Alphabetical A - M
| Abandon Option | An option holder chooses not to exercise their option |
| Absolute Risk | The volatility of total returns |
| Acceptance | Short-term debt instruments, drawn on a bank for future payment |
| Acceptance House | Guarantees payment of trade bills used to finance trade deals and goods in shipment |
| Accepting | Signing a Bill of Exchange signifying an agreement to pay. Subsequent or alternative signature by a bank virtually guarantees payment. |
| Account | ?? |
| Accreted Value | ?? |
| Accreting Swap | A swap in which the principal increases in each time period. |
| Accrual Swap | An interest rate swap where interest on one side accrues only when a certain condition is met. |
| Accrued Interest | Interest that has been earned but not yet paid |
| Actuary | A statistician who calculates risk |
| Administrator | An Administrator is responsible for ensuring the efficient day-to-day operation of a fund including the accounting. |
| Alpha | A measure of performance on a risk adjusted basis. |
| Alternative Investment Market | A market dedicated to smaller companies. |
| Alternative Minimum Tax | ?? |
| American Depository Receipt | The form in which foreign shares can be traded in the US without a formal listing. |
| American Option | An option that can be exercises at any time during its life. |
| Amortisation | Repayment of the principal on a loan or bond installments over a period of time. |
| Amortising | ?? |
| Amortising Swap | A swap where the notional principal decreases in a predetermined way as time passes. |
| Annual Percentage Rate | Used to describe the true cost of the money borrowed on mortgages, loans and credit cards. |
| Annual Yield | ?? |
| Annuity | Something that pays regular cash flows at fixed periods over a given period of time. |
| APACS | Controlling cheque clearing, BACS and CHAPS in the UK |
| Arbitrage | Taking advantage of an anomaly in prices or rates in different markets. |
| Arbitrageur | A person who engages in arbitrage opportunities. |
| Article 65 | Article for the Japanese Financial Code - prevents commercial banks from engaging in some investment banking |
| Asian Option | An option with a payoff dependent on the average price of an underlying asset during a specified period. |
| Ask Price | The price that a dealer is offering to sell a security. |
| Ask Rate | Offer Rate |
| Asset Backed Securities | ?? |
| Asset Pricing | ?? |
| Asset-Or-Nothing Call Option | An option that provides a payoff equal to the asset price if the asset price is above the strike price and zero otherwise. |
| Asset-Or-Nothing Put Option | An option that provides a payoff equal to the asset price if the asset price is below the strike price and zero otherwise. |
| Assets | The side of the balance sheet dealing with lending |
| Assurance | The business of life insurance and pensions |
| As-You-Like-It Option | Chooser Option |
| At-Best Order | An order to a broker to buy and or sell a contract at the best price available. |
| At-The-Money Option | An option in which the strike price equals the price of the underlying asset. |
| Auction Market Preferred Stock | ?? |
| Audit | Inspection of a companys books by independent accountants |
| Automated Clearing House | ?? |
| Automated Pit Trading | A computerised trading system used at the LIFFE in addition to open cry |
| Automatic Exercise | When the clearing house automatically exercises in-the-money options at expiry. |
| Average-Price Call Option | An option giving a payoff equal to the greater of zero and the amount by which the average price of the asset exceeds the strike price. |
| Average-Price Put Option | An option giving a payoff equal to the greater of zero and the amount by which the strike price axceeds the average price of the asset. |
| Average-Strike Option | An option that provides a payoff dependent on the difference between the final asset price and the average asset price. |
| Back Office | Accounting and Settlements |
| Back-Testing | Testing a value-at-risk or other model using historic data. |
| Backwardation | When the spot or near term price of a commodity is higher than the forward rate. |
| Backwards Induction | A procedure for working from the end of a tree to its neginning in order to value an option. |
| Bank Bill | A Bill of Exchange accepted by a bank on the central bank's "eligible" list. The central bank itself would rediscount a bill of this type. Also called an Eligible Bill |
| Bankers Acceptance | Bills of exchange acceppted by large banks |
| Bankers Automated Clearing Services | ?? |
| Barrier Option | An option whose payoff depends on whether the path of the underlying asset has reached a barrier (i.e. a certain predetermined level). |
| Base Currency | ?? |
| Base Rate | ?? |
| Basis | The difference between the spot price and the futures price of the commodity. |
| Basis Point | One hundredth of a percent (0.01%) |
| Basis Risk | When relationships between products used to hedge each other change or break down |
| Basis Swap | Swap where cash flows determined by one floating reference rate are exchanged for cash flows determined by another floating reference rate. |
| Basket Option | An option that provides a payoff dependent on the value of a portfolio of assets. |
| Bear | A pessimist - selling securities in the belief of a falling stock and bond market, hence a "Bear" market |
| Bear Market | A falling market |
| Bear Spread | A short position in a put option with a strike price X1 combined with a long position in a put option with strike price X2 where X2 > X1. (A bear spread can also be created with call options). |
| Bearer Bond | A bond payable to whoever is in possession - that is no central register |
| Bed and Breakfast | Selling shares one day and buying them back the next - at the end of the tax year to maximise Capital Gains Tax allowance or claim losses against profits |
| Bermudan Option | An option that can be exercides on specified dates during its life. |
| Beta | A measure of systematic risk of an asset. |
| Bid Price | The price that a dealer is prepared to pay for an asset. |
| Bid Rate | Rate of interest offered for deposits in banking. Generally the dealer's buying price for equities, bonds, foreign exchange etc |
| Bid-Ask Spread | The amount by which the ask price exceeds the bid. |
| Bid-Offer Spread | same as Bid-Ask Spread |
| Big Bang | Deregulation of the UK Stock Market 27 October 1986. New regulation and an automated price quotation system. The day when minimum commissions were abolished |
| Bill | A short-term (3 months or so) instrument which pays interest to the holder and can be traded. Some bills do not pay interest but are issued at a discount to their face value. |
| Bill of Exchange | A signed promise to pay by a receiver of goods or services and kept by the supplier. |
