What is the relation between European and Forward-start options?

[@user-wc7em8kf9d]

Thank you so much Professor for another great videos. Aren't the Cliquet options the ones that are notably difficult to manage for trading books?

[@ComputationsInFinance]

hello E, thanks a lot for the feedbacl.
Yes they are difficult to manage, as many other exotic derivatives. But they exist and we need to know how to price them. Best wishes, Lech