Callable LIBOR Exotic Product

An interest rate derivative which gives its holder a multiple exercise option to exercise into various underlying interest rate instruments. Examples of such instruments include interest rate swaps, interest rate caps (e.g. callable capped floaters, callable inverse floaters, captions, etc.), digital options on LIBOR rates (e.g., callable range accruals), options on spreads between various CMS rates (e.g., callable CMS coupon differences).