| Binary Option | Option with discontinuous payoff; for example a cash-or-nothing option or an asset-or-nothing option. |
| Binomial Model | A model where the price of an asset is monitored over successive short periods of time. In each short period of time it is assumed that only two price movements are possible. |
| Binomial Tree | A tree that represents how an asset price can evolve under the binomial model. |
| Blacks Approximation | An approximate procedure developed by Fischer Black for valuing a call option on a dividend paying stock. |
| Blacks Model | An extension of the Black Scholes model for valuing European Options on futures contracts. |
| Black-Scholes Model | The original European Stock Option pricing model written by Black and Schole in 1972 |
| Blue Chip | Large established companies. The most highly regarded shares. |
| Board Washing | The individual who handles limit orders in some exchanges. The board broker makes information on outstanding limit orders available to other traders. |
| BOBL | Short name for the short-term German government bond contract on the DTB |
| Bond | An instrument that pays a fixed amount of interest to the holder. |
| Bond Factor | ?? |
| Bond Ladder | ?? |
| Bond Option | An option where a bond is the underlying asset. |
| Bond Provisions | ?? |
| Bond Stripping | ?? |
| Bond Washing | Selling a bond prior to the ex dividend date to take a capital gain instead of receiving income. |
| Bonos | Spanish Government Bonds |
| Bonus Issue | A free issue of shares to existing shareholders |
| Bonus Value | ?? |
| Book Entry | ?? |
| Book Value | The value of an asset as entered in a company's balance sheet |
| Bootstrap Method | A procedure for calculating the zero-coupon yield curver from market data. |
| Boston Option | see Deferred payment option |
| Break Forward | see Deferred payment option |
| Broker | An individual (or firm) that acts as an intermediary putting buyers and sellers together for a brokerage fee. |
| Building Society | Institutions whose primary function is to accept the savings of small investors and channel them to house buyers in return for the security of a mortgage on the property. |
| Bull | An optimist, buying securities in the belief of a rising (stock and bond) market, hence a bull market |
| Bull Market | A rising market |
| Bull Spread | Buying a call option (a long position in a call) with a strike X1 combined with selling a call (short position in a call) with a strike price X2 where X2>X1 (a bull spread can also be created using put options). |
| Bullet Repayment | The whole of a bond or bank loan is repaid at maturity (instead of staged payments in the last few years) |
| Bundesbank | The German Central Bank |
| Butterfly Spread | A position that is created by taking a long position in a call with strike price X1, a long position in a call with strike price X3 and a short position in two calls with strike price X2 where X3 > X2 > X1 and X2 = 0.5(X1 + X2). |
| Cable | Shorthand for dollar/sterling rate |
| Calendar Spread | A position that is created by taking a long position in a call option that matures at one time and a short position in a similar call option that matures at a different time. |
| Call Date | ?? |
| Call Money | Money lent by banks to other banks or discount houses which can be recalled at noon each day |
| Call Option | An option to buy an asset at a certain price on a certain date some time in the future. |
| Call Protection | ?? |
| Call Risk | ?? |
| Call Schedule | ?? |
| Callable Bond | The issuer has the right to redeem the bond at a specified earlier date than the one orginally fixed as the final maturity. |
| Callable Credit Products | ?? |
| Cancelable Swap | Swaps that can be cancelled by one side of prespecified dates. |
| Cap | An agreement with a counterparty which sets an upper limit to interest rates for the cap buyer for a stated time period. |
| Cap Rate | The rate determining payoffs in an interest rate cap |
| Capital Adequacy | The need to maintain adequate capital to cover counterparty risk and position risk |
| Capital Asset Pricing Model | A model relating the expected return on an asset to its beta. |
| Capital Growth Bond | Issue price at par (100%) with redemption at a multiple of that amount. |
| Capital Markets | The market for medium and long term securities |
| Capital Ratio | The ratio of a banks primary capital to a weighted value of assets |
| Capitalisation | Market capitalisation of a company is the number of shares multiplied by the current price |
| Capitalisation Issue | An issue where funds from a company's reserves are converted into shares and offered free of charge to shareholders. |
| Caplet | One component on an interest rate cap |
| Cash Flow Mapping | A procedure for representing an instrument as a portfolio of zero-coupon bonds for the purpose of calculating value at risk. |
| Cash Ratio | The proportion of a bank's liabilities which it considers prudent to keep in the form of cash. |
| Cash Settlement | Where the product is settled at expiry, based on the differential between the fixed/guaranteed price and the underlying instrument. Procedure for settling a futures contract in cash rather than by delivering the underlying asset. |
| Cash-Or-Nothing Call Option | An option that provides a fixed predetermined payoff if the final asset price is above the strike price and zero otherwise. |
| Cash-Or-Nothing Put Option | An option that provides a fixed predetermined payoff if the final asset price is below the strike price and zero otherwise. |
| CAT Bond | Bond where the interest, and possibly, the principal paid are reduced if a particular category of "catastrophic" insurance claims exceed a certain amount. |
| CDO | A security based on a mix of debt and credit risk. Different laters often referred to as tranches (or slices) each having different risk and maturities. |
| Central Counterparty Model | Set up by the Stock Exchange to remove credit risk when buying and selling. |
| Certificate of Deposit | A tradeable deposit issued by banks and building societies. |
| Certificates of Participation | A type of municipal bond that are often used to finance capital improvement projects or equipment. |
| CGT | Capital Gains Tax |
| CHAPS | Clearing House Automated Payments System - for electronic clearing of payments the same day (UK) |
| Cheapest-To-Deliver Bond | The bond that is cheapest to deliver in the Chicago Board of Trade bond futures contract. |
| Chinese Wall | A theoretical barrier between different sections of a firm to avoid fraud (i.e. conflicts of interest or insider dealing). One part of the firm may not pass sensitive information to another if it is against a client's interest. |
| CHIPS | Clearing House Interbank Payments - electronic bank clearing in New York |
