You are on page 1of 49

][11

)Aggregate (Risk
)(

Aggregate Demand


.


.

Aggregate Supply


) (
.

Agio

.


.

American Option


.
.

Appreciation

Arbitrage

Around

" /".

Ask Price


.
.

Asset

,

) (

.

Association
Cambiste
International


" "
.

76 124


At Best

At or Better


.

.

At Par Forward
Spread

At the Price StopLoss Order


At-the-Money

/
.

Auction

.
) (1

.
) (2 ,
.

.

. ,

.

Average Rate Option




.
" ".

Back Office

and related processes


.

Back to Back

) (1

.
) (2

.

Settlement

77 124

Balance of Payment


.
:
) (1
)( " ",
)(
.

) (2
,
.


/
.

Balance of Trade

.
,
.

) /( FOB ) ( FaS

.

Band

.

) .( ERM

Bank Line

,
"".

Bank Notes


,
. ,
.

.

Bank Rate

Banking Day

Barrier Option

.

,

,

78 124

Base Currency


.
.

Base Rate



.

.

Basis

Basis Convergence

Basis Point

(0.0001) .

Basis Price

Basis Trading

Basket


.
.

Bear

Bear Market
""


)
""(.

Bear Put Spread



Bid Price


.

.
.
/
.

79 124

Big Figure


3

.
" "40/30

1.5530/40BIS Bank of

International Settlement
.
"" 1.55
)
( .

/.

Bilateral Clearing


.
,
.

Binary Options

" " ) (


,

Black-Scholes Model
-




.
.

Booked

Boris

Slang for Russian trading


.

Break Even Point



,
. ,

.

Break Out

,

.

80 124

Bretton Woods

1944

.


) .( IMF
%1
.

Broken Dates or
Period

.
: ,
, ...1,2,3 12 .
,
, cock dates .

Broker



.

.



.

.

Brokerage
Broker-Dealer
BUBA
Bull

""
)Bull (call or put
Spread
)
(

Bull Market

Bulldogs

.
. Dealer
Bundesbank
.
)(
.


) (

.

.
.


.

81 124


Bundesbank

BIS

of Germany
.

Bank

Central

Bank for International Settlements


.

Spread Butterfly

) (1



.
3 4
.
) (2


.




.

Buyer/Taker


.
.

Buying Rate


.
.

Buying The Spread



. bull spread
.

Cable


/ .

Cable Transfer

.
.

Calendar Spread

Call

Call Option

82 124


Cambiste
Capital Account

""

Carry

Carry-Over Charge

)
(
.

Cash


.




.

,
.

Cash and Carry



.
.

Cash Delivery

Cash Settlement

CBOE



.
Chicago Board Options Exchange

CBOT or CBT

Chicago Board of Trade


CD

Certificate of Deposit
.

Central Bank


.
,

Central Rate



.


.

83 124

Certificate of
)Deposit (CD





.

.


.

CFTC

-


,
.

CHAPS

Clearing
House
Automated
Payment
System .

Chartist

CHIPS

Clearing
House
Interbank
Payment
System

.
.
.

CIBOR

Copenhagen
Interbank
Rate
,


.
)
( ,
.

Clearing

Closed Position

84 124


Closing Purchase
Transaction

CME

Exchange Chicago
.
Chicago Mercantile Exchange Cock Dates
) .( broken dates

Coincident
Indicator

Comex


Commission
Compound Option

Mercantile

Commodity Exchange of New York


.

.

.

Comptant

"
".

Confirmation

Consumer Price
Index
CPI

Consumer Price Index


.

.

.


.

Contract


)
(.

Contract Expiration
Date

.
,

.

85 124

Contract Month

Correspondent Bank


,
.


.

Cost of Carry

,

.

Cost of Living
Index

Counter Value

,
.

Counterparty

Counterparty Risks

Currency Inter-bank Exchange Foreign


) (FOREX
instruments
)
/ ( ,
,
,
,
.

,

.
,


.

Country Risk


.
.

Coupon

) (1 ,
.
.
) (2
.

86 124


Coupon Value

Cours du Change

.
" " .

Cours Libre

" ".

Cours Officiel

" ".

Court
Courtier

"short" - " " une position courte


"" . Broker

Cover

) (1
) (2
.

Covered Call

Covered Call Write


call options
.
covered put write
.

Covered Interest
Rate Arbitrage

,
,
, ,


,
.
)
(


.


,
.

