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See also: banker's acceptance.
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The security created when a debt warrant is converted. Also virgin bond. See also: warrant.
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While the front office of, say, a bank or investment bank, handles the dealing, the back office ...
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In the futures market, back-to-back describes an equal number of bought and sold contracts ...
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A credit opened by a bank on the strength of another credit. The term derives from the business ...
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Offsetting loans, often made in one currency in one country against a loan in another currency ...
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The process of achieving stock exchange listing for an enterprise by acquiring an already-listed ...
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A futures and commodity market situation where prices are higher in the nearer delivery months ...
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A debt whose recovery is so unlikely that the amount is written off as a loss. Companies whose ...
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See also: bank accounts debit tax.
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The key interest rate used to determine the rate of interest for loans and deposits in Bahrain. ...
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The date at the end of an accounting period, by which all ledger accounts must be in balance. ...
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The record of a country's financial transactions with the rest of the world, often used as ...
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A detailed statement summarising the assets and liabilities of a business and giving a picture ...
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The basis of all accounting reports: assets = liabilities + owners' equity. Rearranging the ...
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A fund or portfolio which invests in all major asset classes, ie, cash, fixed interest, property ...
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A statistical device used in calculating a country's balance of payments to ensure that it ...
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A single large payment at the end of a loan arrangement which wipes out the borrower's debt.
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From the Italian banca meaning 'bench', the table at which a dealer in money worked. A bank ...
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A federally levied tax on debits (withdrawals) from bank accounts where a cheque is used. ...
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A bill of exchange on which the name of a bank appears, either as acceptor or endorser. When ...
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A cheque on which the drawer is a bank or other financial institution drawing on itself; no ...
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Funds loaned in the unofficial market and settled between banks next day after being processed ...
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Established in 1930, originally to facilitate the payment of First World War reparations by ...
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Launched in 1987, this is an electronic high-value funds transfer system owned and operated ...
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A flexible line of credit granted by a bank to a customer, enabling the customer to draw up ...
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The UK central bank, founded in 1694 and known affectionately as the Old Lady of Threadneedle ...
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See also: paper.
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A bill of exchange on which a bank's name appears as acceptor. The bank has the primary liability ...
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The Australian banks' joint credit card, introduced in 1974 for domestic use. At one time ...
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The US version of a bank-accepted bill of exchange. It is a negotiable money-market instrument, ...
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A term applied to insolvent individuals who surrender, voluntarily or otherwise, their assets ...
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Money-market transactions that take place above or below the market level (depending on whether ...
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An option whose pay-off pattern and survival to expiration depend on not just the final price ...
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The instrike/outstrike price that activates or kills a barrier option. See also: barrier ...
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The custom of exchanging goods or services of equivalent value, instead of using money (which ...
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A commercial metal, such as lead, zinc or copper. The term distinguishes these metals from ...
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The standard lending rate announced by financial institutions. It is seldom reflected in the ...
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In its most common usage, the difference between the cash market price and the futures market ...
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One-hundredth of 1 per cent: 100 basis points = 1 per cent; 10 basis points = 0.1 per cent; ...
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The possibility that an imperfectly matched hedge could produce a loss, eg, a hedger has taken ...
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An interest-rate swap carried out between two floating rates set against two different reference ...
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See also: basis
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In economic jargon, a mixture or a selected variety. A basket of currencies is a mixture of ...
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See also: currency basket.
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An option on a basket of underlying stocks selected on the basis of their being suitably representative ...
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A facility that enables an investor to invest directly in a basket of commodities, usually ...
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Formulated in 1975 and revised in 1983, this agreement by the Basle Supervisors' Committee ...
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The Australian Financial Markets Association's bank-bill reference rate, published daily on ...
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A dismissive term for an accountant, unfairly categorising him or her as someone capable only ...
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Someone who believes prices are heading down (or interest rates heading up). A bear market ...
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A structured security whose interest rate is periodically reset at a multiple of the floating ...
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An options market technique that aims to take advantage of a fall in price of a commodity ...
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The person in possession of a document (cash cheque, promissory note or bond) which may contain ...
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A UK term for stocks purchased and held overnight only.
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Trading practices based on agreements which benefit some countries (those making the agreement) ...
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Abbrev. Belgian Futures and Options Exchange.
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Generic term for the European retail buyer of eurobonds. The mythical figure represents the ...
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Opened in 1991, the exchange trades financial futures and option contracts, including government ...
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Special add-on attractions that dress up an otherwise conventional investment or financial ...
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(from the sheep which leads the flock) a barometer. Financial markets commentators speak of ...
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Trading at less than face value. See also: above par.
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All items in the profit and loss statement that are below the 'operating profit or loss after ...
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Any point or item of information used as a basis for comparison. The term is used frequently ...
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A rate used as a yardstick for measuring or setting other interest rates; for example, a bank's ...
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The person entitled (as the real owner) to enjoy the benefit of property or goods of which ...
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(1748 - 1832)UK philosopher and legal reformer, educated at Oxford. Bentham held that the ...
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Like its namesake, the option falls somewhere between Europe and America - between a European ...
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A business management approach developed in a period of heightened competitiveness between ...
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A partial or full lookback call option. See also: lookback option.
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A general commercial agreement to try hard without promising a particular degree of success. ...
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A measure of the price volatility of a security or portfolio, compared with the market as ...
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See also: alternative option.
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Abbrev. Bahrain Inter Bank Offered Rate.
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Buy and sell prices. Traders also speak of a bid price, the price offered; the asking price ...