| Chooser Option | An option where the holder has the right to choose whether it is call or a put at some point during its life. |
| CIRCUS | Combined Interest Rate and Currency Swap |
| Clean Price | Price of a bond not including the accrued interest element. This is the quoted price. The cash price paid for the bond (or dirty price) is calculated by adding the accrued interest to the clean price. |
| Clearing Bank | Banks which are part of the clearing system which significantly reduces the number of interbank payments. |
| Clearing House | A firm that guarantees the performance of the parties in an exchange-traded derivatives transaction. Central Body guaranteeing contracts in a traded options/futures market. Also known as clearing corporation. |
| Clearing Margin | A margin posted by a member of a clearing house. |
| CLO | ?? |
| Closing Out | For futures market - taking the opposite contract for example having previously bought 100 tons of cocoa for June delivery, the buyer now sells 100 tons for the same delivery (or vice-versa) |
| CME | Chicago Mercantile Exchange |
| CMO | Collaterized Mortgage Obligation - A mortgage backed security where investors are divided into classes and there are rules for determining how principal repayments are channeled to the classes. |
| Collar | see Interest Rate Collar |
| Collateral | ?? |
| Collaterised | ?? |
| Combination | A position involving both calls and puts on the same underlying asset. |
| Commercial Banking | The classic banking business of taking deposits and lending money, either retail or wholesale |
| Commerical Paper | An unsecured IOU issued by large companies and banks. |
| Commission Brokers | Individuals who execute trades for other people and charge a commission for doing so. |
| Commodity Swap | A swap where cash flows depend on the price of a commodity. |
| Complex Power Duals | ?? |
| Compound Option | An option on an option. The holder (buyer) has an option to purchase another option on a pre-set date at a pre-agreed premium. |
| Compounding Frequency | This defines how an interest rate is measured. |
| Compounding Swap | Swap where interest compounds instead of being paid. |
| Concert Party | A group acting together (secretly) in a takeover situation for example three people each buy 2.9% of shares to avoid no longer being able to hide behind nominee status. |
| Confirmation | Contract confirming verbal agreement between two parties to a trade in the over-the-counter market. |
| Consolidation | Reorganising share holdings so that, for example 10 shares at 10p are replaced by a one £1 nominal |
| Constant Maturity Swap | A swap where a swap rate is exchanged for eother a fixed rate or a floating rate on each payment date. |
| Constant Maturity Treasury Swap | A swap where the yield on a Treasury Bond is exchanged for either fixed rate or floating rate on each payment date. |
| Consumption Asset | An asset held for consumption rather than investment |
| Contango | A situation where the futures price is above the expected future spot price. |
| Continuous Compounding | A way of quoting interest rates. It is the limit as the assumed compounding interval is made smaller and smaller. |
| Contract for Difference | A derivative product to trade the price differential over an indefinite time period. |
| Contract Size | The unit of trading on a derivatives contract. |
| Control Variate Technique | A technique that can sometimes be used for improving the accuracy of a numerical procedure. |
| Convenience Yield | A measure of the benefits from ownership of an asset that are not obtained by the holder of a long futures contract on the asset. |
| Conversion Factor | A factor used to determine the number of bonds that must be delivered in the bond futures market. |
| Convertible | A convertible bond may be converted later into equity, some other bond or even a commodity |
| Convertible Bond | A corporate bond that can be converted into a predetermined amount of the company's equity at certain times during its life. |
| Convertible Rate FRN | An issue which carries the option to convert either from an initial floating rate note into a fixed rate bond or from a fixed rate bond into a floating rate note. |
| Convexity | A measure of the curvature in the relationship between bond prices and bond yields. |
| Convexity Adjustment | An overworked term. It can refer to the adjustment necessary to convert a futures interest rate to a forward interest rate. |
| Corporate Bond | ?? |
| Corporate Finance | The department of an investment bank dealing with takeovers, mergers and strategic advice to companies |
| Cost of Carry | The storage costs plus the cost of financing as asset minus the income earned on the asset. |
| CounterParty | The opposite side in a financial transaction. |
| CounterParty Risk | The risk involved if a counterparty fails to settle |
| Coupon | Interest payment made on a bond. |
| Coupon Rate | ?? |
| Coupon Stripping | Detaching the coupons from a bond and selling the coupons and the principal as individual zero coupon bonds |
| Coupons | Issued with bearer bonds to enable the holder to claim the interest. |
| Cover | An abbreviation of "short cover". |
| Covered Bond | Is a bond issued by a financial institution that remains on its balance sheet. |
| Covered Call | A short position in a call option on an asset combined with a long position in the asset. |
| Covered Warrant | A warrant issued by a party other than the originator or issuer of the underlying asset |
| Covered Writing | Where an option is sold against an existing position. |
| Credit Default Swap | An instrument that gives the holder the right to dell a bond for its face value in the event of a default by the issuer. |
| Credit Derivative | A derivative whose payoff depends on the creditworthiness of the one or more entities |
| Credit Enhancement | ?? |
| Credit Ratings | A measure of the creditworthiness of a bond issue. |
| Credit Risk | The risk that a loss will be experienced because of the default by the counterparty in a derivatives transaction. |
| Credit Spread | The interest rate spread between 2 debt issues of similar duration, maturity etc. |
| Credit Spread Option | Option whose payoff depends on the spread between the yields earned on two assets. |
| Credit Valuation Adjustment | This is the market value of the counterparty credit-risk. |
| CREST | The new UK Electronic settlement registering system introduced in July 1996. |
| CTD | Cheapest To Deliver bond |
| Cum Dividend | Means the buyer will get the recently announced dividend. |
| Cumulative | Applied to a Preference Share - if dividend is missed it is still owed to the holder. |
| Currency Risk | The risk of losses resulting from movements in currency exchange rates. |
| Currency Swap | ?? |
| Currency Warrants | ?? |
| Current Yield | ?? |
| CUSIP | ?? |
| Custodian | ?? |