Covered Margin

CPI

Consumer Price Index .




.
.

CPSS

87 124

Crawling Peg
)(Adjustable Peg


)
(

""
) ( .
.

Crawling Peg
)(Adjustable Peg

)
(

""
) ( .
.

Credit Lombard

. Lombard rate

Credit Risk

,
,

Cross Deal

,
.

Cross Hedge

Cross Rate

,
,
.

Crossed Market

Cross-Trade



,
.

Currency

.
,
.

88 124

Currency Basket

Currency Swaps

)
( .

.

.

) ( .
. swaps

Current Account

.
.

Current Balance

)
(
,


.

Cycle

Day Order

Day Trader

22:00

Day Trading

Daylight Exposure
Limit




) (
.
:
.

.1
.2
.

.3 .
,
) 22:00
(.
. intra-day position

89 124

Deal Date

Deal Ticket

Dealer
/

/ ,
, /
.

.

Dealing Board

Declaration Date

Deficit

Deflator

Delivery

Delivery Date

,

.
.

Delivery Month

""
.

Delivery Points

Delivery Risk


.



.

Delta




, .

90 124

Delta Hedging

Delta Spread

Depo

Deposit

Deport
Deposit Dealings

"" . Discount -
Money Market operations.

Depreciation

Derivatives



.
.
,

.

Desk

Details


,
.

Devaluation

Devisen, Devises

Devisenkassamarkt

Devisenterminmarkt

Diagonal Spread
)(bull or bear


.

.

Direct Quotation

Discount

: .

91 124

Discount Rate

.






,
.

Domestic Rates


.

.

Durable Goods
Orders



.


.

Easing

Economic Exposure

Economic Indicator

ECU
European Currency
Unit

. ,

,
.

.

Effective Exchange
Rate

EFT

Either Way Market



EMU

European Monetary Union


.

EMS

European Monetary System


.

92 124

End/End


,
,
.

EOE

Exchange European Options


.

Epsilon



%1 )
(.

.

ERM
Euro Clear

Mechanism
.

Rate

Exchange

Eurobonds



.
.

Eurocurrency

Eurodollars

)
( .

Euro franc

) (
. Eurocurrency
.

Euromark
European Option
European Union

Exchange Control
Exchange Rate Risk

Exercise Limit

Deutschmarks . Eurocurrency

.


.

.

.

93 124


Exercise Notice
Exercise Price
)(Strike Price

) (

Exercise Value

Exotic

Expiration Date

Expiration Month

)
( ) (
.
. Strike price


.
call

option
.
put option

.

) Options (1 -
.

) Bonds (2
.
.

Expiry Date

Expiry Date

Exposure


.
.
,

.

Fast Market


/ . ,

.

94 124

Fed

.
Federal Deposit Insurance Corporation
(FDIC).
)
( .
.

.

Fed Fund Rate



.


.

Fed Funds


.

.

.

FEDAI



-



.

38 .

Federal National
Mortgage
Association



.

.

Federal Open Market


Committee

. FOMC

Federal Reserve
System





12
12 .



.

Financial Future

95 124

Fine Rate

) (2
)(1
.

Firm Quotation




.
.

.

Fiscal Policy

Fixed Dates

. .
. value dates

Fixed Exchange Rate



. ,

,
.

Fixing


.


.
.


.

Flat/Square
/



) ( . : 500,000
, 500,000= .

Flexible Exchange
Rate


.
.

Float

)(1
) (2
.

) (3



.

96 124

Floating Exchange
Rate

Floor

) (1
.

) (2 ,

.

FOMC




, .

Foreign Exchange

Foreign Position

Forex

Forex Deal


.
,
.
,
.

Forward Contract

" "


""
.

Forward Cover
Taking

Forward Deal

Forward / Forward

forward / forward

.

Forward Margins


.
.

Forward Maturities

97 124

Forward Operations

Forward Outright


.

.

Forward points


.

,

.

Forward Rate
Agreements

FRA

.

Free Reserves

Front Office

Fundamental
Analysis

Fundamentals

Funds

A term for USD/CAD/fungibles


/

. ,
.


.

Futures Contract




,
.

98 124

Futures Exchange
Traded Contracts

FX

)
(
.


.

, ,
.
Exchange Foreign

G5 5

The Group of Five


. :

G7 7

:

.

G10 10

7 ,

.
.

Gamma

Gap


""
.

GLOBEX




CME CBOT

.

