxxxxx xxxxxxxxxxxx Xxx xxxx, xx Xxxx xxxxx Xxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xXxxxxxxxxx xx xxx xxxxxxxxxxxx Xxxxxxxxxx xx xxxxxxx. Xxxxxx xxxxxxxx Xxx xxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxx.

Xxx xxxxxx Xxxxxxxxx xxxxx Xxx xxxxx xxx, xxxx xxx Xxxxxxxxxxx xxx Xxxxx xxxxxx xxxx xxxx xxxxxxxxxx xxxxxxx xxxx. Xxx xxxxxxxxxx Xxxx xxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xxxx xxxxx xxxxxxxx, xxxx xx xxx Xxxxx xx xxx Xxxxxx xx xxxxx xxxxxxxxxxxx Xxxxx xxxxxx xxxx. Xxx Xxxxxx xxx xxx xxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx. Xxxxx xxxx xxx Xxxxxxxxxx xxxxxx, xxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xxxxxxxx xxx xxx Xxxxxx xxx xxxxxxxxxxxx xxxxxxxxxxx Xxxxxxxxxx xxx Xxxxx xxxxxxxx. Xxxxxxx Xxx xxx xxxxx Xxxxxx xxxxxxxx xxxx. Xxxxxxxxxxxx, xxxxxxx Xxx xxxx xxxxx xxxx xxx xxxxxxxx Xxxxx xx xxx Xxxxxx xxxxxxxxxx. Xxx xxxxxxx xxxx xxx Xxxxxx xxx Xxxxxxx xxxxxxx, xxx xxxx xxxxxx xxxxx xxx xxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx xxxxxxxxxx.

Xxxxxxxx:
Xxxx Xxxxxxxx xxxxxxxx xx xxx XXXXX Xxxxxxxxxxxx xxx xxx XxXxxxx xxx xxxxx Xxxxxxxxxx xxx xxx XXX xx xxxxx Xxxxxxxxxxxx xxx xx XXX.

Xx Xxxx x xxx xx xxxx xxx Xxxxxxxxxxxxxx xxxxx xxxxxxxx, xxx Xxxxxx xxxxxxxxxx, xxxx xx xxx Xxxxx xx xxx Xxxxxx xxxxxxxxxx xxxxxx xxxx xxx xxx Xxxxx Xxxxxxxx. Xx xxxx Xxxx Xxxxxxxx xxx Xxxxxxxxxxxxxx xxxxxxxxxxxx, xxxx xx Xxxxxxxx xxxxxxxx xx xxxxxx.
Xx Xxxx x xxxx xxx Xxxxxxxxxxxxxx xxxx Xxxxxxxxxxxx xxx, xx xx xxx Xxxxx xxx Xxxxx Xxxxxxxx xx xxxxx xxxxxxxx xxxxxxxxxxxx Xxxxx xxx xx xxx Xxxxxx xxxxxxxx xxxx. Xxxx Xxxxxxxx xxxx xxxx xxx Xxxxx xxxx xxx XXX xxxxxxx, xxxxxx xxx xx xxx Xxxxxx xxx XXX xxxx xxx.

Xxxxx xxxx Xxxxxx xxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxxx Xxxxxxxxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxxxx. Xxxxx xxxxxx xxxx xxxxxxxxxxxxx Xxxxxxxxxxxxxxx xXXXxXxxxxx xxx xx.x.xxxx, XXxXx. xxxx X. xxxx XXXxXxxxxx xxx xx.x.xxxx, XXxXx. xxxx XX X. xxxx.

• Xxxx xxx Xxxxxxxxxxxxxxxxxxxx xxxxxxx xxx Xxxxxxxxxxxx xxxx Xxxxxxxxxxxxxx, xxx xx xxxxxxxxxx xxx xxxxxxxx xx xx Xxx. x Xx. xx XXxXx. Xxx Xxxxxxx xxxxxxx xx xxxxxxxxxxx xxxxx, xx xx xxx xxx Xxxxxx xx Xxxxxxxx xxxxxxxx xxxx xxxx xxxxx xxxxxx xxxxxxxxxxx xx.
• Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxxxx Xxxxxxxx xxx xxx Xxxxxxxxxxxxxx xxxxx xxx xxx Xxxxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxxxx xxx xxxx xxxxx xxxxx xxx Xxxxxxxxxxxxxx xxxxxxxxx xxxxxx xxxxxxxxxxx xx.

a) Vereinnahmte Optionsprämie

Xx Xxxxxxxxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxxxx xxxxxxxx xxx Xxxxxxxxxxxx xxx Xxxxxx xxx xxxxxxx xxxxxx xxxx Xxxxxxxxxxxxxx, xxx xxx. Xxxxxxxxxxxxxxxxxx. Xxx xxxxxxxxxxxx Xxxxxxxxxxxxxx xxx xxxx xxxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxxx. Xxx Xxxxxxxxxxxxxxxxxx xxxx xxxxx xxx Xxxxxxxxxxxxxx xxxxxxxxx xxx xx Xxx. x Xx. xx XXxXx.

Xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xx Xxxxxxxxx xxx Xxxxxxxxxx xxx Xxxxx xxx Xxxxxxxxxxxxxxx xxx xx Xxx. x Xx. x XXxXx.

XXXXXXX: Xxxx Xxxxxxxxxx xxx XXX xxxxxxxx xxx xxxxxxxxxxxxx Xxxxxxxxxxxxxxx xxxxx xx xxx "Xxxxxxxxxxxxxxxxx". Xxxx xxx Xxxxxxx xxxxx Xxxxxx xXxxxxxxxxxxxxxxxxxxxx xxx xxx xxxxxxxxxxxx Xxxxxxxxx xXxxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxx xxxxxx xxxx xxxxxxxxxxxxx Xxxxxxxxxxxxxxx. Xxx Xxxxxxxxxxxxxxx xxxxxxx xxx "Xxxxxxxx, xxx xxx Xxxxxxxxxxx xxxxxxx, xxxxx xxxx xxxxxx, xxx xx xxxxxxxxx" xXXXxXxxxxx xxx xx.x.xxxx, XXxXx. xxxx XX X. xxxx.

b) Ausübung der Kaufoption

Xxx xxx. Xxxxxxxxxxxxxxxxxxxx xXxxxxxx xxx Xxxxxx xxx Xxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxx xx xxxxxxxxxxxxx xxx xxx Xxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxxxx.

Xxxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xxxxxxx, xxxx xxx Xxxxxxxxxxxx x Xxxxxxxxxxx xxx xxx Xxxxxx xxx Xxxxxxxxxx xxxxxxx. Xxxx xxx xx Xxxxxxxxxxx xxx Xxxxxxxxx xxxx xxx xxxxxxxxx.

• Xxx Xxxxxxx xxx xxxxxxxxxxxxxx xxxxxxx xx xx Xxx. x XXxX, xxxx xx xxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxx.
• Xxx xxxxxxxxxxxx Xxxxxxxxxxxxxx, xxx xxxxxxx xx xx Xxx. x Xx. xx XXxX xx xxxxxxxxxx xxx, xxxx xxx xxx Xxxxxxxxxx xxx Xxxxxxxxx xxxxx xxxxxxxxxxxxxxx. Xxxx xxxx Xxxxxxxxxx xxx XXX xxxxxx xxxx xxx xxxxxxxxxxxx Xxxxx xxxx Xxxxxxxxxx xxx: Xxx xxxxx xxx Xxxxxxx xxx Xxxxxxxxxx, xxx xxx Xxx xxx Xxxxxxxxxxxxxx xxxxxxxx xXxxxxxxxxxxxxxxxxxxxx, xxx xxxxxxx xxx Xxxxxxx xxx Xxxxxx, xxx xxx Xxx xxx Xxxxxxx xxxxxxxx xXxxxxxxxxxxxxxx.

Xxx Xxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxxxx xxxxx xxxx xxx, xxxx xxx Xxxxxxxxxxx xx xxx Xxxxxxxxxxxxxx xxxxx Xxxxxx xxxxxxx, xxxxxxx xxxxx Xxxxxxxxxxxx xx Xxxx xxxxxxx xxxxx xxxxxxxxxxx, x. X. Xxxxxxxxx xxx Xxxxxxxxx xxxxxxxx xxx xxxxxxxxxxxx Xxxxxxxxxx xxx xxx xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxxxx. Xxxxxxxxxxxxxxxxx xxx xxxxx xxxxxxxxxxx Xxxxxxxxxxx, xxx Xxxxxxx xxxx Xxxxxx, xxxxxxxx xxxxx xxx Xxxxxxxxxxxx.

Xxxx xxxxxxxxx Xxxxxxxxxxxxxxxx xxx xxx xxxxxxxx Xxxxxxxxxxxx xxxx Xxxxxxxxxxx xxxxxxxxxx xxxxxxxxxxxx xXXXxXxxxxxxxx xxx xx.x.xxxx, XXxXx. xxxx X X. xx, Xx. xx xxx xxx xxxxxx XXXxXxxxxxxxx xxx x.xx.xxxx, XXxXx. xxxx X X. xxxx. Xxxx xxx Xxxxxxxxxxxxxxx xxx xxxxx xxx Xxxxxx xxxxxxxxxxx, xxxx xxx xxxxxxxx Xxxxxxxxxxxx xxxx Xxxxxxxxxxx xx xxxxx xxxxxxxxxx xx xxxxxxxxxxxxxxxxxxx Xxxxxxx xxxxxx. Xxx Xxxxxxxxxxxx xxx xxxxxx xxx xxx xxxx xxxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxx xxx x.x.xxxx xxx Xxxxxxx xxx Xxxxxxxxxxxx xxx xxxxx Xxxxxxxxxxxxxxx xxxxxxxxxx xxxxxxxxxxxx xXXXxXxxxxx xxx xx.xx.xxxx, XXXX X xxxxxx.

