Glosario De Comerciantes De Forex

Forex Glossary Aggregate Cantidad total de exposición que un banco tiene con un cliente tanto para contratos a plazo como a término. American Option Una opción que puede ejercerse en cualquier fecha de negocio válida durante toda la vida de la opción. Apreciación Describe el fortalecimiento de la moneda en respuesta a la demanda del mercado en lugar de la acción oficial. Arbitraje Tipo de operación libre de riesgo cuando el mismo instrumento es comprado y vendido simultáneamente en dos mercados diferentes con el fin de cobrar la diferencia en estos mercados. Alrededor Utilizado en cotizar prima / descuento. Pregunte Precio Pregunte es el precio más bajo aceptable para el comprador. Activo En el contexto de divisas es el derecho de recibir de una contraparte una cantidad de moneda con respecto a un activo del balance (por ejemplo, un préstamo) o en una fecha futura especificada con respecto a un acuerdo de compra o venta al contado sin igual. En Best Una instrucción dada a un distribuidor para comprar o vender a la mejor tarifa que está actualmente disponible en el mercado. En o mejor Una orden para tratar a una tasa específica o mejor. A Par Forward Spread Cuando el precio forward es equivalente al precio spot. A la orden de pérdida de precio-pérdida Una orden de stop-loss que debe ejecutarse en el nivel solicitado independientemente de las condiciones del mercado. At-the-Money Una opción cuyo precio de huelga / ejercicio es igual o cercano al precio de mercado actual del instrumento subyacente. Subasta Venta de un artículo al mejor postor. (1) Un método comúnmente utilizado en los regímenes de control de cambios para la asignación de divisas. (2) Un método para asignar el papel del gobierno, tal como cuentas del Tesoro de los EEUU. A los pequeños inversionistas se les da acceso preferencial a las facturas. El precio medio de emisión se calcula a partir de las ofertas competitivas aceptadas. En algunas circunstancias para las subastas del gobierno es el rendimiento más bien que el precio que es oferta. Opción de tasa media Un contrato en el que el precio de ejercicio se basa en la diferencia entre el precio de ejercicio y el tipo spot promedio durante el período del contrato. A veces se llama una opción asiática. Back Office Liquidación y procesos relacionados. Back to Back (1) Transacción en la que todas las obligaciones y responsabilidades de una transacción se reflejan en una segunda transacción. (2) Transacción donde un préstamo se hace en una moneda en un país contra un préstamo en otro país en otra moneda. Balanza de pagos Un registro sistemático de las transacciones económicas durante un período determinado para un país. (1) A menudo se utiliza el término para significar: (i) la balanza de pagos en cuenta corriente o (ii) la cuenta corriente más ciertos movimientos de capital a largo plazo. (2) La combinación de la balanza comercial, el saldo actual, la cuenta de capital y el saldo invisible, que en conjunto representan el total de la balanza de pagos. Los déficits prolongados de la balanza de pagos tienden a llevar a restricciones en las transferencias de capital y / o la disminución de los valores de moneda. Balanza comercial El valor de las exportaciones menos las importaciones. Los invisibles son normalmente excluidos, y se refiere de otra manera como comercio mercantil o físico. Las cifras pueden ser citadas en FoB / FaS. Aduanas despejadas, o exportación FoB. Banda El rango en el que se permite mover una moneda. Un sistema utilizado en el ERM. Línea de crédito Línea de crédito otorgada por un banco a un cliente, también conocida como línea. Notas bancarias Las notas bancarias son emitidas por el banco central o emisor y son de curso legal, pero normalmente no se consideran parte del mercado de divisas. Sin embargo los billetes de banco se pueden convertir, en algunos condados, en FX. Los billetes de banco se fijan normalmente en una prima a la tarifa al contado actual para una moneda. Tasa bancaria La tasa a la que un banco central está dispuesto a prestar dinero a su sistema bancario nacional. Opción de barrera Una familia de opciones dependientes del trayecto cuyo patrón de rentabilidad y supervivencia hasta la fecha de vencimiento depende no sólo del precio final de la divisa subyacente, sino también de si la divisa subyacente rompe un nivel de precio predeterminado en cualquier momento de la vida De la opción. Ver abajo y hacia fuera llamada / puesto, Abajo y en llamada / puesto, Arriba y hacia fuera llamada / puesto, Arriba y en llamada / puesto. Moneda Base Moneda en la que se informan los resultados operativos del banco o institución. Base Rate Un término utilizado en el Reino Unido para la tasa utilizada por los bancos para calcular la tasa de interés a los prestatarios. Prestatarios de alta calidad pagará una pequeña cantidad sobre la base. Base La diferencia entre el precio en efectivo y el precio de futuros. Bases Convergencia Proceso por el cual la base tiende a cero a medida que se acerca la expiración del contrato. Punto de base Un uno por ciento del uno por ciento. Base Precio El precio expresado en términos de vencimiento del rendimiento o tasa de rendimiento anual. Basis Trading Tomando posiciones opuestas en el mercado de efectivo y futuros con la intención de beneficiarse de movimientos favorables en la base. Cesta Un grupo de monedas normalmente utilizado para administrar el tipo de cambio de una moneda. A veces se refiere como una unidad de cuenta. Oso Una persona que cree que los precios bajarán. Bear Market Un mercado en el que los precios bajan bruscamente en un contexto de pesimismo generalizado (frente a Bull Market). Oferta La oferta es el precio más alto que el vendedor está ofreciendo para la moneda en particular en el momento en que la diferencia entre el precio de la oferta y la oferta es el spread. En conjunto, los dos precios constituyen una cotización la diferencia entre los dos es el spread. El diferencial bid-ask se indica como un porcentaje de costo de transacción en divisas. Gran figura Se refiere normalmente a los tres primeros dígitos de un tipo de cambio que los distribuidores tratan como se entiende en la cotización. Por ejemplo una cotización de 30/40 en la marca del dólar podría indicar un precio de 1.5530 / 40BIS: Banco de la liquidación internacional. Compensación bilateral Un sistema utilizado donde la moneda extranjera es limitada. Los pagos suelen ser encaminados a través de los bancos centrales, ya veces requieren que la balanza comercial se iguala cada año. Opciones binarias Una llamada binaria (o step up) es como una opción de llamada estándar europea, excepto que el pago a la expiración se fija en una unidad de la moneda de contador, si la llamada expira en el dinero. Modelo de Black-Scholes Una fórmula de fijación de precios de opciones originalmente obtenida por Fisher Black y Myron Scholes para opciones de valores y posteriormente refinada por Black para opciones sobre futuros. Es ampliamente utilizado en los mercados de divisas. Reservado El registro de una transacción fuera del país en el que se negocia la transacción. Boris Argot para el comercio ruso. Punto de equilibrio El precio de un instrumento financiero en el que el comprador de la opción recupera la prima, lo que significa que no hace ni una pérdida ni una ganancia. En el caso de una opción de compra, el punto de equilibrio es el precio de ejercicio más la prima. Break Out En el mercado de opciones, deshaciendo una conversión o una inversión para restaurar la posición original de los compradores de opción. Bretton Woods El sitio de la conferencia que en 1944 condujo al establecimiento del sistema de cambio de divisas de la posguerra que permaneció intacto hasta los años 70 tempranos. La conferencia dio lugar a la formación del FMI. El sistema fija las monedas en un sistema de tipo de cambio fijo con 1 fluctuaciones de la moneda al oro o al dólar. Corredor Un agente que ejecuta órdenes para comprar y vender divisas e instrumentos relacionados, ya sea por comisión o por spread. Los corredores son agentes que trabajan en comisión y no los directores o agentes que actúan por cuenta propia. En el mercado de divisas los corredores tienden a actuar como intermediarios entre los bancos que llevan compradores y vendedores juntos por una comisión pagada por el iniciador o por ambas partes. Existen cuatro o cinco grandes corredores mundiales que operan a través de subsidiarias filiales y socios en muchos países. Comisión de corretaje cobrada por un corredor. BUBA Bundesbank, el banco de reservas de Alemania. Bull Una persona que cree que los precios subirán. Mercado alcista Mercado caracterizado por el alza de los precios. Bulldogs Sterling bonos emitidos en el Reino Unido por instituciones extranjeras. Bundesbank Banco Central de Alemania. Mariposa de Propagación (1) Una mariposa de futuros es una propagación del comercio en el que múltiples meses de futuros se negocian simultáneamente en un diferencial. El comercio consiste básicamente en dos operaciones de spread de futuros con tres o cuatro diferentes meses de futuros a un diferencial. (2) Una mariposa de mariposa de opciones es una combinación de un oso y un comercio de spreads de toros en el que múltiples meses de opciones y precios de ejercicio se negocian simultáneamente en un diferencial. El comercio consiste básicamente en dos opciones de transacciones de spread con tres o cuatro meses diferentes opciones y huelgas en un diferencial Cable A término utilizado en el mercado de divisas para el dólar EE. UU. / Libra esterlina tasa. Transferencia de cable Transferencia telegráfica de fondos de un centro a otro. Ahora también con transferencia interbancaria de fondos electrónicos. Transferencia de cable Transferencia telegráfica de fondos de un centro a otro. Ahora también con transferencia interbancaria de fondos electrónicos. Llamada Opción que otorga al tenedor el derecho de comprar el instrumento subyacente a un precio determinado durante un período fijo. Opción de compra Una opción de compra confiere el derecho pero no la obligación de comprar acciones, acciones o futuros a un precio determinado. Cuenta de capital Juxtaposición de las importaciones de capital a largo y corto plazo y las exportaciones de un país. Llevar El costo de interés de la financiación de valores u otros instrumentos financieros mantenidos. Cargo por reintegro Un cargo financiero relacionado con el almacenamiento de mercancías (o contratos de divisas) de una fecha de entrega a otra. Efectivo Se refiere normalmente a una transacción de cambio contratada para su liquidación el día en que se produce el acuerdo. Este término se utiliza principalmente en los mercados de América del Norte y los países que dependen de servicios de divisas en estos mercados debido a la preferencia de zona horaria, es decir, América Latina. En Europa y Asia, las transacciones en efectivo se refieren a menudo como ofertas de valor el mismo día. Efectivo y Carry La compra de un activo hoy y la venta de un contrato futuro sobre el activo. Un reverso de efectivo y carry es posible mediante la venta de un activo y la compra de un futuro. Liquidación en Efectivo Procedimiento para liquidar un contrato de futuros en el que se paga la diferencia de efectivo entre el futuro y el precio de mercado en lugar de la entrega física. CBOE Chicago Opciones de Opciones de Exchange. CBOT o CBT Chicago Junta de Comercio. CD Certificado de Depósito. Banco Central Un banco central proporciona servicios financieros y bancarios para un gobierno