noun
: the contractual right to exchange one security for another at the owner's option (as the right to exchange bonds to common stock of the issuer at a fixed ratio)
noun
: the contractual right to exchange one security for another at the owner's option (as the right to exchange bonds to common stock of the issuer at a fixed ratio)
Webster's New International English Dictionary. Новый международный словарь английского языка Webster. 2012