• Xxx Xxxxxxxx, xxx xx xxx x.x.xxxx xxxxxxxxxxx xxxxxx, xxxx xxx xxxxxxxx Xxxxxxxxxxxx xx Xxxxxx xxx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxx xxxxxxx xx xx Xxx. x Xx. xx XXxX xxxx xxxxxxxxx xxx xxx xxxxxxxxxxxxx Xxxxxxx xxx xxxxxxxxx Xxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx. Xxx Xxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxx xx xx Xxx. x XXxX xxxxxx xxxx xxxxx.
• Xxx Xxxxxxxx, xxx xxx xxxx xxxxxxxxxxx xxxxxx xxx xxxxx xxx xxxx Xxxxxxxx xxx xx xx Xxx. x Xx. x XXxX xxxx xxxxxx, xxxx xxx xxxxxxxx Xxxxxxxxxxxx xxx xxx xxxxxxxxx Xxxxxxxxxxx xxx xxxxxxxx Xxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxx xx xx XXxXx xxx xxxxxxxx xxxxxx xx xxx Xxxxxx xxxx xxx xxxx xxx Xxxxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxx xxxxxxxx xx xx Xxx. x XXxXx xxxxxxxxxx xxxxxx.
• Xxx Xxxx: Xxx Xxxxxxx xxx xxx xxx xxxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxx xx x.x.xxxx Xxxxxxxxx xxx Xxxxxxxxxxxx xxx xxx Xxx Xxxxx XxxxxXxxxxxxxxXxxxx xxxxxxxxxxx. Xxxx xxx xxxxxxxxxx xxx Xxxxxxxxxxxxx, xxx Xxxx xxx Xxxxxxxx xxx Xxxxxx xxx Xxxxxxxxx xxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxxxxxx xxx xxx Xxxxxxxxx xxxxxxxxxxxxx, xxxxxxx xx xxxx Xxxxxxxxxxxxxxxxxx. Xxxxx xxx xxx xxxx xxx "xxxxxxxx Xxxxxxxxxx" xxxxxxx xx xx Xx. x XXxX xxxxxxxxxxxxxxx xxx xxxx xxxx xxx x.x.xxxx xxx "Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxx" xxxxxxx xx xx Xxx. x Xx. xx XXxX xxxxxxxxx. Xxx Xxxxxxxxx xxxxxx xxx Xxxxxxxxxxxxxxxxx xxx xxxx Xxxxxxxxxxxxxx xxx Xxxxxxxx xxxxxxxxx Xxxxxxxxxxxxx xxx Xxxxxxx xx. Xx Xxxxxxx, xxx xxx XXX xxxxxxxxxxx xxx.
• Xxxx xxxxx xxxxxxxx Xxxxxxxxxx xxx xxxx xxx Xxxxxxxxxxxxxxxx xxxxxxxxxxx xxx xxxxxxxx:xxxxxxXxx xxx Xxxxxxxxxxx xxxxx Xxxxxxxxxxxx xx xxxxxxx, xxx xxxxxx xxx Xxxxxxx xxx xxxxx Xxxxxxxxxxxxxxx xx xxxxxxxxxxxxxxxx xXXXxXxxxxxxxxxxxxxxxxx xx.x.xxxx,xxxxxxXXxXx xxxx X X. xxx, Xx. xxx.
• XXXX: Xxx x.x.xxxx xxx xxxx Xxxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxx: Xxxxxxxxxxxxxxxxxxxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxx xx.xxx XXX xxxxxxxxxx xxxxxx.xxxxxxXxxxx xxxxxxxxxxx Xxxxxxxx xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxx xx Xxxxx xxx xx.xxx XXX xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx, xxxx xxxx xxx xxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxx xxxxxxxxx xxx xx Xxx. x Xxxx x XXxXx.xxxxxxXxx Xxxxxxxxxxxxxxxx xxxx xx xx Xxx. x Xxxx x XXxX xxxxxx xxx xx Xxxxxx xxx Xxxxxxxxxxx xxxxx, xxxx xxxx xxxxx xxx xxx Xxxxxxxxxxx xxxxxxxxxxx!xxxxxxXxxxxxxxxx Xxx xxxx xxx Xxxxxx Xxxxx Xxxxxxxxxxxxxxxxxxxxxxxxx xxxxx Xxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxxxx xx xxx Xxxxxxxxxxx xxx xxxxxxx Xxx xxx Xxxxxx XXX xxx!xxxxxx

c) Glattstellung einer Kaufoption

Xxx Xxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xx xxxxxxxxxxxxx xxx xxx Xxxxxxxxxxxxxx xXxxxxxxxxxxxxx: Xxx Xxxxxxxxxx xxx Xxxxxxxxxx xXxxxxxxxxxxx xxxxxxx Xxx Xxxx Xxxxxxxx xxxxx xxx Xxxxxxxxxxxxxx xxxxxxxxxxxx, xxxxx Xxx xxxx Xxxxxxxxxx xxxxxxxxx Xxxxx xxx XxxxxxxxXxxxxxx xxxxxx. Xxxxxx xxxxx Xxx xxxx Xxxxxxxxxxxxxx xx xxxxxx. Xxx Xxxxxxxxxxxxxx xxxxx Xxxxx xxx Xxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxxxxxxxx xxx xxx Xxxxxxxxx xxx xxxxxxxxxxxxx Xxxxxxxxxxxxxx.

Xxxxxxx xxx xxx xxxxxxxx Xxxxxxxxxxxxxx xxxxxxxxxxxxxxx Xxxxxxxxxxx xxxxxxxxxxxxxx. Xxxxx xxxxxxx xxxxxxxx Xxxxxxxxxxxxxxxx xxx xxx xxxxxx xx Xxxxxxxxx xxx Xxxxxxx xxx xxx Xxxx xx xxxxx xxx. Xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxx xx xxx Xxx. x Xxxx x XXxXx. Xxxxx Xxxxxxxx xxxx xxxxxxxxx, xxxx xxx xxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx xxxxxxx xxx xxx xx.xx.xxxx xxxxxxxxxxx xxx xxxxx xxxx xxxx xxxxx Xxxxx xxx xxxxxxxx Xxxxxxxxxx xx xxxxxxxxxx xxx.

5. Verkauf einer Verkaufsoption (short put)

Xxxxx xxx Xxxxxxx xxxxx Xxxxxxxxxxxxxx xxxxxxxxxxxx Xxx xxxx, xx Xxxx xxx Xxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xXxxxxxxxxx xx xxx xxxxxxxxxxxx Xxxxxxxxxx xx xxxxxxxx. Xxx xxxxxx xxxx xxx Xxxxxxxx xxxxx Xxxxxxxxxxxx xxx xxx xxxxxxxx xxxxxx xxx Xxxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxx.

Xxx xxxxxx Xxxxxxxxx xxxxx Xxx xxxxx xxx, xxxx xxx Xxxxxxxxxxx xxx Xxxxx xxxxxxx xxxx. Xxx xxxxxxxxxxx Xxxx xxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xxxx xxxxx xxxxxxxx, xxxx xx xxx Xxxxx xx xxx Xxxxxx xxxxxxxxxx xxxxxxxxx xxxx. Xxxx xxxxxxxxx Xxxxx xxx Xxxxxx xxx Xxxxxxxxxxxxxx, xxxx xxxxxx xx Xxxxxxxx xxxxxxxx xx xxxxxx. Xxxxxx xxxx xxx Xxxxxxxxxx, xxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xxxxxxxx. Xxx xxxxxxx xxxx xxx xxx xxx Xxxxxx xxx xxxxxxxxxxxx x xxxxxxxx x Xxxxxxxxxx xxxxxxxx xxx xxxxx xxxx xxx xx xxx Xxxxxx xxxxxxxx. Xxxxxx Xxxxxxxxxxx xXxxxxxxx xxxx xxxxxxxxxxx xxxxx xxx xxxxxxxxxxxx Xxxxxxxxxxxxxx.

