Put-Call Parity

Give us your best answer before Friday, January 24th, 23:59 UTC. You will receive up to $250 of Thalex ABCs:

$100 in ABCs for anyone answering the question correctly
$150 extra (for a total of $250) in ABCs for the best answer to the question

Put-call parity is a fundamental relationship in options theory for European-style options. For a given underlying and strike (K), the price of the Call (C), Put(P) and Futures (F) is directly related. Any situation where this does not hold is an arbitrage opportunity.

Therefore, if we have futures, put call parity allows us to transform puts into calls and calls into puts.

Which leads us back to our question. If put-call parity exists, why do exchanges provide both call and put option orderbooks? Shouldn't either calls or puts be enough? Give us your best answer to win up to $250 in Thalex ABCs.

Participation, Rewards and ABC usage are subject to Terms of Use and ABCs Fair Use.

Campaign Terms

Eligibility

This campaign is open to any retail trader, including those who are not yet Thalex customers. However, since ABCs can only be used by Thalex customers, to claim the reward, you have to apply for a Thalex account within 30 days after the submission deadline.

Duration

This campaign runs until Friday, January 24th 2025, 23:59 UTC.

Submission format

You can submit an answer either as a txt file, or, if you want to use visual aids in your answer, as an image.

Reward Cap

Each customer can only claim the reward once.

Discretion

Thalex reserves the right not to grant rewards in case of any non-compliance with the Terms & Conditions, illicit behavior, or unfair advantage at its own discretion.

Intellectual Property

As a condition of submission, you grant Thalex and its subsidiaries a perpetual, irrevocable, worldwide, royalty-free, and non-exclusive license to use, reproduce, adapt, modify, publish, distribute, publicly perform, create a derivative work from, and publicly display the Submission. We will not disclose the winner's identity.

ABCs Fair Use

Asset Balance Credits, or "ABC", are governed under the Terms of Use.
ABCs increase Available Margin on an Account. Thalex reserves the right to reverse any granting of ABC in the event of breach of the Terms of Use, including breaches of the Rulebook.
ABCs don’t expire. However, Thalex reserves the right to remove any ABC balance from an Account following six months of inactivity.
Thalex is the sole interpreter of the Terms and Conditions of each Campaign, of the Terms of Use and of the Rulebook.