Stock option essentially shunned by Scotsman and Englishman? (7)

I believe the answer is:

oxonian

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'englishman?' is the definition.
(I know this)

'stock option essentially shunned by scotsman' is the wordplay.
'stock option' becomes 'oxo' (I can't explain this - if you can you should give a lot more credence to this answer).
'essentially' indicates the central letters.
'by' means one lot of letters go next to another.
'scotsman' becomes 'ian' (common Scottish name).
The centre of 'shunned' is 'n'.
'oxo'+'n'+'ian'='OXONIAN'

'and' is the link.

Can you help me to learn more?

(Other definitions for oxonian that I've seen before include "Relating to England's oldest university" , "Relating to Oxford University" , "Relating to a top British university" , "Native of Oxford (University)" , "Inhabitant of Oxford" .)

I've seen this clue in The Independent.

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