Xxxxxxxx:
Xxxx Xxxxxxxx xxxxxxxx xx xxx XXXXX Xxxxxxxxxxxxxxx xxx xxx XxXxxxx xxx xxxxx Xxxxxxxxxx xxx xxx XXX xx xxxxx Xxxxxxxxxxxx xxx xx XXX.

Xx Xxxx x xxxx xxx Xxxxxxxxxxxxxx xxxx Xxxxxxxxxxxx xxx, xx xx xxx Xxxxx xx Xxxxx Xxxxxxxx xx xxxxx xxxxxxxx xxxxxxxx Xxxxx xxx xx xxx Xxxxxx xxxxxxxxx xxxx. Xxxxx xxx Xxxxxxxxxxxxxx xxxxx Xxxxxx xxxxxxx, xxxx xx xxx xx xxx Xxxxxx xxxx xx XXX xxxxxx xxx xxxx xxx XXX xx Xxxxx Xxxxxxxx xxxxxxxxx.
Xx Xxxx x xxx xx xxxx xxx Xxxxxxxxxxxxxx xxxxx xxxxxxxx, xxx Xxxxxx xxxxxxxxxx. Xxxxx Xxxxxxxx xxxxxxxxx xxxxx xxx Xxxxxxxxxxxxxx, xxxx xx Xxxxxxxx xxxxxxxx xx xxxxxx.

a) Vereinnahmte Optionsprämie (Stillhalterprämie)

Xx Xxxxxxxxxxxxxxxxxxxx xXxxxxxxxxxxxxxxxxxxxx xxxxxxxx xxx Xxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxx xxxxxxx xxxxxx xxxx Xxxxxxxxxxxxxx, xxx xxx. Xxxxxxxxxxxxxxxxxx. Xxx xxxxxxxxxxxx Xxxxxxxxxxxxxx xxx xxxx xxxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxxx. Xxx Xxxxxxxxxxxxxxxxxx xxxx xxxxx xxx Xxxxxxxxxxxxxx xxxxxxxxx xxx xx Xxx. x Xx. xx XXxXx.

Xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xx Xxxxxxxxx xxx Xxxxxxxxxx xxx Xxxxx xxx Xxxxxxxxxxxxxxx xxx xx Xxx. x Xx. x XXxXx.

XXXXXXXXX: Xxxx Xxxxxxxxxxxxxxx xxx xxxx Xxxxxxxx xxxxx xxx Xx.xxxxxxXXXX X xxxxxxxxxxxxxxxxxxxx, xx xxx xx xx xxx Xxxxx xxxx, xx xxx xxxxxxxxx xxx Xxx xxx Xxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx xxxx xXxxxxxxxxx:xxxxxxXX Xxxxxxxx, Xxxxxx xxxxxxxxxxx.x.xxxx,xxxxxxx X xxxxxxxx. Xxxx Xxxxxxxxxxxxxxxxx xxxx xxxxxxxxxxxxxxxxxxx xxxxxxxx xxx xxx Xxxxx xxx xxxxxxxxxx xxxxxxxxxx Xxxxxxxxx xxxxxxxx xxx, xxxxxxx Xxx xxxx xxx xxx xxxxxxxxxx Xxxxxxxxx xxxxxxx.

b) Ausübung der Verkaufoption

Xxxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxx xxxxxxx, xxxxxxx Xxx xxx Xxxxxxxxxxxx x Xxxxxxxxxxx xxx xxx Xxxxxx xxx Xxxxxxxxxx xxxxxxxx. Xxxxxxx xxxxxxx xx xxxx xx xxx Xxxxxxxxxxxxxxxxxxxxx xxxxxxxx xx xx Xxx. x XXxXx.

Xxx xxxxx xxxxxxxxx Xxxxxxxxxxxxx xxx Xxxxxx xxxx xxx xxxxxxxxxxxx Xxxxxxxxxxxxxx, xxx xx xxxxxxxxxx xxx xxxxxxxx xx xx Xxx. x Xx. xx XXxXx, xxx xxx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxx xxxxx xxxxxxxxx xxxxxx.

Xxx Xxxxxxxxxxx xxxx xx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxxx xx xxx Xxxxxxxxxxxxxx x xxxxx Xxxxxx xx xxxxxxx x xxxx xxxxx Xxxxxxxxxxxx xx Xxxx xxxxxxx xxxxx xxxxxxxxxxx, x.X. Xxxxxxxxx xxx Xxxxxxxxx xxxxxxxx xxx xxxxxxxxxxxx Xxxxxxxxxx xxx xxx xxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxxxx. Xxxxxxxxxxxxxxxxx xxx xxxxx xxxxxxxxxxx Xxxxxxxxxxx, xxx Xxxxxxx xxxx Xxxxxx, xxxxxxxx xxxxx xxx Xxxxxxxxxxxx.

Xxx xxxxxxxx Xxxxxxxxxxxx xxx xxxxxxxxxx xxxxxxxxxxxx. Xx xxx xxxxx xxx Xxxxxxxxxxxxxx xxx xxx xxxxxxxxxxxxx xxx xxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx.

d) Glattstellung einer Verkaufsoption

Xxx Xxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xx xxxxxxxxxxxxx xxx xxx Xxxxxxxxxxxxxx xXxxxxxxxxxxxxx: Xxx Xxxxxxxxxx xxx Xxxxxxxxxxxxx xXxxxxxxxxxxx xxxxxxx Xxx Xxxx Xxxxxxxx xxxxx xxx Xxxxxxxxxxxxxx xxxxxxxxxxxx, xxxxx Xxx xxxx Xxxxxxxxxxxxx xxxxxxxxx Xxxxx xxx XxxxxxxxXxxxxxx xxxxxx. Xxxxxx xxxxx Xxx xxxx Xxxxxxxxxxxxxx xx xxxxxx. Xxx Xxxxxxxxxxxxxx xxxxx Xxxxx xxx Xxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxxxxxxxx xxx xxx Xxxxxxxxx xxx xxxxxxxxxxxxx Xxxxxxxxxxxxxx.

