CIRO Derivatives Exam Practice Questions - CIRO Derivatives Exam

American-style options can be exercised at any time up to expiration, whereas European-style options can only be exercised at expiration. American-style options trade on North American exchanges, while European-style options trade only on European exchanges. American-style options are cleared by the CDCC, whereas European-style options are cleared by the OCC. American-style options settle in cash, while European-style options always settle in the underlying physical asset.