The last price is the price determined as representing the price paid in the final transaction in a structured product on a given trading day. Because of the large number of products listed on our two markets, regular daily trades take place in only a portion of those products; thus the last price can often be several hours old. In the Swiss market, however, an official last price is determined for each product. Nevertheless, when arriving at an investment decision, investors should by all means check the real-time bid and ask prices for the products they desire. Those prices reveal at all times the level at which the products are currently trading.
The value of leveraged/geared products frequently rises or falls more dramatically than price movements in the underlying instrument. Leverage/gearing is a yardstick for the magnitude of such value disparities. For example, a product with a leverage factor of 5 will move by approximately 5% when the underlying instrument rises or falls by 1%. So bear in mind, leverage works both ways! With knock-out products, the reliability of the leverage factor is comparatively high. However, in the case of warrants, the (simple) leverage factor is of only limited meaningfulness because the price sensitivity (delta) must also be taken into account. With warrants, "omega" is the best coefficient for assessing the related leverage.
A "limit" is an order qualifier by means of which investors can indicate the maximum amount they are willing to pay to buy a security or, as it were, the minimum amount they would be willing to receive for the sale of a product. We seriously recommend that, as a fundamental discipline, all investors put a limit on each order as a means of avoiding negative surprises in the execution price, e.g. due to sudden price fluctuations.
Liquidity is a yardstick for how easily a financial instrument can be traded. For shares with very little liquidity, the bid/ask spread is normally wider than with very liquid issues. In the area of structured products, issuers continually post bid and ask prices for their own products. Hence most of those products are tradable even if there is little or no turnover is taking place in them.