See Definition of Constant Leverage Certificate
With mathematical models such as the one developed by Black and Scholes, the so-called theoretical value (or fair value) of options can be determined. Depending on the model actually applied, fair value can vary and thus serves only as an indication.
Floored floaters are distinguished by 100% capital protection in their reference currency at maturity, as well as variable coupon payments. The level of such payments is linked to a specific reference interest rate and may therefore vary.
Futures are standardised forward contracts that are traded on exchanges such as EUREX. Futures are among the unconditional types of forward transaction. On the expiry date, both parties to the transaction - buyer and seller - are obligated to fulfil their part of the transaction (e.g. funds paid against goods delivered). Expressed simply, a futures transaction involves the purchase/sale of a financial instrument, commodity, etc., for a specified future point in time, whereby the relevant terms and conditions are established already at the time the trade is executed.
Unsecuritised derivatives such as options and futures are traded on a futures exchange. One of the world's most renowned exchanges of this kind is EUREX.
All terms and conditions of a futures contract are set at the time the trade is executed. However, the payments and deliveries involved in the transaction take place only in the future. A differentiation has to be made between conditional and unconditional transactions:Options and warrants are classed among the conditional transactions. Buyers of options can either exert or waive their right to exercise. Futures and forwards, on the other hand, are unconditional transactions in which both parties - buyer and seller - are obligated to perform.