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American Depositary Receipt

American Depositary Receipts (ADR) or American Depositary Shares (ADS) are share certificates and deposit certificates issued, traded and denominated in US dollars by US custodian banks derived from shares in non-US companies deposited with them. ADR are typically issued in a ratio of 1:1 for 100 foreign shares. They make trading in non-US companies simpler, cheaper and quicker. For companies not domiciled in the US, ADR have the advantage that the company does not need to undergo the full admission procedures of the United States Securities and Exchange Commission (SEC) in order to
obtain a stock market listing.

American-style option

In an American-style option, the option right may be exercised at any time during the entire term of the option. With a call option the investor may buy the share at any time at the exercise price, while with a put option the investor may sell the share at any time at the exercise price.

Asian option

The Asian option or average rate option is an exotic option whose value does not depend only on the underlying at the end of the term but also on the average price of the underlying over a defined period.


This indicates an offer to sell – in German, the term “Brief” (“B” for short) is used. A letter “B” after the current price thus indicates that investors would like to sell the stock at this price but have not yet found a buyer. A “bB” (German = bezahlt Brief, literally “paid ask”) following the price indicates that some sales have taken place but that shares are still available to sell.

At the money

A warrant is described as “at the money” when the current price of the underlying is close to the strike.


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