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+Option Fundamentals   • 7
+studies (i.e., his contractual rights had value through expiration—option 
+characteristic number 4).
+This is only one example of an ancient option transaction (a few thou-
+sand years before the first primitive common stock came into existence),  
+but as long as there has been insurance, option contracts have been a well-
+understood and widely used financial instrument. Can you imagine how 
+little cross-border trade would occur if sellers and buyers could not shift the 
+risk of transporting goods to a third party such as an insurance company? 
+How many ships would have set out for the Spice Islands during the Age of 
+Exploration, for instance? Indeed, it is hard to imagine what trade would 
+look like today if buyers and sellers did not have some way to mitigate the 
+risks associated with uncertain investments.
+For hundreds of years, options existed as private contracts specifying 
+rights to an economic exposure of a certain quantity of a certain good over 
+a given time period. Frequently, these contracts were sealed between the 
+producers and sellers of a commodity product and wholesale buyers of 
+that commodity. Both sides had an existing exposure to the commodity  
+(the producer wanted to sell the commodity, and the wholesaler wanted to 
+buy it), and both sides wanted to insure themselves against interim price 
+movements in the underlying commodity.
+But there was a problem with this system. Let’s say that you were a 
+Renaissance merchant who wanted to insure your shipment of spice from 
+India to Europe, and so you entered into an agreement with an insurer. The 
+insurer asked you to pay a certain amount of premium up front in return 
+for guaranteeing the value of your cargo. Y our shipment leaves Goa but is 
+lost off Madagascar, and all your investment capital goes down with the 
+ship to the bottom of the Indian Ocean. However, when you try to find 
+your option counterparty—your insurer—it seems that he has absconded 
+with your premium money and is living a life of pleasure and song in 
+another country. In the parlance of modern financial markets, your option 
+investment failed because of counterparty risk. 
+Private contracts still exist today in commodity markets as well as 
+the stock market (the listed look-alike option market—private contracts 
+specifying the right to upside and downside exposure to single stocks, 
+exchange-traded funds, and baskets is one example that institutional 
+investors use heavily). However, private contracts still bring with them a