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Illustration of a theory, never conclusively justified, that governments raise more revenue ...
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See also: leads and lags.
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'hands off'. Literally, the French translates as 'let act', an economic system in which activity ...
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The valuation of a company's stock on the basis that the latest items purchased are the first ...
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Illicit gains that have been 'washed clean' by passing them through a 'respectable' institution ...
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A trader can 'lay off' the risk attached to a transaction by executing a second deal in the ...
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See also: reinsurance.
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Abbrev. London Bullion Market Association.
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Abbrev. leveraged buy-out.
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See also: letter of credit.
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Abbrev. less developed country.
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See also: mandate
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In international trade, the gaps between shipment and payment. These gaps can be exaggerated ...
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Tables of data ranking the performance of banks and investment banks as managers and co-managers ...
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Central-bank action to dampen swings in the exchange rate. Most central bankers are sceptical ...
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An agreement between two parties under which one is granted the right to use the property ...
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Arrangements, similar to rent agreements, for the use of property (buildings, cars, office ...
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A foreign-exchange term for the rate at which a bank will offer currency against, say, the ...
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A futures market situation where a trader is looking to complete a straddle; the trader may ...
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See also: netting.
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In the context of financial risk management, the risk that a counterparty is not legally able ...
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Officially recognised money which cannot be refused when given in payment.
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A term applied to a central bank in circumstances where it makes loans to certain financial ...
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Abbrev. Low Exercise Price Option.
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See also: fat-tailed curve.
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A country characterised by a low level of industrial development, poverty-level income, a ...
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The person to whom a lease is granted and who pays the due instalments (rent) to the lessor.
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The grantor of the lease, who remains the owner of the leased property throughout the term ...
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Not quite a guarantee; usually a document issued by a parent company on behalf of a subsidiary ...
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An irrevocable and unconditional undertaking by an international bank (although local banks ...
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A letter, for example between a broker and client, pledging securities as collateral for loans ...
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Jargon phrase which became so worn that its users often forgot what it meant; that is, an ...
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1. Financial power; the potential to make profits far in excess of the outlay required to ...
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A method of buying a company using borrowed money, generally undertaken by the company's existing ...
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See also: margin trading.
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See also: reverse floater.
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A type of finance lease using taxation concessions relating to plant and equipment (for example, ...
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Abbrev. liquid assets and government securities convention.
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Opposite of asset. Liabilities generally refer to a person's debts, or in the case of a company, ...
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See also: defeasance.
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Abbrev. London Inter Bank Bid Rate.
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Abbrev. London Inter Bank Offered Rate.
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The right to hold property of another as security for the performance of an obligation. A ...
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See also: assurance, insurance.
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Launched in Australia in 1979, life insurance bonds are life insurance policies backed by ...
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See also: life office.
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A large financial institution which mobilises funds from the household sector to provide various ...
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An attempt to explain why people apply their money as they do. For example, older people, ...
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Abbrev. London International Financial Futures Exchange and London Traded Options Market.
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Abbrev. last in, first out.
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See also: leg in the air.
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The average (mean) of LIBID and LIBOR. See also: London Inter Bank Bid Rate, London Inter ...
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An order that might read: 'Buy 10 June BAB at 93.00', meaning a client is willing to pay no ...
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A legal concept which protects shareholders in a company by restricting their liabilities ...
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Funds that have been arranged on the understanding that the lender has recourse to the borrower ...
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An order that would say: 'Buy 10 June SPI on stop 2100 limit 2105', meaning that the order ...
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A flexible loan from a bank or merchant bank which allows the customer access to funds over ...
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Assets which can be turned into cash easily or swiftly with minimum capital loss. See ...
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An understanding reached in 1956 between the major Australian trading banks and the central ...
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A measure of the relationship between a company's current assets and its current liabilities. ...
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The winding up of a business by its members or its creditors. The assets are sold, liabilities ...
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A person appointed to oversee the winding up and liquidation of a company. A provisional liquidator ...
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The capacity to be converted easily and with minimum loss into cash. Ultra-short-dated treasury ...
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The proportion of a financial institution's assets held in easily cashable form. This may ...
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A company whose shares are quoted on the stock exchange and are available to be bought and ...
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Requirements imposed on companies by stock exchanges, generally concerning financial reports ...
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See also: cash base.
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Abbrev. London Metals Exchange.
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A moneylender (possibly unlicensed) who lends small amounts of money at much higher rates ...
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In futures markets, a person who trades on the futures exchange on his or her own personal ...
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A term used in commodity markets, meaning 'at' (from the Latin locus, place). A trader would ...
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The Bundesbank (German central bank) rate charged to the commercial banks; the equivalent ...
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A small group of companies dealing in gold bullion, formerly known as the London Gold Market. ...
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The rate of interest bid by the big London banks on the $US call money loans traded among ...
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The benchmark interest rate in eurodollar lending, the borrower agreeing to a rate expressed ...
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Offers traders and speculators opportunities in a range of short-dated interest-rate futures ...
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Established in 1877 to cope with Britain's growing imports of, for example, copper from Chile ...
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In foreign exchange and share trading, a net asset position; that is, a trader has bought ...
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See also: Kondratieff cycle.
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Long denotes an asset position, ie, a trader has bought more of a commodity than he or she ...
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Subject to arbitrary interpretation but generally held in financial markets to mean a term ...
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A long (bought) position in the cash market hedged using a short (sold) position in a future ...
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A forward contract whose settlement date is more than one year away.
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An option with an exercise date more than one year hence.
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An option giving the buyer the retrospective right to buy or sell the underlying asset at ...
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An option giving the buyer the future right to the difference between the strike price at ...
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A graph illustrating inequality of income distribution. The curve was devised by the Italian ...
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An item sold at less than cost to attract buyers, who might then purchase other products at ...
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Holding down prices, despite the loss this might entail, in the hope of wooing customers from ...
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An agreement reached in February 1987 by the five countries which comprise the G-5 (France, ...
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Devised by the Australian Stock Exchange in 1994, a form of deep in-the-money option whose ...
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A long-term, ie, beyond twelve-month, forward foreign-exchange contract.
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A tribal ritual deeply ingrained in the culture of the business community by which the general ...
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