EFTA Document EFTA01353404

the difference between a determined value of the un- derlying interest at the time the option is exercised and the fixed exercise price of the option. A cash-settled call conveys the right to receive a cash payment if the determined value of the underlying interest at exer- cise-this value is known as the exercise settlement value-exceeds the exercise price of the option, and a cash-settled pg conveys the right to receive a cash payment if the exercise settlement value is less than the ex