Caput

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Caput

An exotic option. It represents a call option on a put option. That is, you purchase the option to buy a put option at a particular price on or before the expiration date.

Caput

A call option contract on a put option. A caput has two expiration dates and two strikes; there are also two premiums: one paid up front and another paid if the underlying option is exercised. A caput gives the holder the right, but not the obligation, to buy a put option, which he/she does if the price on the asset underlying the put option declines. Like other compound options, it is often used in markets where there are doubts about the risk for the underlying option, such as currency or fixed income markets. Significantly, caputs trade only over-the-counter, not on an exchange.
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References in classic literature ?
Then he seated himself again, adjusted his false head, and said:
As quick as lightning the man's head shot forward and his neck stretched out until the top of the head, where it was flat, struck the Scarecrow in the middle and sent him tumbling, over and over, down the hill.
The two sofas were now bound firmly together with ropes and clothes-lines, and then Nick Chopper fastened the Gump's head to one end.
But you also shall have a fox's head if you can prove you're as clever as Button-Bright.
Drive to the Duchess of B 's," she said, and then after a pause, "Are you never going to get those horses' heads up, York?
Don Quixote was amazed at the virtue and property of the head, and was inclined to disbelieve Don Antonio; but seeing what a short time he had to wait to test the matter, he did not choose to say anything except that he thanked him for having revealed to him so mighty a secret.
said the King, going up to Alice, and looking at the Cat's head with great curiosity.
It was a woman's head, and he had never heard of a Chinese woman in the history of the Solomons.
The recoil of the butt into the pit of the man's stomach had not been the most sanguinary result, for the charge of shot, at a distance of a yard, had blown the head of one of the debaters into nothingness.
The trophies of both these her husband always bore about on his head and face; for if ever human head did by its horns display the amorous glories of a wife, Zekiel's did; nor did his well-scratched face less denote her talents (or rather talons) of a different kind.
There was old Johnny Simons--twenty-six years on the raw edges of Melanesia, swore he knew the niggers like a book and that they'd never do for him, and he passed out at Marovo Lagoon, New Georgia, had his head sawed off by a black Mary (woman) and an old nigger with only one leg, having left the other leg in the mouth of a shark while diving for dynamited fish.
There she lay trembling for some time, not even daring to raise her head and look about.