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In mathematical finance, fugit is the expected (or optimal) date to exercise an American- or Bermudan option. It is useful for hedging purposes here; see Greeks (finance) and Optimal stopping § Option trading. The term was first introduced by Mark Garman in an article "Semper tempus fugit" published in 1989. The Latin term "tempus fugit" means "time flies" and Garman suggested the name because "time flies especially when you're having fun managing your book of American options".
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