del país y bancos comerciales. Implementa la política monetaria de los gobiernos, también, cambiando las tasas de interés. Tasa Central Tipos de cambio frente a la ECU adoptada para cada moneda dentro del SME. Las divisas han limitado el movimiento del tipo central de acuerdo con la banda relevante. Certificado de depósito (CD) Un certificado negociable en forma de portador emitido por un banco comercial como prueba de un depósito con ese banco que indica el valor de vencimiento, el tipo de vencimiento y la tasa de interés a pagar. Los CDs varían en tamaño con vencimientos que van desde unas pocas semanas hasta varios años. Los CD pueden normalmente ser canjeados antes del vencimiento sólo por la venta en el mercado secundario, pero también pueden ser reembolsados ​​al banco emisor mediante el pago de una penalidad. CFTC La Commodity Futures Trading Commission (Comisión de Comercio de Futuros de Productos Básicos), la agencia reguladora federal de Estados Unidos para futuros negociados en mercados de materias primas, incluyendo futuros financieros. CHAPS Sistema de Pago Automatizado de la Cámara de Compensación. Chartist Una persona que estudia gráficas y gráficos de datos históricos para encontrar tendencias y predecir cambios de tendencia que incluyen la observancia de ciertos patrones y características de las cartas para derivar niveles de resistencia, patrones de cabeza y hombros y patrones de doble fondo o doble top que se piensan Para indicar reversiones de tendencias. CHIPS El sistema de compensación de la cámara de compensación de Nueva York. (Sistema de Pago Interbancario de la Cámara de Compensación). La mayoría de las transacciones en euros se liquidan y liquidan a través de este sistema. CIBOR Copenhague Interbank Rate, la tasa a la que los bancos prestan la corona danesa sobre una base no garantizada. La tasa es calculada diariamente por el Danmarks Nationalbank (el Banco Central Danés), basado en las normas establecidas por la Asociación de Banqueros Daneses. Posición cerrada Una transacción que deja al comercio con un compromiso cero neto al mercado con respecto a una moneda en particular. Transacción de Compra de Cierre La compra de una opción idéntica a la ya vendida para liquidar una posición. CME Chicago Mercantile Exchange. Indicador Coincidente Indicador económico que generalmente se mueve en línea con el ciclo económico general, como la producción industrial. Comex Commodity Exchange de Nueva York. Comisión La tarifa que un corredor puede cobrar a los clientes por negociar en su nombre. Opción Compuesta Una opción sobre una opción, fijando las fechas y el precio de dicha opción. Confirmación Un memorándum a la otra parte que describe todos los detalles relevantes de la transacción. Contrato Un acuerdo para comprar o vender una cantidad específica de una divisa o opción en particular para un mes determinado en el futuro (Ver Contrato de futuros). Fecha de Vencimiento del Contrato Fecha en que debe entregarse una moneda para cumplir con los términos del contrato. Para las opciones, el último día en que el titular de la opción puede ejercer su derecho a comprar o vender el instrumento o moneda subyacente. Mes del Contrato Mes en el que un contrato de futuros vence o se entrega si no se liquida o se negocia antes de la fecha especificada. Corresponsal El representante de bancos extranjeros que realiza regularmente servicios para un banco que no tiene sucursal en el centro correspondiente, p. Para facilitar la transferencia de fondos. En los Estados Unidos esto ocurre a menudo en el país debido a las restricciones bancarias interestatales. Costo de Carry La paridad de tasa de interés, donde el precio a plazo se determina por el costo de pedir dinero prestado para mantener la posición. Índice de Costo de Vida Ampliamente equivalente al Índice de Precios al por menor o al Precio al consumidor. Contraparte El cliente o banco con el que se ejecuta un contrato de divisas. Riesgos de contraparte Los instrumentos de cambio interbancario en moneda extranjera (FOREX) son posiciones (compra y / o venta) entre el cliente y su contraparte y, a diferencia de los instrumentos cambiarios negociados en bolsa que están garantizados por una organización de compensación afiliada a la Intercambio en el que se negocian los instrumentos, no están garantizados por una organización de compensación. Por lo tanto, cuando el Cliente compra un instrumento de cambio OTC, se basa en la Contraparte de la que ha adquirido el instrumento para cumplir el contrato. El incumplimiento de una Contraparte para cumplir una Posición podría resultar en pérdidas de cualquier pago previo efectuado de conformidad con las Posiciones, así como la pérdida del beneficio esperado de la transacción. Factores de Riesgo País que afectan el comercio de divisas único para el país específico incluyen riesgos políticos, regulatorios, legales y festivos. Cupón (1) En las acciones al portador, la parte desmontable de la piel detrás del status de candidato. Certificado intercambiable por dividendos. (2) Indica la tasa de interés de un título de interés fijo. Valor del cupón La tasa de interés anual de un bono. Cobertura (1) Realizar un contrato de divisas a plazo. (2) Cerrar una posición corta comprando divisas o valores que se hayan vendido. Arbitraje de tipo de interés cubierto Un enfoque de arbitraje que consiste en tomar prestado la divisa A, intercambiarla por la moneda B, invertir la moneda B durante la duración del préstamo y, después de retirar la cobertura a vencimiento, mostrando un beneficio en todo el conjunto de operaciones . Se basa en el teorema de la paridad de las tasas de interés (una de las principales relaciones económicas teóricas) que dice que el rendimiento de una inversión extranjera cubierta será igual al tipo de interés interno de las inversiones de riesgo idéntico. Cuando el diferencial de tasa de interés cubierto entre los dos mercados monetarios es cero, no existe un incentivo de arbitraje para trasladar fondos de un mercado a otro. IPC Índice de Precios al Consumidor. Medida mensual de la variación en los precios de una cesta definida de bienes de consumo, incluyendo alimentos, ropa y transporte. Los países varían en su enfoque de rentas e hipotecas. CPSS Comité de Sistemas de Pago y Liquidación. Peg de arrastre (Peg ajustable) Un sistema de tipo de cambio donde el tipo de cambio de un país está vinculado (es decir, fijo) en relación con otra moneda. La tarifa oficial se puede cambiar de vez en cuando. Riesgo de crédito El riesgo de que un deudor no pague más específicamente el riesgo de que la contraparte no tenga la moneda prometida. Cross Deal Un acuerdo de divisas entró en la participación de dos monedas, ninguna de las cuales es la moneda base. Cross Hedge Una técnica que utiliza futuros financieros para cubrir diferentes instrumentos de efectivo relacionados pero basada en la opinión de que los movimientos de precios entre los instrumentos se mueven en concierto. Tasa de cambio Un tipo de cambio entre dos monedas, generalmente construido a partir de los tipos de cambio individuales de las dos monedas, ya que la mayoría de las monedas se cotizan frente al dólar. Comercio cruzado Una transacción cruzada es una transacción en la que el corredor de compra y el corredor de venta son iguales, o el corredor de compra y el corredor de venta pertenecen a la misma empresa. Moneda El tipo de dinero que usa un país. Se puede negociar para otras monedas en el mercado de divisas, por lo que cada moneda tiene un valor relativo a otro. Currency Basket Diferentes ponderaciones de otras monedas agrupadas en relación con una divisa de cesta (por ejemplo, ECU o DEG). A veces utilizado por monedas para fijar su tasa a menudo en una canasta ponderada por el comercio. Cuenta Corriente El saldo neto de un pago internacional del país proveniente de las exportaciones e importaciones, junto con las transferencias unilaterales como la ayuda y las remesas de los emigrantes. Excluye los flujos de capital. Saldo actual El valor de todas las exportaciones (bienes más servicios) menos todas las importaciones de un país durante un período de tiempo específico, igual a la suma de saldos comerciales e invisibles más la recepción neta de intereses, beneficios y dividendos del exterior. Ciclo El conjunto de fechas de vencimiento aplicables a diferentes clases de opciones Orden de día Una orden que si no se ejecuta en el día específico se cancela automáticamente. Day Trading Un acuerdo de Day Trading es un acuerdo de cambio de moneda que se renueva automáticamente cada noche a las 22:00 (hora GMT) a partir del día en que se hizo el acuerdo y hasta que termina. El acuerdo termina en uno de los siguientes eventos: 1.Terminación iniciada por usted. 2. La tasa de negociación de día ha alcanzado la tasa de Stop-Loss o Take Profit que predefinió. 3. La fecha de finalización del acuerdo. Mientras el acuerdo esté abierto, se le cobrará una tarifa de renovación cada noche a las 22:00 (hora GMT). Fecha del acuerdo Fecha en la que se acuerda una transacción. Ticket Deal El método principal de registro de la información básica relativa a una transacción. Distribuidor Una persona física o jurídica que actúa como principal, y no como agente, en la compra y / o venta de valores. Los distribuidores comercian por su cuenta y riesgo en contraste con los corredores que comercian sólo en nombre de sus clientes. Fecha de la declaración El último día o hora en que el comprador de una opción debe informar al vendedor de su voluntad o falta de voluntad para ejercer la opción. Déficit Ausencia de déficit en la balanza comercial, la balanza de pagos o los presupuestos gubernamentales. Entrega La liquidación de una transacción por la recepción o la oferta de un instrumento financiero o moneda. Fecha de entrega La fecha de vencimiento del contrato, cuando la liquidación final de la transacción se efectúa cambiando las monedas. Esta fecha se conoce más comúnmente como la fecha de valor. Riesgo de entrega Un término para describir cuando una contraparte no podrá completar su parte del acuerdo. Este riesgo es muy alto en el caso de operaciones de venta libre en las que no hay intercambio que pueda constituir una garantía para el comercio entre las dos partes en el contrato. Delta La relación que compara la variación del precio del activo subyacente con la variación correspondiente en el precio de un derivado. También se conoce como la relación de cobertura. Delta Hedging Método utilizado por los redactores de opciones para cubrir la exposición al riesgo de opciones escritas mediante la compra o venta del instrumento subyacente en proporción al delta. Delta Spread Diferencial de las opciones establecidas como posición neutral utilizando los deltas de las opciones en cuestión para determinar la relación de cobertura. Derivados Un término amplio relativo a instrumentos de gestión de riesgos como futuros, opciones, swaps, etc. El valor del contrato se mueve en relación con el instrumento o la moneda subyacente. La cuestión de los derivados y su control tras grandes pérdidas por parte de bancos y empresas ha sido objeto de mucho debate. Escritorio Término que se refiere a un grupo que se ocupa de una moneda o monedas específicas. Detalles Toda la información necesaria para finalizar una transacción de divisas, es decir, nombre, tasa, fechas y punto de entrega. Devaluación Ajuste deliberado a la baja de una moneda frente a sus paridades o bandas fijas, que normalmente se acompaña de un anuncio formal. Cotización directa Cotizando en unidades fijas de moneda