Häufig verwendete Geldüberweisungsbedingungen Häufig verwendete Geldüberweisungsbegriffe Kennen Sie die Sprache Senden Sie eine internationale Geldüberweisung kann kompliziert erscheinen, vor allem, wenn es um verschiedene Terminologie in einem fremden Land geht. Wenn Sie ein Wort sehen, das Sie nicht verstehen, sehen Sie es oben hier. Wie Sie vertraut machen mit der Sprache, youll finden Sie Ihr Verständnis von Geldtransfers als Ganzes verbessern. ABA American Bankers Association Ein Netzwerk von Banken und Finanzinstituten, die für die Schaffung und Aufrechterhaltung standardisierter Best Practices im US-Bankensystem verantwortlich sind. ABA Routing Number Eine eindeutige neunstellige Identifikationsnummer, die von den ABA an Finanzinstitute innerhalb der Vereinigten Staaten vergeben wird. Die ersten vier Ziffern sind das Bundesreserve-Routing-Symbol, die nächsten vier sind die ABA-Institution-Kennung, und die letzte ist eine Prüfziffer. Auch üblicherweise als ABA-Nummer, (ABA) Routing Transit Number, Routing Number, Bank Transit Number oder Transit Number bezeichnet. ACH Automated Clearing House Ein elektronisches Banking-Netzwerk für die direkte Einzahlung und Lastschriftverfahren in den Vereinigten Staaten verwendet. ACH Transfer oder ACH Zahlung Eine direkte Einzahlung oder Lastschrift, die innerhalb der United Sates über das ACH Netzwerk verarbeitet wird. Mai bis zu drei Arbeitstage zu löschen, je nach den Banken Betrieb Zeitpläne. Mehrere Zahlungen können in Chargen verarbeitet werden. Ähnlich wie BACS in Großbritannien und EFT in Kanada. Auch als ACH direkte Einzahlung, ACH direkte Zahlung oder ACH Lastschrift bekannt. Agent Ein Vermittler oder eine Person, die zur Durchführung einer Transaktion im Auftrag einer anderen Person oder Einrichtung angeheuert wird. Wertschätzung Eine Erhöhung des Wertes einer Währung. Ask Rate oder Ask Price Der Wechselkurs, bei dem ein Devisenanbieter eine Währung an Sie verkaufen wird. Auch als Angebotspreis bekannt. Für einen Kunden, eine niedrigere fragen Rate ist vorzuziehen, da es bedeutet, dass Sie weniger zahlen, um eine Währung zu kaufen. BACS Bankers Automated Clearing Services Ein direkter Kredit-und Debit-Clearing-Service innerhalb des Vereinigten Königreichs, wo Transfers dauert drei Werktage zu klären. BACS-Zahlungen sind entweder kostenlos oder wesentlich günstiger als CHAPS Zahlungen, aber verlieren an Popularität an FPS. BACS ähnelt ACH in den USA und EFT in Kanada. Basiswährung Die erste Währung in einem Währungspaar. Der Wert der Basiswährung wird in einem Angebot auf 1 gesetzt und der Kurs, zu dem die beiden Währungen ausgetauscht werden können, wird in der Quotiewährung ausgewiesen. Wenn beispielsweise der EUR / USD-Satz 1,10 beträgt, kostet 1 Euro 1,10 US-Dollar. Basis-Punkt (bp) Einhundertstel eines Prozentpunktes 1bp 0,01 0,0001. Ein Basispunkt ist eine gemeinsame Maßeinheit in FX-Raten und Zinssätzen. Oft nur ein Punkt genannt. Bankkonto Ein Konto bei einer Bank, die ein Kunde verwenden kann, um sein Geld zu verwalten. Das Konto kann verwendet werden, um Kundeneinlagen halten sowie ermöglichen ihnen, Zahlungen zu leisten. Andere Arten von Konten sind mit Nicht-Bank-Finanzinstitute, wie Kreditgenossenschaften statt. Bankgebühr oder Bankgebühr Eine Gebühr, die von einer Bank erhoben wird, um ein Konto zu führen oder eine Zahlung zu verarbeiten. Dazu gehören, aber nicht beschränkt auf: Transfergebühren, Drähte Gebühren und Devisenkommissionen. Auch als Service-Gebühren bekannt. Bank Identifier Die Komponente einer BBAN und IBAN, die die Bank angibt. Eine Bankkennung kann alphanumerische oder numerische Ziffern oder eine Kombination der beiden sein. Bankleitzahl oder Banküberweisungsnummer Eine eindeutige neunstellige Nummer, die in Kanada und den Vereinigten Staaten zur Identifizierung von Finanzinstituten verwendet wird. Kanadische Transitnummern beginnen mit einer führenden Null, gefolgt von einem dreistelligen Institutionscode und einem fünfstelligen Branch-Code. Siehe ABA Routing Number für die American Routing Nummernstruktur. Empfänger Die Partei, die eine Geldüberweisung erhält. Auch bekannt als der Empfänger. BBAN Basic Bank Account Number Eine weltweit anerkannte, eindeutige Bankkontonummer, die Details über das Finanzinstitut und ggf. auch einen Filialstandort und Prüfziffern enthält. Jedes Land ist für seine jeweilige BBAN-Struktur verantwortlich. Nicht alle Länder haben die BBAN verabschiedet. Große Zahl Bezieht sich auf die erste Zahl links vom Dezimalpunkt in einem Wechselkurszitat, der sich so selten ändert, dass FX-Anbieter sie häufig in Anführungszeichen auslassen. XE enthält immer die ganze Zahl in einem Wechselkurs für Klarheit und Transparenz. Bid Rate Der Wechselkurs, zu dem ein Devisenanbieter eine Währung von Ihnen kaufen wird. Auch als Kaufpreis bekannt. Für einen Kunden ist ein höherer Bid-Rate vorzuziehen, da es bedeutet, dass Sie mehr für die Währung erhalten, die Sie verkaufen. Bid / Ask Spread Der Unterschied zwischen dem Bid-Rate und dem Ask-Rate. Oft bezeichnet als einfach die Ausbreitung. BIC Geschäfts - oder Bankleitzahlcode oder BIC / SWIFT-Code Ein weltweit anerkannter 8- bis 11-stelliger Identifikator, der zur Darstellung eines Finanzinstituts für Interbank-Transfers verwendet wird. Ein BIC enthält eine achtstellige Business-Party-Kennung (d. h. die Bank) und kann von einer optionalen 3-stelligen Verzweigungskennung gefolgt werden. Der Geschäftspartneridentifikator besteht aus einem vierstelligen Bankcode, einem 2-Buchstaben-Ländercode und einem zweistelligen Ortscode. Eine Liste dieser operativen Standardkennungen wird von SWIFT gepflegt. Auch bekannt als SWIFT-Code. Siehe IBAN-Rechner für weitere Details. Bill Pay oder Bill Payer Ein amerikanischer Dienst, bei dem ein Bankkontoinhaber einen Empfänger in seinem Online-Banking-System einrichten kann, um ihnen direkte Einzahlungen zu senden. BPay Ein australisches Banknoten-Zahlungssystem, bei dem ein Kunde ein Unternehmen oder eine andere Organisation bezahlt, die beim BPay-System registriert ist. Der Kunde initiiert eine direkte Überweisung über seine Bank, die den Rechnungsempfängercode und die Referenznummer des Empfängers beinhalten muss. BPay-Transfers werden am selben Tag bearbeitet, wenn die Sperrzeit vorgelegt wird. Andernfalls werden sie normalerweise am nächsten Werktag bearbeitet. Branch Identifier Die Komponente einer BBAN und IBAN, die eine bestimmte Branche eines Finanzinstituts anzeigt. Kauf-Rate Der Wechselkurs, bei dem ein Devisenanbieter eine Währung von Ihnen kaufen wird. Auch als Bid-Rate bekannt. Für einen Kunden ist ein höherer Bid-Rate vorzuziehen, da es bedeutet, dass Sie mehr für die Währung erhalten, die Sie verkaufen. Zentralbank Eine Bank, die in der Regel von der Regierung unabhängig ist und Banken und andere Finanzdienstleistungen anbietet. Die Zentralbank hilft bei der Umsetzung der Regierungen Geldpolitik, die Festlegung von Zinssätzen und Emissionswährung beinhaltet. CHAPS Clearing House Automatisiertes Zahlungssystem Ein UK-Service, der am selben Tag elektronische Sterling-Transfers bietet. CHAPS Zahlungen sind teuer, so sind in der Regel für High-Wert-Zahlungen, wo die Mittel müssen sofort entfernt werden, wie der Kauf eines neuen Autos oder zu Hause verwendet werden. Wenn Mittel nicht sofort erforderlich sind, sind kostengünstigere Optionen BACS - oder FPS-Zahlungen. Prüfziffer oder Prüfsumme Eine Prüfziffer ist eine Zahl, die über eine mathematische Berechnung einer Bankkontonummer zur Fehlererkennung hinzugefügt wurde. Es hilft, die Informationen zu validieren und gegen Fehler in der Kontonummer wie Transpositionen und fehlende Ziffern zu schützen. Prüfziffern liegen in der Verantwortung der Bank, die das