Warrant, Definition
An issuer-based product that gives the buyer the right, but not the obligation, to buy (in the case of a call) or to sell (in the case of a put) a stock or a commodity at a set price during a specified period.
Warrants are issued by the underlying comany rather than being traded on an exchange. Similar to options, the warrant allows the holder to buy company stock at a given price.
See also: Convertible Bond