extranjera contra cantidades variables de la moneda nacional. Descuento Menos que el precio spot. Por ejemplo, descuento hacia adelante. Tasa de descuento La tasa a la que se descuentan las facturas. Específicamente se refiere a la tasa a la cual un banco central está preparado para descontar ciertas facturas para las instituciones financieras como un medio para aliviar su liquidez y se refiere más exactamente como la tasa de descuento oficial. Tasa interna Las tasas de interés aplicables a los depósitos domiciliados en la país de origen. El valor y los valores pueden variar de Eurodepósitos debido a impuestos y prácticas de mercado variables. Exposición económica Refleja el impacto de los cambios cambiarios sobre la posición competitiva futura de una empresa en el sentido del impacto que puede tener en los flujos de efectivo futuros de la compañía. Indicador económico Una estadística que indica las tasas de crecimiento económico y las tendencias actuales, tales como las ventas al por menor y el empleo. ECU - Unidad monetaria europea Una cesta de las monedas miembros. Como unidad compuesta, el ECU se compone de todas las monedas de la Comunidad Europea, que se ponderan individualmente. Fue creado por el Sistema Monetario Europeo con el objetivo final de sustituir las monedas europeas individuales. Tasa de Cambio Efectiva Un intento de resumir los efectos sobre la balanza comercial de un país de sus monedas cambia contra otras monedas. Transferencia electrónica de fondos de EFT. Either Way Market En el mercado de los depósitos interbancarios donde las tasas de oferta y oferta para un período determinado son las mismas. EMS Sistema Monetario Europeo. Unión Monetaria Europea. EOE European Options Exchange. Epsilon La variación en el precio de una opción asociada a un cambio en la volatilidad implícita (técnicamente la primera derivada del precio de la opción con respecto a la volatilidad). También se conoce como eta, vega, omega y kappa. Mecanismo de tipos de cambio de ERM. Euro Clear Un sistema computarizado de liquidación y depósito para la custodia, entrega y pago de eurobonos. Unión Europea El grupo antes conocido como la Comunidad Europea. Riesgo de tipo de cambio La pérdida potencial que se podría incurrir de un movimiento adverso en los tipos de cambio. Precio de ejercicio (precio de ejercicio) El precio al que se puede ejercer una opción. Exótico Una divisa menos negociada. Fecha de Vencimiento (1) Opciones - la última fecha después de la cual la opción ya no puede ser ejercida. (2) Bonos - la fecha en que un bono madura. Mes de vencimiento Mes en el que expira una opción. Fecha de vencimiento La última fecha en que se puede comprar o vender una opción. Fecha de vencimiento El último día en que el titular de una opción puede ejercer su derecho a comprar o vender el valor subyacente. Exposición La cantidad total de dinero prestado a un prestatario o país. Los bancos establecen reglas para evitar la sobreexposición a cualquier prestatario individual. En las operaciones de comercio, es el potencial para ejecutar una ganancia o pérdida de las fluctuaciones en los precios de mercado. Fast Market Movimiento rápido en un mercado causado por un fuerte interés de los compradores y / o vendedores. En tales circunstancias, los niveles de precios pueden omitirse y las cotizaciones de oferta y oferta pueden ocurrir demasiado rápidamente para ser informadas completamente. Fed La Reserva Federal de los Estados Unidos. Federal Deposit Insurance Corporation La membresía es obligatoria para los miembros de la Reserva Federal. La corporación tenía una participación profunda en la crisis de los ahorros y de los préstamos de finales de los años 80. Fed Fed Rate El tipo de interés de los fondos federales. Esta es una tasa de interés a corto plazo que se observa de cerca, ya que señala la opinión de los federales en cuanto al estado de la oferta monetaria. Fed Funds Saldos en efectivo mantenidos por los bancos con su banco local de la Reserva Federal. La transacción normal con estos fondos es una venta interbancaria de un depósito del FED para un día hábil. Las ofertas directas son donde los fondos se negocian durante la noche sobre una base no segura. FEDAI Foreign Exchange Dealers Association de la India es una asociación de todos los distribuidores de divisas que establece las reglas básicas para la fijación de comisiones y otros cargos y también determina las reglas y regulaciones relativas a las transacciones cotidianas en divisas en la India. Federal National Mortgage Association Una corporación de propiedad privada pero patrocinada por el gobierno de los Estados Unidos que negocia en hipotecas residenciales. Sus actividades se financian con la venta de instrumentos conocidos comúnmente como Fannie Maes. Junta de la Reserva Federal La junta directiva del Sistema de la Reserva Federal, nombrada por el Presidente de los Estados Unidos para un período de 14 años, uno de los cuales es nombrado durante cuatro años como presidente. Sistema de la Reserva Federal El sistema de la banca central de los EE. UU. que comprende 12 bancos de la Reserva Federal que controlan 12 distritos bajo la Junta de la Reserva Federal. La membresía de la Fed es obligatoria para los bancos fletados por el Contralor de la Moneda y opcional para los bancos estatales de fletamento. Política fiscal Uso de la fiscalidad como herramienta en la aplicación de la política monetaria. Tipo de cambio fijo Tipo oficial establecido por las autoridades monetarias para una o más monedas. En la práctica, se permite que incluso los tipos de cambio fijos fluctúen entre las bandas superior e inferior definidas, lo que lleva a la intervención del banco central. Fijación Un método para determinar las tasas al encontrar normalmente una tasa que equilibra a los compradores con los vendedores. Este proceso se produce una o dos veces al día en momentos definidos. Utilizado por algunas monedas especialmente para establecer tarifas turísticas. El sistema también se utiliza en el mercado de lingotes de Londres. Piso / Cuadrado Cuando un cliente no ha negociado en esa moneda o donde una transacción anterior se invierte creando así una posición neutral (plana). Ejemplo: usted compró 500,000 entonces vendió 500,000 PISO. Float (1) vea Tipo de cambio flotante. (3) El flotador de la Reserva Federal surge del sistema en el que los cheques enviados a los Bancos de la Reserva Federal se acreditan a veces con antelación a que el banco depositante afloje la reserva. Tipo de cambio flotante Cuando el valor de una moneda es decidido por las fuerzas del mercado que dictan la demanda y la oferta de esa moneda en particular. Piso (1) Un acuerdo con una contraparte que establece un límite inferior a los tipos de interés para el comprador de piso por un tiempo determinado. (2) Un término para un área de comercio de intercambios (véase el comercio basado en pantalla), normalmente el área de negociación se conoce como un pozo en los mercados de materias primas y futuros. Comité Federal de Mercado Abierto del FOMC, el comité que fija los objetivos de suministro de dinero en los Estados Unidos, que tienden a ser implementados a través de los tipos de interés del FED, los tipos de interés, etc. Divisas La compra o venta de una moneda contra la venta o compra de otra. Posición Extranjera Significa una posición bajo la cual una parte acuerda comprar o vender a la otra parte una cantidad acordada de moneda extranjera. Forex Una abreviatura de divisas Forex Deal La compra o venta de una moneda contra la venta o la compra de otra moneda. El tiempo máximo para un acuerdo se define cuando se abre el acuerdo, el acuerdo se puede cerrar en cualquier momento hasta la fecha y hora de caducidad. Un acuerdo no puede ser cerrado en sus primeros 3 minutos, debido a razones técnicas. Contrato a plazo A veces utilizado como sinónimo de acuerdo a futuro o futuro. Más específicamente para arreglos con el mismo efecto que un acuerdo a término entre un banco y un cliente. Forward Cover Taking Forward contratos para protegerse contra los movimientos en el tipo de cambio. Contrato anticipado Trato con una fecha de valor superior a la fecha de valor de punto. Forward Points El diferencial de tipos de interés entre dos monedas expresado en puntos de cambio. Los puntos forward se suman o restan de la tasa spot para dar la tasa forward o outright dependiendo de si la moneda está en una prima forward o un descuento. Tasa a plazo La tasa a la cual un contrato de divisas es alcanzado hoy para su liquidación en una fecha futura especificada que se decide al momento de firmar el contrato. La decisión de restar o agregar puntos se determina por la diferencia entre los tipos de depósito para ambas monedas afectadas en la transacción. La moneda base con la tasa de interés más alta se dice que está en un descuento a la menor tasa de interés cotizada en el mercado a futuro. Por lo tanto, los puntos forward se restan de la tasa spot. Del mismo modo, se dice que la moneda base de la tasa de interés más baja es una prima, y ​​los puntos forward se añaden a la tasa spot para obtener la tasa forward. Reservas libres Reservas totales mantenidas por un banco menos las reservas requeridas por la autoridad. Front Office Las actividades realizadas por el distribuidor, las actividades comerciales normales. Análisis fundamental Análisis basado en factores económicos y políticos. Fundamentos Los factores macroeconómicos que se aceptan como el fundamento del valor relativo de una moneda, incluyen la inflación, el crecimiento, la balanza comercial, el déficit público y las tasas de interés. Fondos Un término para USD / CAD / Fungibles Instrumentos que son equivalentes, sustituibles e intercambiables en la ley. Puede aplicarse a ciertos contratos de divisas negociados en bolsa que se ofrecen en una serie de intercambios. Contrato de Futuro Un contrato negociado en un mercado de futuros que requiere la entrega de una determinada calidad y cantidad de una mercancía, moneda o instrumentos financieros en un futuro mes especificado, si no se liquida antes de que el contrato venza. Contratos de intercambio de futuros son contratos firmes para entregar (o recibir la entrega de) una cantidad estandarizada de algo en una cierta fecha a un precio predeterminado. Los futuros existen en monedas, depósitos en el mercado monetario, bonos, acciones y materias primas. Se negocian en un intercambio con la corporación de compensación gauranteeing el contrato y además el comercio se realiza sobre una base de marca a mercado. G10 G7 más Bélgica, Países Bajos y Suecia, un grupo asociado con discusiones del FMI. Suiza es a veces periférica. G5 Los cinco principales países industriales - EE. UU., Alemania, Japón, Francia, Reino Unido. G7 Los siete principales países industriales, siendo EE. UU. Alemania, Japón, Francia, Reino Unido, Canadá, Italia. Gamma La tasa a la cual un delta cambia en el tiempo o por una unidad de cambio en el precio del activo subyacente. GNP Deflator Elimina la inflación de la cifra del PNB. Generalmente expresado como porcentaje y basado en una cifra de índice. Brecha del PNB La diferencia entre el PNB real real y el potencial PNB real. Si la brecha es negativa, la economía se sobrecalienta. Gold Standard El sistema original para apoyar el valor de la moneda emitida. Este sistema estaba en boga antes de 1973, cuando los tipos de cambio fijos eran frecuentes. Producto Interno Bruto Valor total de la producción, ingreso o gasto de un país producido dentro de las fronteras físicas del país. Producto Nacional Bruto Producto