Konto bedient. Eine Prüfziffer überprüft nicht, ob die Kontonummer korrekt ist, sie prüft nur, ob die Kontonummer für ein bestimmtes Finanzinstitut vorhanden sein darf. Überprüfen oder Überprüfen Ein Dokument, das einem Finanzinstitut mitteilt, einen bestimmten Betrag von einem bestimmten Konto zu bezahlen. Die Partei, die den Scheck schreibt, muss ein Konto bei dem Finanzinstitut haben, von dem sie die Zahlung fordern, und muss den Scheck unterzeichnen, um es gültig zu machen. Kommission Eine Gebühren - oder Dienstleistungsgebühr, die von einem Finanzinstitut oder einem Devisenhändler für die Ausführung von Weisungen eines Kunden erhoben wird, die auch eine Beratung durch das Finanzinstitut oder den Devisenhändler beinhalten kann. Bei Provisionen kann es sich um einen Pauschalbetrag oder einen Prozentsatz des betreffenden Vertrags handeln. Bestätigung Ein schriftliches (elektronisches) Dokument, das den Abschluss einer Transaktion überprüft. Es enthält Details wie Termine, Provisionen und / oder Gebühren. Abrechnungsbedingungen und den Wechselkurs. Gegenwährung Die zweite Währung in einem Währungspaar. Es ist der Preis für den Kauf einer Einheit der Basiswährung. Auch bekannt als die Zitatwährung. Kreditkarte Eine Zahlungsmethode, bei der ein Karteninhaber für Waren und Dienstleistungen durch Kreditaufnahme vom Kartenherausgeber bezahlt, mit dem Versprechen, den Kartenaussteller für alle Fonds zu zahlen, die zu einem bestimmten Zeitpunkt geschuldet wurden. Überweisung Eine von einem Bankkontoinhaber eingeleitete Geldüberweisung wird direkt an ein Konto des Empfängers übermittelt. Cross Border Transfer Eine EFT, die Geld von einem Konto in einem Land zu einem anderen sendet. Auch als internationaler Transfer bekannt. Cross-Rate Ein Wechselkurs zwischen zwei Währungen, der auf einer dritten Währung berechnet wird. Oft bezieht sich auf einen Wechselkurs, der keine Länder inländischer Währung enthält. Währungspaare Währungen werden in Paaren wie EUR / USD oder USD / JPY quotiert. Die erste Währung ist die Basiswährung. Während die zweite die Zähler - oder Zitatwährung genannt wird. Die Basiswährung ist die Basis für den Kauf oder Verkauf. Währungsrisiko im Zusammenhang mit Schwankungen, insbesondere einer Abschreibung, im Wert einer Währung. Debitkarte Eine Karte, die den Betrag direkt von einem Bankkonto abzieht. Es kann verwendet werden, um Geld abzuheben oder um eine EFT über Online-Banking zu verarbeiten. Debit Transfer Eine Geldüberweisung, die von einem Finanzinstitut des Empfängers initiiert wird. Die Bank des Empfängers weist die Bank des Zahlungsempfängers an, Geld vom Konto des Zahlers an das Empfängerkonto zu senden. Diese Anweisungen werden vom Zahler vorher genehmigt. Zu den Zahlungsmethoden gehören Schecks. Entwürfen oder elektronischen Lastschriften. Lieferung Der Umtausch der beiden gehandelten Währungen durch den Käufer und Verkäufer. Im Falle eines Kunden Buchung einer Transaktion durch einen FX-Anbieter. Es bedeutet, dass der Kunde den Anbieter bezahlt hat und der Anbieter den Empfänger bezahlt hat. Einzahlung Um Geld auf ein Bankkonto zu stellen. Der Begriff bezieht sich auch auf einen Prozentsatz eines Vertrages, der als Sicherheiten bei einigen Verträgen, wie einem Terminkontrakt zur Verfügung gestellt werden muss. Abschreibung Eine Abnahme des Wertes einer Währung. Zielland Das Land, in dem das Bankkonto, an das eine EFT gesendet wird, stattfindet. Lastschrift Eine EFT, die vom Empfänger der Zahlung initiiert wird. Der Empfänger sendet die Anweisungen auf das Konto, von dem die Zahlung zurückgezogen wird. Vorinstallierte Anweisungen müssen auf dem Konto bereitgestellt werden, bevor die Absender Finanzinstitute die Übertragung bearbeiten. Direkte Gutschrift oder direkte Einzahlung Eine vom Bankkontoinhaber initiierte EFT wird direkt an ein Empfängerkonto geschickt. Auch als Überweisung bekannt. Entwurf Ähnlich wie ein Scheck, aber die Gelder sind vorbestellt und der Kontoinhaber muss keinen Entwurf unterzeichnen. EFT Electronic Funds Transfer Ein Begriff verwendet, um jede Form von Geldtransfer, die elektronische Verarbeitung keine physischen Kontrollen, Entwürfe, Zahlungsanweisungen oder Bargeld beteiligt sind, zu beschreiben. Diese können auch Lastschriftverfahren beinhalten. direkte Einzahlung. Kredit-und Debit-Transfers, sowie Drähte. EFT ist auch ein Begriff, der in Kanada verwendet wird, um sich auf ACH oder BACS zu beziehen. EFTA Europäische Freihandelsassoziation Zwischenstaatliche Organisation, die Freihandels - und Wirtschaftsintegration für ihre vier Mitgliedstaaten fördert: Island, Liechtenstein, Norwegen und die Schweiz. EU Europäische Union Eine politische und wirtschaftliche Union von 28 Ländern in Europa. Das laufende Ziel der EU besteht darin, einen Binnenmarkt zu schaffen, der die Regeln für Siedlung, Beschäftigung und Handel vereinheitlicht und die Freizügigkeit von Personen, Kapital, Gütern und Dienstleistungen innerhalb der Region gewährleistet. Nur einige ihrer Mitgliedstaaten nutzen den Euro als Währung. Eurozone Die EU-Länder, die den Euro als offizielle Währung eingeführt haben. Derzeit besteht aus 19/28 EU-Mitgliedsstaaten. Wechselkurs Gibt an, wie viel der Zitatwährung es kosten würde, um eine Einheit der Basiswährung zu erwerben. Oft als ein Wechselkurs, FX Rate oder Rate. Gebühr Eine Gebühr von einem Finanzinstitut oder Devisenhändler für Devisen oder eine Geldüberweisung auferlegt. Auch bekannt als eine Bank Gebühr oder Gebühr, Service-Gebühr und Transfergebühr. Foreign Exchange (FX oder Forex) Der Handel einer Währung für eine andere. Devisen (FX) Rate Gibt an, wie viel der Zitatwährung es kosten würde, eine Einheit der Basiswährung zu erwerben. Auch einfacher als der Wechselkurs oder die Rate bezeichnet. Foreign Exchange (FX) Provider Eine Firma, die Wechselstube und internationale Zahlungen anbietet. Obwohl es eine Bank sein kann, bezieht sich der Begriff in der Regel auf Nicht-Bank-Finanzinstitute. Die Mehrheit der FX-Anbieter konzentriert sich auch auf die Währungsumrechnung mit der Absicht, eine Zahlung an einen Empfänger zu liefern. Im Gegensatz zu spekulativen Handel. Forward Contract Ein Vertrag, bei dem der Käufer und der Verkäufer einem Wechselkurs heute zustimmen, aber der Settlement-Termin ist mehr als zwei Werktage in der Zukunft. Ändert sich der Kurs des Währungspaares zwischen dem Zeitpunkt der Formalisierung des Vertrages und dem Zeitpunkt der Abwicklung, so sind die Parteien nach wie vor zu dem im Vertrag festgelegten Satz verpflichtet. Forward Points Bezieht sich auf die Punkte, die dem aktuellen Wechselkurs hinzugefügt oder von diesem subtrahiert werden, um den Forward-Kurs oder - Rate zu erhalten. Forward-Punkte basieren auf einer Industrie-Standard-Formel, die die Differenz der Zinssätze zwischen den beiden Währungen zwischen dem Zeitpunkt der Vertrags - und Fälligkeitsdatum berücksichtigt. FPS Faster Payments Service Ein Payment Clearing Service für direkte Kredit - und Bankeinzugswege innerhalb Großbritanniens. Der Empfänger kann normalerweise am selben Tag, an dem die Übertragung stattfindet, auf die Gelder zugreifen. Diese Transfers kosten ungefähr die gleichen wie BACS-Zahlungen. FPS verlangt, dass sowohl die sendenden als auch die empfangenden Banken Mitglieder des FPS-Netzes sind, um eine Zahlung zu senden. Hedge A Hedge ist eine Anlage, die verwendet wird, um potenzielle Gewinne oder Verluste auszugleichen, die mit dem Risiko einer anderen Anlage verbunden sind. Häufig verwendeten Unternehmen einen Terminkontrakt zur Absicherung gegen Währungsschwankungen in der Zukunft. IBAN International Bank Account Number Eine Kontonummer, die eindeutige Bankkontoinformationen in einem standardisierten Format enthält, um