A-B first. Too much to post at same time

Accrual

The apportionment of premiums and discounts on forward exchange transactions that relate directly to deposit swap (Interest Arbitrage) deals, over the period of each deal.

Actualize

The underlying assets or instruments which are traded in the cash market.

Adjustable Peg

An exchange rate system where a country’s exchange rate is “pegged” (i.e. fixed) in relation to another currency. The official rate may be changed from time to time.

Adjustment

Official action normally by either change in the internal economic policies to correct a payment imbalance or in the official currency rate or.

Agent Bank

A bank acting for a foreign bank.

In the Euro market - the agent bank is the one appointed by the other banks in the syndicate to handle the administration of the loan.

Aggregate Demand

Total demand for goods and services in the economy. It includes private and public sector demand for goods and services within the country and the demand of consumers and and firms in other countries for good and services.

Aggregate Risk

Total amount of exposure a bank has with a customer for both spot and forward contracts.

Aggregate Supply

Total supply of goods and services in the economy from domestic sources (including imports) available to meet aggregate demand.

Agio

Difference in the value between currencies. Also used to describe percentage charges for conversion from paper money into cash, or from a weak into a strong currency.

Aggressor

A trader dealing on an existing price in the market.

Appreciation

A currency is said to ‘appreciate’ when it strengthens in price in response to market demand.

Describes a currency strengthening in response to market demand rather than by official action.

Arbitrage

Profiting from differences in the price of a single currency pair that is traded on more than one market.

Arbitrage Channel

The range of prices within which there will be no possibility to arbitrage between the cash and futures market.

Around

Used in quoting forward “premium/discount”. “Five-five around” would mean five points on either side of the present spot value.

Ask Price

Sometimes called the Offer Price, this is the market price for traders to buy currencies. Ask Prices are shown on the right side of a quote - e.g. EUR/USD 1.1965 / 68 - means that one euro can be bought for 1.1968 US dollars.

Asset

An item having commercial or exchange value.

Asset Location

Dividing instrument funds among markets to achieve diversification or maximum return.

At Best

An instruction given to a dealer to buy or sell at the best rate that is currently available in the market.

At or Better

An order to deal at a specific rate or better.

Authorized Dealer

A financial institution or bank authorized to deal in foreign exchange.

Average Rate Option

A contract where the exercise price is based on the difference between the strike price and the average spot rate over the contract period. Sometimes called an “Asian option”.

Back Office

The office location, or department, where the processing of financial transactions takes place.

Balance of Trade

The value of a country’s exports minus its imports.

Bank Notes

Paper issued by the central bank, redeemable as money and considered to be full legal tender.

Bank Rate

The rate at which a central bank is prepared to lend money to its domestic banking system.

Bar Chart

A type of chart used in Technical Analysis. Each time division on the chart is displayed as a vertical bar which show the following information - the top of the bar is the high price, the bottom of the bar is the low price, the horizontal line on the left of the bar shows the opening price and the horizontal line on the right of bar shows the closing price.

Base Currency

In terms of foreign exchange trading, currencies are quoted in terms of a currency pair. The first currency in the pair is the base currency. The base currency is the currency against which exchange rates are generally quoted in a given country. Examples: USD/JPY, the US Dollar is the base currency; EUR/USD, the EURO is the base currency.

Bear Market

An extended period of general price decline in an individual security, an asset, or a market.

Bid Price

is the price a trader can sell currencies. The Bid Price is shown on the left side of a quote - e.g. EUR/USD 1.1923 / 68 - means that one euro can be sold for 1.1923 US dollars.

Bid/Ask Spread

is the difference between the bid price and the ask price in any currency quotation. The spread represents the broker’s fee, and varies from broker to broker.

Big Figure

The first two or three digits of a foreign exchange price or rate. Examples: USD/JPY rate of 108.05/10 the big figure is 108. EUR/USD price of .8325/28 the big figure is .83

Bretton Woods

The site of the conference which in 1944 led to the establishment of the post war foreign exchange system that remained intact until the early 1970s. The conference resulted in the formation of the IMF. The system fixed currencies in a fixed exchange rate system with 1% fluctuations of the currency to gold or the dollar.

Broker

An agent, who executes orders to buy and sell currencies and related instruments either for a commission or on a spread. Brokers are agents working on commission and not principals or agents acting on their own account. In the foreign exchange market brokers tend to act as intermediaries between banks bringing buyers and sellers together for a commission paid by the initiator or by both parties. There are four or five major global brokers operating through subsidiaries affiliates and partners in many countries.

Bull Market

A market which is on a consistent upward trend.

Bundesbank

Central Bank of Germany.

Buy On Margin

The process of buying a currency pair where a client pays cash for part of the overall value of the position. The word margin refers to the portion the investor puts up rather than the portion that is borrowed.

Buy Limit Order

An order to execute a transaction at a specified price (the limit) or lower.

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