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Exotic options simply are option where the terms and/or payoff are not
conventional.
For example options that come into effect with a triggering event(knock
out or knock ins)they only become an option if some value is passed.
Asain options....options which settle at a series of average value. Say
the average closing price over a series of days.
Pay later options......options requiring no upfront payment.
Quonta...ADR....a style options where the payoff depends on the
performance of an asset and the currency it's denominated in.
I could go on for pages...there are lots of books on exotics in every
major bookstore.
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