die Validierung bei der internationalen Überweisung zu verbessern. Es besteht aus einem Zwei-Buchstaben-Ländercode, zwei Prüfziffern und einem BBAN. Eine IBAN kann bis zu vierunddreißig alphanumerische Zeichen enthalten, abhängig von den vereinbarten Ländern. Siehe IBAN-Rechner für weitere Details. IBAN-Register (auch bekannt als SWIFT IBAN-Register) Das SWIFT-IBAN-Register gilt als offizielles Register für ISO-konforme IBANs. Interac e-Transfer Der kanadische Bankdienst, der jedem mit einem Konto bei einem teilnehmenden Finanzinstitut ermöglicht, eine direkte Überweisung an einen Empfänger sicher über ihre E-Mail-Adresse zu senden. Der Empfänger erhält eine E-Mail-Benachrichtigung für die anhängige Überweisung, die den Empfänger anweist, die Gelder direkt über ihr jeweiliges Online-Banking auf ihr Konto einzahlen zu können. Interbank-Transfer Die Übertragung von Geld von einem Konto auf eine Bank zu einem anderen auf einer anderen Bank. Internationaler Transfer Eine EFT, die Geld von einem Land in ein anderes überträgt. Auch als Cross Border Transfer bekannt. Intrabanküberweisung Die Übertragung von Mitteln von einem Konto auf ein anderes innerhalb derselben Bank. Auch bekannt als die gleiche Banküberweisung. ISO Internationale Organisation für Normung Eine unabhängige, nichtstaatliche Organisation, die in Verbindung mit SWIFT arbeitet, um sicherzustellen, dass IBAN s standardisiert sind. Inverse Rate oder Inverse Exchange Rate Ein Angebot, für das die Basiswährung und die Zählwährung umgeschaltet werden. Eine inverse Rate wird berechnet, indem man eins durch den Wechselkurs dividiert. Limit Order Eine Transaktion, bei der der Kunde den Preis festlegt und die Order offen ist, bis der Markt diesen Preis erreicht. Zu diesem Zeitpunkt wird der Auftrag als Kassageschäft gefüllt. Margin Eine Anzahlung auf Terminkontrakte als Sicherheiten, um das mit potenziellen Wechselkursschwankungen verbundene Risiko zu decken. Wird auch verwendet, um die Markierung auf einer Transaktion zu verweisen. Margin Call Ein Anruf eines FX-Providers, um die Margin-Einzahlungsanforderung eines Kontos zu erhöhen. Der Aufruf erfolgt typischerweise, nachdem eine Währung deutlich abgewertet hat. Margin Deposit Eine Kaution aus Terminkontrakten als Sicherheiten zur Deckung des Risikos im Zusammenhang mit möglichen Wechselkursschwankungen. Mark Up Zusätzliche Erhöhung des Kurses oder Wechselkurses einer Währung. Dies ist, wie Banken und FX-Anbieter in der Regel einen Gewinn machen, wenn der Handel mit Devisen. Mass Zahlungen Die Möglichkeit, Zahlungen an viele Empfänger auf einmal zu senden. Fälligkeit (Datum) Der Zeitpunkt des Vertragsabschlusses. Siehe auch Abrechnungsdatum. Mid-Market Rate Der Mittelpunkt zwischen dem Kaufkurs und dem Verkaufspreis von den globalen Devisenmärkten. Zahlungsanweisung Ein Zertifikat, das wie ein Scheck funktioniert. Die ein Empfänger für eine bestimmte Menge an Bargeld auf Abruf gegen Entgelt austauschen kann. Zahlungsanweisungen werden oft von Personen verwendet, die kein Chequing-Konto besitzen. Geldüberweisung Eine Zahlung ohne Bargeld. Methoden umfassen: Draht. EFT. Entwurf. Und überprüfen. Geldbestellung. MSB Money Services Business Ein Nichtbank-Unternehmen oder ein Finanzinstitut, das Geldtransfers verarbeitet. MSBs dürfen keine Einlagen halten, unterliegen aber vielen gleichen Vorschriften wie Banken. Angebotsrate Der Satz, zu dem ein Devisenanbieter die Währung an Sie verkaufen wird. Auch bekannt als die Frage bewerten. Für einen Kunden, eine niedrigere fragen Rate ist vorzuziehen, da es bedeutet, dass Sie weniger zahlen, um eine Währung zu kaufen. Zahlungsempfänger Die Partei erhält eine Geldüberweisung. Für Geldtransfers und FX. Normalerweise bekannt als der Empfänger oder der Begünstigte. PIN Persönliche Identifikationsnummer Ein Passwort, oft drei bis acht Zeichen lang, für Finanzsysteme. Pip Point in Prozentsatz oder Prozentsatz in Point oder Price Interest Point Eine Änderungseinheit in einem Wechselkurs. Ein Pip ist gleich einem Punkt für die meisten der wichtigsten Währungspaare, da sie auf vier Dezimalstellen im Devisenmarkt festgesetzt werden. Der japanische Yen ist eine Ausnahme, da er auf nur zwei Dezimalstellen festgesetzt wird. Point Eine gemeinsame Maßeinheit in FX-Raten und Zinssätzen, ein Punkt ist ein Hundertstel eines Prozentpunktes 1bp 0,01 0,0001. Technisch Basispunkt genannt, wird aber typischerweise einfach als Punkt bezeichnet. Zinswährung Die zweite Währung in einem Währungspaar. Es ist der Preis für den Kauf einer Einheit der Basiswährung. Auch bekannt als die Gegenwährung. Rate Der Preis einer Währung in einer anderen Währung. Auch bekannt als Wechselkurs. Empfänger Die Partei, die die Geldüberweisung entgegennimmt. Auch bekannt als der Begünstigte. Referenznummer Eine numerische oder alphanumerische eindeutige Kennung, die verwendet wird, um eine Geldüberweisung zu verfolgen. Überweisung Eine Geldtransfer nach Hause geschickt von jemandem, der im Ausland arbeitet. Die Übertragung erfolgt in der Regel durch den Umtausch von Geldern aus dem Ausland, in dem die Person an der Heimatwährung ihres Herkunftslandes arbeitet. Routing Number Number zur Umleitung von Zahlungen innerhalb eines Finanzinstituts. Auch bekannt als ABA-Routing-Nummer in den Vereinigten Staaten, Transit-Nummer in Nordamerika, Sortier-Code in Großbritannien und Irland. Gleiche Überweisung Die Überweisung der Mittel von einem Konto auf ein anderes innerhalb derselben Bank. Auch als Intra-Banküberweisung bekannt. Verkäufer Die Partei, die ein Währungspaar in einer Transaktion verkauft. Absender Die Person oder Firma, die eine Geldüberweisung einleitet. SEPA Single Euro Payments Area Gegründet, um grenzüberschreitende Euro-Transfers innerhalb der EU und der EFTA zu erleichtern. Mit SEPA ist es jetzt möglich, alle Euro-Zahlungen von einem einzigen Bankkonto innerhalb der Region zu verwalten. Obwohl es weiterhin möglich ist, eine Überweisungsgebühr für SEPA-Zahlungen in Rechnung zu stellen, ist es den Banken nicht gestattet, Abzüge von dem übertragenen Betrag vorzunehmen. SEPA-Transfer SEPA-Überweisungen sind Euro-Direkt - und Lastschriftverfahren innerhalb der EU. SEPA-Zahlungen sind nur in Richtung zu erfordern eine IBAN zu verarbeiten und in der Regel ein bis zwei Werktage zu klären. Servicegebühr Gebühr, die von einem Finanzinstitut oder einem Devisenhändler erhoben wird, der sich auf den Besitz eines Kontos bezieht oder eine Geldüberweisung verarbeitet. Dazu gehören unter anderem: Überweisungsgebühren, Drahtgebühren und Provisionen. Banken verweisen in der Regel auf Bankgebühren oder Bankgebühren. Abwicklungstag Der Zeitpunkt des Vertragsabschlusses, dh alle Zahlungen, die im Vertrag vereinbart wurden, wurden gesendet. Siehe auch Fälligkeitsdatum. Sortiercode Ein sechsstelliger Zahlencode, der von irischen und britischen Banken verwendet wird, um Zahlungen innerhalb dieser Länder zu leiten. Die Codes sind in drei Gruppen von zwei gebrochen und enthalten Details über die Bank und den Zweig. Ähnlich einer Transitzahl in Nordamerika. Speculative Trading oder Spec Trading Eingeben eines Devisenterminkontrakts mit der Absicht, von der Bewegung eines Devisenwertes zu profitieren. Spot-Kontrakt oder Spot-Transaktion Ein Devisenterminkontrakt auf Basis des Kassakurses und des Settlement-Termins ist innerhalb von zwei Geschäftstagen. Spot-Kurs oder Spot-Rate Der aktuelle Marktpreis für ein Währungspaar. Spread Der Unterschied zwischen der Bid-Rate und der Ask-Rate eines Währungspaars. Auch bekannt als die Bid-Ask-Spread. SWIFT Die Gesellschaft für weltweite Interbank Financial Telecommunications Eine kooperative Organisation, die die Standardisierung für Finanztransaktionen fördert. SWIFT-Code