Accumulator (structured product)

Contract specifications

• The Reference Shares, or the underlying security of the contract.
• The quantity and class of shares.
• The strike price, also called the exercise price. This is price at which the issuer will sell shares to the investor.
• The settlement dates, this is the dates on which shares will change hands from the Issuer to the buyer. There should be more than one settlement day in an accumulator contract, or else it will not be "accumulating".
• The knock out price, this sets the top limit price the underlying equity can reach before the contract is "knocked out" and whatever outstanding shares accumulated prior to that day are settled
• Shares per day, this is the maximum number of shares the buyer can "accumulate" per day.
• The trade day, this is the day the contract was sold/bought.
• The first accumulation day, this is the day that accumulation begins.
• The Initial Knock-out day, this is the first day that knock out can occur.