Xxxxxxx xxx xxx xxxxxxxx Xxxxxxxxxxxxxx xxxxxxxxxxxxxxx Xxxxxxxxxxx xxxxxxxxxxxxxx.xxxxxxXxxxxx xxxx Xxxxxxx xxx xx xxxxxx Xxxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxx xxx xxx xxx xxxxxxxxxxxxxxx Xxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxx xxxxxxxxx Xxxxxxxxxxxxxx. Xxxxxxxx xxxxxx xx Xxxxxxxxx xxx Xxxxxxx xxx xxx Xxxx xx xxxxx xxx. Xxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxxxx xx xxx Xxx. x Xxxx x XXxXx. Xxxxx Xxxxxxxx xxxx xxxxxxxxx, xxxx xxx xxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx xxxxxxx xxx xxx xx.xx.xxxx xxxxxxxxxxx xxx xxxxx xxxx xxxx xxxxx Xxxxx xxx xxxxxxxx Xxxxxxxxxx xx xxxxxxxxxx xxx.

XXXX:xxxxxxXxx x.x.xxxx xxx xxxx Xxxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxx: Xxxxxxxxxxxxxxxxxxxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxx xx.xxx XXX xxxxxxxxxx xxxxxx.xxxxxxXxxxx xxxxxxxxxxx Xxxxxxxx xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxx xx Xxxxx xxx xx.xxx XXX xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx, xxxx xxxx xxx xxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxx xxxxxxxxx xxx xx Xxx. x Xxxx x XXxXx.xxxxxxXxxxxx Xxxxxxxxxxxxxxxx xxxx xx xx Xxx. x Xxxx x XXxX xxxxxx xxx xx Xxxxxx xxx Xxxxxxxxxxx xxxxx, xxxx xxxx xxxxx xxx xxx Xxxxxxxxxxx xxxxxxxxxxx!xxxxxxXxxxxxxxxx Xxx xxxx xxx Xxxxxx Xxxxx Xxxxxxxxxxxxxxxxxxxxxxxxx xxxxx Xxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxxxx xx xxx Xxxxxxxxxxx xxx xxxxxxx Xxx xxx Xxxxxx XXX xxx!xxxxxx

6. Kombinationsgeschäfte

Xx xxx XXXXX xxx xxx xxxxxxxxxxxxxxx Xxxxxxxxx xxx xxx. Xxxxxxxxxxxxxxxxxxxxxxx, x.x. xxxxx Xxxxxxxxxxx xxx xxxxxxx xxxx Xxxxxxxxxxxxxxxx xx xxxxx Xxxxxxxxx xxxxxxxx. Xx xxxxxxxxxxxxx xxxx:

• "xxxxxxx": Xxxxxxxxxxxxxx Xxxx xxx Xxxxxxx xxx Xxxxxxxx xxx xxxxxxxx Xxxxx, xxxx xxx xxxxxxxxxxxxxxxxx Xxxxxxxxxx xxxxxxxx Xxxxxxxxxxxx
• "xxxxxxxxx": Xxxxxxxxxxxxxx Xxxx xxxxx Xxxxx xxx xxxxx Xxxxxxxxxxxxxx xxx xxxxxxxx Xxxxxxxxx, Xxxxxxxxxx xxx Xxxxxxxxxxxx
• "xxxxxxxxx": Xxxxxxxxxxxxxx Xxxx xxxxx Xxxxx xxx xxxxx Xxxxxxxxxxxxxx xxx xxxxxxxx Xxxxxxxxx xxx Xxxxxxxxxxxx, xxxx xxxxxxxxxxxxxxxxx Xxxxxxxxxx.

Xx xxxxx xxx. Xxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxx xxxx xxxxxxxxx xxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxx xxxxxxx, xxxxxx xxxx xxxx xxxxxxxxxxxxxxxxxxxxxxxxx Xxxxxxxxxx xxx Xxxxxxxxxx xxxx Xxxxxxxxxxxxxxx xxxxxxxxxxxx xxxx xxxxx Xxxxx x xxx x xxxxxxxxxxx.

Xxx xxxxxxxx xxxx xxxxxxxxx Xxxxxxxxxxxxxx xxx xx Xxxxxxxxxxx xxx xx Xxxxxxx xxxx xxx Xxxxxxxxxxxxxxx xx xxxxxxxxx Xxxxxxxxxxxxxxx xxxxxxxxxxx. Xxxxxxxxxxxxxx xxxx, xxxx xxxx xxxx xxxx xxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx.

Xxxxxxxx:
Xxx Xxxx xxx XxXxxxx xxxxx xx Xxxxxxx xxx xx XXX. Xxxxxxx Xxxxxxx xxxxxxxx xxxx Xxxx Xxxxx xxx Xxxxxxxxxxxxx xxx xxx xx xx XXX. Xxxxx xxx Xxxxxxxxxxxxx xxx Xxxxx xxx xxxxxxxxxxxxxx Xxxxx xxxxxx xxxx xxxx xxxx xxxx xxxxxxxxxxxxx Xxxxxxxxxxx xxxxx xxxxxxxxxxxxx. Xxxxxxx xxxxx xx Xxxxxxx xxxx XXXXXxXxxxxxxxxx xxxxx xxx XxXxxxxx xxx Xxxxxxxxxxx Xxxxx xxx xxxxx Xxxxxxxxxx xxx xx XXX. Xxxxxxxxxxxx xxxxxxxx Xxxxxxx xxxx XXXXXxXxxxxxxxxx xxxxx xxx XxXxxxxx xxx Xxxxxxxxxxx Xxxxx xxx xxxxx Xxxxxxxxxx xxx xx XXX. Xxxx xxxxxx xxx. "Xxxxxx" x"Xxxx Xxxx Xxxxxx"x xxxx Xxxxxxx xxxxxxxxx xxxx Xxxxxxx xxx xxx XXX xxxxxx. Xxxxx xxxxxx xxxx xxx Xxxxxxxxx xxx xxx XXX xx xxxxxxxxx Xxxxxxxxxxxxxx xxxx xxx Xxxx xxx Xxxxxxxxxx xxx xx XXX xxxxxxxxxx Xxxxxxxxxxxxxx xxxx xxx Xxxxxxx xxx Xxxxxxxxxx.
Xxx xxxxxxxxxxxx Xxxxxxxxxxxxxx xxx xx XXX xxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxxx xxx xx Xxx. x Xx. xx XXxXx. Xx Xxxxx xxxxxxxx xxx Xxxx xxx XxXxxxx xx XXX. Xxxxxxx xxxxxx xxx xxxxxxxx Xxxxxxxxxx xxxxx xxx xxxxxxx xxxx Xxxxxxxxxxxxxx xxx xxx XXX. Xx xxxxxxx xxxxx xxxxx Xxxxxxxxxxxxxxxxxxxx xxx xxx x xxx x x XXX xxx xx Xxx. x Xx. xx XXxXx. Xxx xxxxxxxxx Xxxxxxxxxx xxxxxxxxx, xxxx xxxx xxx Xxxxxxxxxxxxxxx xxx xxx Xxxx xxx Xxxxx xxxxx.

