| Term | Explanation | German | French | Italian |
|---|
| American-style option | Option which can be exercised at any time before expiry. An option which can only be exercised on the expiry date is known as an European option. | Amerikanische Option | Option américaine (ou de type américain) | Opzione americana |
| Ask | Price at which a warrant is offered for sale by the market maker. This is the price you are charged when you buy a warrant. Also called: offering or asking price. | Ask | Cours offert, ou cours vendeur, ou cours de vente | Ask |
| Asking price | Price at which a warrant is offered for sale by the market maker. This is the price you are charged when you buy a warrant. Also called: offering price, ask. | Briefkurs | Cours offert, ou cours de vente, ou cours vendeur | Corso lettera |
| At the money | Exercise or strike practically equals the price of the underlying instrument. | At the money | A parité | At the money |
| Average spread as % | Like “Spread as %”, but based on the bid and offer prices of the preceding 5 trading days. | Durchschnitt Spread in % | Spread moyen en % | Spread medio in % |
| Average turnover 1000 CHF | Like the “Volume 1000 CHF” but instead based on the average figure for the preceding 5 trading days. This figure indicates the average (5-day) liquidity of a warrant. | Durchschnitt Volumen Tsd. CHF | Volume moyen en milliers de CHF | Volume medio in migliaia di CHF |
| Term | Explanation | German | French | Italian |
|---|
| Bid | Purchase price of a warrant from a market maker’s view. This is the price you receive when you sell a warrant. Also called: bid price | Bid | Cours demandé ou cours acheteur | Bid |
| Bid price | Purchase price of a warrant from a market maker’s view. This is the price you receive when you sell a warrant. | Geldkurs | Cours acheteur ou cours demandé | Corso denaro |
| Break even | Price of underlying at which neither a profit nor a loss result. With reference to a call option, break even corresponds to the underlying price plus the price of the warrant. With reference to a put option, break even corresponds to the underlying price minus the price of the warrant. Also called: break-even point. | Break-even | Point-mort, ou seuil de rentabilité | Break-even |
| Term | Explanation | German | French | Italian |
|---|
| Delta | Measure indicating the change in the price of an option when the price of the underlying instrument changes by one unit and all other factors remain unchanged. | Delta | Delta, ou coefficient delta | Delta |
| Derivative | Financial instrument, the value of which depends on price movements of an underlying instrument (future, forward, option, swap). | Derivate | Dérivés, ou produits dérivés | Derivati |
| Term | Explanation | German | French | Italian |
|---|
| Equity warrants | Warrants on equities. This type of warrant is usually issued by a bank and refers to the shares of a company in circulation. “Traditional” equity warrants are usually issued by the company itself and entitle the holder to subscribe newly issued shares. | Aktienwarrant | Warrant couvert (sur actions) | Warrants azionari |
| European option | Option which can only be exercised on expiry. | Europäische Option | Option européenne , ou de type européen | Opzione europea |
| Exercise | Assertion of the option right by the holder of a warrant (buyer of option) relative to the issuer (seller of option). | Ausübung | Exercice (de l'option, du droit d'option) | Esercizio |
| Exercise price | Reference price of the underlying used to calculate the cash settlement on expiry of the warrant. In cases of physical delivery it is the price at which the underlying is bought (call) or sold (put). Also called: strike price | Ausübungspreis | Prix d'exercice, ou prix "strike" | Prezzo d’esercizio |
| Exercise price currency | Reference currency of exercise price. | Ausübungspreis Währung | Devise du prix d'exercice | Moneta prezzo d’esercizio |
| Expiration date | The last day of an option’s term. Buyers can sell or exercise an option up to this day. Afterwards the option expires. Also called: Maturity date. | Verfalldatum | Date d'expiration, de maturité, d'échéance | Data di scadenza |
| Term | Explanation | German | French | Italian |
|---|
| Financial futures | A contract to deliver or take delivery of a financial instrument in the future. A fixed futures contract (forward, future) obligates the parties to carry out the transaction at a specified future date. An option is a conditional futures contract because the decision whether to go ahead with the transaction, i.e. whether to exercise the option, rests solely with the buyer. | Termingeschäft | Opération à terme | Operazione a termine |
| Forward | Non standardized, future transaction concluded between two parties providing for the delivery of a certain underlying instrument at a specified future date. | Forward | Forward | Forward |
| Future | Standardized futures contract with specified terms traded on a futures exchange. | Future | Contrat à terme, ou Future | Future |
