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In finance, a put or put option is a stock market device which gives the owner of the put, the right, but not the obligation, to sell an asset (the underlying), at a specified price (the strike), by a predetermined date (the expiry or maturity) to a given party (the seller of the put). Put options are most commonly used in the stock market to protect against the decline of the price of a stock below a specified price. -- Wikipedia

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