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Glossary

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Gamma:
The rate of change in the delta of an option for a small change in the underlying. Gamma is greatest when an option is at- the-money and decreases as the price of the underlying moves either up or down away from the strike.
See also: Gamma

Gearing:
The term gearing refers to the leverage or exposure of a product to movements in the underlying index. A product with 100% gearing would generate a return exactly equal to any rise of the underlying index, that is, a 45% rise in the index would produce a 45% return from the structured note. Sometimes the term participation is used to refer to a product's gearing.

Global Floor:
This is a term associated with cliquet (or ratchet) products. A global floor will sometimes provide a minimum return that is more that just the full return of the capital invested. In this case, it would have a global floor of something greater than 100%.

Guaranteed Exchange Rate Option:
An option on an asset in one currency denominated in a second currency. Also known as a quanto option, the exchange rate at which the purchaser converts the currency is fixed at the start. This allows investors exposure to foreign assets without the foreign exchange risk.

The terms and definitions contained in this Glossary were devleoped by Incapital LLC.  These definitions may differ from securities industry-related definitions for common terms.  The definitions contained herein should be utilized with respect to the terms used in the Structured Investment website.
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