An instrument whose asset-object is the exchange rate of reais per foreign currency.
The settlement of the contracts is made by the difference of the strike price and the spot price, with no physical delivery. The payment of the premium will be calculated on the date of registration. The premium will always be reported in reais, even if it is a parity option contract involving currencies other than the real. It is allowed to include a High Limiter (Cap), if the option is to buy, or low (Floor).