element <optionType> (local)
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Type: |
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simple |
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XML Representation Summary |
<optionType> |
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Content: |
{ enumeration of xsd:token } |
</optionType> |
Simple Content Detail:
Enumeration: |
"Payer" |
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A Payer swaption confers on the buyer the right, but not the obligation, to enter into the underlying swap as payer of the fixed rate (and receiver of the floating rate).
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"Receiver" |
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A Receiver swaption confers on the buyer the right, but not the obligation, to enter into the underlying swap as receiver of the fixed rate (and payer of the floating rate).
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"Straddle" |
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A swaption straddle is a strategy trade, in which the buyer simultaneously purchases a Payer and a Receiver swaption at the same strike (fixed rate) and with otherwise identical economic characteristics.
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"NonStandard" |
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This designation is reserved for swaptions with non-standard characteristics e.g. having a basis swap or cross-currency swap underlyer.
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Included in content model of elements (1):
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Annotation
The type of option transaction. From a usage standpoint, put/call is the default option type, while payer/receiver indicator is used for options index credit default swaps, consistently with the industry practice. Straddle is used for the case of straddle strategy, that combine a call and a put with the same strike. This element is needed for transparency reporting because the counterparties are not available, and is made available in other views for convenience; it is not intended to be used for confirmation processing. If the swaption straddle indicator is provided, this must not be in conflict with that indicator.
XML Source (w/o annotations (1); see within schema source)
