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synthetic future

  1. (a) a synthetic bought future, that is, a bought call option coupled with a written put option; or
  2. (b) a synthetic sold future, that is, a bought put option coupled with a written call option;provided that in either case the two options:
    1. (i) are bought and written, whether simultaneously or not, on a single eligible derivatives market;
    2. (ii) relate to the same underlying security or other asset;
    3. (iii) give the purchasers of the options the same rights of exercise (whether at the same price or not); and
    4. (iv) will expire together, if not exercised.5