Interno Bruto más ingreso del factor del exterior - ingreso obtenido de la inversión o trabajo en el extranjero. GTC Good Till Cancelled An order left with a dealer to buy or sell at a fixed price. The order remains in place until it is cancelled by the client. Hard Currency A currency whose value is expected to remain stable or increase in terms of other currencies. Head and Shoulders A pattern in price trends which chartist consider indicates a price trend reversal. The price has risen for some time, at the peak of the left shoulder, profit taking has caused the price to drop or level. The price then rises steeply again to the head before more profit taking causes the the price to drop to around the same level as the shoulder. A further modest rise or level will indicate that a further major fall is imminent. The breach of the neckline is the indication to sell. Hedge The purchase or sale of options or futures contracts as a temporary substitute for a transaction to be made at a later date. Usually it involves opposite positions in the cash or futures or options market. Hedging A hedging transaction is one whose main aim is to protect an asset or liability against a fluctuation in the foreign exchange rate rather than profit from the exchange rate fluctuations. Hyperinflation Very high and self sustaining inflation levels. One definition being the period while inflation exceeds 50 until it drops below that level for 12 months. ICCH International Commodities Clearing House Limited, a clearing house based in London operating world wide for many futures markets. IFEMA International Foreign Exchange Master Agreement. IMF International Monetary Fund, established in 1946 to provide international liquidity on a short and medium term and encourage liberalization of exchange rates. The IMF helps its members to tide over the balance of payments problems with supplying the necessary loans. IMM International Monetary Market part of the Chicago Mercantile Exchange that lists a number of currency and financial futures. Implied Rates The interest rate determined by calculating the difference between spot and forward rates. Inconvertible Currency Currency which cannot be exchanged for other currencies either because it is forbidden by the foreign exchange regulations or the currency witnesses extreme volatility that it is not perceived to be a safe haven for parking the funds. Indicative Quote A market-makers price which is not firm. Indirect quote Where the foreign currency is a variable amount and the domestic currency is fixed at one unit. Inflation Continued rise in the general price level in conjunction with a related drop in purchasing power. Sometimes referred to as an excessive movement in such price levels. Info Quote Rate given for information purposes only. Initial Margin The deposit required by the Broker before a client can trade/transact a deal to have some cushion in the event of default by the party. Interbank Rates The forex rates large international banks quote to other large international banks. Normally the public and other businesses do not have access to these rates. Interest Rate Risk The potential for losses arising from changes in interest rates Interest Rate Swaps An agreement to exchange interest rate exposures from floating to fixed or vice versa. There is no swap of the principal. The principal amount is notional as at the end of the tenure only cash flows related with the interest payments (whether payment or reciept) are exchanged. Intervention Action by a central bank to effect the value of its currency by entering the market. In-the-Money A call option is in-the-money if the price of the underlying instrument is higher than the exercise/strike price. A put option is in-the-money if the price of the underlying instrument is below the exercise/strike price. Intra Day Limit Limit set by bank management on the size of each dealers Intra Day Position. Intra Day Position Open positions run by a dealer within the day. Usually squared by the close. IOM Index and Options Market part of the Chicago Mercantile Exchange. IPI Industrial Production Index. A coincident indicator measuring physical output of manufacturing, mining and utilities. ISDA (International Securities Dealers Association Organization which foreign currency exchange banks have formed to regulate inter-bank markets and exchanges. J Curve A term describing the expected effect of a devaluation on a countrys trade balance. It is anticipated that import bills rise before export orders and receipts increase. Kiwi Slang for the New Zealand dollar. Knock In A process where a barrier option (European) becomes active as the underlying spot price is in the money. Knock Out has a corresponding meaning although the option may permanently cease to exist. Lay Off To carry out a transaction in the market to offset a previous transaction and return to a square position. LDC Less developed countries, often used with respect to secondary debt market. Leading Indicators Statistics that are considered to precede changes in economic growth rates and total business activity, e. g. factory orders. Leads and Lags The effect on foreign trade payments of an anticipated move in the exchange rate, normally a devaluation. The importers speeden up the payment for the imports and exporters delay receiving payment for the exports. Liability In terms of foreign exchange, the obligation to deliver to a counter party an amount of currency either in respect of a balance sheet holding at a specified future date or in respect of an un-matured forward or spot transaction. LIBOR (London Inter Bank Offer Rate) British Bankers Association average of interbank offered rates for dollar deposits in the London market based on quotations at 16 major banks. Effective rate for contracts entered into two days from date appearing. LIFFE London International Financial Futures Exchange. Limit Order Reserved Day Trading Deal An order to perform a Day Trading deal at a rate pre-defined by the customer, when and if such rate comes up in real market time. The Limit rate is superior to the existing rate at the time of reservation. The reservation order lasts for a period defined by the customer, and is associated by the necessary collaterals to facilitate the potential Day Trading deal, when and if activated, under the pre-defined terms. Limited Convertibility When residents of a country are prohibited from buying other currencies even though non-residents may be completely free to buy or sell the national currency and the foreign institutional investors also have the liberty to buy and sell shares on the stock exchange of that country. Liquidation Any transaction that offsets or closes out a previously established position. Liquidity The ability of a market to accept large transactions without having any major impact on the interest rates. Long A market position where the Client has bought a currency they previously did not own. For example: long Dollars. M0 Cash in circulation. Only used by the UK. M1 Cash in circulation plus demand deposits at commercial banks. There are variations between the precise definitions used by national financial authorities. M2 Includes demand deposits, time deposits and money market mutual funds excluding large CDs. M3 In the UK it is M1 plus public and private sector time deposits and sight deposits held by the public sector. M4 In the US it is M2 plus negotiable CDs. Make a Market A dealer is said to make a market when he quotes both the bid and offer prices at which he stands ready to buy and sell. Managed Float When the monetary authorities intervene regularly in the market to stabilise the rates or to push the exchange rate in a required direction. Also called a dirty float. Margin Collateral that the holder of a position in securities, options, Forex or futures contracts, has to deposit to cover the credit risk of his counterparty. Other definitions to MARGIN, used in other areas are: (1) Difference between the buying and selling rates, also used to indicate the discount or premium between spot or forward. (2) For options, the sum required as collateral from the writer of an option. (3) For futures, a deposit made to the clearing house on establishing a futures position account. (4) The percentage reserve required by the US Federal Reserve to make an initial credit transaction. Margin Call A demand for additional funds to cover positions Marginal Risk The risk that a customer goes bankrupt after entering into a forward contract. In such an event the issuer must close the commitment running the risk of having to pay the marginal movement on the contract. Mark - To - Market The profits and/or losses are tallied at the end of the session according to the closing prices of the security and the account is marked to the market daily. The party will be called upon to make good the losses if there has been an adverse movement in the prices and it can book the profits in case there has been a favorable movement in the prices. Market Value Market value of a forex position at any time is the amount of the domestic currency that could be purchased at the then market rate in exchange for the amount of foreign currency to be delivered under the forex Contract. Maturity Date for settlement of the transaction which is decided at the time of entering into the contract. MITI Japanese Ministry of International Trade amp Industry. Money Supply The amount of money in the economy, which can be measured in a number of ways. Mutual fund An open-end investment company. Equivalent to unit trust. Nickel US term for five basis points. Nostro Account A foreign currency current account maintained with another bank. The account is used to receive and pay currency assets and liabilities denominated in the currency of the country in which the bank is resident. Not Held Basis Order An order whereby the price may trade through or better than the clients desired level, but the principal is not held responsible if the order is not executed. Note A financial instrument consisting of a promise to pay rather than an order to pay or a certificate of indebtedness. Offer The rate at which a dealer is willing to sell the base currency. Official Settlements Account A US balance of payments measure based on movement of dollars in foreign official holdings and US reserves. Also referred to as reserve transaction account. Off-Shore The operations of a financial institution which although physically located in a country, has little connection with that countrys financial systems. In certain countries a bank is not permitted to do business in the domestic market but only with other foreign banks. This is known as an off shore banking unit. Old Lady Old lady of Threadneedle Street, a term for the Bank of England. One Cancels Other Order Where the execution of one order automatically cancels a previous order also referred to as OCO or One cancels the other. Open Market Operations The central bank operations in the markets to influence exchange and interest rates. Open Position Any deal which has not been settled by physical payment or reversed by an equal and opposite deal for the same value date. It can be termed as a high risk, high return proposition. Option A contract conferring the right but not the obligation to buy (call) or to sell (put) a specified amount of an instrument at a specified price within a predetermined time period. Option Class All options of the same type - calls or puts - listed on the same underlying instrument. Option Series All options of the same class