Template:Nutshell Equity Derivatives 2.3

2.3. Option Type.

2.3(a) “Call” means an Option Transaction entitling Buyer:

(i) Where “Cash Settlement” applies: To receive from Seller the Option Cash Settlement Amount (where the Settlement Price exceeds the Strike Price); and

(ii) Where “Physical Settlement” applies: To buy Shares (or Baskets) from Seller at the Settlement Price per Share or Basket.

2.3(b) “Put” means an Option Transaction entitling Buyer:

(i) Where “Cash Settlement” applies: To receive from Seller the Option Cash Settlement Amount (where the Strike Price exceeds the Settlement Price); and

(ii) Where “Physical Settlement” applies: To sell Shares (or Baskets) to Seller at the Settlement Price per Share or Basket.