The seller of the option has the obligation to buy the underlying instrument if the holder exercises the option to sell.

如果期权持有者履行权利，该期权的卖方也同时有义务履行买入的权利。

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An option is described as being at the money when the exercise price is approximately the same as that of the underlying instrument.

当期权的行使价非常接近标的资产的市价时，期权即处于平值状态。 平值期权实际上可以是处于略为价内或价外的状态。

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Derivatives give the buyer greater leverage for a lower cost than purchasing the actual underlying instrument to achieve the same position.

衍生工具给购买者一个杠杆效用促成以更低的成本购买实际需要的基础工具。

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The borrowers could be hedge funds, who either are trying to short a stock or scrambling to cover a stock loan that has been called in, or they could be investment houses that need an underlying instrument for a derivatives contract.

FORBES: Shortchanged

Instead they return an amount based upon the performance of an underlying equity instrument, be it an index, a hedge fund or even a single stock.

FORBES: Another Option

Anyhow, they are a debt instrument that trades more on the underlying credit risk of the company or the industry than on movements in interest rates.

FORBES: Dow Jones Interactive