It stands for callable bull/ bear contract; a type of structured product whose price movement is closely linked to the performance of an underlying asset. Upon issue, the contract’s type is determined either as bull contract or bear contract  so that a holder can take bullish or bearish positions on the underlying asset. In general, it has a predetermined expiration date and strike price. Furthermore, the contract has a call option (it is callable) by the issuer, over its term, in the event that the underlying asset price reaches the so-called call price level. In which case (the underlying price hits the call price level anytime over the contract’s lifespan), the contract will expire and will no more trade. The holder will receive nothing if the call price ends up equal to the strike price. Otherwise, the holder may receive a cash amount (known as the residual value). However, the residual value may also be zero and the holder may lose his/ her entire investment.