Glossary

Plain Vanilla: plain vanilla covered warrants

Digital: structured/exotic covered warrants whose payoff, in case the option expires in-the-money, is a predetermined ammount (rebate) independent of the difference between underlying and strike prices

Rainbow: structured/exotic covered warrants based on two or more assets whose value increase if the performance of an asset is better than the one of another underlying asset

Benchmark: certificates that track linearly the underlying

Quanto: benchmark certificates independent from fluctuations of the exchange rate

Discount: certificates that replicate the purchase of the underlying at a discounted price

Outperformance: certificates whose value, in determined intervals of price, increases more than proportionately than the increase of the underlying 

Equity Protection: certificates with a partial or total protection from a price decline of the underlying

Stop Loss: certificates with a knock-out barrier and leverage effect

Stop Loss R: stop loss certificates with daily update of the strike

Bonus: certificates with a minimum return guaranteed in case of moderate decline in the underlying's price

Cap: structured/exotic covered warrants on interest rates and with periodic excercise

Payer: structured/exotic covered warrants of the long kind whose underlying is a swap interest rate and that pays the difference between the swap level at maturity and the strike, discounted back for the interest rate's maturity

Receiver: structured/exotic covered warrants of the short kind whose underlying is a swap interest rate and that pays the difference between the strike and the swap level at maturity, discounted back for the interest rate's maturity