| Term | Explanation | German | French | Italian |
|---|
| Gearing | Current price of the underlying instrument divided by the price of the warrant. A warrant can be based on a fraction or a multiple of the underlying, which has to be taken into consideration. Gearing merely states how many warrants can be bought for the same amount of money as one unit of the underlying security. | Gearing | Gearing. ou levier | Gearing |
| Term | Explanation | German | French | Italian |
|---|
| Implied volatility | The expected range of fluctuation in the price of an underlying security during a certain period in the future. Implied volatility can be calculated based on the price of a warrant using a corresponding model. | Implizite Volatilität | Volatilité implicite | Volatilità implicita |
| In/Out of the money | In the money means, with regard to a call option, that the market price of the underlying security is higher than the call’s exercise price (strike price). If a call is out of the money, this means that the market price of the underlying security is lower than the exercise price. At the money means that the market price of the underlying is equal to the exercise price. | Im-/Aus Geld | Dans la monnaie / hors la monnaie | In the money / out of the money / at the money |
| Index warrant | A warrant based on an index. An equity index is composed of different stocks whose value in the index is weighted according to certain criteria and expressed as a number. The strike price is usually an index level expressed in the reference currency. | Indexwarrant | Warrant sur indice | Warrant sull’indice |
| Intrinsic value | The value of an option that could be realized when exercised. In practice, intrinsic value is viewed as the positive difference between the current market price of the underlying and the strike price. | Innerer Wert | Valeur intrinsèque | Valore intrinseco |
| Intrinsic value | The value of an option that could be realized when exercised. In practice, intrinsic value is viewed as the positive difference between the current market price of the underlying and the strike price. | In the money | Valeur intrinsèque | In the money |
| Issuer | A company that issues a warrant with certain terms and concedes the holder the right to receive the intrinsic value in the form of a cash payment or to take delivery of or deliver the underlying security. Also called: borrower | Emittent | Emetteur | Emittente |
| Issuer | A company that issues a warrant at certain terms and concedes the holder the right to receive the intrinsic value in the form of a cash payment or to take delivery of or deliver the underlying instrument. | Issuer | Emetteur | Issuer |
| Term | Explanation | German | French | Italian |
|---|
| Leverage | Leverage is a measure of the percentage change in the price of an option given a one percent change in the price of the underlying instrument. | Leverage | Effet de levier | Leverage |
| Leverage | see Gearing | Hebel | Levier | Effetto leva |
| Term | Explanation | German | French | Italian |
|---|
| Market maker | Issuer who trades in warrants and always buys warrants at the bid price and sells them at the ask price. The range between the bid and ask price is called the spread. | Market Maker | Teneur de marché ou "market maker" | Market maker |
| Maturity date | The last day of an option’s term. Buyers can sell or exercise an option up to this day. Afterwards the option expires. Also called: Expiration | Maturity Date | Date d'échéance, de maturité, d'expiration | Maturity Date |
| Term | Explanation | German | French | Italian |
|---|
| Option price | Purchase price of a warrant. The option price consists of the intrinsic value plus the time value. | Optionspreis | Prix de l'option | Prezzo d’opzione |
| Out of the money | This means the market price of the underlying is lower than a call’s strike price or higher than a put’s strike price. The price of the warrant consists of only the time value; the intrinsic value is zero. Such an option is worthless upon expiry. | Out of the money | en dehors de la monnaie, hors du cours | Out of the money |
| Term | Explanation | German | French | Italian |
|---|
| Physical delivery | The actual delivery of the underlying instrument upon payment of the strike price at expiration. | Physische Lieferung | Livraison physique | Consegna fisica |
| Premium p.a. as % | Premium (see Premium total %) but calculated over a one-year period (p.a.). | Prämie p.a. in % | Prime annuelle, en % | Premio p.a. in % |
| Premium total % | Premium corresponds to the difference between the current market price of the underlying and the break-even point (acquisition price). Premium is expressed as a percent over the entire term of an option. | Prämie total % | Prime en %, ou premium, ou agio | Premio totale in % |
| Put option | Option entitling but not obligating the buyer to sell a specified amount of a certain underlying instrument at a predetermined underlying price within a specific period of time or receive the intrinsic value of the option in cash. | Put-Option | Option Put, ou option de vente | Opzione put |
