Forex Glossary

A sector

ABC - Elliot Wave terminology for trivalnovo price movement against the trend. A wave is the first price wave against the market trend, wave B is corrective wave to wave A, wave C is the final price movement to complete the process. Researchers studying Elliott wave waves A and C for price ratios based on numbers from the Fibonacci lines
Abnormal Return (Extraordinary yield) / return / - Yields on securities, other than that which can be made only by amendment of the total market. Cumulative (or cumulative) returns an exceptional (Cumulative Abnormal Return, or CAR) is an exceptional total returns for the period covering the announcement or publication of information, including some time before and after this event.

Account (Account) - Brokers find their clients the following types of accounts: Cash (without providing credit brokerage), Margin (with the option of providing credit brokerage), Option (options trading), Custody (by proxy - for example, in favor of minors) , IRA (Pensions), Joint (joint), etc.

Account Statement (Summary Account) - Contains information on the operations conducted and the status of client account for a certain period

Accumulation (accumulation) - Supplement to the initial position of market traders. The first of three distinct phases in majeure trend of buying by investors.

Accumulation / Distribution Line - See Chaikin Oscillator

Active Management (Active management) - Attempts to reach more than commensurate with the risk portfolio returns or through prediction of general market trends or by identifying specific market sectors or securities with a price discrepancy.

Active Portfolio (Active Portfolio) - In the context of model-Trainer Black (Treynor-Black) portfolio that is formed by mixing analyze stocks with suspected non-zero alpha values. This portfolio is then mixed with a passive portfolio of market indices

Adaptive Filter (Adaptive Filter) - In the context of model-Trainer Black (Treynor-Black) portfolio that is formed by mixing analyze stocks with suspected non-zero alpha values. This portfolio is then mixed with a passive portfolio of market indices

Adjusted Forecast (corrected estimate) - Forecast (micro or macro), which is adjusted to take account of the inaccuracy of the provision.

Adverse Excursion (Hostile retreat) - The loss attributed to price movements against their position in each Trade

After Hour Trading - Trade with a share or index consisting hours after completion of the official trading session.

All or None (All or nothing) - Type of contract where there is constraint that can not be partially executed. In other words, it should be executed only if it is possible to sell all requested quantity at a fixed price.

Alpha (Alpha) - Special rates of return on one security beyond that which can be made by the equilibrium model, CAPM, or APT.

American Depository Receipts (ADR) (American Depository Receipts) - Trading in U.S. securities that represent rights to shares of foreign emissions.

American option, European option (option American, European option) - American option can be exercised both before and its expiration date (maturity). Compare with the European option, which can only be exercised on the expiry date (maturity).

Annual Earnings Change (%) (Annual change in profit) - The historic change of profit between the last reported financial year and the previous.

Annual Net Profit Margin (%) (Annual net profit margin of) - The profit margin for the company in gross sales for the last reported financial year.

Appraisal Ratio (Evaluative terms) - Signal / noise in the predictions of an analyst. The ratio of alpha to residual standard deviation

Appreciation (Rebound) - Increase the value of currency unit expressed in unit of another currency.

APR (Annual Percentage Rate) - Annual interest rate.

Arbitrage (Arbitration)- Simultaneous buying and selling the same or similar financial instruments carried at different markets in order to make a profit due to the difference in price between those markets of the toolbar

Arbitrage Pricing Theory (Theory of arbitration pricing) - Theory of valuation of assets derived from the factorial design using diversification and arbitrage arguments. The theory describes the relationship between the expected returns of securities, provided that there are opportunities for enrichment through risk-free arbitrage investments.

Artificial Intelligence (Artificial Intelligence) - An area of computer science that deals with the development of programs aimed at assimilation of processes of the human brain.

Ask / Offer (Sell)- Selling rate for the relevant financial instrument.

Asked Price (Sale Price) - The price at which a dealer is willing to sell the security.

Asset Allocation (Allocation of assets) - The process of drawing up the optimal portfolio of different types of financial instruments (stocks, bonds) to reduce overall portfolio risk and maximization of aggregate income.

Asset Turnover (ATO) (Asset Value) - The annual sales volume generated by each dollar of assets (sales / assets).

Auction Market (Auction) - A market where all vendors of a product are collected in one place to buy or sell an asset. One example is the New York Stock Exchange (NYSE).

Aussie - Dealers slang for the Australian dollar.

Auto Regressive Integrated Moving Average (ARIMA) (Avto regresivna integrirana palzyashta sredna)- Metodologiya linear predictor through stochastic model described by the Boks and Jenkins in their book "Analysis of time series, prediction and control.

Autocorrelation (Avtokorelatsiya) - Korelatsiyata between the values of time series and those of previous same time line. Also, the extent to which the ratio of profit / loss of one treyder refers to his work in different periods.

ATS - Alternative Trading Systems (Alternative Trading Systems) - The fastest growing segment in the infrastructure of the stock market, represented by different computer systems (electronic communication networks or ECNs), which provide investors faster and cheaper access to the market. Most famous are Instinet, SOES, Island, SelectNet, Terra Nova and others.

Average collection period, or days' receivables - the average recovery or number of days of receivables. Receivables to sales ratio, or the total amount of credit granted to the dollar sales per day (average size of claims / sales ґ 365).