having the same exercise/strike price and expiration date. Out-of-the-Money A put option is out-of-the-money if the exercise/strike price is below the price of the underlying instrument. A call option is out-of-the money if the exercise/strike price is higher than the price of the underlying instrument. Outright Deal A forward deal that is not part of a swap operation. Outright Forward Foreign exchange transaction involving either the purchase or the sale of a currency for settlement at a future date. Outright Rate The forward rate of a foreign exchange deal based on spot price plus forward discount/premium. Over The Counter (OTC) Un mercado dirigido directamente entre distribuidores y directores a través de una red telefónica y de computadoras en lugar de un mercado de cambio regulado. These markets have not been very popular because of the risks both the parties face in case the other party fails to honour the contract. Nunca fueron parte de la Bolsa de Valores ya que fueron vistos como no oficiales. Overheated (Economy) Is an economy on a high growth rate trajectory placing pressure on the production capacity resulting in increased inflationary pressures and higher interest rates. Overnight Limit Net long or short position in one or more currencies that a dealer can carry over into the next dealing day. Passing the book to other bank dealing rooms in the next trading time zone reduces the need for dealers to maintain these unmonitored exposures. Package Deal When a number of exchange and /or deposit orders have to be fulfilled simultaneously. Par (1) The nominal value of a security or instrument. (2) The official value of a currency. Parities The value of one currency in terms of another. Parity (1) Foreign exchange dealers slang for your price is the correct market price. (2) Official rates in terms of SDR or other pegging currency. Permitted Currency It means a foreign currency which is freely convertible i. e a currency which is permitted by the rules and regulations of the country concerned to be converted into major reserve currencies and for which a fairly active and liquid market exists for dealing against the major currencies. Pip See point. (0.0001 of a unit). Point (1) 100th part of a per cent, normally 10,000 of any spot rate. Movement of exchange rates are usually in terms of points. (2) One percent on an interest rate e. g. from 8-9. (3) Minimum fluctuation or smallest increment of price movement. Political Risk The potential for losses arising from a change in government policy or due to the risk of expropriation (nationalisation by the government ). Position The netted total exposure in a given currency. A position can be either flat or square (no exposure), long (more currency bought than sold), or short ( more currency sold than bought). PPI Producer Price Indices. See wholesale price indices. Premium (1) The amount by which a forward rate exceeds a spot rate. (2) The amount by which the market price of a bond exceeds its par value. (3) Options, the price a put or call buyer must pay to a put or call seller for an option contract. (4) The margin paid above the normal price level. Prime Rate (1) The rate from which lending rates by banks are calculated in the US. (2) The rate of discount of prime bank bills in the UK. Principal A dealer who buys or sells stock for his/her own account. Profit Taking The unwinding of a position to realize profits. Purchasing Power Parity Model of exchange rate determination stating that the price of a good in one country should equal the price of the same good in another country after adjusting for the changes in the price due to the change in exchange rate. Also known as the law of one price. Put Call Parity The equilibrium relationship between premiums of call and put options of the same strike and expiry. Put Option A put option confers the right but not the obligation to sell currencies, instruments or futures at the option exercise price within a predetermined time period. Quote An indicative price. The price quoted for information purposes but not to deal. Range The difference between the highest and lowest price of a future recorded during a given trading session. Rate The price of one currency in terms of another. It has the same meaning as the term parities. Recession A decline in business activity. Often defined as two consecutive quarters with a real fall in GNP. Reserve Currency A currency held by a central bank on a permanent basis as a store of international liquidity, these are normally Dollar, Deutschemark, and Sterling.. Reserves Funds held against future contingencies, normally a combination of convertible foreign currency, gold, and SDRs. Official reserves are to ensure that a government can meet near term obligations. They are an asset in the balance of payments. Resistance A price level at which the selling is expected to take place. Retail Price Index Measurement of the monthly change in the average level of prices at retail, normally of a defined group of goods. Reuter Dealing A system for screen based trading that has been in operation since the early 1980s. It now has a matching optional enhancement known as Dealing 2000-2. Revaluation Increase in the exchange rate of a currency as a result of official action. Risk management The identification and acceptance or offsetting of the risks threatening the profitability or existence of an organisation. With respect to foreign exchange involves, among others, consideration of market, sovereign, country, transfer, delivery, credit, and counterparty risk. Risk Premium Additional sum payable or return to compensate a party for adopting a particular risk. Risks There are risks associated with any market. It means variance of the returns and the possibility that the actual return might not be in line with the expected returns. The risks associated with trading foreign currencies are: market, exchange, Interest rate, yield curve, volatility, liquidity, forced sale, counter party, credit, and country risk. Rolling over The substituting of a far option for a near option of the same underlying stock at the same strike/exercise price. Rollover Where the settlement of a deal is carried forward to another value date based on the interest rate differential of the two currencies example: next day Selling Rate Rate at which a bank is willing to sell foreign currency. Settlement Actual physical exchange of one currency for another. Settlement Date It means the business day specified for delivery of the currencies bought and sold under a forex contract. Short A market position where the client has sold a currency he does not already own. Usually expressed in base currency terms. SITC Standard International Trade Classification. A system for reporting trade statistics in a common manner. SOFFEX Swiss Options and Financial Futures Exchange, a fully automated and integrated trading and clearing system. Soft Market More potential sellers than buyers, which creates an environment where rapid price falls are likely. Spot (1) The most common foreign exchange transaction. (2) Spot refers to the buying and selling of the currency where the settlement date is two business days forward. Spot Next The overnight swap from the spot date to the next business day. Spot Price/Rate The price at which the currency is currently trading in the spot market. Spread (1) The difference between the bid and ask price of a currency. (2) The difference between the price of two related futures contracts. (3) For options, transactions involving two or more option series on the same underlying currency. Stable Market An active market which can absorb large sale or purchases of currency without having any major impact on the interest rates. Stagflation Recession or low growth in conjunction with high inflation rates. Standard and Poors (SP) A US firm engaged in assessing the financial health of borrowers. The firm also has generated certain stock indices i. e. SampP 500. Sterilization Central Bank activity in the domestic money market to reduce the impact on money supply of its intervention activities in the forex market. Sterling British pound, otherwise known as cable. Stop Loss Order Order given to ensure that, should a currency weaken by a certain percentage, a short position will be covered even though this involves taking a loss. Realize profit orders are less common. Stop Out Price US term for the lowest accepted price for Treasury Bills at auction. Straddle The simultaneous purchase/sale of both call and put options for the same share, exercise/strike price and expiry date. Strike Price Also called exercise price. The price at which an option holder can buy or sell the underlying instrument. Strip A combination of two puts and one call. Structural Unemployment Unemployment levels inherent in an economic structure. Support Levels A price level at which the buying is expected to take place. Swap The simultaneous purchase and sale of the same amount of a given currency for two different dates, against the sale and purchase of another. Un swap puede ser un swap contra un delantero. In essence, swapping is somewhat similar to borrowing one currency and lending another for the same period. However, any rate of return or cost of funds is expressed in the price differential between the two sides of the transaction. Swift Society for Worldwide Inter-bank Financial Telecommunication is a clearing system for international trading. Swissy Market slang for Swiss Franc. Technical Analysis The study of the price that reflects the supply and demand factors of a currency. Common methods are flags, trend-lines spikes, bottoms, tops, pennants, patterns and gaps. Technical Correction An adjustment to price not based on market sentiment but technical factors such as volume and charting. Terms of Trade The ratio between export and import price indices. Theta A measure of the sensitivity of the price of an option to a change in its time to expiry. Thin Market A market in which trading volume is low and in which consequently bid and ask quotes are wide and the liquidity of the instrument traded is low. TIBOR Tokyo Inter-bank Offered Rate. Tick A minimum change in price, up or down. TIFFE Tokio International Financial Futures Exchange. Tomorrow Next (Tom next) Simultaneous buying and selling of a currency for delivery the following day and selling for the next day or vice versa. Trade Date The date on which a trade occurs. Tranche A portion of a deal or structured financing, specifically used for borrowings from the IMF. Transaction The buying or selling of securities resulting from the execution of an order. Transaction Date The date on which a trade occurs. Transaction Exposure Potential profit and loss generated by current foreign exchange transactions Under-Valuation An exchange rate is normally considered to be undervalued when it is below its purchasing power parity. Value Date For exchange contracts it is the day on which the two contracting parties exchange the currencies which are being bought or sold. For a spot transaction it is two business banking days forward in the country of the bank providing quotations which determine the spot value date. Value Spot Normally settlement is for two working days from the date the contract is entered into. Value Today Transaction is executed for same day settlement sometimes also referred to as cash transaction. Vanilla A simple option whose terms and conditions do not include any provisions other than exercise style, expiry and strike. To compare with exotic options which have