Warrants

"Warrants" are bearer bonds, that are issued by an issuer (mostly banks). They are traded on stock exchanges on which also shares traded (eg on the Frankfurt Stock Exchange). Unlike traditional options, in which both the position of the buyer and the seller can be taken, only the position of the buyer can be taken for warrants.

Individually negotiated options between two parties, where the conclusion of the contract takes place outside of a futures exchange, is referred to as "OTC option".