GNP Deflator

.

.

GNP Gap



. ,
.

Domestic Gross
)Product (GDP

99 124

Going Long

Going Short

Gold Standard

Gross
Gross National
)Product (GNP

GTC

.


. 1973
.
.
"
"
.
. Good until canceled

GTC "Good Till


""Cancelled
"


.
.

Hard Currency

Head and Shoulders




. ,
.
,
.


.


. .

Hedge


.

.

Hedging



)(
,
.

HIBOR

Hong Kong Inter-bank Offered Rate.

100 124

Historical
Volatility


.
)(
.

Hit the Bid

Holder

Housing Starts

Hyperinflation



.
%50
.
12

ICCH

IFEMA

International Foreign Exchange Master


Agreement
.

IMF

International Monetary Fund


1946

.

.

IMM

International Monetary Market




Implied Rates

Implied volatility

Implied Volatility
Skews

101 124

In-the-Money


/.
" "

/ . "
"
/.

Inconvertible
Currency

Indicative Quote

Indirect quote
Industrial
Production Index
IPI

.

Industrial Production Index
.
.

Inflation


.

.

Info Quote

Initial Margin

/ .

Interbank Rates



. ,
.

Interest Rate Floor

Interest Rate
Options


OTC

.

102 124

Interest Rate Risk


Interest Rate Swaps


/


.
.

)
( .

Intervention


.
,
.

In-the-Money


/.
" "

/ . "
"
/.

Intra Day Limit


Intra Day Position


.
.

IOM

Index and Options Market

IPI

.

.

ISDA (International
Securities Dealers
)Association

J Curve


.

.

103 124

Key Currency

Kiwi

Knock In

)(

.

Knock Out

,

.

Last Trading Day

Lay Off

LDC

,

.

Leading Indicators


,
.

Leads and Lags




.


,
.

.

Leverage

Liability

,



.


,
,

LIBID

.The London Interbank Bid Rate


.
.

LIBOR

,The London Interbank Offered Rate


. .

104 124


LIBOR (London Inter
) Bank Offer Rate
)

(
LIFFE



16 .
.

Limit

) (1

(2) .


(3) .
(4) .

.

Limit Down

Limit Order

.
.
,


.

Limit Order
Reserved Day
Trading Deal

.
.
,


.

Limit Up

105 124

Limited
Convertibility

,

.

Lines

Liquidation

Liquidity

Lombard Rate

,

.
.

Long


. :


.

Long Hedge

M0

. Cash in circulation
.

M1


.

.

M2

M3

, M1

.

M4

, M2
.

Make a Market

" "

106 124

Managed Float

Margin

) (1 ,

.
) (2 ,
.
) (3 ,
.
) (4

Margin Call

Marginal Risk


. ,

.

Marked-To-Market

/


"
".

,
,

.

Mark Up

Premium.

Market Amount

Market Maker

Market Order

Market Value


,


.

MATIF

International
de
.France

Terme

Marche

107 124

Maturity

Maturity Date

) (1 .
) (2
.

Micro Economics

Mid Office

Mid-Price or Middle
Rate

,

.

Milliard

1000.

Mine

Minimum Price
Fluctuation

Minimum Reserve



"

,
".

Mio

MITI

MM

Money Markets .

Money Market

Money Market
Operations

108 124

Money Supply

,
. ,
M1 . M2 M3
. M4

Moving Average

"" ,

.

Multiple Exchange
Rates

.
.

Mutual fund

Nearby Month

,
.

Net Position

Nickel

Nostro Account

" " .
.

.

Not Held Basis


Order


,

.

Note

OECD

,

, .

Offer

Offered Market
Official
Settlements Account

Offset

.
.
.

109 124

Off-Shore

, ,
,
. ,


.
.

Old Lady

One Cancels Other


Order





" ".

Open Market
Operations

Open Interest

Open Market
Committee

. FOMC -

Open Position
)(



.
, .

Option Class


-
.

Option Series


/ .

Option

, ,
)( )(
.

Original Margin

. Initial Margin -

110 124

Over The Counter


)(OTC



.

.



" ".

Out-of-the-Money


.

/ .

/ .

Outright Deal

Outright Forward

Outright Rate


/
.

Over Bought or Over


Sold

. -
LONG . SHORT -

Overheated
)(Economy
)(


, ,

.

Overnight

Overnight Limit



.

.

Package Deal


/ .

Par

) (1 .
) (2 .