7. Optionsanleihen

Xxxxxxxxxxxxxxx xxxx xxxxxxx xxxxxxxxxxxx Xxxxxxxx, xxx xxx xxxxx Xxxxxxxxxxxx xxx xxx Xxxxx xxxxx Xxxxxxxxxx, xxxxx Xxxxxx, xxxxxxxxxxxx xxxx. Xxx Xxxxxxx xxx Xxxxxxxxxxxxxx xxxxxxx

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• xxx xxxxxxx xxx xx xxxxx Xxxxxxxxxxxxx xxxxxxxxxxx Xxxxx, xxxxxxxxx xxx Xxxxxxxxxxxx xxxx xxxxxxxxx Xxxxxx xxx Xxxxxx xxx Xxxxxxxxxx xxxx xxxxx xxxxxxx Xxxxxxxxxxxx, Xxxxxxxx, Xxxxxxxxxxxxxxx, Xxxxxxxxxxx xxxx xxxxxx Xxxxxxxxxx xx xxxxx xxxxxxxxxxxx Xxxxxxxxx xx xxxxxxxx. Xxx xxx Xxxxxxxxx xxx Xxxxxx xxxxxxxx xxx Xxxxxxxx xxx Xxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxxx xxxxx.

Xxx Xxxxxxx xxxx xxxxxxxx xxx xxx Xxxxxxxxxxxx xx xxxxx xxxxxxxxxxxxx Xxxxx xxxxxxxxxx. Xxxxx xxxx xxxx Xxxxxx xxxxxxx:

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• Xxxxxxx xxxxx xxxx, x.x. xxx Xxxxxxxxxxxx xxxx Xxxxxxx xxx Xxxxxxxxxxxx xxxxxxxxxxx xxx Xxxxxxxx xxx Xxxxxxx. Xxx Xxxxxxxxx xxxxxxxx Xxxxxxxx xxx Xxxxxxxxxxxx xxxx xxx Xxxxxxx xXxxxx xxxxxxxxxx xxx xxx xxx Xxxxxxx xxxx xxx Xxxxxxxxxxxx xxxxxxxx Xxxxxxxx. Xxxx xxxx xxx Xxxxxxxxxxxx xxx Xxxxxxx xx xxxxxx xxx, xxxx xxx Xxxxxxx xxxxxxxxxxxx xxxxxxxx.

Xxxxxxxx:
Xxx Xxxxxxxxxxxx xxxxx Xxxxxxxxxxxxxx xxxxxxxx xxx XXX, xxx Xxxxxxxxxxxx xxxxxxx xxx Xxxxxxxx xxx xxx XXX. Xxx Xxxxxxxxxx xxxxxxxx x x, xxxxxxx xxx xxx Xxxxxxxx. Xxx Xxxxxxx xxxx xxx Xxxxxxxxxxxx xxxxxxxx xxxxxxxx xx XXX.

Xxx Xxxxxx xxxxx Xxxxxxxxxxxxxx xx xxxxx Xxxxxxxxxxxx, xxx xxx Xxxxxxxx xxxxxxxxxx, xxxxxx xxxx xxxxx xxxxxx xxx Xxxxx: Xxx xxx xxx Xxxxxxxxxxxx xxxxxxxxxx xx xxxxxxxxxxx Xxxx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxx xxxxxx xxx Xxxxxxxxxxxx xxx xxx xxxxxxxx xxxxxxxxx Xxxxxxxxxxxxxxxxxx xx xXXXxXxxxxx xxx x.x.xxxx, XXxXx. xxxx XX X. xxxx. Xxxxxxxx xxxx Xxxxxxxxxxxxxx xxxx xx:

• Xxx Xxxxxxxxx: Xxx xxx Xxxxxxxxxxxx xxxxxxxx Xxx xxxx xxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxx, xxxx xxxxxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxx xxx xxx xxxxxxxxxxx Xxxxxxxxxxxx xxxx. Xxxxxxxxxxxxx. Xxxx xxxx xxxxx xxxxxxxxxxx.
• Xxx Xxxxxxxxxxxx: Xxx xxx Xxxxxxxxxxxx xxxxxxxx Xxx xxxxxx xxx Xxxxxxxxxxxxxxxxxxx, xxx xxx Xxxxxxxxxxxx xxxxxx xxxx Xxxxxxxxxxxxx xxxx xxx xxxxxxxxxx Xxxxxxxxxx xxx Xxxxxxx xxx xxxx. Xxxxxxxxxxxxx. Xx xxxxxx Xxxx xxxxxxxxx xxx Xxxxxx xxx Xxxxxxxxxxxxx xxxx Xxxxxxxxxx xx xxxxxx Xxxxx xxx xxx Xxxxxxx xxx xxxxxxxx xxxxx xxxxxxxxxxxxx Xxxxxxxxxxxx. Xxx Xxxxxxxxxxxx xxxx xxx Xxxxxxxxxx, xxx xx Xxxxxx xxxxxxxxx xxxx, xxx xxxxx xxx Xxxxxx xx Xxxxxxxxx xxx Xxxxxxx xxxxx xxx Xxxxxxxxxxxx xx xxxxxxxxxx xxx xxxxx xx xx Xxx. x Xx. x xxx Xxx. x Xx. x XXxXx. Xxx Xxxxxxx xxx xxxx xxxxxxxxxxx Xxxxxxxxxx, xxxxxx xxxx Xxxxxxxxxxxxx xxxx Xxxxxxxxxx xxxxx xx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxxx xxxxxx xxx xxxx XXXxXxxxxx xxx xx.x.xxxx, XXxXx. xxxx XX X. xxxx.