Average Directional Movement Index (ADX) (Mean index of movement direction) - Indicators, developed by D. Uaylder to measure the intensity of market trends.

Averaging - A strategy for optimizing the average price of securities in the portfolio of traders through buying more already in the portfolio securities in the event of a reduction (averaging down) or increase (averaging up) of their value.

Section B

Bank Discount Yield (Bank discount yield)- Anualiziran interest rate based on simple interest and 360-day year that the return on invested dollar is calculated on the nominal value of the security rather than the purchase price

Banker's Acceptance (acceptance Banking) - Active (tool) from the money market, representing an order to the bank by its customer to pay a certain sum of money at a future date.

Bar Chart (chart) - Type of graph, which summarizes and illustrated information on the movement of the price of a financial instrument through a period called. bar. Its highest point reached corresponds to the maximum price for the period, while the lowest point indicates the lowest price reached by the instrument during the period. Left horizontal line notes the level of opening, and the right - the level of closure.

Base Currency (basic / primary currency) - Currency against which other currencies are quoted in a currency pair. For example, when USD / BGN base currency is the U.S. Dollar as the quote is given in euro for one dollar

Basis (Basis) - The difference between fyuchasrnata price and spot price.

Basis Point (bps) - Unit (representing one-hundredth of a percent, ie 0.01%), instruments used for interest.

Basis Risk (Basic risk) - The risk associated with unpredictable changes in the spread (ie difference) between fyuchasrnata price and spot price.

Bear (Bear) - Market players, who felt that the price of the financial instrument will decrease. The opposite of Bull (bull).

Bear Market (Bear Market) - A market characterized by declining prices.

Benchmark Error (Reference Error)- Use of inadequate substitute for true market portfolio.

Beta (Beta) - The measure of systematic risk of a security. The trend of a return security to respond to general market fluctuations.

Bid (Bid) - Course for buying the financial instrument.

Bid-Asked Spread (buy-sell spread) - The difference between prices bid and offer a dealer.

Bid-Offer Spread (buy-sell spread) - The difference between the rates of purchase (bid) and selling (offer) for a marketing tool.

Big Figure (Big Figure) - The dealer jargon - means the base number - 100 points.

Binomial Model (Binomial model)- Model for assessing the options for which implies that for any shorter period of time, stock prices can be changed to one of two possible values.

Black-Scholes Formula (Formula of Black-Scholes) - Equation for the evaluation of an option to buy, using the share price, exercise price, risk-free rate, time to maturity and the standard deviation of return on stock

Block House (Block House)- Brokerage firm that helps find potential buyers or sellers of large packages of shares (block trading).

Block Sale (Block / package / sale)- Deal more than 10.000 shares.

Block Transactions (Block / package / transactions) - Great deals where to buy or sell at least 10,000 shares. Honest broker or "block houses" searches made other major retailers, rather than carry trade on the stock exchange

Bogey (nominal / neutral / reference) - The return, which compares the return on an investment manager to evaluate its performance.

Bollinger Bands (Bolinzher lines) - Lines of Bolinzher expand to the increased volatility and decreased at a reduced one, and when to break indicate that the trend is strong and probably will continue in this direction

Bond (Bond) - A security issued by governments, communities, businesses to provide financial resources from the bond buyers. The yield on bonds is the interest paid to buyers for using this resource.

Bond Equivalent Yield (Ekvivalentna bond yield) - Yield bond calculated by the method of simple annual percentage rate (APR). It differs from the effective annual yield.

Book Value (Book value) - Accounting measure corresponding to the net worth of ordinary shares under the company's balance sheet.

Break-Even Point (Critical Point)- The level at which achievement of the existing position will be exactly zero (will be neither profitable nor losing).
Breakout - Sharp movements in the course of a conditional limit (previous top or bottom, level of consolidation).

Broker (Broker) - A natural or legal person performing contracts for the purchase and sale of currencies or other financial instrument against the spread or commission.

Broker-Dealer (Broker-Dealer) - A company that manages transactions for its customers while buying securities for its own account and sells them to customers.

Brokered Market (a market with intermediation) - Market in which an intermediary (broker) offers buyers and sellers in the demand for services contractor.

Bull (Bull) - Market players, who felt that the price of the financial instrument will increase. The opposite of Bear (bear).

Bull CD, Bear CD (Boarium / bearish deposit certificate) - Bullish deposit certificate holder pays a fixed percentage of the increase in return on market index down, while ensuring a minimum rate of return. Bearish deposit certificate holder pays part of any fall in the value of a market index.

Bull Market (Boarium market) - A market characterized by rising prices.

Bullish, Bearish (Boarium, bearish) - Boarium (ie bulls), bearish (ie bears). Words used to describe the investment style of behavior. Bullish means optimistic, pessimistic bearish means. It is also used in expressions as bullish or bearish market, market.

Bundling, Unbundling (Connection, untick) - Trend to create securities through a combination of primary and derivatives (derivative) securities in a hybrid or done by dividing the return on one asset classes.

Business Cycle (Business cycle) - Repeated cycles of recession and economic growth.

Buy-and-hold approach (Approach "buy-and-hold") - Long-term investment strategy based on the assumption that attempts to provide elevations and declines in the market will not lead to anything good, but will only increase the amount of commissions paid by investors. Most consistent supporters of this approach does not even try to analyze the likelihood of an increase or reduction in value of individual securities and invests in an index and not closed positions either in growth or in decline.