additional terms. Variation Margin Funds required to be deposited by a client when a price movement has caused funds to fall below the stipulated percentage of the value of the contract. Vega Expresses the price change of an option for a one per cent change in the implied volatility. Velocity of Money The speed with which money circulates or turnover in the economy. It is calculated as the annual national income: average money stock in the period. Volatility A measure of the amount by which an asset price is expected to fluctuate over a given period. Normally measured by the annual standard deviation of daily price changes (historic). Can be implied from futures pricing, implied volatility. Vostro Account A local currency account maintained with a bank by another bank. The term is normally applied to the counter-partys account from which funds may be paid into or withdrawn, as a result of a transaction. Wholesale Money Money borrowed in large amounts from banks and institutions rather than from small investors. Wholesale Price Index It measures changes in prices in the manufacturing and distribution sector of the economy and tends to lead the consumer price index by 60 to 90 days. The index is often quoted separately for food and industrial products. Working day A day on which the banks in a currencys principal financial centre are open for business. For FX transactions, a working day only occurs if the bank in both (all relevant currency centers in the case of a cross) are open. World Bank A bank made up of members of the IMF whose aim is to assist in the development of member states by making loans where private capital is not available. Writer The seller of a position. Also known as the grantor of the trade. Writing a Currency is to sell it. Yield Curve The graph showing changes in yield on instruments depending on time to maturity. A system originally developed in the bond markets is now broadly applied to various financial futures. A positive sloping curve has lower interest rates at the shorter maturities and higher at the longer maturities. A negative sloping curve has higher interest rates at the shorter maturities. Z-Certificate Certificate issued by the Bank of England to discount houses in lieu of stock certificates to facilitate their dealing in the short dated gilt edge securities. Zero Coupon Bond A bond that pays no interest. The bond is initially offered at a discount to its redemption value. Advertencia de Riesgo: Forex, Commodities, Options y CFDs (OTC Trading) son productos apalancados que conllevan un riesgo sustancial de pérdida hasta su capital invertido y pueden no ser adecuados para todos. Asegúrese de que entiende completamente los riesgos involucrados y no invierta dinero que no puede permitirse perder. Consulte nuestra renuncia de responsabilidad completa. EF Worldwide Ltd EF Worldwide Ltd Easy Forex reg es una marca registrada. Copyright copy 2016. All rights reserved. Forex Glossary About Us OptiLab Partners AB Fatburs Brunnsgata 31 118 28 Stockholm Sweden Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. El alto grado de apalancamiento puede trabajar en su contra, así como para usted. Antes de decidir invertir en divisas debe considerar cuidadosamente sus objetivos de inversión, nivel de experiencia y apetito de riesgo. Ninguna información o opinión contenida en este sitio debe ser tomada como una solicitud u oferta para comprar o vender cualquier moneda, capital u otros instrumentos financieros o servicios. El rendimiento pasado no es ninguna indicación o garantía de rendimiento futuro. Por favor, lea nuestra renuncia legal. Copiar 2016 OptiLab Partners AB. All Rights Reserved. Online Trading Glossary Account . Record of all transactions. Account Balance . Amount of money in an account. Aggressive trading . The riskier alternative among trading scenarios. Alerts . A notification, often received by email or SMS, of a market event such as a stock or currency reaching a target price. Appreciation . A currency is said to appreciate when price rises in response to market demand an increase in the value of an asset. Arbitrage . Taking advantage of countervailing prices in different markets by the purchase or sale of an instrument and the simultaneous taking of an equal and opposite position in a related market to profit from small price differentials. Ask Price . The price, or rate, that a willing seller is prepared to sell at. Aussie . The Australian Dollar Available Margin . The amount of funds that is available in an account to execute new transaction(s) and/or to increase an exposure. The Available Margin acts as collateral against losses, therefore when the Available Margin hits zero or below, this results in a margin call (among most brokers). The Available Margin is derived from subtracting the Used Margin requirements from the Equity. The Available Margin is also known as Usable Margin or Free Margin. Available Margin Total Equity ndash Used Margin Back Office . The departments and processes related to the settlement of financial transactions (i. e. written confirmation and settlement of trades, record keeping). Balance of Payments . A record of a nation39s claims of transactions with the rest of the world over a particular time period. These include merchandise, services and capital flows. Balance of Trade . The value of a country39s exports minus its imports. Bar Chart . A type of chart which consists of four significant points: the high and the low prices, which form the vertical bar, the opening price, which is marked with a little horizontal line to the left of the bar, and the closing price, which is marked with a little horizontal line to the right of the bar. Base Currency . The currency in which an investor or issuer maintains its book of accounts the currency that other currencies are quoted against. In the Forex market, the US Dollar is often considered the base currency for quotes, meaning that quotes are expressed as a unit of 1 USD per the other currency quoted in the pair. Basis Point . One hundredth of a percent. Bear . An investor who believes that prices/the market will decline. Bear Market . A market distinguished by a prolonged period of declining prices accompanied with widespread pessimism. Bearish: Believing that a particular security, sector, or the overall market is about to fall. Opposite of bullish. quotBearquot is a trader who believes the market will fall. There are many ways to measure a Bear Market. Many class the markets to be bearish if prices of major indices have declined more than 20 Bearish Engulfing . A chart pattern that consists of a small white candlestick with short shadows or tails followed by a large black candlestick that eclipses or quotengulfsquot the small white one. Bearish Harami . A reversal pattern characterized by a large candlestick followed by a much smaller candlestick. The second candle is located within the range of the prior candle39s body, and is always smaller than the previous body. Such a pattern is an indication that the previous upward trend is coming to an end. Bearish Reversal . A formation of either one or numerous candlesticks, indicating that the prior downtrend is about to end. Bid Price . The price at which an investor, trader or institution is willing to sell the security. Big Figure . Dealer phrase referring to the first few digits of an exchange rate. These digits rarely change in normal market fluctuations, and therefore are omitted in dealer quotes, especially in times of high market activity. For example, a USD/Yen rate might be 107.30/107.35, but would be quoted verbally without the first three digits i. e. quot30/35quot. Bandas de Bollinger . A technical indicator forming an envelope around the trading price. The envelope is calculated using standard deviations and shows price volatility. Bonds . Bonds are tradable instruments (debt securities) which are issued by a borrower to raise capital. They pay either fixed or floating interest, known as the coupon. As interest rates fall, bond prices rise and vice versa. Bretton Woods Agreement of 1944 . An agreement that established fixed foreign exchange rates for major currencies, provided for central bank intervention in the currency markets, and pegged the price of gold at US 35 per ounce. The agreement lasted until 1971, when President Nixon overturned the Bretton Woods agreement and established a floating exchange rate for the major currencies. Broken . when a price breaks thru a certain critical level Broker . An individual, or firm that acts as an intermediary, putting together buyers and sellers usually for a fee or commission. In contrast, a dealer commits capital and takes one side of a position, hoping to earn a spread (profit) by closing out the position in a subsequent trade with another party. Buba . Bundesbank, Central Bank of Germany Bull . An investor who believes that prices/the market will rise. Mercado alcista . A market distinguished by a prolonged period of rising prices (Opposite of bear market). Bull markets are accompanied by high confidence and market rallies. Bullish . Bullish refers to having a positive outlook on a particular security or an investment. A situation where groups of financial securities are rising. Bullish Engulfing . A chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses or quotengulfsquot the previous day39s candlestick. The shadows or tails of the small candlestick are short, which enables the body of the large candlestick to cover the entire candlestick from the previous day. Bullish Harami . A candlestick chart pattern in which a large candlestick is followed by a smaller candlestick whose body is located within the vertical range of the larger body. In terms of candlestick colors, the bullish harami is a downtrend of negative-colored (black) candlesticks engulfing a small positive (white) candlestick, giving a sign of a reversal of the downward trend. Bullish Reversal . A formation of either one or numerous candlesticks, indicating that the prior uptrend is about to end. Cable . Trader jargon for the British Pound Sterling referring to the Sterling/US Dollar exchange rate. Term began due to the fact that the rate was originally transmitted via a transatlantic cable starting in the mid 1800s. Candlestick Chart . A candlestick chart is a style of bar-chart used primarily to describe price movements of a security (finance), derivative, or currency over time. Candlestick charts provide a quick visual picture of the relationship between opening and closing prices and their relative strengths or weaknesses, especially for extended periods. The body, which looks like a candle, represents the difference between opening and closing prices. Candlestick design: A candle stick pattern. The rectangle represents the body of the candle and indicates the difference between the opening and closing price. The end of the two shadows represents the high and low of the candle. Capital Markets: Markets for medium to long term investment (usually over 1 year). These tradable instruments are more international than the 39money market39 (i. e. Government Bonds and Eurobonds). Central Bank . A government or quasi-governmental organization that manages a countrys monetary policy and prints a nation39s currency. For example, the US central bank is the Federal Reserve. Other central banks include the ECB, BOE, and BOJ. Chart report . A chart is a collection of historical price action that is represented visually. Chartist . An individual who uses charts and graphs and interprets historical data