Xx Xxxxxxxxx xxxxxxx xxxx Xxxxxxxxxxxxxx xxx xxxxxxxxxxxxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx:xxxxx xxxxxxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxxx xxx xxxxx xxxxxxxxxxx Xxxxxxxxxxxx xXXXxXxxxxxxxx xxx xx.xx.xxxx, XXxXx. xxxx X X. xx, Xx. xx XXXxXxxxxx xxx x.x.xxxx, XXxXx. xxxx XX X. xxxx. Xxxx xxx Xxxxxxxx xxxxxxx xxx Xxxxxxx xxx xxx Xxxxxxxxxxxx xxxxxxxxxxx xxxxxxxx xxx xxxxxxx xx xxx Xxxxxx xxxxxxxxx xxxxxx. Xxxxxxxx xxxx xx xxxx xxxx Xxxxxxxxxxxxxx xxxx xxxxxxxxxxxx Xxxxxxxxxxx xxxxx:

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• Xxx xxxxxxxxx Xxxxxx xxx xxx Xxxxxxx xxxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxxx xxxxxxxx xx xx Xxx. x Xx. x XXxXx. Xxx xxxxxxxxxxx xxx Xxxxxxxxxxxxxxx.
• Xxx Xxxxxx xxxx Xxxxxxx xxx Xxxxxxxxxx xxxx Xxxxxxxxxxxxx xxx Xxxxxxx xxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxxxxx xxx xx Xxx. x Xx. x XXxXx. Xxx Xxxxxx xxxxxxxxxx xxx Xxxxxxxxxxxxxxx, xxxxx Xxxxxxx xxxxxxxx xxx Xxxx xx Xxxxxxxxxxxxxxxxxxxxxxx.
• Xxx Xxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxxx xxxxxxxxxx xxxxxxxx xxxxxxxxx xxx xxx "Xxxx xxxxx Xxxxxxxxxx" xx Xxxxxx xxxxx Xxxxxxxxxxxxxxxxx xxxxxx xxxxx Xxxxx xx. Xxxxx xxxxxx xx xxxxx Xxxxx, xx xxx Xxxxxxxxxxxxx xxxx xxx xxx Xxxxxxx xxxxxxxxx xxx xxxx xxxxxxx xxx xxx xxxxxxxx xxxxx. Xxxxxxxxxxxxxx xxxxxxxxxx "xxxxxx" Xxxxxxxx xxxxxxx xxxx, xxxx Xxxxxxxx xxxxxxxxx x xxxxx xxxx xxx xxxxxxxxxxxxx Xxxxxxx.

xxxx xxx Xxxxxxx xxx Xxxxxxxxxxxxxx xxx Xxxxxxxxxxxx xxx, xxxxxxx xx xx Xxxxxxxxx xxx Xxxxxxxxx xxx Xxxxxxxxx xx. Xxx Xxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxxxxxxx xx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxx.

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• Xxx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxxxxxx xxxx xxxx Xxxxxxxxxx xxxx xxx Xxxxxxx xx Xxxxxxxxxxxxxxxxx, xxxxxx xxxx xxx xxxxxxxxxxx Xxxxxxx xxxx xxx Xxxxxxxxxxxx xxxxxxxxxxx xxx xxx Xxxxxxx xxx xxxxx xxxxxxxxxxxxxx Xxxxxxxxxx xxxxxxxxxxxx xxx.
• Xx xxxxxxx Xxxxxxx xxxxxxx Xxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxx xxxxxxxxx, xxxx xxx Xxxxxxxxxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxx xxxxx xxxx xxx Xxxxxxx xx Xxxxxxxxxxxxxxxxx xxxxxxxx xxxx.
• Xxxx xxxx xxxx xxxx Xxxxxxxxxxxxxxx, xxx xxx xxx x.x.xxxx xxxxxxxx xxxxxx.

XXXXXXXXX: Xxxxxxxx xxx Xxxxxxxxxx xxx xxx Xxxxxxxxxxxxxx "xxxxx xxxx" xxxxxx xxxxxxxx xxx, xxx xx xxx xxx Xxxxxxxxxxxxxx, xxx "xx xxxx" xxxxxxxxxx xxxx, xxxxxxxxx xxxxxxxxxxx. Xxx Xxxxxxxxxxx xxx Xxxxxxx xxxx Xxxxxxxxxxxx xx Xxxxxxxxxxxxxxxxxx xxxxxxxx xxx xxxxx Xxxx xxxxxxx xxx xxx x xxx Xxxxxxxxx. Xxxx Xxx xxx Xxxxxxx xxxxxx xxxx xxx Xxxx xxx Xxxxxxxxxxxxxx xxx xxx Xxxxxxxxx xxxxxxxx xxx Xxxxxxxxxxx xxx Xxxxxxx xxx xxx xxxxxx Xxxx xxx Xxxxxxx "xx" xxxx Xxxxxxxxxx xxx Xxxxxxxxxxxxx.

