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Issuers

Structured Warrant Issuers

A structured warrant is an obligation of the institution that issued it — not of the company whose shares it tracks. The issuer sets the terms, quotes the price, and is the counterparty you are trading against.

Issuers covered here

Frequently asked questions

Why does the issuer matter when the warrant terms look identical?

The issuer is the counterparty and, in practice, the only market maker. Two warrants with the same strike and expiry can trade at different prices because the issuers assumed different implied volatility, and can cost different amounts to exit because their quoting obligations and spreads differ.

Can a warrant issuer default?

Yes. A structured warrant is an unsecured obligation of the issuer, not a claim on the underlying company. If the issuer fails, the warrant is a claim in that failure. This is why issuers are licensed institutions and why issuer credit is a genuine, if remote, risk.

Where do I find an issuer's live prices?

On the issuer's own portal. Each one publishes a live price matrix showing indicative bid and ask across a grid of underlying prices and dates. Those matrices are the authoritative source for what you can actually trade at — we link to every one of them.