to find trends and predict future movements. Also referred to as Technical Trader. Clearing . The process of settling a trade. Closed Position . Exposures in Foreign Currencies that no longer exist. The process to close a position is to sell or buy a certain amount of currency to offset an equal amount of the open position. This will 39square39 the position. Closing price: The final price at which a security is traded on a given trading day. The closing price represents the most up-to-date valuation of a security until trading commences again on the next trading day. Closing Prices . The price of the last transaction for a given security at the end of a given trading session. Also known as the 39close39. Comisión. A transaction fee charged by a broker. Commodities . Plural of commodity. Commodity . A basic good, such as food, grains, and metals, which is interchangeable with. Confirmation . A document exchanged by counterparts to a transaction that confirms the terms of said transaction. Conservative . To be cautious or risk averse in an investment strategy. Preservation of capital. Consolidation . A period of indecisiveness where the price moves within a trading range. Contract . The standard unit of trading. Counter Party . The participant, either a bank or customer, with whom the financial transaction is made. Cross Rate . An exchange rate between two currencies. The cross rate is said to be non-standard in the country where the currency pair is quoted. For example, in the US, a GBP/CHF quote would be considered a cross rate, whereas in the UK or Switzerland it would be one of the primary currency pairs traded. Currency . Any form of money issued by a government or central bank and used as legal tender and a basis for trade. Currency Depreciation . When the value of a particular currency falls substantially. Currency Pair . The two currencies that make up a foreign exchange rate. For Example, EUR/USD Currency Risk . The risk of incurring losses resulting from an adverse change in exchange rates. Dark Cloud Cover . A chart pattern where a black candlestick follows a long white candlestick. This will indicate the possibility of an upcoming bearish trend. Day Trading . Opening and closing the same position or positions within the same trading session. Dealer . An individual that acts as a principal to a transaction and is the responsible for the company39s risk by reviewing the customer margin, the trading rates, the deal size, etc. Deficit . A negative balance. Delivery . An actual delivery where both sides transfer possession of the currencies traded. Deposit . Funding the account. Depreciation . A decline in the value of a currency due to market forces. Derivative . A contract that changes in value in relation to the price movements of a related or underlying security, future or other physical instrument. An Option is the most common derivative instrument. Devaluation . The deliberate downward adjustment of a currency39s value, normally by official announcement. ECB - European Central Bank . The Central Bank for the European Monetary Union. Economic Indicator . A statistic that indicates about the economic situation and that is issued by the government or a non-government institution (i. e. Gross Domestic Product (GDP), Employment Rates, Trade Deficits, Industrial Production, and Business Inventories). EMU - European Monetary Union . A monetary union is an arrangement where several countries have agreed to share a single currency amongst them. The European Economic and Monetary Union (EMU) consists of three stages coordinating economic policy, achieving economic convergence (that is, their economic cycles are broadly in step) and culminating with the adoption of the euro, the EU39s single currency. End Of Day (Mark-to-Market) . Traders account for their positions in two ways: accrual or mark-to-market. An accrual system accounts only for cash flows when they occur, hence, it only shows a profit or loss when realized. The mark-to-market method values the traders book at the end of each working day using the closing market rates or revaluation rates. Any profit or loss is booked and the trader will start the next day with a net position. Euro . The currency of the European Monetary Union (EMU). Execution Date: The date on which a trade occurs. Exit point . The price at which an investor closes his open position. The exit point is usually decided as part of a premeditated trading strategy meant to mitigate investment risk and take the emotion out of trade decisions. Exposure Closing . Executing a deal or deals that results in balancing the exposure in a specific currency or of the entire exposure, so there is no risk to the trader39s investment regardless to the exchange rate. Exposure Coverage . The percentage of exposure that is covered by funds. Exposure coverage is calculated by dividing your Total Equity by your Net Exposure. Exposure Coverage Total Equity / Net Exposure Fed - Federal Reserve . The Central Bank for the United States. Fixed Exchange Rate (Representative Rate) . An official exchange rate set by monetary authorities for one or more currencies. Flat (Square, Balanced) . To be neither long nor short is the same as to be flat or square. One would have a flat book if he has no positions or if all the positions cancel each other out (Exposure is closed). Floating Profit/Loss . quotOpen P/Lquot. See quotUnrealized Profit/Lossquot FOMC - Federal Open Market Committee . The Federal Reserve (the U. S. central bank) committee for monetary issues. Forex - Foreign Exchange . The simultaneous buying of one currency and selling of another in an over-the-counter market. Most major FX is quoted against the US Dollar. Forward . A Forex deal which its value date is more than Spot (2 business days). The rate of a Forward deal is different from the rate of Spot deal, as it considers the interest rate differences. Forward Rate Spot Rate Forward Pips. Forward Points . The pips added to or subtracted from the current exchange rate to calculate a forward price. Forward transaction . See quotForwardquot FRA - Forward Rate Agreements: FRAs are transactions that allow one to borrow/lend at a stated interest rate over a specific time period in the future. Front and Back Office . Front office is a business term that refers to a company39s departments that come in contact with clients, including the marketing, sales, and service departments. In our case, also the trading room. A back office is a part of most corporations where tasks dedicated to running the company itself take place. Fundamental Analysis . Analysis of economic and political information with the objective of determining future movements in a financial market. Futures Contract . In finance, a futures contract is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality at a specified future date at a price agreed today (the futures price). The contracts are traded on a futures exchange. Futures contracts are not quotdirectquot securities like stocks, bonds, rights or warranties. They are still securities, however, though they are a type of derivative contract. G5 . The five leading industrial countries, being US, Germany, Japan, France, UK. G7 . The seven leading industrial countries, being US, Germany, Japan, France, UK, Canada, Italy. GDP - Gross Domestic Product . Total value of a country39s output, income or expenditure produced within the country39s physical borders. GNP - Gross National Product . GDP income earned from investment or work abroad. GTC - Good-Till-Cancelled . An Order which is given to a Dealer to buy or sell one asset against the other at a specific price. The Order will remain intact until executed or cancelled. Seto A position or combination of positions that reduces the risk of the trader39s primary position. Hedge Fund . An aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged, long, short and derivative positions in both domestic and international markets with the goal of generating high returns (either in an absolute sense or over a specified market benchmark). Hedging . A type of transaction that limits investment risk with the use of derivatives, such as options and futures contracts. Hedging transactions purchase opposite positions in the market in order to ensure a certain amount of gain or loss on a trade. They are employed by portfolio managers to reduce portfolio risk and volatility or lock in profits. Alta baja . Usually the highest traded price and the lowest traded price for the underlying instrument for the current trading day. IMF - International Monetary Fund . The IMF is an international organization of most of the UN member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements to foster economic growth and high levels of employment and to provide temporary financial assistance to countries to help ease balance of payments adjustment. Inflation . An economic condition where there is an increase in the price of consumer goods, thereby eroding purchasing power. Initial Margin . The initial deposit of collateral required to enter into a position as a guarantee on future performance. Interbank Market . A market in which financial institutions can trade. The term refers to short term money or foreign exchange markets that are only accessible to banks or financial institutions. There is no physical market place the transactions take place over communication networks such as Bloomberg or Reuters. Interbank Rates: The Foreign Exchange rates at which large international banks quote other large international banks. Intervention . Action by a central bank to affect the value of its currency by entering the market. Concerted intervention refers to action by a number of central banks to control exchange rates. IRS - Interest Rate Swaps . An exchange of two debt obligations that have different payment streams. The transaction usually exchanges two parallel loans one fixed the other floating. Kiwi . The New-Zealand Dollar. Leading Indicators . Economic variables that are considered to predict future economic activity (i. e. Unemployment, Consumer Price Index, Producer Price Index, Retail Sales, Personal Income, Prime Rate, Discount Rate, and Federal Funds Rate). Leverage . Also called margin. The ratio of the amount used in a transaction to the required security deposit. Libor - London Interbank Offered Rate: The London Inter-Bank Offered Rate. Large international banks use LIBOR when borrowing from another bank. Limit Order . An order with restrictions on the maximum price to be paid or the minimum price to be received. As an example, if the current price of USD/YEN is 117.00/05, then a limit order to buy USD would be at a price below 117. (ie 116.50) Liquidation . The closing of an existing position through the execution of an offsetting transaction. Liquidity . The ability of a market to accept large transaction with minimal to no impact on price stability. Long . In finance, a long position in an asset, such as a stock or a bond, or equivalently to be long in a security, means the holder of the position owns (buys) the asset and will profit if the price appreciates. Long Position . A position that appreciates in value if market prices increase. When the base currency in the pair is bought, the position is said to be long. Loonie . The Canadian Dollar. Lot . A unit to measure the amount of the deal. The value of the deal always corresponds to an integer number of lots. Margin . The ratio between the available funds that an investor has, to his exposure. Margen de llamada. A broker39s demand