Ein global anerkannter 8- bis 11-stelliger Identifikator, der verwendet wird, um ein Finanzinstitut für Interbank-Transfers darzustellen. Ein SWIFT-Code enthält eine achtstellige Business-Party-Kennung (d. H. Die Bank) und kann von einer optionalen 3-stelligen Verzweigungskennung gefolgt werden. Der Geschäftspartneridentifikator besteht aus einem vierstelligen Bankcode, einem 2-Buchstaben-Ländercode und einem zweistelligen Ortscode. Eine Liste dieser operativen Standardkennungen wird von SWIFT gepflegt. Auch bekannt als BIC oder BIC Code oder BIC / SWIFT Code. Siehe IBAN-Rechner für weitere Details. Dritter Zahlung Eine Zahlung, die eine dritte Partei (d. H. Nicht der Kunde oder der Empfänger) beinhaltet. Sie kann eine Verarbeitung oder Bezahlung der Transaktion durch einen Dritten beinhalten. Transfergebühr Gebühr mit einer Geldüberweisung verbunden. Die Transfergebühren sind von den Devisenprovisionen getrennt und können auf einen Währungsumtausch angewendet werden. Transitnummer Eine eindeutige Nummer, die Finanzinstituten innerhalb Nordamerikas zugewiesen wird, um die Bank und den Zweig zu identifizieren, um die Zahlungen ordnungsgemäß an ihre richtigen Ziele in Kanada und den Vereinigten Staaten zu leiten. Ähnlich wie die in England und Irland verwendete Sortiercodes. Siehe ABA-Routingnummer für die amerikanische Transitnummernstruktur und die Bankübergangsnummer für die kanadische Transitnummernstruktur. Transparenz Das Konzept eines Kunden, der die Aufschlüsselung der mit einer Transaktion verbundenen Kosten anzeigen kann. Value Date Ein zukünftiger Termin, für den ein Preis für ein Devisentermingeschäft festgelegt wird. Für Spotkontrakte. Das Valutadatum entspricht in der Regel dem Abrechnungsdatum. Wire oder Wire Transfer Eine sichere EFT, die einen SWIFT-Code oder IBAN benötigt, der über das SWIFT-Netzwerk verarbeitet wird. Drähte sind eine teurere Form der EFT, die im Inland oder international geschickt werden kann. Die Gelder sind garantiert und können nicht zurückgerufen werden. Sie nehmen in der Regel ein paar Tage zu klären, mit internationalen Drähte nehmen noch länger, je nachdem, wie viele Banken sind in der Übertragung beteiligt. Trader Glossar: Glossar der Forex und CFD-Begriffe Diese Seite bietet ein Kompendium von CFD und Forex Begriffe helfen Händler finden ihre Um die komplexe Handelsterminologie. Hier werden die am häufigsten verwendeten Handelsbegriffe, Abkürzungen und Abkürzungen dargestellt, die Kernideen und - techniken von Händlern jeden Tag erklären. Jeder Begriff steht für ein bestimmtes Konzept, das seine genaue Bedeutung auf dem Finanzmarkt illustriert. CFD und Forex-Terminologie kann zunächst für die Anfänger in der Sphäre schwierig erscheinen, aber dieses nützliche Trading-Wörterbuch wird den Prozess des Lernens viel einfacher machen. In der unten CFD und Forex-Glossar finden Sie den Ausdruck, den Sie nicht kennen und lernen seine vollständige Erklärung. Darüber hinaus haben die meisten Begriffe nicht nur ihre bloßen Definitionen, sondern auch durch einen einfachen Klick ihr möglich, um viel detaillierte Informationen von ihnen zu gewinnen. Das Studium dieses Kompendium wird CFD und Forex-Terminologie leicht verständlich und vertrauter für Sie machen. Beschleunigung / Verzögerung (AC) - Technik signalisiert die Beschleunigung oder Verzögerung der aktuellen Markttreibkraft. Accumulation / Distribution ist ein auf Volumen basierender technischer Analyseindikator, der dazu dient, kumulative Zuflüsse und Geldabflüsse für einen Vermögenswert widerzuspiegeln, indem man die engen Preise mit Höhen und Tiefen vergleicht und die Relation nach Handelsvolumina gewichtet. Alligator ist ein Indikator, der eine Trendabwesenheit, - bildung und - richtung signalisiert. Es besteht aus drei Trendlinien, die als Kiefer, Zähne und Lippen des Alligators bezeichnet werden. Gleichzeitiger Kauf eines unterbewerteten finanziellen Vermögenswerts und Veräußerung eines überbewerteten Gegenwertes, um einen erwarteten risikofreien Gewinn aus den Preisdifferenzen zu ziehen, die aufgrund der Marktintensität eintreten. Das aufsteigende Dreieck ist ein Trendfortsetzungsmuster, das sich typischerweise in einem Aufwärtstrend ausbildet und als Hinweis dient, dass der bestehende Trend fortgesetzt wird. Der Kurs, zu dem eine Währung gekauft werden kann. Auch als das Angebot bezeichnet, fragen Sie Preis, oder fragen Sie Rate. Eine Position, die einen ökonomischen Wert hat, der voraussichtlich künftige Vorteile bieten wird. Kreuz-oder Währungspaar australischen Dollar und US-Dollar. In diesem Paar der australische Dollar ist die Basiswährung und US-Dollar ist die zitierte ein. Dieses Paar zeigt, wie viele US-Dollar benötigt werden, um einen australischen Dollar zu kaufen. Slang Begriff für australischen Dollar Die Verwendung von vorprogrammierten Trading-Anweisungen für die Einleitung von Handelsaufträgen, die die Automatisierung der Handelsprozess ermöglicht. Der durchschnittliche Richtungsindex (ADX) ist ein technischer Indikator, der von Welles Wilder entwickelt wurde, um die Trendstärke abzuschätzen und mögliche weitere Kursbewegungen zu bestimmen, indem der Unterschied zwischen zwei aufeinanderfolgenden Tiefständen mit dem Unterschied zwischen den Höchstwerten verglichen wird. ATR ist ein technischer Indikator, der die Volatilität einer bestimmten Sicherheit misst. Ehrfürchtiger Oszillator (AO) ist ein Momentumindikator, der die genauen Änderungen in der treibenden Kraft des Marktes reflektiert, die hilft, die Tendenzstärke bis zu den Punkten der Tendenzbildung und der Umkehr zu identifizierenen. Die Summe aller abgeschlossenen Transaktionen und Einzahlungen / Auszahlungen auf dem Handelskonto. Diese Art von Diagramm wird mit vier Bits von Daten für jedes Zeitintervall präsentiert: hoch, niedrig, Öffnung und Schlusskurse. Hohe und niedrige Preise spiegeln sich durch vertikale Linie und die Öffnung und Schlusskurse durch die horizontalen Linien. Eine Linie auf der linken Seite der Bar ist der Eröffnungskurs, während die Linie rechts von der Bar ist der Schlusskurs. Die erste Währung in einem Währungspaar in Forex zitiert. In einem Bärenmarkt Investors Act auf der Grundlage der Überzeugung, dass die Preise oder der Markt sinken wird. Das rechteckige grafische Preismuster dient als Hinweis darauf, dass sich der bestehende Trend fortsetzen wird. Die bärische Version bildet sich in der Regel in einem Abwärtstrend und signalisiert die Richtung der Trends wird nach seinem Auftreten auf dem Diagramm vorherrschen. Der angegebene Preis ist der Käufer bereit, für ein Währungspaar zu zahlen. Auch als Bid-Rate bekannt. Der Unterschied zwischen dem Bid und Ask (Angebot) Preis. Bill Williams entwickelte seine eigene Handelsmethode, die auf einem rationalen Ansatz zur Marktanalyse und der irrationalen Logik des Chaos basiert. Bank von Kanada, die Zentralbank von Kanada. Bank of England, die Zentralbank des Vereinigten Königreichs. Bank von Japan, die Zentralbank von Japan. Der Bollinger-Bands-Indikator (benannt nach seinem Erfinder) zeigt die aktuellen Marktvolatilitätsänderungen an, bestätigt die Richtung, warnt vor einer möglichen Fortsetzung oder Ausbruch des Trends, Konsolidierungsphasen, zunehmende Volatilität für Break-outs und lokaler Highlights Und Tiefs. Eine Einzelperson oder eine Gesellschaft, die als Vermittler für den Zugang zu den Märkten fungiert und den Handel von Finanzinstrumenten für ihre Kunden organisiert. Im Bullenmarkt basieren die Investoren auf dem Glauben, dass die Märkte oder die Preise steigen werden. Das rechteckige graphische Preismuster dient als Hinweis darauf, dass der bestehende Trend wieder aufgenommen wird. Die bullische Version wird üblicherweise in einem Aufwärtstrend