1.   A call warrant, because it has a value of its own, can be traded in the open market.

2.   A recent OTC instrument on Vnesh is the call warrant on Vnesh loans issued by J.P. Morgan Jersey Ltd, the offshore unit of Morgan Securities Ltd.

3.   Also, traders said three brokerages were planning to sell call warrants on the stock, giving investors the right to swap them for shares.

4.   In the past days, brokerages have sold call warrants on the stock, giving investors the right to swap them for shares.

5.   Like covered warrants, call warrants give investors the option, but not the obligation, of buying a security at a fixed price by a set date.

6.   Nonetheless, traders said the call warrants may rise rapidly on the market tomorrow because local investors tend to speculate on new issues once they hit the market.

7.   Ten days Banque Paribas offered call warrants on Gazprom ADRs.

8.   The new call warrants are different from existing warrants because they have lower premiums and higher leverage, traders said.

9.   The Securities Commission announced in December that call warrants would be accepted on the exchange this year.

10.   Tomorrow it will start selling Nikkei call warrants, or securities that allow investors to bet that Japanese stocks will climb.