| Cyclical Stock | The share prices of these companies move dramatically (up and down) relative to the economy. |
| Cylinder | ?? |
| Dated Date | ?? |
| DAX | ?? |
| Day Count | ?? |
| Day Trade | A position opened and closed on the same day. |
| Dealing Spread | ?? |
| Debenture | ?? |
| Debt Convertible | ?? |
| Deep Discount Bond | This is a bond with issue price significanly below maturity price, due to lack of coupon or a coupon below the market rate. |
| Default | ?? |
| Defensive Stock | The share prices of these companies does not move dramatically (up and down) relative to the economy. |
| Deferred Payment Option | ?? |
| Deferred Swap | ?? |
| Delivery | ?? |
| Delta | ?? |
| Delta Hedging | ?? |
| Delta Neutral Portfolio | ?? |
| Depository Receipt | Certificates which represent ownership of a given number of company's shares which can be listed and traded separately from the underlying shares (eg ADRs and GDR) |
| Depreciation | ?? |
| Derivatives | ?? |
| Devaluation | ?? |
| Diagonal Spread | ?? |
| Differential Swap | ?? |
| Dilution | ?? |
| Dirty Price | ?? |
| Discount | The margin by which the purchase price is cheaper than the redemption price |
| Discount Bond | ?? |
| Discount Broker | ?? |
| Discount House | ?? |
| Discount Instrument | ?? |
| Discount Margin | ?? |
| Discount Rate | ?? |
| Discounting | ?? |
| Disintermediation | ?? |
| Dividend | ?? |
| Dividend Paying Stock | ?? |
| Dividend Yield | ?? |
| Down-and-In Option | ?? |
| Down-and-Out Option | ?? |
| Downside Risk | ?? |
| Duration | ?? |
| Duration Matching | ?? |
| Dynamic Hedging | ?? |
| Early Exercise | ?? |
| Earnings Yield | ?? |
| EBITDA | ?? |
| ECGD | ?? |
| ECU | ?? |
| EDR | ?? |
| Efficient Market Theory | ?? |
| EFTPOS | ?? |
| Eligible Bill | ?? |
| Embedded Option | ?? |
| Empirical Research | ?? |
| EMS | ?? |
| EMU | ?? |
| Endowment Mortgage | ?? |
| EPS | ?? |
| Equity | ?? |
| Equity Collar | ?? |
| Equity Convertible | ?? |
| Equity Swap | ?? |
| ERM | ?? |
| ETF | ?? |
| Eurex | ?? |
| EURIBOR | ?? |
| Euro | ?? |
| EuroBond | ?? |
| EuroClear | ?? |
| EuroCurrencies | ?? |
| EuroCurrency | ?? |
| EuroDollar | ?? |
| EuroDollar Futures Contract | ?? |
| EuroDollar Interest Rate | ?? |
| EuroMarket | ?? |
| EuroNext | ?? |
| EuroNote | ?? |
| European Option | ?? |
| EWMA | ?? |
| Exchange Option | ?? |
| Exchange Rate | ?? |
| Exchange Traded | ?? |
| Ex-Dividend | ?? |
| Ex-Dividend Date | ?? |
| Executive Stock Option | ?? |
| Exercise Price | ?? |
| Exotic Option | ?? |
| Exotics | ?? |
| Expectations Theory | ?? |
| Expected Value of a Variable | ?? |
| Expiry Date | ?? |
| Exponential Weightings | ?? |
| Exponentially Weighted Moving Average Model | ?? |
| Extendable Bond | ?? |
| Extendable Swap | ?? |
| Factoring | ?? |
| Fair Value | ?? |
| FASB | ?? |
| Federal Reserve | ?? |
| FedWire | ?? |
| Fill-or-Kill | ?? |
| Finance Houses | ?? |
| Financial Intermediary | ?? |
| First Coupon Date | ?? |
| FIX | ?? |
| Fixed Commissions | ?? |
| Fixed Exchange Rates | ?? |
| Flat Volatility | ?? |
| Flat Yield | ?? |
| Flex Option | ?? |
| Flip Flop FRN | ?? |
| Floating Exchange Rates | ?? |
| Floating Rate | ?? |
| Floating Rate Note | ?? |
| Floor | ?? |
| Floor Rate | ?? |
| Floor-Ceiling Agreement | ?? |
| Floored Floaters | ?? |
| Floorlet | ?? |
| Foreign Bond | ?? |
| Foreign Currency Option | ?? |
| Forfaiting | ?? |
| Forward Contract | ?? |
| Forward Exchange Rate | ?? |
| Forward Market | ?? |
| Forward Price | ?? |
| Forward Rate | ?? |
| Forward Rate Agreement | ?? |
| Forward Start Option | ?? |
| Forward Swap | ?? |
| Forward-Forward Agreement | ?? |
| FOX | ?? |
| Fraud | ?? |
| Freddie Mac | ?? |
| FSA | ?? |
| FTSE Index | ?? |
| Fungible | ?? |
| Futures | ?? |
| Futures Contract | ?? |
| Futures Option | ?? |
| Futures Price | ?? |
| Gamma | ?? |
| Gamma Neutral Portfolio | ?? |
| Gearing | ?? |
| Gearing Ratio | ?? |
| General Obligation Bonds | ?? |
| Gilt Edged Security | ?? |
| Gilt Warrants | ?? |
| Gilts | ?? |
| Global Bond | ?? |
| Global Depository Receipt | ?? |
| Globalisation | ?? |
| GLOBEX | ?? |
| Golden Hello | ?? |
| Goodwill | ?? |
| Greeks | ?? |
| Gross Redemption Yield | ?? |
| Guaranteed Bond | ?? |
| Hard Currencies | ?? |
| Harrison and Kreps | ?? |
| Hedge | ?? |
| Hedge Fund | ?? |
| Hedge Ratio | ?? |
| Hedger | ?? |
| Hedging | ?? |
| High Yield Bonds | ?? |
| Historic Volatility | ?? |
| Historical Dividend | ?? |
| Historical Simulation | ?? |
| Holiday Calendar | ?? |
| Hybrid Products | ?? |
| IDB | ?? |
| IMPA | ?? |
| Implied Distribution | ?? |
| Implied Volatility | ?? |
| Implied Volatility Trees | ?? |
| Index Amortizing Swap | ?? |
| Index Arbitrage | ?? |
| Index Futures | ?? |
| Index Option | ?? |
| Indexed Principal Swap | ?? |
| Indices | ?? |
| Ineligible Bank Bills | ?? |
| Inflation | ?? |
| Initial Margin | ?? |
| Initial Public Offering | ?? |
| Insider Dealing | ?? |
| Insolvent | ?? |
| Insurance | ?? |
| Insured Bonds | ?? |
| InterBank Market | ?? |
| Inter-dealer Broker | ?? |
| Interest | ?? |
| Interest Only | ?? |
| Interest Rate Cap | ?? |
| Interest Rate Collar | ?? |
| Interest Rate Derivative | ?? |
| Interest Rate Floor | ?? |
| Interest Rate Option | ?? |
| Interest Rate Swap | ?? |
| Interest Yield | ?? |
| International Bond | ?? |
| International Monetary Fund | ?? |
| Internationalisation | ?? |
| In-The-Money Option | ?? |
| Intrinsic Value | ?? |
| Inverted Market | ?? |
| Investment Asset | ?? |
| Investment Grade | ?? |
| Investment Trust | ?? |
| Iron Butterfly | ?? |
| Irredeemable | ?? |
| ISDA | ?? |
| Issue by Prospectus | ?? |
| Issuer | ?? |
| Issuer Warrant | ?? |
| Issuing | ?? |
| Joint Stock | ?? |
| Junk Bond | ?? |
| Kappa | ?? |
| Ladder Option | ?? |
| Lag | ?? |
| Lamda | ?? |
| LCE | ?? |
| LDC | ?? |
| Lead Manager | ?? |
| LEAPS | ?? |
| Leasing | ?? |
| Letter of Credit | ?? |
| Leverage | ?? |
| Liability | ?? |
| LIBID | ?? |
| LIBOR | ?? |
| LIBOR Curve | ?? |
| LIBOR-In-Arrears Swap | ?? |
| Life Assurance | ?? |
| Life Insurance | ?? |
| LIFFE | ?? |
| LIMEAN | ?? |
| Limit Move | ?? |
| Limit Order | ?? |
| Liquidity | ?? |
| Liquidity Preference Theory | ?? |
| Liquidity Premium | ?? |
| Liquidity Ratio | ?? |
| Liquidity Risk | ?? |
| Liquidity Theory | ?? |
| Lloyds of London | ?? |
| LME | ?? |
| Loan | ?? |
| Local Currency | ?? |
| Local Market Products | ?? |
| Locals | ?? |
| London Clearing House | ?? |
| Long | ?? |
| Long Bond | ?? |
| Long Hedge | ?? |
| Long Only Fund | ?? |
| Long Position | ?? |
| Long Protection | ?? |
| Long Short Fund | ?? |
| Lookback Option | ?? |
| LORO | ?? |
| LYON | ?? |
| Maintenance Margin | ?? |
| Making a Market | ?? |
| Managing Agent | ?? |
| Mandatory Liquid Asset | ?? |
| Margin | ?? |
| Margin Call | ?? |
| Mark to Market | ?? |
| Market Maker | ?? |
| Market Model | ?? |