gebildet und signalisiert, dass die Trends-Richtung nach ihrem Auftreten auf dem Diagramm herrschen wird. Diese Art von Diagramm zeigt die Eröffnungs - und Schlusspreise sowie die höchsten und die niedrigsten Preise während eines Zeitraums. Wenn der Eröffnungskurs höher ist als der Schlusskurs, ist der Körper der Kerze schattiert. Im Gegensatz dazu, wenn der Schlusskurs höher als der Eröffnungskurs ist, ist der Körper nicht schattiert. CFD Abkürzung steht für Contract for Difference. Es ist ein Vertrag zwischen zwei Parteien: Der Verkäufer zahlt dem Käufer die Differenz zwischen dem aktuellen Wert eines Basiswerts und seinem Wert zum Zeitpunkt des Vertragsabschlusses, wenn die Differenz positiv ist, oder umgekehrt, wenn die Differenz negativ ist. Mit CFDs können Händler das Risiko von Basiswertpapieren erwerben, ohne sie tatsächlich zu besitzen. Kanal ist einer der Schlüsselbegriffe der technischen Analyse. Sie ist definiert als ein nachhaltiger Korridor von Preisschwankungen mit annähernd konstanter Breite. Chart-Muster sind grafische Reflexion der Preisbewegung. Das Verfahren der Abwicklung von Aufträgen zwischen den Geschäftspartnern. Der Commodity Channel Index ist ein Indikator von Donald Lambert. Trotz der ursprünglichen Ziel, neue Trends zu identifizieren, ist es heutzutage weit verbreitet, um die aktuelle Preisniveau in Bezug auf die durchschnittliche zu messen. Währungen der Länder, deren Exporte hauptsächlich auf natürlichen Ressourcen basieren. Die Gruppe kann Währungen sowohl der Entwicklungs - als auch der Industrieländer umfassen, wie den kanadischen Dollar, den australischen Dollar, den neuseeländischen Dollar, den russischen Rubel und andere. Ein Wechselkurs zwischen zwei Währungen, die aus ihren entsprechenden Kursen mit einer dritten Währung abgeleitet wurden. Manchmal bezieht sich der Begriff auf Währungspaare, die nicht den US-Dollar enthalten. Währungspaare Diese Währungspaare, die den US-Dollar nicht im Devisenmarkthandel enthalten, werden als Kreuzwährungspaare oder - kreuze bezeichnet. Im Devisenmarkt ist ein Währungspaar das Zitat des relativen Wertes einer Währung in der zweiten Währung . Charts, die die Kursbewegung für ein Währungspaar in täglichen Intervallen bereitstellen. Bezieht sich auf den Prozess des Startens und Abschlusses des Handels innerhalb der gleichen Tag oder Handelssitzung. Eine Einzelperson oder eine Firma, die als Gegenpartei für Fremdwährungstransaktionen agiert. Dieser Indikator wurde von Tom DeMark als Instrument eingeführt, um aufkommende Kauf - und Verkaufsmöglichkeiten zu identifizieren. Es zeigt die Preisabbauphasen, die in der Regel den Preishöhen und - summen entsprechen. Der DeMarker-Indikator erwies sich als effizient bei der Identifizierung von Trendausfällen sowie bei der Spotting intra-day Ein-und Ausstiegspunkte. Wertminderung eines Vermögenswertes. Ein Finanzvertrag, dessen Wert vom Wert eines oder mehrerer zugrundeliegender Vermögenswerte abhängt. Solche Basiswerte können Indizes, Aktien, Rohstoffe, Währungen und sonstige Vermögenswerte enthalten. The Descending triangle is a trend continuation pattern which typically forms in a downtrend and serves as confirmation of existing trend direction. The diamond graphical price pattern indicates existing trend reversal and usually forms in an uptrend. The double top pattern is considered a graphical price formation which precedes existing trend reversal. It is typically formed in an uptrend and is expected to be followed by a drop in prices, while the longer it takes for the pattern to form the more reliable it is. The double top pattern is considered a graphical price formation which precedes existing trend reversal. It is typically formed in an uptrend and is expected to be followed by a drop in prices, while the longer it takes for the pattern to be formed the more reliable it is. Forex traders use economic calendar to track the market events and moves The Envelopes indicator reflects the price overbought and oversold conditions helping to identify the entry or exit points as well as possible trend break-downs. Currency pair formed from Euro and Japanese yen, shows how many Japanese Yen are needed to purchase one Euro. The currency of the European Monetary Union used by 19 countries in the European Union. It is the legal tender of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. The most popular currency pair where Euro - the base currency is traded against US dollar - the quoted currency. The last day on which a derivative contract may either be exercised or offset. The flag graphical price model is a minor, short-term, trend continuation pattern that shows the previous direction will prevail in the future after its formation. As for the daily chart the pattern generally forms within a week. The Force Index indicator invented by Alexander Elder measures the power behind every price move based on their three essential elements, e. g. direction, extent and volume. The oscillator fluctuates around the zero, i. e. a point of a relative balance between power shifts. The market in which participants are able to buy, sell, exchange and speculate on currencies. The Forex market is composed of banks, commercial companies, central banks, investment management firms, hedge funds, retail forex brokers and investors. Forex dealer is a financial institution authorized to organize foreign currency trade. Price level which acts as a ceiling and caps the rise of the current currency price. A true forward transaction is an agreement that expects actual delivery of and full payment for the currency to occur on a future date. This term may also be used to refer to transactions that the parties expect to offset at some time in the future, but these transactions are not true forward transactions and are governed by the federal Commodity Exchange Act. Fractals is an indicator highlighting on charts the local highs and lows where the price movement has stopped and reversed. These reversal points are called respectively Highs and Lows. The study of economic and political factors with the objective of determining the intrinsic value of an asset. In the foreign exchange market, fundamental analysis is based primarily on the study of macroeconomic events. A break between prices, when the asset is having a big move up or down without trades occurring. The Gator Oscillator (GO) is a supplement to the Alligator indicator and is used alongside with it, showing the absolute degree of convergence/divergence of the Alligators three SMAs and pointing at the Alligators periods of slumber and awakenings (i. e. trending and non-trending market phases). GBP stands for British Pound which in this currency pair is traded against US dollar. The currency pair shows how many US dollars are needed to purchase one British Pound. The Head and shoulders graphical price pattern signals the end of trend and the following change in direction of the assets price. It typically forms in a developed uptrend. Strategy to diminish the risk of adverse effects of price fluctuations on ones portfolio and to protect against the volatility of the market. Actually, hedging involves selling or buying at the forward price or taking a position in a related security. Hedging becomes more widespread with increases in market uncertainty. The Ichimoku Kinko Hyo (Equilibrium chart at a glance) is a comprehensive technical analysis tool introduced in 1968 by Tokyo columnist Goichi Hosoda. The concept of the system was to provide an immediate vision of trend direction, momentum and strength by perceiving at a glance all five indicator components and the price. A process of a persistent rising of general level of prices of goods and services. The