EFTA Document EFTA01353447

TRANSACTION COSTS The transaction costs of options investing consist primarily of commissions (which are imposed In open- ing. closing, exercise and assignment transactions), but may also include margin and interest costs in par- ticular transactions. The impact of transaction costs on profitability is often greater for options transactions than for transactions in the underlying interests be- cause these costs are often greater in relation to op- tions premiums than in relation to the pric