As a result, OverUnder is not about investing large amounts, particularly not more than you are willing to lose.What is the OverUnder instrument nameThe instrument name is an abbreviation of the name of the financial product and is a type of unique code. The instrument name for OverUnder is formed from the designation of the underlying share/index, the expiration year, expiration month, expiration day, OverUnder type and strike price (in this order)How much is an OverUnder worthAfter expiration day an OverUnder is worth either zero (0) or one (1). If the closing price of the share or index on the expiration day is above the strike price, then an Over will be worth one and an Under zero. If the closing price of the share or index is below the strike price, then an Over will be worth zero and an Under one.During trading hours, OverUnder is priced by the market comprising buyers and sellers, who include market makers who present both bid quotes and sell quotes for the instrument. The market makerrsquos prices reflect the makerrsquos view of the market and the underlying share or index in question.A reasonable market-based price is attained by allowing anyone to write (sell short) an OverUnder. If you consider the market makerrsquos price to be too high, you can choose yourself to write an OverUnder to utilize a price that you consider to be too high.What is meant by OverUnder being traded continuouslyOverUnder is traded through your broker or bank on the exchange in the same manner as shares, warrants and options. Market makers set ongoing prices on each OverUnder and thereby enable a holder of an OverUnder to always sell it back at market price. This means that an investor who, for example, has purchased an Over that has risen in value from SEK 0.50 to SEK 0.75 can choose to sell at any point in time during the exchangersquos trading hours to realize a profit of SEK 0.25 per unit. Accordingly, you do not need to wait until the expiration day to realize a profit or loss.Should I close the position before expiration dayAn investor who is not willing to hold his or hers position over the entire expiration day should realize the value of the position by closing the position before expiration day. On expiration day there might not always be bids and offers in all Overs or Unders, and it could therefore be difficult to close the position on the expiration day.How is the sharersquos end price determinedThe last price paid for the share on the expiration day (the closing price) will be used as the end price. The end price is compared with the strike price to determine the end price of an OverUnder.What is meant by the strike priceThe strike price is the price comprising the breakpoint for whether an OverUnder is worth 0 or 1 after the expiration day. If a share closes above the strike price, an Over is worth SEK 1, and if a share closes below the strike price, an Under is worth SEK 1.What happens if the share closes at, and not above or below, the strike priceIf a share or index closes at the strike price, the value of both an Over and an Under will be zero. For an Over, the share or index must close above (and not at) the strike price, and for an Under, the share or index must close below (and not at) the strike price.What does writing (selling short) an OverUnder involveWriting an OverUnder entails that an investor sells without previously owning what is to be sold (a negative holding). The advantage of writing is that you can utilize prices that you consider to be too high by selling the instrument in question in the hope of being able to buy back at a lower price on a later occasion. A reasonable and market-based price is attained by allowing anyone to write an OverUnder, meaning that no bank or institution has exclusive rights to write and thereby determine the price of the instrument.When do I receive my money after the expiration dayIf you have invested in an OverUnder that closes on the ldquoright side of the strike price for you, the money will be transferred to you on the next banking day. If the expiration day is a Friday, the money will be available to you on the following Monday.When is money withdrawn or deposited in my account after a transactionOverUnder is settled at T1 at exchange. This means that the purchase or sale amount will be withdrawn or deposited in your account during the next banking day after the transaction.What is a Customer AgreementA Customer Agreement (called a derivative trading agreement by certain brokers) is an agreement between Nasdaq Derivatives Markets and the end customer. Accordingly, Nasdaq Derivatives Markets has a direct legal relationship with every end customer that has entered into a Customer Agreement. By signing a Customer Agreement, the end customer gains access to trading and clearing of derivative products, including OverUnder. On the basis of the agreement, the end customer is legally bound to follow Nasdaq Derivatives Marketsrsquo rules and regulations.How do I sign a Customer AgreementYou can obtain a Customer Agreement from your broker or bank. The signed agreement is sent to the broker or bank for processing and is forwarded to CCAB. You can also find the Customer Agreement on thiswebsite.Is the end customer anonymous to NASDAQ OMXYes, every end customer is anonymous to Nasdaq Derivatives Markets. This is maintained by Clearing Control AB (CCAB) registering opened accounts. CCAB is a control company jointly owned by Nasdaqand the Swedish Securities Dealers Association.What does clearing involveClearing means the administrative process that begins with an agreement for the purchase or sale of a derivative (in this case an OverUnder) on the stock market. The clearing process can generally be divided into three different parts for OverUnder:bull Matchingbull Central counterpartybull Cash settlementMatching means that the buyer and seller agree on the conditions for the transaction, in other words what has been purchased/sold, quantity, etc. Central counterparty clearing means that the clearing organization (NASDAQ OMX) becomes the central counterparty in each transaction, whereby the clearing organization serves as counterparty to both the buyer and seller.