European-style option
ヨーロピアン・タイプ。満期時にのみ権利行使できるオプションで、通常は現金決済される指数オプションで一般的。
A European-style option can only be exercised at expiration, never before. That single rule sets it apart from American-style options, which you can exercise on any trading day. In practice most equity options are American-style, while broad index options such as those on the S&P 500 (SPX) tend to be European-style. So the label mainly tells you when your right to exercise actually kicks in.
For a trader this simplifies things. Because there is no risk of being assigned early, you can hold a short European call or put without worrying that a counterparty exercises against you the night before an ex-dividend date. Say you sell an SPX credit spread: you know the position can only be settled at expiration based on the closing index level, so its value is driven purely by price, time and implied volatility until then.
The common mistake is assuming every index-related product behaves the same way. Some index ETFs trade American-style options while the cash-settled index itself is European-style. Check the contract specs before you build a strategy around early-exercise assumptions, especially with dividends or pin risk near the strike.
すべてのオプション用語
教育目的のみ。気配値は約15分遅延しており、本サイトの内容は投資助言ではありません。オプション取引には多大な損失リスクが伴います。