Buy Limit (Limited purchase) - Purchase at a price advantageous (lower) than the market for the customer when asked. Used in expectation of a reversal of the current downward movement in reaching a level lower than the current.

Buy Stop (Stop buying) - Purchase a price less favorable (higher) than the market for the customer when asked. Used with expectations for a steady upward movement in breach of a level higher than the current.

Sector C

Cable -- Unofficial name, referring to the spot rate of the currency pair GBP / USD.

Call Option (call option)-- An option gives the holder the right (but not the obligation) to buy the underlying instrument at a specified price called the exercise price at a certain date (for European type options) or before a certain date (for American-style options)

Call rate (loan size) -- Primary or basic amount of credit provided by the broker of his customers. As a rule, depending on the loan amount and the type - fixed or under other circumstances, the actual amount of credit shall be given as a premium / discount rates or base stations to the primary level.

Candlestick Chart -- Type graph, which summarizes and illustrated information on the movement of the price of a financial instrument for a specified period. It gives the same information and called. Bar Chart. At its thickest part (known as the "body of the candle), the cost associated with opening the closing price. The thin lines on both sides of the body (called "shadows") associated levels of maximum and minimum price reached by the tool for that period. When the opening price is higher than the closing price of the body is filled or colored. Otherwise, the body of the candle is white or unfilled.

Capital Gains (Capital gain / capital growth) -- The amount by which the selling price of a security exceeds the purchase price.

Capital Markets (Capital Markets) -- Markets traded medium-and long-term financial instruments.

Cash Flow (cash flow) -- The difference between the flow and leakage of funds of the company and their equivalent in accounting terms (not just available!). Used to calculate the value of the company

Chaikin Oscillator (Oscillator of Chaykin) -- Oscillator set by subtracting the 10-day EMA (Exponential Moving Average) on 3-day EMA of the accumulation distributive line.

Channel (Ch) -- In diagrams, a price channel contains prices to end the trend. There are three main ways of forming the channels: parallel, circular and channels containing low (sword trend) or higher (scourge trend) points.

Chaos Theory (Chaos Theory) -- Describe the behavior of nonlinear systems. Subset of non-linearity dynamic analysis of chaos theory is a branch of mathematics focused on irregular and complex behavior, which is an enforceable order. In capital market theory of chaos, attempting to predict the future path of equity prices, including sudden changes occurring in periods of intense market activity.

Chart (Graph) -- Graphic representation of the evolution of prices.

Chartist (Analyst) -- Analyzer, using charts, diagrams and mathematical indicators to determine the historical market trends and forecasting of future such

Clearing house (Clearing House) -- Established by the exchanges to facilitate the transfer of securities resulting from transactions with them. In options and futures clearing house can act as an intermediary between two traders.

Close (Close Position) - Perform symmetrical opposite to the direction of the operation already open position. Position open offer closes a purchase, but the heading "Purchases" - by selling the same quantity of the asset.

Closed end (mutual) fund (Closed / common / Fund) - Fund whose shares are traded through brokers at market prices: the Fund does not buy shares in the respective net asset value (NAV). The market price of the fund may differ from net asset value.

Closed Position (Closed Position) - Net zero position with respect to a currency or financial instrument.

Closed Trades (closed transactions) - Items that are either closed or are delayed.

Closing a Position / Position Squaring (Close Position) - Transaction, due to which market participants remained in a net zero position with respect to a currency or financial instrument. For example, when a long position occupied such a transaction would be selling the same quantity of the currency or financial instrument.

Closing Price (Course / closing price) - The rate or price of a currency or financial instrument at the end of trading on a given day.

Cold calling (unforced calls) - Unfair practice in which individuals have received your phone number, starting blatantly call you to sell you their goods, services, etc. Legislative limited but not banned, it is very common among brokers.

Commission (commission) - Commissions paid to brokers for the conduct of its operations on behalf of the client.

Commission Broker (Agent a commission) - Agent on the floor of the exchange, who executes orders to other members (per stock).

Commodity - Merchandise.

Commodity Channel Index (Commodity Channel Index) - Developed by Donald Lambert, the momentary otstapleniyata cost indicator measures the cost of the average value.

Common Stock (Ordinary shares) - Shares or securities of title issued as ownership shares in a public corporation. Shareholders have the right out loud, and may receive dividends in proportion to their share in the common property.

Complete Portfolio (Integrated portfolio) - Portfolio, involve risks and risk-free assets.

Confirmation (Confirm) - Verbal or written confirmation to the broker a deal done

Consolidation (Consolidation) - Figure of technical analysis, characterized the price movement (the course) in a direction without a tendency to increase or decrease.

Consumer Price Index (Consumer Price Index) - Measure of inflation in the United States.

Contracts for Difference (CFD's) (Contracts for Difference) - Contracts for difference allow the holders to benefit from all advantages of the owners of stocks or indices without having to physically own them.

Contrarian - Market ParticipantPlaying against the trend established by the majority of market participants. Behavior strategy consists in extracting profits in the "repulsive" (rebounds), where market participants have realized that the trend is Zachary them too far, and securities are highly overestimated / underestimated

Convertible Currency (convertible currency) - Currency that is traded freely against other currencies.

