The right, but not the obligation, to make use of an offer. (1) In the case of an issue: The right of a bank to increase the number of shares or participation certificates (PC) or bonds already allocated to it at the beginning of the issue by a further quota. (2) In the case of warrant bonds: The right to obtain securities, precious metal (e.g. gold) or other assets associated with the warrant. (3) Short name for options contracts concluded between a bank and a client which grant the respective buyer the right to purchase (call option) or deliver (put option) a certain number of currency units, securities or a certain quantity of precious metal at a certain execution or strike price. The buyer must pay the seller an option premium immediately after the contract is concluded. These contracts are not transferable. (4) In contrast to non-tradable options (3), traded options are regularly traded on options exchanges specialising in options and financial futures.