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FX Exotic Options
Knock Out (Kick Out)
The Knock Out Option (or Kick Out Option) is a standard option
that automatically terminates if spot trades at or beyond a
predetermined outstrike before expiration. The Knock Out Op-
tion can be distinguished from the Kick Out Option by the
location of the outstrike. In the Knock Out Option, spot has to
travel in the out-of-the-money direction to reach the outstrike
while in the Kick Out Option, spot has to travel in the in-the-
money direction to reach the outstrike.
Minimum: USD 1 million face, 1 week (Knock Out),
2 weeks (Kick Out)
Double Knock Out
The Double Knock Out Option is a standard option that auto-
matically terminates if spot trades at or beyond either of two
predetermined outstrikes before expiration.
Minimum: USD 1 million face, 2 weeks
Double Double Knock Out
The Double Double Knock Out Option is a standard option
that automatically terminates if spot trades at or beyond any
two of four predetermined outstrikes before expiration.
Minimum: USD 1 million face, 2 weeks
Knock In (Kick In)
The Knock In (Kick In) Option is a standard option that automati-
cally comes into existence if spot trades at or beyond a predeter-
mined instrike before expiration. The Knock In Option can be
distinguished from a Kick In Option by the location of the instrike.
In the Knock In Option, spot has to travel in the out-of-the-
money direction to reach the instrike while in the Kick In Option,
spot has to travel in the in-the-money direction to reach the
instrike.
Minimum: USD 1 million face, 1 week (Knock In),
2 weeks (Kick In)
Knock In with Outstrike
Also known as the In & Out Option, the Knock In Option with
Outstrike is a Knock In (or Kick In) Option that automatically
terminates if spot trades at or beyond a predetermined outstrike
before expiration. The outstrike is independent of the instrike,
so the option could automatically terminate before or after it is
knocked in (kicked in).
Minimum: USD 1 million face, 2 weeks
Flipping Barrier Option