A contract conferring the right but not the obligation to buy (call) or to sell (put) a specified amount of an instrument at a specified price within a predetermined time period.
Option class
All options of the same type – calls or puts – listed on the same underlying instrument.
Option series
All options of the same class having the same exercise/strike price and expiration date.
Optionspreis
German for premium. The price a put or call buyer must pay to a put or call seller for an option contract.
Optionsscheine
German for warrant.
Order book
Compiled list of orders received that are away from the current best price in the market.
Order ticket
The document on which the details of the order are manually recorded, as soon as the order is received.
Ordinary share
The most common form of share or stock. A certificate that represents share ownership in a corporation.
Out trade
A trade that cannot be reconciled in the clearing process.
Out-of-the-money
A call option is out-of-the-money if the price of the underlying instrument is lower than the exercise/strike price. A put option is out-of-the-money if the price of the underlying instrument is above the exercise/strike price.
