 This course is on the options market structure. I want to give a good idea of various elements that go into the options marketplace. And this is very important for the options market participant to understand. The course agenda is a list of all these key elements that go into the marketplace. So we'll be looking at the black shows options pricing model and then we'll jump into some very detailed elements by looking at the various bid and ask prices. We'll look at expiry series, exercise and assignment and then some important elements of every stock or every options position. We'll also look at various order types and these are important and I'll give you a rundown on how transaction costs affect your profitability. Then finally we'll look at market makers. These are individuals who represent firms and they take your buy and sell orders. It's very critical that you know how the options market work and in particular how market makers work. Finally, we'll look at margins. In order for options to be openly traded, all option contracts needed to be standardized with the same terms across the board. And that was what the CBOE did for call options in 1973 and in 1977 they introduced put options. It was around this time, various computational models for the pricing of options were also introduced and one of them was the black shows formula, which of course has become the de facto standard of options pricing. So in the next slide I'm going to show you what exactly this black shows options pricing model is. It is a highly mathematical model using the black shows options pricing model.