Correction (Correction) - Any effect of prices in the market, leading to a correction in one to two-thirds of the previous accumulation.

Correction Wave (corrective wave) - A wave or cycle of waves moving in a direction opposite to the impulse current trend

Correlation Coefficient (correlation coefficient) - Statistical indicators on which to Covariance scales in value between minus one (absolute negative correlation) and plus one (absolute positive correlation).

Country Risk - RiskAssociated with changing political and economic situation in the country.

Credit Risk - Risk Failure of credit obligations.

Cross Hedge (Hedge Cross) - Hedging a position in one asset with another futures product (asset).

Cross Rate (crossover rate) - Exchange rate of one currency to another, calculated in U.S. dollar.

Cumulative Volume Index (Cumulative Index of volume) - An indicator used to monitor trends in the volume. Remove the daily volume of shares by the falling volume of embarkation, and this is such a pure volume is added to the total cumulative volume for the previous day.

Cup With Handle (cup with handle) - Model of the accumulation observed for bars charts. Continues from 7 to 65 weeks. Cup is in the form of U, a handle is usually longer than a week or two. The handle is a small drop down with low volume of trading in the right side of the formation.

Currency Risk (Currency Risk) - The risk of suffering a loss due to adverse change in exchange rates.

Currency Selection (Choice of currency) - Allocation of assets in which the investor chooses among investments denominated in different currencies.

Currency Swap (Foreign Exchange Swap) - Two simultaneous, indivisible contract - buying and selling - of two different currencies with contract amounts are identical, but different value dates. The difference in interest rates between currencies are reflected in the different exchange rates for spot and forward transactions.

Current Account (Trade balance / balance of payments /) - The difference between imports and exports, including goods, services and money transfers such as foreign aid. Balance of payments of any country consists of current and capital account.

Current Ratio (current liquidity ratio) - Ratio characterized the company's ability to repay current (ie short term) its liabilities as current liquidated (ie short-term) assets (current assets / current liabilities).

Sector C

Datafeed - A flood of dataSuch rates and / or stock market news

Data vendors (suppliers data) - Specialized companies selling rates (both historical and in real time mode), data sheets, analysis reports, etc.

Day Order (Order by date "for the day) - Order valid until the end of the day. Such contracts, if not met, at the end of the day are canceled automatically.

Day Trading (Trade Daily) - Opening and closing the same position / s within a given trading day.

Dead Cat Bounce - Market ReversalWhere prices have recovered and even increased slightly.

Dealer (Dealer) - market participantTrading in company funds (the bank), in which it operates.

Dealer Market (dealer market) - MarketIn which the participants specialized in various financial instruments (or goods), buy and sell assets on its own. One example is the market OTC (ie OTC).

Delay (Delay) - Amount of time that elapses between a change in the incoming event and the resulting output corresponding to one event or time line.

Deposit (Deposit) - Cash paid into an account to perform further operations.

Derivatives (Derivatives) - Financial instruments drawn on the basis of standard financial instruments. Example of derivatives are options, interest rate swaps and others.

Diamonds DIA - involved in marketing AMEH, Diamonds are closely approximated for the presentation of leading shares on the DJIA. They can be traded at any time during the trading day like shares.

Direct Quotation (Direct quotation) - Direct quotation shows how many units of local currency needed to buy one unit of foreign currency. For example, in Bulgaria thus quoted USD / BGN.

Discount Rate - Interest rateIn which the central bank granted loans of financial institutions in the country.

Divergence (Divergence) - SituationIn which two or more graphs of indices are inconsistent with price charts.

Diversification (Diversification) - A strategy designed to reduce the risk distributing investments among different stocks, bonds and real estate.

Dividends (Dividends) - That part of the profit after taxation to be distributed among shareholders of a company.

Doji (Dodge) - SessionIn which the prices of opening and zatvaryane are the same (or almost). Different variations of Dojo-lines as "tombstone" or "Greater dojo, depending on where the opening and closing are relevant to the overall price range. Dodge-lines are one of the most important individual candles. They are also components of the major sveshtovi models.

Double Bottom (double bed) - Figure in technical analysis when the rate has fallen twice at some level, but then again it's up.

Double Top (Double Peak) - Figure in technical analysis when the rate was twice raised to a level and then fell again.

Dow Jones Industrial Average (DJIA) (Dow Jones Index) - The most widely used indicator of general condition of the stock market in the USA. Average weighted price index of the 30 largest corporations.

Dow Theory (Dow Theory) - An attempt to determine long and short term trends in the prices of the stock market.

Downtick - Price down.

Downtrend - The trend of declining market prices.

Drawdown - Reduction in the capital account as a result of a transaction or series of such.

Due diligence - Site information to verify a project of a natural or legal person. For example, before the first release of shares of the corporation in circulation, bank or brokerage company investor preparing this placement are required to verify the accuracy of the data on the contracts of the corporation, its patents, officials, etc. In the publication of "boards" (message board) message with the collected information for companies and their shares, participants in discussions with them indicate their abbreviations (DD).

Duration (Duration) - Measure the average time of existence of a bond, defined as the weighted average time remaining until the individual payments, with weights proportional to the current value of the payment.

Dynamic Data Exchange (Dynamic Data Exchange) - Ability to automatically update the application, operating in the middle of another application.

