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In finance, the style or family of an option is the class into which the option falls, usually defined by the dates on which the option may be exercised. The vast majority of options are either European or American (style) options. These options—as well as others where the payoff is calculated similarly—are referred to as "vanilla options". Options where the payoff is calculated differently are categorized as "exotic options". Exotic options can pose challenging problems in valuation and hedging. ==American and European options== The key difference between American and European options relates to when the options can be exercised: * A European option may be exercised only at the expiration date of the option, i.e. at a single pre-defined point in time. * An American option on the other hand may be exercised at any time before the expiration date. For both, the payoff—when it occurs—is via: * , for a call option * , for a put option (Where K is the Strike price and S is the spot price of the underlying asset) Option contracts traded on futures exchanges are mainly American-style, whereas those traded over-the-counter are mainly European. Nearly all stock and equity options are American options, while indexes are generally represented by European options. Commodity options can be either style. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Option style」の詳細全文を読む スポンサード リンク
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