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Browsing by the letter "O"
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Option Not To Deliver
Definition: In the mortgage pipeline, an additional hedge placed in tandem with the forward or substitute sale.
Definition: In the mortgage pipeline, an additional hedge placed in tandem with the forward or substitute sale.
Option Or Derivative
Definition: Any financial instrument who's price is based on or derived from the price of another financial instrument. Options can be categorized by the type of instrument they are based on - Equity Derivatives, Bond Options, and Interest Rate Derivatives.
Definition: Any financial instrument who's price is based on or derived from the price of another financial instrument. Options can be categorized by the type of instrument they are based on - Equity Derivatives, Bond Options, and Interest Rate Derivatives.
Option Price
Definition: Also called the option premium; the price the buyer of the options contract pays for the right to buy or sell a security at a specified price in the future.
Definition: Also called the option premium; the price the buyer of the options contract pays for the right to buy or sell a security at a specified price in the future.
Option Pricing Curve
Definition: A graphical representation of the projected price of an option at a fixed point in time. It reflects the amount of time value premium in the option for various stock prices, as well. The curve is generated by using a mathematical model. The delta (or hedge ratio) is the slope of a tangent line to the curve at a fixed stock price. See also Delta and Hedge Ratio
Definition: A graphical representation of the projected price of an option at a fixed point in time. It reflects the amount of time value premium in the option for various stock prices, as well. The curve is generated by using a mathematical model. The delta (or hedge ratio) is the slope of a tangent line to the curve at a fixed stock price. See also Delta and Hedge Ratio
Option Pricing Model
Definition: A mathematical model used to calculate the theoretical value of an option. Inputs to option pricing models typically include the price of the underlying instrument, the option strike price, the time remaining till the expiration date, the volatility of the underlying instrument, and the risk-free interest rate (e.g., the Treasury bill interest rate). Examples of option pricing models include Black-Scholes and Cox-Ross-Rubinstein.
Definition: A mathematical model used to calculate the theoretical value of an option. Inputs to option pricing models typically include the price of the underlying instrument, the option strike price, the time remaining till the expiration date, the volatility of the underlying instrument, and the risk-free interest rate (e.g., the Treasury bill interest rate). Examples of option pricing models include Black-Scholes and Cox-Ross-Rubinstein.
Option Seller
Definition: Also called the option writer; the party who grants a right to trade a security at a given price in the future.
Definition: Also called the option writer; the party who grants a right to trade a security at a given price in the future.
Option Series
Definition: A group of options on the same underlying security with the same exercise price and maturity month.
Definition: A group of options on the same underlying security with the same exercise price and maturity month.
Option Spread
Definition: The trading of options of the same class at the same time in order to profit from changes in the size of the spread between different options.
Definition: The trading of options of the same class at the same time in order to profit from changes in the size of the spread between different options.
Option-adjusted Spread (OAS)
Definition: (1) The spread over an issuer's spot rate curve, developed as a measure of the yield spread that can be used to convert dollar differences between theoretical value and market prices. (2) The cost of the implied call embedded in an MBS, defined as additional basis-yield spread. When added to the base yield spread of an MBS without an operative call produces the option-adjusted spread.
Definition: (1) The spread over an issuer's spot rate curve, developed as a measure of the yield spread that can be used to convert dollar differences between theoretical value and market prices. (2) The cost of the implied call embedded in an MBS, defined as additional basis-yield spread. When added to the base yield spread of an MBS without an operative call produces the option-adjusted spread.
Optional Dividend
Definition: A dividends that the shareholder can elect to receive either in cash or in stock.
Definition: A dividends that the shareholder can elect to receive either in cash or in stock.
Optional Payment Bond
Definition: A bond whose principal and/or interest may be paid in foreign or domestic currency at the discretion of the bondholder.
Definition: A bond whose principal and/or interest may be paid in foreign or domestic currency at the discretion of the bondholder.
Options Clearing Corporation (OCC)
Definition: Applies to derivative products. Financial institution that is the actual issuer and guarantor of all listed option contracts.
Definition: Applies to derivative products. Financial institution that is the actual issuer and guarantor of all listed option contracts.
Options Contract
Definition: A contract that, in exchange for the option price, gives the option buyer the right, but not the obligation, to buy (or sell) a financial asset at the exercise price from (or to) the option seller within a specified time period, or on a specified date (expiration date).
Definition: A contract that, in exchange for the option price, gives the option buyer the right, but not the obligation, to buy (or sell) a financial asset at the exercise price from (or to) the option seller within a specified time period, or on a specified date (expiration date).
Options Contract Multiple
Definition: A constant, set at $100, that when multiplied by the cash index value gives the dollar value of the stock index underlying an option. That is the dollar value of the underlying stock index = Cash index value x $100 (the options contract multiple).
Definition: A constant, set at $100, that when multiplied by the cash index value gives the dollar value of the stock index underlying an option. That is the dollar value of the underlying stock index = Cash index value x $100 (the options contract multiple).
Options On Physicals
Definition: Interest rate options written on fixed income securities, as opposed to those written on futures contracts.
Definition: Interest rate options written on fixed income securities, as opposed to those written on futures contracts.
Or Better
Definition: Used in the context of general equities. Indication on the order ticket of a limit order to buy or sell securities at a price better than the specified limit price if a better price can be obtained. Does not imply a not-held order, but rather puts more emphasis on executing at the limit if available.
Definition: Used in the context of general equities. Indication on the order ticket of a limit order to buy or sell securities at a price better than the specified limit price if a better price can be obtained. Does not imply a not-held order, but rather puts more emphasis on executing at the limit if available.
Oral Contract
Definition: A contract not recorded on paper or on computer, but made vocally which is usually enforceable.
Definition: A contract not recorded on paper or on computer, but made vocally which is usually enforceable.
Order
Definition: Instruction to a broker/dealer to buy, sell, deliver, or receive securities or commodities that commits the issuer of the "order" to the terms specified. See: indication, inquiry, bid wanted, offer wanted.
Definition: Instruction to a broker/dealer to buy, sell, deliver, or receive securities or commodities that commits the issuer of the "order" to the terms specified. See: indication, inquiry, bid wanted, offer wanted.
Order Book Official
Definition: The exchange employee in charge of keeping a book of public limit orders on exchanges utilizing the "marker-maker" system, as opposed to the "specialist system", of executing orders. See also Market-Marker and Specialist.
Definition: The exchange employee in charge of keeping a book of public limit orders on exchanges utilizing the "marker-maker" system, as opposed to the "specialist system", of executing orders. See also Market-Marker and Specialist.
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