Option on futures
An option whose exercise hands the holder a futures position rather than the asset itself.
How to read the number
Russian exchange-traded options are built this way: the underlying is the futures contract of the matching series, not the share or the currency directly.
When the metric lies
Exercise does not end the story, it starts a new one: a futures position appears with its collateral and daily revaluation, and it has to be serviced.
Also known as: futures option