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An option that does not have standardized features. The writer and the buyer of a FLEX option negotiate the specific terms, such as the strike price and the expiration date. It is important to note the FLEX options do not trade in the continuous market. Generally speaking, clearing houses are the main writers of FLEX options.
Registered name for a customized equity option with unique characteristics including expiration date, strike price, and exercise style. Unlike regular options, FLEX options do not have standardized features and do not trade in continuous markets.