Parities

111 124

Parity

) (1
"
".
) (2
.

Payment Date

Payroll Employment

.


.
.



, .

Permitted Currency

,
,


,

.

Petrodollars
PIBOR
Pip

.
0.0001) . (.

Plaza Accord

1985 G5
.

Point

) 100/1 (1 , 10,000
.
.
) (2 , ,
, %8 %9
.




) (3
.

Political Risk


)
(.

112 124

Position

.

) ( - )
, -
)
(.

Position Limit

, -
-


.

PPI

Producer Price Indices


. .

Premium

) (1
.
) (2
.
) (3 ,
.

) (4
.

Prime Rate

) (1

.
) (2
.

Principal

Profit Taking

Producer Price
Index
)(PPI

PPI

. PPI

- CPI


.

Purchasing Power
Parity



,
.
.

113 124

Put Call Parity


Put Option

, ,

.

Quote
Quote
Rally
Range

) (1 .
) (2 .
An indicative price .

.
.

.

Rate

.

.

Ratio Spread


. OUT-OF-THE-MONEY

Reaction
Real

.

.

Recession

.

.

Reinvestment Rate

.
.

Repo Rate
Report

" ". Repurchase Agreement ,


. Premium

Repurchase
Agreement

Reserve Currency

,
.

Reserve Requirement


,
.

114 124

Reserve Tranche

) ( 25

.

Reserves

.

.
.
.

Resistance


,
.

Resistance Point or
Level

Retail Price Index



,
.

Retail Sales


.


.



.

Revaluation

Revaluation Rate

Reversal

call - . put -

Reuter Dealing


.
.2002-2000

Risk management

115 124


Risk Position
Risk Premium




.

.

Risk Reversal

put
. call
.

Risks

.

.


:


.

Rolling over


/.

Rollover





, ,
.

Running a Position
Same Day
Transaction
Sandwich Spread


.
. butterfly spread -

Scalping

SDR

.

.

Selling Rate

Series

Settlement
Settlement Date

.

.

116 124

Settlement Price

Settlement Risk

Short

Short / Short
Position

.
. short -

Short Contracts

Short Covering

Short Forward
Date/Rate

Short Sale


.
.

Shorts

. Short Forward Date/Rate

Short-Term Interest
Rates

.
90 -

SITC

Standard
International
Trade
Classification
.
.

SOFFEX


,
.

Soft Market

,

.

Split Date

. Broken Date

Spot

) (1 .
) (2

.

Spot Month

/ .

Spot Next

117 124

Spot Price/Rate
/

Spot Week

Spread

) (1
) (2
) (3 ,

.

.
.

Square

Squawk Box

Squeeze

Stable Market

Stagflation

)(
.

Standard

Standard and Poors


)(S&P


.
.500

Sterling

, .

Sterilization

Stocky

Stop Loss Order




.

.


. ,

,

.
.

118 124

Stop Out Price



Straddle

) (

/
/
.

Stagflation

Strike Price

.

.

Strip

Structural
Unemployment

Support Levels


, ,
.

Swap

)
(



,
.
.

,

. ,
.

- SWIFT
)

(

Swissy

T-bill

US Treasury bill .

Technical Analysis


.
,
.

119 124


Technical
Correction

Terms of Trade

,

.

Theta

Thin Market

TIBOR

Offered Rate Tokyo Inter-bank


.

Tick

, .

TIFFE


Tomorrow Next
)(Tom next
Trade Date

.

.
.

Tranche

" " ,
.

Transaction
)(

Transaction Date

Transaction
Exposure

Under-Valuation

120 124

Value Spot


.
Value Today Transaction

,
" ".

Vanilla


, ,

.

Variation Margin

)(

Vega

Money Velocity of

.

.

121 124

Value Date

,

.
,

.



)(
)( .
.


.

,!
.



.


,
.
.

Volatility


.

)( .
.
,

Vostro Account

" ," .
.

, .

Wholesale Money

Wholesale Price
Index



.
60 90

122 124

Working day

,
)
(
.

World Bank

Writer

The seller of a position


. "Writing .
" a currency" is to sell it
" .

Yield Curve


.



. )(

. )(

.

Z-Certificate

"

"

.

Zero Coupon Bond


.
.

123 124

][12


) (


.

forex, fx, currency
'' ) ' ' '
' ' ' (
.
)
(

.
.

.



.


, ,
.
,
,
, ,

, ,

, , .



.
! !

124 124