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Delta-Neutral Position

A position in which negative deltas offset positive deltas. The overall delta of the position is zero or very close…

ATB

It stands for against the box; a short sale which is carried out by the holder of a long position…

Against The Box

A short sale which is carried out by the holder of a long position in the same stock being sold. The…

Bottom Straddle

An options strategy that involves buying a call (long call) and a put (long put) with the same exercise price…

Buy Out of a Swap in Termination

Previously known as bookout, it refers to the closing out of a swap transaction, whereby the net debtor’s pays the…

Box Spread

An option strategy that combines a bull spread and a bear spread, each with a different exercise price. This strategy…

Break Out

Re-establishing an original position taken by an option buyer, undoing whereby a previously made conversion or reversal of an option…

Cash Neutrality

In the context of portfolio or program trading, it refers to the process of balancing buys (long positions) and sells…

CMO Floater

A floater that involves a short position in a strip of caps over the life of collateralized motgage obligation (CMO)…

Currency Convertibility Option

The right of the holders of a given local currency to dispose of their currency holdings in exchange for goods…