My understanding is that a European option is an option which can only be excerisized at the expiry date, while an American option can be excercised during the whole period to its expiration. But what is an Asian option?
An option whose payoff depends on the average price of the underlying asset over a certain period of time. Also known as an average option.
http://www.riskglossary.com/articles/asian_option.htm
Thx to Google’s “I feel Lucky”…