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A “European-type call (put) option” is a security that gives its ownerthe right to buy (sell) a specified quantity of a financial or real asset atspecified price, the “exercise price”, on a specified date, the “expirationdate”. An American-type option provides that its owner can exercise the optionon or before the expiration date. If an option is not exercised on or beforethe expiration date, it expires and becomes worthless.

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关键词：options Option tions ONS TIO specified quantity exercise provides security