| Market Neutral Portfolio | ?? |
| Market Segmentation Theory | ?? |
| Matador Bond | ?? |
| Maturity | ?? |
| Maturity Date | ?? |
| Mean Reversion | ?? |
| Medium-Term Notes | ?? |
| Merchant Banks | ?? |
| Minimum Lending Rate | ?? |
| Modified Duration | ?? |
| Money Broker | ?? |
| Money Market | ?? |
| Money-at-Call | ?? |
| Monte Carlo Simulation | ?? |
| Mortgage Backed Securities | ?? |
| Multiple Option Facility | ?? |
| Municipal Bonds | ?? |
| Mutual | ?? |
| Mutual Funds | ?? |
| Abandon Option An option holder chooses not to exercise their option |
| Absolute Risk The volatility of total returns |
| Acceptance Short-term debt instruments, drawn on a bank for future payment |
| Acceptance House Guarantees payment of trade bills used to finance trade deals and goods in shipment |
| Accepting Signing a Bill of Exchange signifying an agreement to pay. Subsequent or alternative signature by a bank virtually guarantees payment. |
| Account ?? |
| Accreted Value ?? |
| Accreting Swap A swap in which the principal increases in each time period. |
| Accrual Swap An interest rate swap where interest on one side accrues only when a certain condition is met. |
| Accrued Interest Interest that has been earned but not yet paid |
| Actuary A statistician who calculates risk |
| Administrator An Administrator is responsible for ensuring the efficient day-to-day operation of a fund including the accounting. |
| Alpha A measure of performance on a risk adjusted basis. |
| Alternative Investment Market A market dedicated to smaller companies. |
| Alternative Minimum Tax ?? |
| American Depository Receipt The form in which foreign shares can be traded in the US without a formal listing. |
| American Option An option that can be exercises at any time during its life. |
| Amortisation Repayment of the principal on a loan or bond installments over a period of time. |
| Amortising ?? |
| Amortising Swap A swap where the notional principal decreases in a predetermined way as time passes. |
| Annual Percentage Rate Used to describe the true cost of the money borrowed on mortgages, loans and credit cards. |
| Annual Yield ?? |
| Annuity Something that pays regular cash flows at fixed periods over a given period of time. |
| APACS Controlling cheque clearing, BACS and CHAPS in the UK |
| Arbitrage Taking advantage of an anomaly in prices or rates in different markets. |
| Arbitrageur A person who engages in arbitrage opportunities. |
| Article 65 Article for the Japanese Financial Code - prevents commercial banks from engaging in some investment banking |
| Asian Option An option with a payoff dependent on the average price of an underlying asset during a specified period. |
| Ask Price The price that a dealer is offering to sell a security. |
| Ask Rate Offer Rate |
| Asset Backed Securities ?? |
| Asset Pricing ?? |
| Asset-Or-Nothing Call Option An option that provides a payoff equal to the asset price if the asset price is above the strike price and zero otherwise. |
| Asset-Or-Nothing Put Option An option that provides a payoff equal to the asset price if the asset price is below the strike price and zero otherwise. |
| Assets The side of the balance sheet dealing with lending |
| Assurance The business of life insurance and pensions |
| As-You-Like-It Option Chooser Option |
| At-Best Order An order to a broker to buy and or sell a contract at the best price available. |
| At-The-Money Option An option in which the strike price equals the price of the underlying asset. |
| Auction Market Preferred Stock ?? |
| Audit Inspection of a companys books by independent accountants |
| Automated Clearing House ?? |
| Automated Pit Trading A computerised trading system used at the LIFFE in addition to open cry |
| Automatic Exercise When the clearing house automatically exercises in-the-money options at expiry. |
| Average-Price Call Option An option giving a payoff equal to the greater of zero and the amount by which the average price of the asset exceeds the strike price. |
| Average-Price Put Option An option giving a payoff equal to the greater of zero and the amount by which the strike price axceeds the average price of the asset. |
| Average-Strike Option An option that provides a payoff dependent on the difference between the final asset price and the average asset price. |
| Back Office Accounting and Settlements |
| Back-Testing Testing a value-at-risk or other model using historic data. |
| Backwardation When the spot or near term price of a commodity is higher than the forward rate. |
| Backwards Induction A procedure for working from the end of a tree to its neginning in order to value an option. |
| Bank Bill A Bill of Exchange accepted by a bank on the central bank's "eligible" list. The central bank itself would rediscount a bill of this type. Also called an Eligible Bill |
| Bankers Acceptance Bills of exchange acceppted by large banks |
| Bankers Automated Clearing Services ?? |
| Barrier Option An option whose payoff depends on whether the path of the underlying asset has reached a barrier (i.e. a certain predetermined level). |
| Base Currency ?? |
| Base Rate ?? |
| Basis The difference between the spot price and the futures price of the commodity. |
| Basis Point One hundredth of a percent (0.01%) |
| Basis Risk When relationships between products used to hedge each other change or break down |
| Basis Swap Swap where cash flows determined by one floating reference rate are exchanged for cash flows determined by another floating reference rate. |
| Basket Option An option that provides a payoff dependent on the value of a portfolio of assets. |
| Bear A pessimist - selling securities in the belief of a falling stock and bond market, hence a "Bear" market |
| Bear Market A falling market |
| Bear Spread A short position in a put option with a strike price X1 combined with a long position in a put option with strike price X2 where X2 > X1. (A bear spread can also be created with call options). |
| Bearer Bond A bond payable to whoever is in possession - that is no central register |
| Bed and Breakfast Selling shares one day and buying them back the next - at the end of the tax year to maximise Capital Gains Tax allowance or claim losses against profits |
| Bermudan Option An option that can be exercides on specified dates during its life. |
| Beta A measure of systematic risk of an asset. |
| Bid Price The price that a dealer is prepared to pay for an asset. |
| Bid Rate Rate of interest offered for deposits in banking. Generally the dealer's buying price for equities, bonds, foreign exchange etc |
| Bid-Ask Spread The amount by which the ask price exceeds the bid. |
| Bid-Offer Spread same as Bid-Ask Spread |
| Big Bang Deregulation of the UK Stock Market 27 October 1986. New regulation and an automated price quotation system. The day when minimum commissions were abolished |
