Question: When a trader writes a cash-settled call option, they agree to pay their counterparty Max(0, S T - K) at option maturity. Thus the trader

When a trader writes a cash-settled call option, they agree to pay their counterparty Max(0, S_T - K) at option maturity. Thus the trader never expects to receive a payment and may have to make a payment. Thus, the best the trader can ever do is to pay nothing. Why would the trader ever agree to such an arrangement?

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