inverse head and shoulders graphical price pattern serves as a sign of trend reversal and is expected to be followed by change in direction of the assets price. It typically forms in a developed downtrend. Using borrowed funds that brokers offer to clients to conduct large volume deals with comparatively small capital. LIBID stands for London Interbank Bid Rate. LIBOR stands for London InterBank Offered Rate. An order that implies certain 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 93.00/03, then a buy limit of the USD would be at a price below 93 (i. e. 92.50). A market where traders may buy or sell large quantities of an asset at any time and at low transactions costs. The capacity of a market to secure large transactions with slight or no impact on price. Standard quantity of financial assets traded in one transaction. A deposit amount providing an opportunity to temporary possess the leveraged sum, which is used to realize speculative trading. Companys request for additional deposit of funds into a margin account. The Market Facilitation Index is designed to indicate how much of a willingness to move the price is there in the market. The indicators absolute values alone cannot provide any trading signals unlike its dynamics relative to the dynamics of the volume. An order to buy or sell a currency pair at the best available price. Momentum is an indicator that shows trend direction and measures how quickly the price is changing by comparing current and past prices. Money Flow Index (MFI) is a technical indicator developed to estimate money inflow intensity into a certain asset by comparing price increases and decreases over a given period, taking into consideration also trading volumes. The indicator is used to determine the overbought and the oversold situations. Moving Average is a technical analysis tool that shows the average price over a given period of time, and is used to smoothen price fluctuations and to determine trend direction and strength. Moving Average of Oscillator (OsMA) is a technical analysis tool that reflects the difference between an oscillator (like MACD) and its moving average (the signal line). Moving-Average Convergence/Divergence Oscillator, commonly referred to as MACD, is an indicator developed by Gerald Appel which is designed to reveal changes in the direction and strength of the trend by combining signals from three time series of moving averages. OCO order is a combination of two pending orders set to open a position at prices different from the current market price. Execution of one of the two orders brings to an automatic removal of the remaining one. The quoted price at which a currency can be bought. Also referred as the Ask. On-Balance Volume (OBV) is a cumulative volume-based tool intended to show the relation between the volume of deals and asset price movements. Any transaction that has not been closed out by a corresponding opposite transaction. An instruction by a customer to a broker/trader to buy or sell at certain price or market price. The order remains valid until executtion or cancellation by the client. Quotation of one currency in terms of the other. Parabolic is a trend following indicator developed by Welles Wilder and designed to confirm or reject trend direction, to determine trend end, correction or flat stages as well as to indicate possible exit points. The underlying principle of the indicator can be described as stop and reverse (SAR). A minor, short-term, trend continuation pattern indicating The pennant graphical price model is a minor, short-term, trend continuation pattern that shows the previous direction will prevail in the future after the graphical model its formations on price chart. It usually takes from one to three weeks for the pattern to formAs for the daily chart the pattern is generally formed within a week. Smallest possible change of quotation. Purchasing or selling simultaneously a basket of securities combined in a portfolio under a common idea. A positive financial gain from trading operations. The second currency in a currency pair is referred to as the quoted currency. For example, in a USD/JPY currency pair, the Japanese yen is the quote currency. It may be referred to as the secondary currency or the counter currency. Price of one currency in terms of another. Relative Strength Index is an indicator developed by Welles Wilder to assess the strength or the weakness of the current price movements and to measure the velocity of price changes by comparing price increases with its losses over a certain period. Relative Vigor Index, developed by John Ehlers, is a technical indicator designed to determine price trend direction. The underlying logic is based on the assumption that closing prices tend to be higher than opening prices in a bullish environment and lower in a bearish environment. Resistance is one of key notions of technical analysis. It is defined as price level at which supply forces are strong enough to prevent the price from rising further. Any party to a forex trade who is not an eligible contract participant as defined under the Commodity Exchange Act. This includes individuals with assets of less than 10 million and most small businesses. Identifying, measuring the risk level, taking actions to bring them to the desired level and monitoring the new risk level so that it stays at the desired level. The process of extending the settlement date on an open position by rolling it over to the next settlement date. The amount of money needed to open or maintain a position. Also known as margin. The business process whereby securities are delivered to the buyer in exchange for payment to the seller, which usually takes place one to three days after the deal. A market where trades are conducted for immediate settlement, which in most markets is within two working days. The current price in spot market. The difference between the bid and offer price. The term stands for the British currency, pound. Stochastic is an indicator introduced by George Lane to identify price trend direction and possible reversal points by determining the place of the current close price in the most recent price range, as in a sustainable uptrend close prices tend to the higher end of the range and to the lower end in a downtrend. Stop loss order is designed to limit possible losses and is set at a price worse than the price of position opening or the price of pending order execution. The exchange rate at which the buyer of a call has the right to purchase a specific currency pair or at which the buyer of a put has the right to sell a specific currency pair. Also known as the exercise price. Support is one of key notions of technical analysis. It is defined as price level at which demand forces are strong enough to stop the price from falling further. The fixed rate requested by the receiver as a compensation in interest rate swap for the uncertainty of paying a floating short-term rate, usually the LIBOR. The Symmetric triangle is considered a trend continuation pattern and may be formed in both uptrends and downtrends. The direction of the trend preceding the patterns appearance is confirmed in case of its occurrence on the chart. Take Profit is designed to close a position once the targeted profit level has been reached by setting it at a price better than the price of position opening or the price of pending order execution. A technique used for predicting future changes in commodity or currency markets, based solely on past price movements and volume levels. It examines charts and historical performance. Technical indicators are inseparable part of technical analysis. They aim to predict future market