Sector E

EAFE Index (index EAFE / Europe, Australia, Far East /) - Calculation of the Morgan Stanley index of shares in Europe, Australia and the Far East, which is used universally as an index of non-American shares.

Economic Earnings (economic gain, income) - The actual cash flow that a company may pay indefinitely, provided that no change in production capacity.

Economic Indicator (Economic Indicator) - Economic indicators act as barometers of economic growth. Examples of such indicators are gross domestic product (GDP), consumer price index, money supply, trade balance, unemployment and others.

Efficient Diversification. (Effective diversification) - The organizing principle of modern portfolio theory, which argues that avoiding risk each investor will seek to achieve the highest expected return for any level of portfolio risk.

Efficient Market Hypothesis (EMH) (efficient market hypothesis) - The prices of securities fully reflect all available information. Investors who purchase securities in an efficient market should expect to obtain equilibrium rate of return. According to the weak form of EMH stock prices already reflect all information contained in the historical development of prices in the past. Polusilnata form the hypothesis states that stock prices already reflect all publicly available information. Under the strong form of the hypothesis stock prices reflect all relevant information, including information available to insiders.

Elasticity (of an option) (Elasticity / an option /) - The percentage change in value of an option corresponding to the change from 1% in the value of the stock.

Elliott Wave Theory (Elliot Wave territorial) - Technique for recognizing patterns, published by Elliott in 1939, supporting the notion that the capital market is the pace or pattern of 5 upstream and 3 downstream waves to form a complete cycle of 8 waves. Three descending waves are perceived as a corrective to the preceding 5 waves upward. Fibonacci ratios are applicable to price ranges and allow the design of price targets.

EMS (European Monetary System) - European Monetary System

EMU (European Monetary Unit) - European Monetary Union

Entry (Entry point) - The point at which a market participant enters into position on the market.

Equivolume Chart (chart Ravnoobemna) - Created by Richard Arms, this diagram the vertical axis represents a high-low range for each day, while the horizontal axis represents the volume or the number of equity contracts traded for the day. The purpose of the chart is to highlight the relationship between price and volume.

Eurodollars (eurodollar) - Denominated in dollar deposits in non-American banks or branches of U.S. banks outside the United States.

European Option (European option) - Option that may be exercised only at maturity.

Equity (Share Capital) - The term equities shares are indicated at all, unlike, for example, from bonds.

Exchange rate (Exchange Rate) - Course in which a currency can be converted into another currency.

Exchange risk (Currency Risk) - Risk of change in the value of the currency.

Exchanges (Exchange) - National or regional auctions, providing its members with terms of trade securities. Place (seat) of the Exchange means that membership in the Exchange.

Exercise (Exercise) - Exercise of the option.

Exercise Price (Price uprazhnyavyane) - Price at which the option buyer can exercise his right to buy or sell the underlying asset.

Exit (Exit) - The point at which a treyder out of a deal.

Expected Return (Expected Return) - Veroyatnostnopreteglena average of possible outcomes.

Expert Systems (Expert Systems) - Dynamic, but neadaptivni, expert systems are systems governed by rules which are not to samoobuchavat result of new information brought to the system, unlike the neural networks that have this capability.

Expiration Date (End Date) - The day ends right to buy the option to inform the seller of the intention to exercise rights under the option.

Exponential Moving Average (Exponential moving average) - Variation of the moving average, Emma adds further weight to the final closing price. Formula is: EMA = (Today's closing price * k) + (yesterday moving average * (1-k)), where k = 2 / (n +1); n = number of periods.

Extendable Bond - Bond with an extension (the period).

Sector F

Fiscal Policy (taxation policy) - The use of government expenditure and taxation in particular to stabilize the economy.

Flat / Square Position - When a market participant is neither a long nor short positions, says it is flat / square. This is possible in two cases - when a player does not open when you open a position or positions offset each other.

Flag (Flag) - Corrective figure chart technical analysis, which is observed after adjustment of trend movements. After the flag shall resume the previous trend.

Floor Broker (Broker on the podium) - Member of the exchange, which can fulfill orders (contracts) for brokers commission.

Floor Traders (Dealers of the podium) - Employees of brokerage firms operating on the podium for stock trading.

Forecast (Forecast) - Evaluation of future trends through research and analysis of available information.

Foreign exchange (Forex Market) - A term denoting conversion transactions - transactions of agents on the currency market for the exchange of agreed amounts of currency of one country against the currency of another country in a concerted course of a given date.

Forex - An abbreviation of Foreign Exchange (currency market).

Forward - Contract for sale of a quantity of foreign currency at a future date or after a certain period of time at an agreed exchange rate. The supply of currency shall be made on the due date of the transaction.

Forward Interest Rate (Forward rate) - Interest rate for the future, which equates the total return on a long-term bond with that of the short-term bonds. Foruardnata lihva be inferred from the term structure of interest rates.

Fractal Dimension (Fractal dimensions) - From fractal geometry, used to describe the nature of the wrong lines, curves, planes or volumes.

Fractals (Fractals) - Description of mathematical models applicable to the identification of patterns of data.

