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A cliquet option or ratchet option is an exotic option consisting of a series of consecutive forward start options.〔(Cliquet/Ratchet Options )〕 The first is active immediately. The second becomes active when the first expires, etc. Each option is struck at-the-money when it becomes active.〔(Riskglossary.com )〕 A cliquet is, therefore, a series of at-the-money options but where the total premium is determined in advance. A cliquet can be thought of as a series of "pre-purchased" at-the-money options. The payout on each option can either be paid at the final maturity, or at the end of each reset period. ==Example== *A three-year cliquet with reset dates each year would have three payoffs. The first would payoff at the end of the first year and has the same payoff as a normal ATM option. *The second year's payoff has the same payoff as a two-year option, but with the strike price equal to the stock price at the end of the first year. *The third year's payoff has the same payoff as a three-year option, but with the strike price equal to the stock price at the end of the second year. 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「Cliquet」の詳細全文を読む スポンサード リンク
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