NISM Series XIII Common Derivatives Certification Exam Notes
Page 237 Of 303
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Put Option Payoff: Max(0, Strike Price - Spot Price) - Premium.
Contract Specifications: Define strike prices, expiry, and underlying.
Exchange-Traded Options: Standardized, transparent, and liquid.
OTC vs. Exchange-Traded: OTC options are customizable but less transparent.
Hedging Use: Options protect against adverse rate movements.
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