Free-riding (gratis travel) - Prohibited by U.S. law practice, which opens and closes the client / during day / long and short positions in one or more securities, without being able to provide them with money (purchase) or securities (sale) . It consists in the exploitation of unscrupulous customers of Canon T U.S. Federal Reserve, in which the final settlement of securities transactions should be carried out within three working days. For example, in a game of advancement, that client orders the broker to buy securities without producing a cash basis that has another three days to make a transfer of funds, securing the deal. If the price increases throughout the day, the client closes the position and risk free profit translated into other securities coming out of that during the subsequent clearing broker may report the purchase and sale, without the use of client funds. In the case of reduction of price, so customers simply refuse under various pretexts by the settlement of the transaction, transferring the risk of losing the broker. Those market participants who believe actively engage in daily trade, you are advised to familiarize themselves with special care with their policy consultant to the possibility of such violations as "gratischiystvoto" could lead to significant fines and / or restriction of operations account of unscrupulous client.

Fundamental Analysis (fundamental analysis) - Both technical and fundamental analysis aims at predicting the direction of market movement. However, fundamental analysis focuses on the root causes of this movement. This means that fundamentalists concentrate their interest on all factors that can affect prices of the variable.

Future Volatility (Volatility Future) - Prediction of the nature of volatility in the future.

Futures (Futures) - Standardized contractTraded on the exchange, delivery or purchase of a quantity of financial instrument to a fixed future date at a price agreed on the date of the transaction.

Futures Contract (futures contract) - Standardized forward contract traded on the exchange.

Futures Option (futures option) - The right to enter into a futures contract at futures price equal to the price fixed for the exercise (the option).

Futures Price (futures price) - Enata on which a futures trader undertakes to accept or make delivery of the underlying asset.

Fuzzy Systems (vague systems) - Method for solving problems applicable to neural networks, expert systems and other computational methods. Vague systems process information inaccurate and imprecise way to describe the ambiguity rather than uncertainty in an event they are useful in providing checks and tasks for a decision.

Sector G

G-7 (Group of Seven) - The seven largest industrialized countries: USA, Japan, Britain, France, Germany, Italy and Canada. Their meetings at the highest level usually decide global issues in the development of world economy.

Gann Theory (Theory of Gunn) - Other analytical techniques developed by legendary speculator T. D. Gunn.

Gap (window) - Price rangeIn which there was no quotation form tear of the price chart.

Genetic Algorithms (Genetic Algorithms) - Algorithms that resemble the characteristics associated with evolution and extremely convenient for optimization problems such as optimizing the parameters of neural networks.

Geometric Average (Geometric) - N-th root of the product of n numbers. Used as a measure of the capitalized rate of return over time.

Good till Canceled (GTC) (Order by date "to cancel) - The order remains active until it is completed or expressly revoked.

Golden Section (Gold section) - Any length divided so that the ratio of the smaller to the larger part is equal to the attitude of the majority to all and is always equal to 0.618.

Gross Domestic Product (GDP) (Gross Domestic Product) (GDP) - The market value at the time of manufactured goods and services rendered, including income of foreign corporations and foreign residents working in the U.S., with the exception of overseas (ie non-US) earnings of residents (ie people with permanent residence) in the United States and U.S. corporations.

Growth Investing (Investing in the shares of growth) - Technology investment, based on compiling a portfolio of shares in fast-growing (generally high) companies, with an estimate that the rapid growth of their profits will return with interest the purchase price, even if it seems at the moment investment too high. Contrary to investireneto in shares of companies underestimated (value investing).

Section H

Hard Currency (hard currency) - Free convertible currency is exchanged, without limitation of other currencies.

Head and Shoulders (Head and Shoulders) - Figure of technical analysis, reminiscent of the shoulders, neck line and head of the man.

Hedge Ratio (for an option) (hedge ratio / Option /) - The number of shares needed to hedge against price risk associated with retaining an option. Also called the option delta.

Hedging (Hedges) - A strategy used to reduce market risk, where one item serves as a defense of another.

Hedging Demands (search for hedge funds) - Search for securities to hedge particular sources of consumer risk, beyond the usual motivation for diversification of expectation-variance.

High / Low / Open / Close - Respectively the highest, lowest price, the opening price and closing price recorded during the period.

Horizon Analysis (Horizontal analysis) - Estimating the rate estimated using the yield curve to provide the bond prices.

Hot ( "Hot") - Slang expression for an indication of the extreme popularity. "Hot" may be in securities and investment strategies, and even lead to television broadcasts for investors.

Hype ( "Din") - "Rotation" of the securities Internet conference chats from people (enthusiasts or simply speculators) interested in the growth of the course cost. The man involved in this activity is called hypster.

Section I

IBRD - World Bank for Reconstruction and Development.

IMF - International Monetary Fund.

Implied Volatility (implied volatility) - A measure of market expectations on the Range (the range in which the move) the price of the base currency based on option premiums.

Income Beneficiary (Beneficiaries of income) - A person who receives income from a trust fund (trust).

Income Statement (Profit and loss account) - Financial statement showing income and expenditure of the company for a specified period of time.

Index (Index) - The benchmark for comparison for the measurement of financial or economic efficiency. For example, S & P 500 or the consumer price index.

Index Fund (Index Fund) - Mutual fund that holds shares in proportion to their representation in a market index such as, for example, S & P 500.

