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We used an example that Bruce's bank would enter into an agreement to purchase both a call and put on the prime rate - which we used to ask the question.
So, it's first a question on if that agreement is an instrument (as a structured product) or not.
Technically, you could call it a financial instrument. But being a bespoke on-off creation, the question is if it will ever exist again, be resold or duplicated.
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But again, if it is a "Recognizable" "thing" that is going to be used, propagated, and more broadly exposed, having a FIGI provides utility, especially if that "thing" is pricing and being positioned in and of itself, as opposed to just being a base foundation that is modified in multiple ways to generate different investments.
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We agreed to reach out to John Nowlin with the same question we sent to Bloomberg to see if we could get a bit more clarity. We decided that a covered call and protective put were subclasses of the relevant options, but so far everything else goes under option trading strategy but not option per se based on this response and other analysis.
We completed the work on DER-123 for the moment and agreed that the next step is to release the exotic options ontology once this revision is merged.