What is Asset-at-expiry Option?

Legal Definition
A BINARYBARRIER OPTION that grants the buyer a payoff at expiry equal to a fixed ASSET amount if the price of the UNDERLYING market reference breaches the BARRIER at any time during the transaction. See also ASSETATHIT OPTION, BINARY OPTION.ASSETATHIT OPTION A BINARYBARRIER OPTION that grants the buyer an immediate payoff equal to a fixed ASSET amount if the price of the UNDERLYING market reference exceeds the BARRIER. See also ASSETATEXPIRY OPTION, BINARY OPTION.ASSETBACKED SECURITY (ABS) A NOTE or BOND collateralized by CASH FLOWS from a pool of ASSETS such as ACCOUNTS RECEIVABLE, LEASES, or consumer or auto LOANS. Investors in ABS have an undivided interest in the assets that have been secured; assets in the pool are transferred to a SPECIAL PURPOSE ENTITY established as a TRUST, which issues the securities that are sold to investors.