Index Investing ( "Investing in index) - Investment approach, which derives from the theory of "market efficiency." Based on the conclusion that any professional, let alone individual investors can not establish such a portfolio of securities, which in the long term to ensure its high income as the market as a whole. Accordingly, proponents of this approach only makes long-term investments and only composite securities or shares of so-called index funds whose portfolios are just such "baskets" of securities, as modeled by their index (eg 30 or DJ S & P 500).

Indicator (indicator) - Data on information obtained about the general state of the economy or financial markets. Created a public opinion confirms that the technical indicators are helping to win the market.

Indirect Quotation (Indirect quotation) - reciprocal or indirect quotation given number of units of foreign currency needed to buy one unit of local currency. This type of quotation is used for example GBP / USD.

Inflation (inflation) - Rate, which increases the overall level of prices of goods and services.

Initial Balance (original balance) - The first half of the first two periods of trading at the market profile of SVOT in which prices tend to converge, the initial auction of the day trading.

Initial Margin (Initial Margin) - Refundable deposit available to the broker or market maker for the detection of position.

Inside information (Inside information) - Non-public (ie non-public) information about a corporation, known to its employees, the principal owners or others with privileged access to information about the company.

Interbank Rates (Interbank rate) - Exchange rates at which large international banks quote to other international banks. The difference between the buying and selling rates can be about 0,03-0,08%

Interest (Percentage) - Payment for the use of money taken as loan, this is generally an annual payment - a percentage of the loan amount.

Interest Rate (percentage) - Annual Percentage Rate.

Interest Rate Swaps (Interest rate swaps) - Method to manage interest rate risk, in which the parties deal with cash flow corresponding to different securities without actually direct themselves to exchange securities.

Intermarket Spread Swap (swap with mezhdupazaren spread) - Redirect from one segment to another bond (eg, from treasury bonds to corporate ones).

Intraday (Daily) - Working within an operating day.

Inverse Head and Shoulder - Contrast of "head and shoulders.

Investment Company (Investment company) - A firm that manages funds rather than investors. Investment company may manage several mutual funds.

Sector J

Joint Account - General, United account.

Sector K

Kiwi - Dealers slang for the New Zealand dollar.

Sector L

Last (the last transaction price) - Average of the last Bid and Ask (or sometimes just the last value of Bid).

Leverage (Lever) - Proportion of use of own and borrowed money to trade. Credit granted by a bank customer to conduct transactions on margin trading.

Leverage Ratio (debt ratio) - The ratio of debt to total capitalization of the company.

LIBOR - London interbank interest rate lending. The interest rate at which large international banks to lend.

Limit (Limit) - Note by the customer to closing a winning position to a specific price.

Limit Order (limit order) - Order to buy or sell a given amount of currency or shares or a better price on it.

Limit Position - Maximum allowable size of the open position.

Limit Sell Order (limited voucher for sale) - Order for sale in establishing a fixed price.

Linear Regression Trendline (linear regression Trend) - Used to predict future values based on past ones, the trend of linear regression represents the most accurate match between the two points. Also, is expressed by the equation Y = a + bX + u, where Y is the independent variable, X is the dependent variable, a is the interceptor, b is the scarf, u - a remnant of regression.

Liquidation (winding up) - Any transaction that neutralize or closed position it occupied before.

Liquidation Value (liquidation value) - The net amount that could be realized upon the sale of the assets of a company after payment of debts.

Liquidity (Liquidity) - Liquidity refers to the speed and ease with which an asset can be converted into cash.

Liquidity Preference Theory (theory of liquidity preferred) - A theory that the forward rate exceeds expected future interest rates.

Locked Limit (Blocked limit) - Market, which in the absence of restrictions would seek to balance cost outside the limit, but instead moves to limit trade and dying there.

London Interbank Offered Rate (LIBOR) (London interbank rate) - Interest rate at which most creditworthy banks in the London market to grant one another large eurodollar loans.

Long - Establish ownership of the obligations of the buyer traded instrument, holding the securities in anticipation of an increase in price.

Long Hedge (long hedge) - Protect the future price of a purchase of debt by borrowing Future position to prevent changes in the price of the asset.

Long Position (Long Position) - Item arising from a net purchase of financial instruments pending price / rate to its increase.

Loss (Loss) - Reduction of capital resulting from the loss.

Taking Loss (fixation loss) - Closing the position after reaching the critical level of loss, regardless of the expected further conduct of the securities. Recommended.

Lot (Lot) - Measure quantity. In the system Advanced Trader na HGF one lot is equal to 100 000 units by the base currency.

Sector M

Maintenance or variation margin (maintaining or variation margin) - Establishing the value below which may not fall mardzhinat one trader. To the maintenance margin margin causes request (margin call).

Margin (Margin / deposit) - Mardzhinat a deposit provided by the client in opening a trading account. It serves as collateral for open positions and allows the marketing of vehicles exceeding several times the invested amount.

Margin Account (Margin Account) - Account with a brokerage owner gets credit for transactions.

Margin call (Margin call) - Requirement for further funds on account of trade. Make, when due to adverse movement of price / rate the amount of margin has become insufficient to meet minimum requirements.

Margin Trading (margin trade) - Currency Trading with bail (See Margin above). In margin trading is required to conduct reverse transaction.

Market Capitalization Rate (rate of market capitalization) - The market consensus estimate of the appropriate discount rate for cash flows of the company.

