DEBT INSTRUMENT is a written promise to repay a debt. Examples: notes, bills, bonds, CDs, GICs, commercial paper, and bankers acceptances.
OPTION is the formal reservation of the right to buy or sell property / assets at a certain price and / or within a given time in the future, e.g. a contract allowing, but not requiring, the holder to buy (call) or sell (put) a specific security at a specified price during a specified time period or on a specified date. Options may trade on exchanges or overthe-counter.
MUD is Multi Unit Discount.
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