A contract giving its holder the right to trade the underlying at a fixed strike, in the direction that gains when the index is above that strike at expiry. Its writer takes the matching obligation. On an index it settles in cash: nothing is delivered and the difference is paid across.
Mayawhat these words mean
Maya reads the desk’s written explainers and the glossary. She holds no market data at all, so she can say what a thing is and cannot say what it is doing today.