Market Maker - Major banks and finance companies, defining the current level of the exchange rate at the expense of a substantial part of its operations, the total market. Market-makers determine the current level of exchange rate on the path of conducting transactions with other market-makers and smaller banks, occurring members of the market.

Market Maker Spread - Difference between the prices at the brokerage firm that buys and sells currency.

Market Model (Market model) - One of the options index model, which divides the uncertainty about the return of systematic and unsystematic components.

Market on Close (Deal closing) - Specification of the draft, requiring brokers to make the best offer price at closing of trading, usually during the last 5 minutes.

Market Order (Order List) - Order to buy or sell a financial instrument that should be implemented immediately in the current market price.

Market Price (market price) - The last message about the value of cost at the current moment.

Market Timing (Hunting Market) - Total of all name investment strategies based on active trading of securities in an attempt to use both the growth and the controls on the market. Contrary to "invest in an index.

Mark-to-Market - The process whereby open positions in financial instruments are revalued daily closing prices to determine the current profit or loss.

Maturity (Maturity, period) - Maturity: The date on which should be made for payment. Term: the period to maturity of debt securities.

Mechanical System (mechanical system) - Mechanical (computerized) trading system generating signals for input (output) market.

Momentum (present) - Time line, presenting the program of today's price to that in a number of previous days in historical perspective.

Momentum Indicator (Snapshot indicator) - Market indicators, using statistics on price and volume for predicting strength or weakness of the current market condition for the existence of svrahpokupka or svrahprodazhba, and marked a turning point in the market itself.

Momo Stock ( "Inertia share") - Slang expression which participants in Internet conferences used to describe the stocks with high momentum (momentum) of price movements.

Monetary Policy (cash / monetary / policy) - Actions taken by the Board of Governors of the Federal Reserve System in the United States for affecting the money supply or interest rates.

Money Flow (cash flow) - Number of technical indicators, including price action and volume to measure the pressure to buy or prodazhba. Calculated by multiplying the volume by the average daily cost.

Money Markets (Money Markets) - Markets in which financial instruments are traded. Such instruments like deposits, repos, bank acceptances and others.

Money Stop - Fixed amount of money that a market participant would lose when they reach the stop.

Morning Star (Morning Star) - Morning Star (Morning Star)

Moving Average (moving average) - Indicator, used in technical analysis to determine market trends.

Moving Average Convergence / Divergence MACD (Convergence / Divergence of moving average) - The crossing of two exponentially smoothed moving averages, built above and below the zero line, crossing, crossing of the zero line and divergence generate signals for buying and selling.

Moving Average Crossovers (crossings of the moving averages) - The point where the various moving average lines intersect each other or the price line on bar graph of the moving average price. Technicians use to signal crossings of price-based options for the purchase and sale.

Moving Average Model (Model of the moving average) - Equation of time series, representing the observed value at time t, as a linear combination of current and past random shocks (errors in prediction). By moving average processing of voucher Q, ma (q), can be written as: Pt = et - b1et-1 - b2et-2 ... bqet-q.

Multiple Linear Regression (Multiple linear regression) - More than one independent variables are used to indicate the variability of one independent variable.

Mutual Fund (Fund Vzaimen) - Company possessing the funds to investors in other instruments. Depending on the type of the fund's securities (shares) may be quoted or to sell and buy from market participants on the falling value of their asset portfolio of the Fund (Net Asset Value) plus / minus discount or surcharge (load), which is collected from the remuneration of fund managers.

Sector N

Narrow Market (Narrow Market) - Market with a small number of participants characterized by high volumes and no significant fluctuation in the price.

NASD (National Association of Securities Dealers) (National Association of Securities Dealers) - Professional organization that brings together investment firms dealing on own account. This is the largest number of members of a self-regulating professional organization in the financial industry in the United States. NASD regulates and operates the largest in the world electronic stock market NASDAQ.

NASDAQ (National Association of Securities Dealers Automated Quotations System) - Automated Quotation National Association of Securities Dealers. This computer system start of the world's first virtual stock market, which, however, performs all the functions and operates according to rules very similar to the practice of stock exchanges. So some economists mistakenly called NASDAQ "electronic exchange", although a classic case of OTC (OTC) market. NASDAQ International ( "International Nazdak). Already outdated system for trading in securities quoted on the NYSE, AMEX and NASDAQ, through a network of dealers

National Association of Investors Corporation NAIC (National Association of Investment Corporation) - Also known as the National Association of investor clubs.

Necessary Margin - Required pledge (guarantee) for detecting position.

Net Asset Value (Net Asset Value) - The total market value of all securities held in a mutual fund. Also known as price aktsya.

Neural Nets (Neural networks) - Computer programs based on the application of artificial intelligence. By virtue of their ability for self-study, widely advertised as a very powerful tool for predicting the behavior of the market. Not have bad sales, although statistically significant effectiveness of their situation has not been confirmed by documents.

Nikkei 225 Index (Index Nike) - Price weighted index of shares at 225 leading companies selling on the Tokyo Stock Exchange.

Non-Trend Day (Day without trend) - Range Day with a narrow, neotlichavasht with appreciable movement in any direction.

Normal Distribution (Normal distribution) - For purposes of statistical testing, simulated net income is considered to be derived from a particular type of distribution. If net revenues are derived from a normal distribution, low and high-income are equally possible, and the possible net income for the quarter is the average disposable income.