The warrant gives the holder the right to buy a certain number of equity securities (e.g. shares) of the relevant company or bonds of the relevant debtor at a certain price within a certain period. Warrants, unlike OTC options or exchange-traded options, are also available in the retail market, but do not offer the possibility of acting as a writer. Some option strategies can therefore not be implemented with warrants, but the risk remains limited to the loss of the capital invested and additional margin calls by the issuer are not possible.