This market is the largest and most liquid-call type derivative in the world. Philips and Connolly intend to clarify definitions and discuss why the warrant is so important to the institutional investor. The authors consider its versatility and the implications for profit from the tremendous volatility in this market.

Inhalt
Background and Nature of the Product - Reasons for Issuance - Covered Warrants - Spectrum of Investors - Trading Long 'Vol' - Cash Extraction - Elasticity - Responsibility of Participant