Ann: Application for quotation of securities - IVZ, page-29

Do you think the sp will only open down 5c in the event of a duster?
That's the question.
Absolutely you risk 5k in my scenario, but IF you have millions and millions of heads and want to limit your losses I'd wager a 50% drop straight up.
Then you have effectively lost double what you would have on options and that assumes the options go to zero. If the sp drops 50% and the options drop 50% heads you lose 10K [ assuming 20c ] options you lose 2.5k [ assuming 5c ].
Its all about risk and its clearly what has happened today with the selling just as was the case with all the freebies.