Central clearing protected the markets for equity-option, gold-future and energy-future derivatives during the meltdown last year.

在去年危机期间，集中清算保护了股票期权、黄金期货以及能源期货衍生品市场。

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CatEputs (short for Catastrophe Equity Put Option) are derivative contracts that give the insured the right to sell new shares at a fixed price, which the investor promises to buy in the event of a catastrophe.

ECONOMIST: Insurance

The new investors may buy convertible preferred securities, that is, bond-like equity with an option to change to a set number of common shares at an established price and at an exercise date in the future.

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Mr. Neithercut said that if Lehman exercises its option to buy the 26.5% stake, Equity Residenital would have the option to buy the final 26.5% stake that they own.

WSJ: Equity Residential Cuts Deal to Buy 26.5% Archstone Stake