| Bill A short-term (3 months or so) instrument which pays interest to the holder and can be traded. Some bills do not pay interest but are issued at a discount to their face value. |
| Bill of Exchange A signed promise to pay by a receiver of goods or services and kept by the supplier. |
| Binary Option Option with discontinuous payoff; for example a cash-or-nothing option or an asset-or-nothing option. |
| Binomial Model A model where the price of an asset is monitored over successive short periods of time. In each short period of time it is assumed that only two price movements are possible. |
| Binomial Tree A tree that represents how an asset price can evolve under the binomial model. |
| Blacks Approximation An approximate procedure developed by Fischer Black for valuing a call option on a dividend paying stock. |
| Blacks Model An extension of the Black Scholes model for valuing European Options on futures contracts. |
| Black-Scholes Model The original European Stock Option pricing model written by Black and Schole in 1972 |
| Blue Chip Large established companies. The most highly regarded shares. |
| Board Washing The individual who handles limit orders in some exchanges. The board broker makes information on outstanding limit orders available to other traders. |
| BOBL Short name for the short-term German government bond contract on the DTB |
| Bond An instrument that pays a fixed amount of interest to the holder. |
| Bond Factor ?? |
| Bond Ladder ?? |
| Bond Option An option where a bond is the underlying asset. |
| Bond Provisions ?? |
| Bond Stripping ?? |
| Bond Washing Selling a bond prior to the ex dividend date to take a capital gain instead of receiving income. |
| Bonos Spanish Government Bonds |
| Bonus Issue A free issue of shares to existing shareholders |
| Bonus Value ?? |
| Book Entry ?? |
| Book Value The value of an asset as entered in a company's balance sheet |
| Bootstrap Method A procedure for calculating the zero-coupon yield curver from market data. |
| Boston Option see Deferred payment option |
| Break Forward see Deferred payment option |
| Broker An individual (or firm) that acts as an intermediary putting buyers and sellers together for a brokerage fee. |
| Building Society Institutions whose primary function is to accept the savings of small investors and channel them to house buyers in return for the security of a mortgage on the property. |
| Bull An optimist, buying securities in the belief of a rising (stock and bond) market, hence a bull market |
| Bull Market A rising market |
| Bull Spread Buying a call option (a long position in a call) with a strike X1 combined with selling a call (short position in a call) with a strike price X2 where X2>X1 (a bull spread can also be created using put options). |
| Bullet Repayment The whole of a bond or bank loan is repaid at maturity (instead of staged payments in the last few years) |
| Bundesbank The German Central Bank |
| Butterfly Spread A position that is created by taking a long position in a call with strike price X1, a long position in a call with strike price X3 and a short position in two calls with strike price X2 where X3 > X2 > X1 and X2 = 0.5(X1 + X2). |
| Cable Shorthand for dollar/sterling rate |
| Calendar Spread A position that is created by taking a long position in a call option that matures at one time and a short position in a similar call option that matures at a different time. |
| Call Date ?? |
| Call Money Money lent by banks to other banks or discount houses which can be recalled at noon each day |
| Call Option An option to buy an asset at a certain price on a certain date some time in the future. |
| Call Protection ?? |
| Call Risk ?? |
| Call Schedule ?? |
| Callable Bond The issuer has the right to redeem the bond at a specified earlier date than the one orginally fixed as the final maturity. |
| Callable Credit Products ?? |
| Cancelable Swap Swaps that can be cancelled by one side of prespecified dates. |
| Cap An agreement with a counterparty which sets an upper limit to interest rates for the cap buyer for a stated time period. |
| Cap Rate The rate determining payoffs in an interest rate cap |
| Capital Adequacy The need to maintain adequate capital to cover counterparty risk and position risk |
| Capital Asset Pricing Model A model relating the expected return on an asset to its beta. |
| Capital Growth Bond Issue price at par (100%) with redemption at a multiple of that amount. |
| Capital Markets The market for medium and long term securities |
| Capital Ratio The ratio of a banks primary capital to a weighted value of assets |
| Capitalisation Market capitalisation of a company is the number of shares multiplied by the current price |
| Capitalisation Issue An issue where funds from a company's reserves are converted into shares and offered free of charge to shareholders. |
| Caplet One component on an interest rate cap |
| Cash Flow Mapping A procedure for representing an instrument as a portfolio of zero-coupon bonds for the purpose of calculating value at risk. |
| Cash Ratio The proportion of a bank's liabilities which it considers prudent to keep in the form of cash. |
| Cash Settlement Where the product is settled at expiry, based on the differential between the fixed/guaranteed price and the underlying instrument. Procedure for settling a futures contract in cash rather than by delivering the underlying asset. |
| Cash-Or-Nothing Call Option An option that provides a fixed predetermined payoff if the final asset price is above the strike price and zero otherwise. |
| Cash-Or-Nothing Put Option An option that provides a fixed predetermined payoff if the final asset price is below the strike price and zero otherwise. |
| CAT Bond Bond where the interest, and possibly, the principal paid are reduced if a particular category of "catastrophic" insurance claims exceed a certain amount. |
| CDO A security based on a mix of debt and credit risk. Different laters often referred to as tranches (or slices) each having different risk and maturities. |
| Central Counterparty Model Set up by the Stock Exchange to remove credit risk when buying and selling. |
| Certificate of Deposit A tradeable deposit issued by banks and building societies. |
| Certificates of Participation A type of municipal bond that are often used to finance capital improvement projects or equipment. |
| CGT Capital Gains Tax |
| CHAPS Clearing House Automated Payments System - for electronic clearing of payments the same day (UK) |
| Cheapest-To-Deliver Bond The bond that is cheapest to deliver in the Chicago Board of Trade bond futures contract. |
| Chinese Wall A theoretical barrier between different sections of a firm to avoid fraud (i.e. conflicts of interest or insider dealing). One part of the firm may not pass sensitive information to another if it is against a client's interest. |