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An alternative expression (used in share and bond markets and foreign exchange) for buying ...
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The difference between the bid and offer prices. This can say a great deal about a market ...
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The freeing up of the UK stockmarket which took place on 27 October 1986, when stockbroking ...
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The New York Stock Exchange. Companies listed on the Big Board are larger and longer-established ...
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In foreign exchange markets, and in US bond and futures markets, the figure on the left of ...
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The four largest UK clearing banks: Barclays, Lloyds, Midland and National Westminster.
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A whimsical application of the theory of purchasing-power parity, devised in 1986 by The Economist ...
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Investments such as aircraft, power stations or manufacturing plants whose cost can run into ...
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An agreement between two parties under which they exchange only the net difference between ...
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A line of credit from a bank or merchant bank, funded by discounting bills of exchange.
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A negotiable instrument, similar to a post-dated cheque, which is usually sold at a discount. ...
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A receipt issued by a shipping company for goods transported. The bill serves as a record ...
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A document assigning rights to goods or property or mortgaging goods. In most circumstances, ...
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In futures, an option over a bill futures contract. In banking, a line of credit which includes ...
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A technique that creates a synthetic longer-dated bill of exchange by setting end-on-end a ...
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See also: all-or-nothing option.
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Abbrev. Bank for International Settlements.
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Abbrev. Bank Interchange and Transfer System.
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The comfortable side of the credit-debit balance. When you are 'in the black' you have money ...
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The cash-in-the-hand part of a country's output of goods and services which (illegally) is ...
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Any day that sees a sharp drop in financial market prices. It takes the name from a Friday ...
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A corporation or individual who makes a takeover offer that is unfavourable and/or unfriendly ...
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Buying or selling prohibited or controlled goods or currencies through illegal or unlicensed ...
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See also: witholding tax.
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A device developed in 1973 by two US economists, Fischer Black and Myron Scholes, to help ...
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A combination of two or more interest-rate swaps where usually one starts spot and the other ...
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The highest-valued gambling chips are blue, and this mark of quality has flowed from the casino ...
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See also: chalkie.
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A formal, often monthly, meeting of a company's directors (board members) to examine business ...
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See also: market-if-touched order.
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A space reserved for regular meetings of company directors. Some critics of company spending ...
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Warrants whose value is tied to the yield between French OATs and German bunds, often referred ...
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A statement of debt, similar to an IOU. Bonds are issued by governments, companies, other ...
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The market trading bonds - commonwealth, state and corporate. Bond trading is carried out ...
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An option whose underlying security/instrument is a bond. See also: interest-rate option.
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A form of auction through which Australian commonwealth bonds have been sold since July 1982. ...
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Shares in a company which are issued free to existing shareholders, sometimes called a 'scrip ...
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Money market and foreign exchange traders' expression for total purchases and sales. Their ...
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The value of an asset as stated in a company's financial records. Accountants distinguish ...
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Futures market slang for the (usually female) clerk standing at the phone booth on the trading ...
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See also: break-forward.
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The final result. The term comes from the layout of the accountant's financial statement, ...
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Jargon to describe a market that has fallen to a level that indicates an imminent reversal ...
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(of cheques) to be dishonoured. A cheque bounces when a bank declines to pay the amount for ...
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French for 'stock exchange', but strictly 'purse'. The expression has become widely used as ...
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In the financial world, a small, specialised bank or broking firm that concentrates on a narrow ...
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This occurs as companies compensate employees for rising inflation by giving them pay increases, ...
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The study of the relationship between fixed costs, variable costs and revenue to determine ...
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A foreign exchange contract that can be unwound at a predetermined date. The contract is similar ...
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The New Hampshire (US) location of the 1-22 July 1944 international conference which led to ...
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Short-term funding from a bank, finance company or other source pending arrangements by the ...
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The report of a committee set up in 1927 and chaired by J.B. Brigden to examine the pros and ...
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The widest measure of Australia's money-supply growth, showing the liabilities of all financial ...
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A forward deal with a non-standard maturity. Forward contracts are normally based on standard ...
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An intermediary, someone who buys and sells on behalf of clients. In the world of financial ...
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The broker's commission for buying and selling on the instructions of clients. Brokerage is ...
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A trading operation on or beyond the fringe of conventional business practice. Once anyone ...
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A plan for income and expenditure over a future period which is supposed to achieve stated ...
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What is kept on hand for a rainy day or unexpected demand. Also parcels of stock which have ...
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Cooperatively owned organisations established chiefly to lend funds for housing. Australian ...
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Someone who is optimistic about the market and interest rates - who sees share prices rising ...
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A technique involving the purchase and sale of the same class of options, although it can ...
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Sterling-denominated bonds issued in the UK by foreign borrowers; the UK equivalent of Samurai ...
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A euromarket term denoting a single-repayment loan with no amortisation; that is, a loan that ...
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Gold or silver of specified weight.
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The central bank of Germany.
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German government bonds.
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What overstressed traders and executives suffer - exhaustion, usually associated with a serious ...
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A fragile but desirable quality which every government hopes to promote and foster. Its fluctuations ...
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Fluctuations between good times and bad times. Also known as the trade cycle. As the term ...
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First used in fixed-interest markets and later in options to describe a spread or straddle ...
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An agreement that the seller will repurchase securities within a specified time at a predetermined ...
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A futures market term to describe what occurs when a trade has taken place at a given price ...
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A market where supply outstrips demand. Prices fall, so that buyers are able to set the terms ...
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