Question: 1. How does an exchange-listed option differ from an over-the-counter option? Which option strategy uses both markets? 2. Is there any cash payment upfront in

 1. How does an exchange-listed option differ from an over-the-counter option?

1. How does an exchange-listed option differ from an over-the-counter option? Which option strategy uses both markets? 2. Is there any cash payment upfront in a futures or forward contract? Explain why. 3. What determines the value of a put option? (ONE SENTENCE ONLY)

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