FLEXIBLE EXCHANGE (FLEX) OPTION
\flˈɛksɪbə͡l ɛkst͡ʃˈe͡ɪnd͡ʒ flˈɛks ˈɒpʃən], \flˈɛksɪbəl ɛkstʃˈeɪndʒ flˈɛks ˈɒpʃən], \f_l_ˈɛ_k_s_ɪ_b_əl ɛ_k_s_tʃ_ˈeɪ_n_dʒ__ f_l_ˈɛ_k_s__ ˈɒ_p_ʃ_ə_n]\
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A standardized OPTION contract traded on an EXCHANGE that allows buyers and sellers to select key contract features such as STRIKE PRICE, EXERCISE style, and maturity date. Though not as bespoke as an OVERTHECOUNTER (OTC) OPTION, the flex structure provides a degree of customization that allows it to compete with certain OTC contracts.
By Henry Campbell Black
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