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ÞLS Cl ln1L8LS1 8A1L
uL8lvA1lvLS
WVan|||aŦ
W;as|Ŵvan|||aŦ
WLxot|c der|vat|vesŦ
vAnlLLA
W A flnanclal lnsLrumenL LhaL glves Lhe holder Lhe
rlghLţ buL noL Lhe obllgaLlonţ Lo buy or sell an
underlylng asseL aL a predeLermlned prlceţ wlLhln
a glven Llme frameŦ
W A vanllla opLlon ls a normal call or puL opLlon
LhaL has sLandardlzed Lerms and no speclal or
unusual feaLuresŦ
W lL ls generally Lraded on an exchange such as Lhe
Chlcago 8oard CpLlons LxchangeŦ
LxAMÞLLS Cl vAnlLLA
W lnLeresL raLe swap (flxedŴforŴfloaLlng)Ŧ
W lnLeresL raLe cap or lnLeresL raLe floorŦ
W lnLeresL raLe swapLlonŦ
W Cross currency swap (lorex swap)Ŧ
LxAMÞLLS Cl CuASl vAnlLLA
W 8ange accrual swaps/noLes/bondsŦ
W lnŴarrears swapŦ
W ConsLanL maLurlLy swap (CMS) or consLanL
Lreasury swap (C1S) derlvaLlves (swapsţ capsţ
floors)Ŧ
LxC1lC uL8lvA1lvLS
W An opLlon LhaL dlffers from common Amerlcan
or Luropean opLlons ln Lerms of Lhe
underlylng asseL or Lhe calculaLlon of how or
when Lhe lnvesLor recelves a cerLaln payoffŦ
W 1hese opLlons are more complex Lhan opLlons
LhaL Lrade on an exchangeţ and generally Lrade
over Lhe counLerŦ

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