yourquant_rick on Instagram: "American option — An option that can be exercised at any time before its expiration date. Arbitrage — The process of making a risk-free profit by exploiting price differences across markets. Asian option — An option whose payoff depends on the average price of the underlying asset over a period, not just the final price. Asset swap — An agreement where two parties exchange cashflows of different financial instruments (e.g., fixed vs. floating). Barrier option — An o