on an investor to deposit additional money or securities so that the margin account is brought up to the minimum maintenance margin. Margin Utilization . The percentage of the available margin utilized. Margin Utilization is calculated by dividing your Used Margin by your Total Equity. The higher the value is, the higher the risk is and the chance that the transactions will be closed due to insufficient funds. Margin Utilization Used Margin / Total Equity Market Maker . A market maker is a company, or an individual, that quotes both a buy and a sell price in a financial instrument or commodity, hoping to make a profit on the bid-offer spread, or turn. Market Order . An order to buy/sell at the best price available when the order reaches the market. Market Volatility . volatility refers to the amount of uncertainty or risk about the size of changes in a security39s value. A higher volatility means that a security39s value can potentially be spread out over a larger range of values. This means that the price of the security can change dramatically over a short time period in either direction. A lower volatility means that a security39s value does not fluctuate dramatically, but changes in value at a steady pace over a period of time. Money Markets . Refers to investments that are short-term (i. e. under one year) and whose participants include banks and other financial institutions. Examples include Deposits, Certificates of Deposit, Repurchase Agreements, Overnight Index Swaps and Commercial Paper. Short-term investments are safe and highly liquid. Money Supply . Money supply figures and M1 specifically, once were the most important release to watch in the Treasury market, as the Fed directly targeted M1 growth in the early 1980s. The focus on money supply has long since been abandoned, however. To the extent that money supply is still monitored by the market, M2 is the favored monetary aggregate. The Fed still targets both M2 and M3 in a rhetorical sense, but these targets mean little when it comes to policy decisions. If the Fed misses its target, it is more likely to change the target than it is to change policy. In 2000, the Fed finally abandoned the targets altogether, thereby removing any remaining emphasis on this one-time star release. MPC - Monetary Policy Committee . A committee of the central Bank of England that is responsible for the monetary policy decisions. OCO - One Cancels the Other . A set of 2 Limit orders, where the execution of one of them automatically cancels the other one. Offer Price . ASK price - the price, or rate, that a seller (usually the Market Maker) is willing to sell at and the investor to buy at. Open order . An order that will be executed when a market moves to its designated price. Normally associated with Good 39til Cancelled Orders. Open Position . An active trade with corresponding unrealized PampL, which has not been offset by an equal and opposite deal. Options . A derivative financial instrument that establishes a contract between two parties concerning the buying (CALL) or selling (PUT) of an asset at a reference price during a specified time frame. The price of an option derives from the value of an underlying asset (commonly a stock, a bond, a currency or a futures contract) plus a premium based on the time remaining until the expiration of the option. Orden . An order is an instruction, from a client to a broker to trade. An order can be placed at a specific price or at the market price. Also, it can be good until filled or until close of business. Overnight Position . A trade that remains open until the next business day. Over-The-Counter (OTC) . Refers to trading that is not done over a formal exchange. Traditional trading is done over the counter, meaning traders entered into transactions with one another over telephones or electronic devices. Counter refers to counterparty, in that with trading one trades with counterparty instead of through an exchange. In online trading with a market maker, the counterparty is the market maker. PampL . Profit and Loss Pip . The smallest upward or downward price movements quoted in online trading. In EUR/USD, a movement of 0.0001 is one pip (for example, from 140.005 to 140.004 euro). In USD/JPY, a movement of 0.01 is one pip (for example, from 116.32 to 116.31 yen). Pip-spreads . Spreads play a significant factor in profitable online trading. Cuando comparamos con el promedio de propagación al movimiento diario promedio, surgen muchos problemas interesantes. A saber, algunas parejas son más ventajosas para el comercio que otras. En segundo lugar, los márgenes minoristas son mucho más difíciles de superar en el comercio a corto plazo de lo que algunos pueden anticipar. Third, a quotlargerquot spread does not necessarily mean the pair is not as good for day trading when compared to some lower spread alternatives. Same goes for a quotsmallerquot spread - it does not mean it is better to trade than a larger spread alternative. Points, Pips: The term used in currency market to represent the smallest incremental move an exchange rate can make. Depending on context, normally one basis point (0.0001 in the case of EUR/USD, GBD/USD, USD/CHF and .01 in the case of USD/JPY). Position . A binding commitment to buy or sell a given amount of financial instruments, such as securities, currencies or commodities, for a given price. It can refer to the amount of a currency either bought or sold by an investor. Premium . In the Option markets, this is the payment for buying or selling an option. In the Margin Trading markets, it is the amount of points added to the spot price to determine a forward or futures price. Price Manipulation . The act of artificially inflating or deflating the price of a security. Profit/Loss (P/L) . The actual quotrealizedquot gain or loss resulting from trading activities on Closed Positions, plus the theoretical quotunrealizedquot gain or loss on Open Positions that have been Mark-to-Market. Cita An indicative market price on a security at any given time. Quoted currency . The second currency of two in a currency pair. For the EUR/USD, USD is the quoted currency. The exchange rate quoted is how many units of the second currency you will receive for one unit of the base currency. Rally. A recovery in price after a period of decline. Range . The difference between the highest and lowest price of an asset during a given trading session. Rate . The price of one currency in terms of another. Repo - Re-purchase . This type of trade involves the sale and later re-purchase of an instrument, at a specified time and date. Occurs in the short-term money market. Resistance . A term used in technical analysis indicating a specific price level at which a currency will have the inability to cross above. Recurring failure for the price to move above that point produces a pattern that can usually be shaped by a straight line. Retail Investor . Individual investors who buy and sell securities for their personal account, and not for another company or organization. Gestión de riesgos . Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities. Risks can come from uncertainty in financial markets. The strategies to manage risk include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. Roll-Over . Process whereby the settlement of a deal is rolled forward to another value date. The cost of this process is based on the interest rate differential of the two currencies. Risk/Reward ratio: A ratio used by many investors to compare the expected returns of an investment to the amount of risk undertaken to capture these returns. Esta relación se calcula matemáticamente dividiendo la cantidad de ganancia que el comerciante espera haber hecho cuando la posición se cierra (es decir, la recompensa) por la cantidad que él o ella está a perder si el precio se mueve en la dirección inesperada (es decir, el riesgo). Settlement . The process by which a trade is entered into the books and records of the counterparts to a transaction. The settlement of currency traders may or may not involve the actual physical exchange of one currency for another. Short . To go short is to have sold an instrument without actually owning it, and to hold a short position with expectations that the price will decline so it can be bought back in the future at a profit. Short Position . An investment position that benefits from a decline in market price. When the base currency in the pair is sold, the position is said to be short. Spot . A transaction that occurs immediately, but the funds will usually change hands within two business days after deal is struck. Spot Price . The current market price. Settlement of spot transactions usually occurs within two business days. Spread . The difference between the bid and offer (ask) prices used to measure market liquidity. Narrower spreads usually signify high liquidity. Stop Loss Order: An order to buy/sell at an agreed price which is inferior in compare to the market price. One could also have a pre-arranged stop order, whereby an open position is automatically liquidated when a specified price is reached or passed. Support Levels A technique used in technical analysis that indicates a specific price ceiling and floor at which a given exchange rate will automatically correct itself. Opposite of resistance. Swap . A currency swap is the simultaneous sell and buy of the same amount of a given currency. Technical Analysis: An effort to forecast prices by analyzing market data, i. e. historical price trends and averages, volumes, open interest, etc. Tick . Every quote - any change in price, up or down. Tomorrow Next (Tom/Next) . Simultaneous buying and selling of a currency for delivery the following day. Trading plan . A systematic method for screening and evaluating stocks, determining the amount of risk that is or should be taken, and formulating short and long-term investment objectives. A successful trading plan will also involve details like the type of trading system to be used. Most plans require the use of various types of technical analysis tools. Trading Station . An application that allows online trading. Two Way Price Both the bid and ask rate is quoted for an online trading transaction. Unrealized Profit/Loss (Open P/L) . The mark-to-market Profit or Loss that occur from an Open Position, according to the relevant market rate in case of liquidation. US Prime Rate . The interest rate at which US banks will lend to their prime corporate customers. Used Margin . The amount of funds that is set aside to keep the transactions open. The Used Margin acts as collateral for your net exposure per instrument, and is essentially locked away until such exposure is closed. Once transactions are executed, the required Used Margin is deducted from the Available Margin until such exposure is closed. The Used Margin is also known as Required Margin. The Used Margin calculation is according to the Margin Requirements and its calculation is available within the trading platform. Value Date . The date on which counterparts to a financial transaction agree to settle their respective obligations, i. e. exchanging payments. For spot currency transactions, the value date is normally two business days forward. Also known as maturity date. Volatilidad . A statistical measure of a market or a security39s price movements over time and is calculated by using standard deviation. Associated with high volatility is a high degree of risk. Volume . The number, or value, of securities traded during a specific period.