A standardized contract through which the buyer acquires the right, but not the obligation, to buy (CALL) or sell (PUT) the underlying asset at an agreed price (Exercise Price) on a future date (Settlement Date). This Contract can only be exercised on the Expiration Date (European-style Option) or at any time before the Expiration Date (American-style Option) in accordance with the General Terms and Conditions of each Contract. The seller of the options contract undertakes to sell the underlying asset on the expiration date if the buyer requests the option to be exercised. In return, the seller receives a premium. Since the Contract can be settled by offset, the obligation to buy and sell can be replaced by the obligation to engage in Settlement by Offset.