| CHIPS Clearing House Interbank Payments - electronic bank clearing in New York |
| Chooser Option An option where the holder has the right to choose whether it is call or a put at some point during its life. |
| CIRCUS Combined Interest Rate and Currency Swap |
| Clean Price Price of a bond not including the accrued interest element. This is the quoted price. The cash price paid for the bond (or dirty price) is calculated by adding the accrued interest to the clean price. |
| Clearing Bank Banks which are part of the clearing system which significantly reduces the number of interbank payments. |
| Clearing House A firm that guarantees the performance of the parties in an exchange-traded derivatives transaction. Central Body guaranteeing contracts in a traded options/futures market. Also known as clearing corporation. |
| Clearing Margin A margin posted by a member of a clearing house. |
| CLO ?? |
| Closing Out For futures market - taking the opposite contract for example having previously bought 100 tons of cocoa for June delivery, the buyer now sells 100 tons for the same delivery (or vice-versa) |
| CME Chicago Mercantile Exchange |
| CMO Collaterized Mortgage Obligation - A mortgage backed security where investors are divided into classes and there are rules for determining how principal repayments are channeled to the classes. |
| Collar see Interest Rate Collar |
| Collateral ?? |
| Collaterised ?? |
| Combination A position involving both calls and puts on the same underlying asset. |
| Commercial Banking The classic banking business of taking deposits and lending money, either retail or wholesale |
| Commerical Paper An unsecured IOU issued by large companies and banks. |
| Commission Brokers Individuals who execute trades for other people and charge a commission for doing so. |
| Commodity Swap A swap where cash flows depend on the price of a commodity. |
| Complex Power Duals ?? |
| Compound Option An option on an option. The holder (buyer) has an option to purchase another option on a pre-set date at a pre-agreed premium. |
| Compounding Frequency This defines how an interest rate is measured. |
| Compounding Swap Swap where interest compounds instead of being paid. |
| Concert Party A group acting together (secretly) in a takeover situation for example three people each buy 2.9% of shares to avoid no longer being able to hide behind nominee status. |
| Confirmation Contract confirming verbal agreement between two parties to a trade in the over-the-counter market. |
| Consolidation Reorganising share holdings so that, for example 10 shares at 10p are replaced by a one £1 nominal |
| Constant Maturity Swap A swap where a swap rate is exchanged for eother a fixed rate or a floating rate on each payment date. |
| Constant Maturity Treasury Swap A swap where the yield on a Treasury Bond is exchanged for either fixed rate or floating rate on each payment date. |
| Consumption Asset An asset held for consumption rather than investment |
| Contango A situation where the futures price is above the expected future spot price. |
| Continuous Compounding A way of quoting interest rates. It is the limit as the assumed compounding interval is made smaller and smaller. |
| Contract for Difference A derivative product to trade the price differential over an indefinite time period. |
| Contract Size The unit of trading on a derivatives contract. |
| Control Variate Technique A technique that can sometimes be used for improving the accuracy of a numerical procedure. |
| Convenience Yield A measure of the benefits from ownership of an asset that are not obtained by the holder of a long futures contract on the asset. |
| Conversion Factor A factor used to determine the number of bonds that must be delivered in the bond futures market. |
| Convertible A convertible bond may be converted later into equity, some other bond or even a commodity |
| Convertible Bond A corporate bond that can be converted into a predetermined amount of the company's equity at certain times during its life. |
| Convertible Rate FRN An issue which carries the option to convert either from an initial floating rate note into a fixed rate bond or from a fixed rate bond into a floating rate note. |
| Convexity A measure of the curvature in the relationship between bond prices and bond yields. |
| Convexity Adjustment An overworked term. It can refer to the adjustment necessary to convert a futures interest rate to a forward interest rate. |
| Corporate Bond ?? |
| Corporate Finance The department of an investment bank dealing with takeovers, mergers and strategic advice to companies |
| Cost of Carry The storage costs plus the cost of financing as asset minus the income earned on the asset. |
| CounterParty The opposite side in a financial transaction. |
| CounterParty Risk The risk involved if a counterparty fails to settle |
| Coupon Interest payment made on a bond. |
| Coupon Rate ?? |
| Coupon Stripping Detaching the coupons from a bond and selling the coupons and the principal as individual zero coupon bonds |
| Coupons Issued with bearer bonds to enable the holder to claim the interest. |
| Cover An abbreviation of "short cover". |
| Covered Bond Is a bond issued by a financial institution that remains on its balance sheet. |
| Covered Call A short position in a call option on an asset combined with a long position in the asset. |
| Covered Warrant A warrant issued by a party other than the originator or issuer of the underlying asset |
| Covered Writing Where an option is sold against an existing position. |
| Credit Default Swap An instrument that gives the holder the right to dell a bond for its face value in the event of a default by the issuer. |
| Credit Derivative A derivative whose payoff depends on the creditworthiness of the one or more entities |
| Credit Enhancement ?? |
| Credit Ratings A measure of the creditworthiness of a bond issue. |
| Credit Risk The risk that a loss will be experienced because of the default by the counterparty in a derivatives transaction. |
| Credit Spread The interest rate spread between 2 debt issues of similar duration, maturity etc. |
| Credit Spread Option Option whose payoff depends on the spread between the yields earned on two assets. |
| Credit Valuation Adjustment This is the market value of the counterparty credit-risk. |
| CREST The new UK Electronic settlement registering system introduced in July 1996. |
| CTD Cheapest To Deliver bond |
| Cum Dividend Means the buyer will get the recently announced dividend. |
| Cumulative Applied to a Preference Share - if dividend is missed it is still owed to the holder. |
| Currency Risk The risk of losses resulting from movements in currency exchange rates. |
| Currency Swap ?? |
| Currency Warrants ?? |
| Current Yield ?? |