movements and help a trader get oriented in the market. There is a very large range of indicators that are used by traders for market forecasting. Examples of such technical indicators are trading indicators by Bill Williams, Oscillators, Trend and Volume indicators. The smallest movement possible in the price of a financial instrument. Trailing Stop mode maintains the mechanism of automatic shift of a linked Stop Loss order according to the following rule: if the profit of a position becomes higher than the set fixed distance, the Stop Loss order moves to the level on which the difference between the current market price and order price is equal to this distance. The costs that are incurred by a trader when buying or selling currencies or commodities. These cost include broker commissions and spreads. The date a trade occurs. Trend continuation patterns are formed during the pause in the current market trends, and tend to mark the movement continuation rather than its reversal. A straight line drawn across a chart that indicates the overall trend for the currency pair. In an upward trend, the line is drawn connecting troughs and acts as a support line in a downward trend a line connecting peaks acts as a resistance. Once price breaks through a trend line it signals a trend reversal and the trend line is no longer considered valid. Trend Reversal Patterns represent geometric models on price charts that indicate imminent reversal of the current trend. The triple bottom price pattern it typically formed in a downtrend being a sign of a following reversal and a rise in prices. It is considered more significant than the double bottom pattern. The triple top is a price pattern generally formed in an uptrend suggesting following reversal and a drop in prices. It is considered more significant than the double top pattern. The US dollar and Canadian dollar cross or currency pair. The quotes of the given pair indicate how many Canadian dollars are needed to purchase one US dollar. The US dollar and Swiss franc currency pair, where the US dollar is the base currency and the Swiss franc is the quoted currency. The US dollar and Japanese yen cCurrency pair or cross of US dollar and Japanese yen. In this currency pair the US dollar is the base currency while Japanese yen is the quoted one. Date on which counterparties must deliver funds, that is when the currency bought is received and the currency sold is paid. A measure of risk, usually a statistical indicator, which characterize the degree of an asset price variability. Volume is a technical indicator, which reflects trading activity of investors for a given time period and is used together with price analysis to confirm trend strength or highlight its weakness and therefore identify possible upcoming reversals. Das Volumen der abgeschlossenen Transaktionen ist durch eine aktive Beteiligung der Marktteilnehmer, ihre Stärke und Intensität geprägt. The wedge graphical price model is a minor, short-term, trend continuation pattern that shows the previous direction will prevail in the future after pattern formation. It usually forms in one to three months. Williams Percent Range (R) is a technical indicator developed by Larry Williams to identify whether an asset is overbought or oversold and therefore to determine possible turning points. Unlike the Stochastic oscillator Williams Percent Range is a single line fluctuating on a reverse scale. The official currency of Japan is the Japanese yen or JPY. In the Foreign Exchange Market Yen is considered the third most traded currency after US Dollar and Euro. Moreover it is broadly used as the reserve currency after the US Dollar and the Great Britain Pound. IFCMARKETS. CORP 2006-2016 IFC Markets ist ein führender Makler auf den internationalen Finanzmärkten, der Online Forex Trading Services sowie zukünftige Index-, Aktien - und Rohstoff-CFDs anbietet. Das Unternehmen hat seit 2006 kontinuierlich seine Kunden in 17 Sprachen von 60 Ländern auf der ganzen Welt, in Übereinstimmung mit internationalen Standards der Vermittlung Dienstleistungen. Risiko-Warnung Hinweis: Forex-und CFD-Handel im OTC-Markt umfasst erhebliche Risiken und Verluste können Ihre Investitionen übersteigen. IFC Markets does not provide services for United States and Japan residents. Forex Glossary Aggregate Total amount of exposure a bank has with a customer for both spot and forward contracts. American Option An option which may be exercised at any valid business date throughout the life of the option. Appreciation Describes a currency strengthening in response to market demand rather than by official action. Arbitrage A risk-free type of trading where the same instrument is bought and sold simultaneously in two different markets in order to cash in on the difference in these markets. Around Used in quoting forward premium / discount. Ask Price Ask is the lowest price acceptable to the buyer. Asset In the context of foreign exchange it is the right to receive from a counterparty an amount of currency either in respect of a balance sheet asset (e. g. a loan) or at a specified future date in respect of an unmatched forward or spot deal. 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. At Par Forward Spread When the forward price is equivalent to the spot price. At the Price Stop-Loss Order A stop-loss order that must be executed at the requested level regardless of market conditions. At-the-Money An option whose strike/exercise price is equal to or near the current market price of the underlying instrument. Auction Sale of an item to the highest bidder. (1) A method commonly used in exchange control regimes for the allocation of foreign exchange. (2) A method for allocating government paper, such as US Treasury Bills. Small investors are given preferential access to the bills. The average issuing price is then computed on the basis of the competitive bids accepted. In some circumstances for government auctions it is the yield rather than the price which is bid. 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 Settlement and related processes. Back to Back (1) Transaction where all the obligations and liabilities in one transaction are mirrored in a second transaction. (2) Transaction where a loan is made in one currency in one country against a loan in another country in another currency. Balance of Payments A systematic record of the economic transactions during a given period for a country. (1) The term is often used to mean either: (i) balance of payments on current account or (ii) the current account plus certain long term capital movements. (2) The combination of the trade balance, current balance, capital account and invisible balance, which together make up the balance of payments total. Prolonged balance of payment deficits tend to lead to restrictions in capital transfers, and or decline in currency values. Balance of Trade The value of exports less imports. Invisibles are normally excluded, and is otherwise referred to as mercantile or physical trade. Figures can be quoted on FoB/ FaS. customs cleared, or FoB export. Band The range in which a currency is permitted to move. A system used in the ERM. Bank Line Line of credit granted by a bank to a customer, also known as a line. Bank Notes Bank notes are paper issued by the central or issuing bank and are legal tender, but are not usually considered to be part of the FX market. However bank notes can be converted, in some counties, into FX. Bank notes are normally priced at a premium to the current spot rate for a currency. Bank Rate The rate at which a central bank is prepared to lend money to its domestic banking system. Barrier Option A family of path dependent options