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Glossary - K

Key features
Document produced by a unit trust stating its investment strategy and aims.

Knock-in / knock-out option
See barrier option

Kurtosis
A measure of the extent to which probability is concentrated more around the mean and in the tails, rather in the mid-range, relative to normal distribution. A normal distribution has a kurtosis coefficient of three. Kurtosis of less than three indicates a distribution with a fat mid range on either side of the mean and a low peak and is known as platykurtic. Kurtosis of greater than three indicates a high peak, a thick midrange and fat tails and is known as leptokurtic. It results in implied volatilities of vanilla options which are higher for strikes above and below the forward than for options struck at the forward – the volatility smile/skew.

 


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