| Term | Explanation | German | French | Italian |
|---|
Quanto  | Quanto certificates eliminate the currency risk for investors. This is especially important when the underlying of a certificate is denominated in a currency which is subject to strong fluctuations. Without a Quanto hedge, buyers carry the full exchange rate risk. If they opt for the Quanto protection, investors pay a Quanto Fee. | Quanto | Quanto | Quanto |
| Term | Explanation | German | French | Italian |
|---|
| Ratio | Number of underlying instruments the warrant is based on. Also called: Subscription ratio | Ratio | Ratio, ou parité de conversion | Ratio |
| Term | Explanation | German | French | Italian |
|---|
| Security number | This seven-digit number (Valorennummer / Security Code) is used to identify warrants. | Valorennummer | Numéro de valeur | Numero di valore |
| Spread as % | The spread between the bid and offer price, which correspond to the price to buy and sell a warrant from a market market’s view. The narrower the spread, the sooner the buyer can reach the profit zone. | Spread in % | Spread en % | Spread in % |
| Strike price | Reference price of the underlying used to calculate the cash settlement on expiry of the warrant. In cases of physical delivery it is the price at which the underlying is bought (call) or sold (put). Also called: exercise price | Strike Price | Prix "strike" | Strike price |
| Strike price | Reference price of the underlying used to calculate the cash settlement on expiry of the warrant. In cases of physical delivery it is the price at which the underlying is bought (call) or sold (put). Also called: exercise price | Basispreis | Strike, ou prix d'exercice, ou prix de base | Prezzo base |
| Subscription ratio | Number of underlying instruments the warrant is based on. Also called: ratio. | Bezugsverhältnis | Parité de conversion, ou ratio | Rapporto di sottoscrizione |
| Term | Explanation | German | French | Italian |
|---|
| Term to expiry | Number of days (starting from today) until the option expires. | Restlaufzeit | Durée de vie restante | Durata residua |
| Time value | The amount by which the option price exceeds the intrinsic value. The time value corresponds to the sum that the buyer must pay with regard to the upside potential of a warrant. Time value recedes to zero by the expiration date. | Zeitwert | Valeur temporelle, ou valeur spéculative | Valore temporale |
| Turnover 1000 CHF | Last-paid price multiplied by the (accumulated) number of securities traded. This figure indicates a warrant’s liquidity. | Volumen Tsd. CHF | Volume en milliers de CHF | Volume in migliaia di CHF |
| Term | Explanation | German | French | Italian |
|---|
| Underlying | Financial instrument which the warrant refers to. The underlying instruments can be equities, indices, currencies, interest-rate instruments and commodities. Also called: Underlying instrument | Underlying | Support, ou sous-jacent | Underlying |
| Underlying currency | The currency in which the underlying instrument is traded. | Basiswert Währung | Devise du sous-jacent | Moneta valore sottostante |
| Underlying instrument | Financial instrument which the warrant refers to. The underlying instruments can be shares, indices, currencies, interest-rate instruments and commodities. | Basiswert | Sous-jacent ou support | Valore sottostante |
| Underlying price | Price of the underlying instrument | Basiswert-Kurs | Cours du sous-jacent | Prezzo valore sottostante |
| Term | Explanation | German | French | Italian |
|---|
| Value at Risk | Value at risk (VaR) is a measure of how the market value of an asset or of a portfolio of assets is likely to decrease over a certain time period (usually over 1 day or 10 days) under usual conditions. | Value at Risk | Value at Risk | Value at Risk |
| Volatility | A statistical measure of the amount by which an underlying instrument fluctuates in a given period of time (standard deviation). Volatility is expressed as a percent per annum. | Volatilität | Volatilité | Volatilità |
| Term | Explanation | German | French | Italian |
|---|
| Warrant | An option that is securitized and therefore easily tradable. Apart from this legal distinction, there is no fundamental difference between an option and a warrant. | Warrant | Warrant, ou certificat d'option | Warrant |
| Warrant ask price | Warrants can be bought for this price (see Ask price) | Warrant Briefkurs | Cours offert ou cours de vente du warrant | Corso lettera warrant |
| Warrant bid price | Warrants can be sold for this price (see Bid price) | Warrant Geldkurs | Cours demandé ou cours d'achat du warrant | Corso denaro del warrant |
| Warrant price | The current average market price (average of bid and offer price). | Warrant Kurs | Cours du warrant | Corso del warrant |
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