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In finance a covered warrant (sometimes called naked warrant) is a type of warrant that has been issued without an accompanying bond or equity. Like a normal warrant, it allows the holder to buy or sell a specific amount of equities, currency, or other financial instrument Unlike normal warrants, they are usually issued by financial institutions instead of share-issuing companies and are listed as fully tradable securities on a number of stock exchange ==Structure and features== A covered warrant gives the holder the right, but not the obligation, to buy ("call" warrant) or to sell ("put" warrant) an underlying asset at a specified price (the "strike" or "exercise" price) by a predetermined date. The price paid for this right is the "premium" and with covered warrants you cannot lose more than this initial premium paid. They are limited liability instruments so there are no further payments or margin calls required to maintain a covered warrant position. Covered warrants offer a flexible alternative to private investors who seek to gain the leverage benefits of derivatives, but who wish to limit their risk. When the issuer sells a warrant to an investor, they typically "cover" (or hedge) their exposure by buying the underlying instrument in the market. Covered warrants have an average life of 6 to 12 months, although some have maturities of several years. In contrast to "traditional" equity warrants, with covered warrants no new issuance of common stock occurs if the warrant is exercised. The underlying shares of common stock are usually either owned by the issuer of the covered warrants or the issuer has a mechanism, such as owning equity warrants for the underlying shares, through which they can obtain the shares. Covered warrants are very popular due to the following qualities: * Low cost * Flexibility * Limited liability * Multi-strategy options 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「covered warrant」の詳細全文を読む スポンサード リンク
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