A means of compensating the broker of a program trade using benchmark prices for issues to be traded in determining commissions or fees.

A dealer's price to sell a security; also called the offer price.

The payoff of average price call option ¼ max [0, A(T) K], where A(T) is the arithmetic average of stock price over time and K is the strike price....

The payoff of average price put option ¼ max [0, K A(T)], where A(T) is the arithmetic average of stock price per share over time and K is the strike...