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basics of forex basics
of options glossary
of forex glossary
of options glossary
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glossary of forex A B C D E F G H I J K L M N O P Q R S T U V W X Y Z At a discount - a currency
which is less expensive to purchase forward than for spot
delivery. Its interest rates are higher than the latter’s
At a premium - a currency which is more
expensive to purchase forward than for spot delivery. Its
interest rates are lower than the latter’s Bid, wanted, firm, strong
- the currency in question is appreciating, or in demand,
and buyers of the currency predominate Broken date, odd date - a value date, which
is not the regular forward, date and implies an odd number
of days Cash - same as value today,
where funds are settled on the same day the contract is struck
End/end - if the spot value
of the near end of a swap falls on the last business day of
the month, the forward date must also be the last business
day of the month, for example 28th February to 31st March,
not 28th March Firm - a market maker making
a commitment to a price For indication - quotations which are not
firm and are intended as an indication of unwillingness or
inability to trade Forward - any transaction, which settles
on a date beyond spot. Where the maturity falls on a non-trading
day, settlement takes place on the following business day Forward/forward - a swap price where both
value dates are beyond spot Long, overbought - excess
of purchases over sales “Mine” - the
trader buys the currency and amount specified at time of asking
for a quote Offered, weak - the currency
in question is depreciating and sellers of the currency predominate
Outright - the purchase or sale of a currency
for delivery for any date, other than spot not being a swap
transaction Overnight - a swap price for today against
tomorrow Par - where spot is the
same as the forward price, indicating that interest rates
in the respective currencies are identical Pip - the last decimal place of a quotation Short dates - usually swap
prices for days up to one week Short, oversold - excess of sales over purchases Spot date - cash settlement two working
days from the trade date. The exception to the rule is the
Canadian dollar, which is one working day from the trade date Spot next or spot a day - a swap price for
spot against the following day Spot rate - the price at which one currency
can be bought or sold, expressed in terms of the other currency,
for delivery on the spot date Spread - the difference between the buying
and selling price of a foreign exchange quotation Square - purchases and sales are equal,
i.e. no position, or no further interest in dealing Swap (forex) - the simultaneous purchase
and sale of one currency against another for two different
value dates. It is the combination of a spot and a forward,
or the combination of two forwards Swap pips, points - used to calculate the
forward price and are determined by interest rate differentials Tom/next - a swap price
for tomorrow against the next day, which is spot Value date, settlement date
- the date agreed upon by both parties on which the two payments
involved are settled Value tomorrow - except in Canada, settlement
is one day ahead of spot value “Yours” - the
trader sells the currency and amount specified at the time
of asking for a quote “Your risk” - where the response
is not immediately forthcoming from a market user when a market
maker has quoted a price, the market maker may, at its discretion,
indicate the price is no longer firm by stating that the market
user is now at risk of the price changing against him/her
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