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In Optionsscheinen verbriefte Kapitalforderungen

Xxx Xxxxxxxxxxxxxxxxxxxx xxxxx xxx Xxxxxxxxxxxxx xxxxxxxxxxxx Xxxxxxxxxxx xxxxxxx Xxxxxxxxxx xxxxxxxxx, xxx xxx Xxxxxxx xxx Xxxxxxxxxxxxxx xxxx xxxxx xxxx xxxxxxxxx Xxxxxxxxxxxx xxx xxxxxxxxxxxx Xxxxxxxx xxxx xxx Xxxxxxx xxxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxx xxxx xxxxxxxxx xx.X. xxx. xxxxxxxxxxxxxxxx. Xxxx xxxxx xxxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxx xxxx xxxx xxx Xxxxxxx xxxx Xxxxxxxxxxxxxxxxxxx xxxx xxx Xxxxxxx xxxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxx xx.X. xxxxxx xxxxxxxxx.

• Xxx xxxxxxxxx Xxxxxxxx xxx xxx Xxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxxxxx xxxxxxx xx xx Xxx. x Xx. x XXxX.
• Xxx Xxxxxxxxxxxxx xxxxxxx Xxxxxxxxxxxxxx xxxxxx xx Xxxxxxxxxxxxxxxxxx xxxxxxxx xx xx Xxx. x Xx. x XXxX xXXXxXxxxxxxxx xxx xx.x.xxxx, XXxXx xxxx X X. xxx, Xx. xx.
• Xxxxxxxx xxxx xxxxx xxxxxxxxxxx xxx Xxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxxxxxxx, xxxxxxx xxxxxxx xxx Xxxxxxxx xxx xxxxxxx Xxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxx. Xxxx: Xxx xxx xxxxxx "Xxxxxxxxxxxxxx", xxxx xxx Xxxxxxx xxx Xxxxxxxxxxxxxxx, xxxxxxx Xxxxxxxx xxxx xxx xx Xxxxx xxx xx.xxx XXX xxx Xxxxxxxxxxx xxx Xxxxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxx. Xxxxx xxxxxxxxxxx Xxxxxxxx xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxx xxxxxx xxx xx Xxx. x Xxxx x XXxXx XXXxXxxxxxxxx xxx xx.x.xxxx, XXxXx xxxx X X. xxx, Xx. xx.

8. Begrenzung bei der Verlustverrechnung

Xxx x.x.xxxx xxx xxxx Xxxxxxxxxx xxx xxx Xxxxxxxxxxxxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxxxxxx xxxxxx.xxxxxxXxxxxxxx xxx Xxxxxxxxxxxxxxxxx, xxxxxxxxxxxx xxx xxx Xxxxxxx xxx Xxxxxxxx, xxxxxxx xxx xxxx xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxx xxx Xxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxx. Xxxxx xxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxx xx.xxx XXX. Xxxxx xxxxxxxxxxx Xxxxxxxx xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxx xx Xxxxx xxx xx.xxx XXX xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxx xxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx, xxxx xxxx xxx xxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxx Xxxxxx xxxxxxxxx xxx xx Xxx. x Xxxx x XXxX, xxxxxxxxxx xxxxx xxx "Xxxxxx xxx Xxxxxxxxxxx xxxxx Xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxx Xxxxxxxxxxxxxxxxxx"x xxxxxxxxx xxxxx xxx "Xxxxxxxxxxxxxxxxxx xxxx"x.

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Xxxxxxxxxxx xxx Xxxxxxxxxxxx: Xxxxxxxxxxxxxxxx xxxx xxxxx xxxx xxxxxxxxx Xxxxxxxx xxx xxxxx Xxxxxxxxxxxx xx xxxxxxxxxxxx Xxxxxx xxxxxxxxxx. Xx xxxxxxx xxxxxxxxxx xxxx Xxxxxxx xxx xxxxxxxxxxxx xxx Xxxxxxxxxxxx xxx Xxxxxx xxxxxxxxx. Xxxxx Xxxxxxx xxxxxx xxx xxxxxxx Xxxxxxxxxxxxxx xxxxx xx xxxxxxxxxxxxxx Xxxxxxx xxx. Xxxxxxx xxxxxx xxxxxx Xxxxxxxx xx xxxxx xxxxxxxxxx Xxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxx, xx xxx Xxxxxxxxxxxxxxxxxxx xxx xxx xxxxxx xxxx Xxxxxxx xxxxxxxxxxxx Xxxxxxxxxxxxxx xxx xxxxxx xxxxxxxxxxxx Xxxxxxx xx xxxxxxxxx. Xxx Xxxxxxxxxxxxxxxxx xxx Xxxxxxxx xxxx xxxxx xxxxxxxx xxxxxxx. Xxx Xxxxxxxxxxxxxx xxxx xxxxxxxx xxxxxxxxx xxx xxx Xxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxx.

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XXXXXXX: Xxx Xxxxxxxxxx xxx Xxxxxxxxxxxxx xxx xx.xxx XXX xxx Xxxx xxx xxxxxxxx xxxxxxxxxx.

9. AKTUELL: Beschränkung der Verlustverrechnung unzulässig?

Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx, xxxxxxxxxxxx xxx xxx Xxxxxxx xxx Xxxxxxxx, xxxxxxx xxx xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxx xxx Xxxxxxxxx xxx Xxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxx. Xxxxx xxx xxx Xxxxxxxxxxxxxxxxxx xxxxxxxxxxx xxx xx.xxx XXX. Xxxxx xxxxxxxxxxx Xxxxxxxx xxxxxxx xxx Xxxxxxxxxx xxxxxxxxxxx xxxxxx xxx xxxxxxx xx Xxxxx xxx xx.xxx XXX xxx Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxx Xxxxxxxxxxxxxxxxxxx xxxxxxxxxx xxxxxx. Xxxxxxxx xxx Xxxxxxxxxxxxxxxxx xxxxxxx xxxxx xxx xxxxxxx Xxxxxxxxxxxxxxxx xxxx xxx xxxxxxx Xxxxxxxxxxx xxxxxxxxxx xxxxxx xxx xx Xxx. x Xxxx x XXxX x.x.X. xxx Xxxxxxxxxxxxxxxxxxxx xxxxx. Xxx Xxxxxxxxxxxxx xxxx xxxx xxx x.x.xxxx.

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