Tous les livres

Professionnel

Applis À propos Coach Connexion Commencer la lecture

Quantitative Finance · Glossaire

Qu'est-ce que « Token market-making agreement, loan-plus-call structure » ?

Aussi appelé : token market-making agreement · loan-plus-call structure

Definition 24.1 Markets III: Commodities, Energy and Crypto · Chapitre 24 — The Crypto Trading Business

A token market-making agreement is a contract in which a token’s issuer engages a firm to provide quotes in the token on stated venues, with obligations on spread, depth and presence. In a loan-plus-call structure the issuer pays for the service by lending the firm tokens for the term, to be returned at the end, and granting it European call options on tokens at agreed strikes.

A loan-plus-call deal. The issuer pays with a loan of tokens and call options; the market maker quotes on the exchanges and hedges the calls’ delta by selling part of the lent tokens. Schematic.
Figure 24.1. A loan-plus-call deal. The issuer pays with a loan of tokens and call options; the market maker quotes on the exchanges and hedges the calls’ delta by selling part of the lent tokens. Schematic.
Lire dans le chapitre →

Termes liés