| CUSIP ?? |
| Custodian ?? |
| Cyclical Stock The share prices of these companies move dramatically (up and down) relative to the economy. |
| Cylinder ?? |
| Dated Date ?? |
| DAX ?? |
| Day Count ?? |
| Day Trade A position opened and closed on the same day. |
| Dealing Spread ?? |
| Debenture ?? |
| Debt Convertible ?? |
| Deep Discount Bond This is a bond with issue price significanly below maturity price, due to lack of coupon or a coupon below the market rate. |
| Default ?? |
| Defensive Stock The share prices of these companies does not move dramatically (up and down) relative to the economy. |
| Deferred Payment Option ?? |
| Deferred Swap ?? |
| Delivery ?? |
| Delta ?? |
| Delta Hedging ?? |
| Delta Neutral Portfolio ?? |
| Depository Receipt Certificates which represent ownership of a given number of company's shares which can be listed and traded separately from the underlying shares (eg ADRs and GDR) |
| Depreciation ?? |
| Derivatives ?? |
| Devaluation ?? |
| Diagonal Spread ?? |
| Differential Swap ?? |
| Dilution ?? |
| Dirty Price ?? |
| Discount The margin by which the purchase price is cheaper than the redemption price |
| Discount Bond ?? |
| Discount Broker ?? |
| Discount House ?? |
| Discount Instrument ?? |
| Discount Margin ?? |
| Discount Rate ?? |
| Discounting ?? |
| Disintermediation ?? |
| Dividend ?? |
| Dividend Paying Stock ?? |
| Dividend Yield ?? |
| Down-and-In Option ?? |
| Down-and-Out Option ?? |
| Downside Risk ?? |
| Duration ?? |
| Duration Matching ?? |
| Dynamic Hedging ?? |
| Early Exercise ?? |
| Earnings Yield ?? |
| EBITDA ?? |
| ECGD ?? |
| ECU ?? |
| EDR ?? |
| Efficient Market Theory ?? |
| EFTPOS ?? |
| Eligible Bill ?? |
| Embedded Option ?? |
| Empirical Research ?? |
| EMS ?? |
| EMU ?? |
| Endowment Mortgage ?? |
| EPS ?? |
| Equity ?? |
| Equity Collar ?? |
| Equity Convertible ?? |
| Equity Swap ?? |
| ERM ?? |
| ETF ?? |
| Eurex ?? |
| EURIBOR ?? |
| Euro ?? |
| EuroBond ?? |
| EuroClear ?? |
| EuroCurrencies ?? |
| EuroCurrency ?? |
| EuroDollar ?? |
| EuroDollar Futures Contract ?? |
| EuroDollar Interest Rate ?? |
| EuroMarket ?? |
| EuroNext ?? |
| EuroNote ?? |
| European Option ?? |
| EWMA ?? |
| Exchange Option ?? |
| Exchange Rate ?? |
| Exchange Traded ?? |
| Ex-Dividend ?? |
| Ex-Dividend Date ?? |
| Executive Stock Option ?? |
| Exercise Price ?? |
| Exotic Option ?? |
| Exotics ?? |
| Expectations Theory ?? |
| Expected Value of a Variable ?? |
| Expiry Date ?? |
| Exponential Weightings ?? |
| Exponentially Weighted Moving Average Model ?? |
| Extendable Bond ?? |
| Extendable Swap ?? |
| Factoring ?? |
| Fair Value ?? |
| FASB ?? |
| Federal Reserve ?? |
| FedWire ?? |
| Fill-or-Kill ?? |
| Finance Houses ?? |
| Financial Intermediary ?? |
| First Coupon Date ?? |
| FIX ?? |
| Fixed Commissions ?? |
| Fixed Exchange Rates ?? |
| Flat Volatility ?? |
| Flat Yield ?? |
| Flex Option ?? |
| Flip Flop FRN ?? |
| Floating Exchange Rates ?? |
| Floating Rate ?? |
| Floating Rate Note ?? |
| Floor ?? |
| Floor Rate ?? |
| Floor-Ceiling Agreement ?? |
| Floored Floaters ?? |
| Floorlet ?? |
| Foreign Bond ?? |
| Foreign Currency Option ?? |
| Forfaiting ?? |
| Forward Contract ?? |
| Forward Exchange Rate ?? |
| Forward Market ?? |
| Forward Price ?? |
| Forward Rate ?? |
| Forward Rate Agreement ?? |
| Forward Start Option ?? |
| Forward Swap ?? |
| Forward-Forward Agreement ?? |
| FOX ?? |
| Fraud ?? |
| Freddie Mac ?? |
| FSA ?? |
| FTSE Index ?? |
| Fungible ?? |
| Futures ?? |
| Futures Contract ?? |
| Futures Option ?? |
| Futures Price ?? |
| Gamma ?? |
| Gamma Neutral Portfolio ?? |
| Gearing ?? |
| Gearing Ratio ?? |
| General Obligation Bonds ?? |
| Gilt Edged Security ?? |
| Gilt Warrants ?? |
| Gilts ?? |
| Global Bond ?? |
| Global Depository Receipt ?? |
| Globalisation ?? |
| GLOBEX ?? |
| Golden Hello ?? |
| Goodwill ?? |
| Greeks ?? |
| Gross Redemption Yield ?? |
| Guaranteed Bond ?? |
| Hard Currencies ?? |
| Harrison and Kreps ?? |
| Hedge ?? |
| Hedge Fund ?? |
| Hedge Ratio ?? |
| Hedger ?? |
| Hedging ?? |
| High Yield Bonds ?? |
| Historic Volatility ?? |
| Historical Dividend ?? |
| Historical Simulation ?? |
| Holiday Calendar ?? |
| Hybrid Products ?? |
| IDB ?? |
| IMPA ?? |
| Implied Distribution ?? |
| Implied Volatility ?? |
| Implied Volatility Trees ?? |
| Index Amortizing Swap ?? |
| Index Arbitrage ?? |
| Index Futures ?? |
| Index Option ?? |
| Indexed Principal Swap ?? |
| Indices ?? |
| Ineligible Bank Bills ?? |
| Inflation ?? |
| Initial Margin ?? |
| Initial Public Offering ?? |
| Insider Dealing ?? |
| Insolvent ?? |
| Insurance ?? |
| Insured Bonds ?? |
| InterBank Market ?? |
| Inter-dealer Broker ?? |
| Interest ?? |
| Interest Only ?? |
| Interest Rate Cap ?? |
| Interest Rate Collar ?? |
| Interest Rate Derivative ?? |
| Interest Rate Floor ?? |
| Interest Rate Option ?? |
| Interest Rate Swap ?? |
| Interest Yield ?? |
| International Bond ?? |
| International Monetary Fund ?? |
| Internationalisation ?? |
| In-The-Money Option ?? |
| Intrinsic Value ?? |
| Inverted Market ?? |
| Investment Asset ?? |
| Investment Grade ?? |
| Investment Trust ?? |
| Iron Butterfly ?? |
| Irredeemable ?? |
| ISDA ?? |
| Issue by Prospectus ?? |
| Issuer ?? |
| Issuer Warrant ?? |
| Issuing ?? |
| Joint Stock ?? |
| Junk Bond ?? |
| Kappa ?? |
| Ladder Option ?? |
| Lag ?? |
| Lamda ?? |
| LCE ?? |
| LDC ?? |
| Lead Manager ?? |
| LEAPS ?? |
| Leasing ?? |
| Letter of Credit ?? |
| Leverage ?? |
| Liability ?? |
| LIBID ?? |
| LIBOR ?? |
| LIBOR Curve ?? |
| LIBOR-In-Arrears Swap ?? |
| Life Assurance ?? |
| Life Insurance ?? |
| LIFFE ?? |
| LIMEAN ?? |
| Limit Move ?? |
| Limit Order ?? |
| Liquidity ?? |
| Liquidity Preference Theory ?? |
| Liquidity Premium ?? |
| Liquidity Ratio ?? |
| Liquidity Risk ?? |
| Liquidity Theory ?? |
| Lloyds of London ?? |
| LME ?? |
| Loan ?? |
| Local Currency ?? |
| Local Market Products ?? |
| Locals ?? |
| London Clearing House ?? |
| Long ?? |
| Long Bond ?? |
| Long Hedge ?? |
| Long Only Fund ?? |
| Long Position ?? |
| Long Protection ?? |
| Long Short Fund ?? |
| Lookback Option ?? |
| LORO ?? |
| LYON ?? |
| Maintenance Margin ?? |
| Making a Market ?? |
| Managing Agent ?? |
| Mandatory Liquid Asset ?? |
| Margin ?? |
| Margin Call ?? |
| Mark to Market ?? |
| Market Maker ?? |
| Market Model ?? |
| Market Neutral Portfolio ?? |
| Market Segmentation Theory ?? |
| Matador Bond ?? |
| Maturity ?? |
| Maturity Date ?? |
| Mean Reversion ?? |
| Medium-Term Notes ?? |
| Merchant Banks ?? |
| Minimum Lending Rate ?? |
| Modified Duration ?? |
| Money Broker ?? |
| Money Market ?? |
| Money-at-Call ?? |
| Monte Carlo Simulation ?? |
| Mortgage Backed Securities ?? |
| Multiple Option Facility ?? |
| Municipal Bonds ?? |
| Mutual ?? |
| Mutual Funds ?? |
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