whose pay-off pattern and survival to the expiration date depend not only on the final price of the underlying currency but also on whether or not the underlying currency breaks a predetermined price level at any time during the life of the option. See Down and Out call/put, Down and in call/put, Up and out call/put, Up and in call/put. Base Currency The currency in which the operating results of the bank or institution are reported. Base Rate A term used in the UK for the rate used by banks to calculate the interest rate to borrowers. Top quality borrowers will pay a small amount over base. Basis The difference between the cash price and futures price. Basis Convergence The process whereby the basis tends towards zero as the contract expiry approaches. Basis Point One per cent of one per cent. Basis Price The price expressed in terms of yield maturity or annual rate of return. Basis Trading Taking opposite positions in the cash and futures market with the intention of profiting from favorable movements in the basis. Basket A group of currencies normally used to manage the exchange rate of a currency. Sometimes referred to as a unit of account. Bear A person who believes that prices will decline. Bear Market A market in which prices decline sharply against a background of widespread pessimism (opposite of Bull Market). Bid Price Bid is the highest price that the seller is offering for the particular currency at the moment the difference between the ask and the bid price is the spread. Together, the two prices constitute a quotation the difference between the two is the spread. The bid-ask spread is stated as a percentage cost of transacting in foreign exchange. Big Figure Refers normally to the first three digits of an exchange rate that dealers treat as understood in quoting. For example a quote of 30/40 on dollar mark could indicates a price of 1.5530/40BIS: Bank of International Settlement. Bilateral Clearing A system used where foreign currency is limited. Payments are usually routed through the central banks, and sometimes require that the trade balance is equaled every year. Binary Options A binary call (or step up) is like a standard European call option except that the pay off at expiry is fixed at one unit of the counter currency, if the call expires in the money. Black-Scholes Model An option pricing formula initially derived by Fisher Black and Myron Scholes for securities options and later refined by Black for options on futures. It is widely used in the currency markets. Booked The recording of a transaction outside the country where the transaction is itself negotiated. Boris Slang for Russian trading. Break Even Point The price of a financial instrument at which the option buyer recovers the premium, meaning that he makes neither a loss nor a gain. In the case of a call option, the break even point is the exercise price plus the premium. Break Out In the options market, undoing a conversion or a reversal to restore the option buyers original position. 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. Brokerage Commission charged by a broker. BUBA Bundesbank, the reserve bank of Germany. Bull A person who believes that prices will rise. Bull Market A market characterized by rising prices. Bulldogs Sterling bonds issued in the UK by foreign institutions. Bundesbank Central Bank of Germany. Butterfly Spread (1) A futures butterfly spread is a spread trade in which multiple futures months are traded simultaneously at a differential. The trade basically consists of two futures spread transactions with either three or four different futures months at one differential. (2) An options butterfly spread is a combination of a bear and bull spread trade in which multiple options months and strike prices are traded simultaneously at a differential. The trade basically consists of two options spread transactions with either three or four different options months and strikes at one differential Cable A term used in the foreign exchange market for the US Dollar/British Pound rate. Cable Transfer Telegraphic transfer of funds from one centre to another. Now synonymous with inter bank electronic fund transfer. Cable Transfer Telegraphic transfer of funds from one centre to another. Now synonymous with inter bank electronic fund transfer. Call An option that gives the holder the right to buy the underlying instrument at a specified price during a fixed period. Call Option A call option confers the right but not the obligation to buy stock, shares or futures at a specified price. Capital Account Juxtaposition of the long and short term capital imports and exports of a country. Carry The interest cost of financing securities or other financial instruments held. Carry-Over Charge A finance charge associated with the storing of commodities (or foreign exchange contracts) from one delivery date to another. Cash Normally refers to an exchange transaction contracted for settlement on the day the deal is struck. This term is mainly used in the North American markets and those countries which rely for foreign exchange services on these markets because of time zone preference i. e. Latin America. In Europe and Asia, cash transactions are often referred to as value same day deals. Cash and Carry The buying of an asset today and selling a future contract on the asset. A reverse cash and carry is possible by selling an asset and buying a future. Cash Settlement A procedure for settling futures contract where the cash difference between the future and the market price is paid instead of physical delivery. CBOE Chicago Board Options Exchange. CBOT or CBT Chicago Board of Trade. CD Certificate of Deposit. Central Bank A central bank provides financial and banking services for a countrys government and commercial banks. It implements the governments monetary policy, as well, by changing interest rates. Central Rate Exchange rates against the ECU adopted for each currency within the EMS. Currencies have limited movement from the central rate according to the relevant band. Certificate of Deposit (CD) A negotiable certificate in bearer form issued by a commercial bank as evidence of a deposit with that bank which states the maturity value, maturity rate and interest rate payable. CDs vary in size with maturities ranging from a few weeks to several years. CDs may normally be redeemed before maturity only by sale on the secondary market but may also be redeemed back to issuing bank through payment of a penalty. CFTC The Commodity Futures Trading Commission, the US Federal regulatory agency for futures traded on commodity markets, including financial futures. CHAPS Clearing House Automated Payment System. Chartist An individual who studies graphs and charts of historic data to find trends and predict trend reversals which include the observance of certain patterns and characteristics of the charts to derive resistance levels, head and shoulders patterns, and double bottom or double top patterns which are thought to indicate trend reversals. CHIPS The New York clearing house clearing system. (Clearing House Interbank Payment System). Most Euro transactions are cleared and settled through this system. CIBOR Copenhagen Interbank Rate, the rate at which the banks lend the Danish Krone on an unsecured basis. The rate is calculated daily by the Danmarks Nationalbank (the Danish Central Bank), based on rules set out by the Danish Bankers Association. Closed Position A transaction which leaves the trade with a zero net commitment to the market with respect to a particular currency. Closing Purchase Transaction The purchase of an option identical to one already sold to liquidate a position. CME Chicago Mercantile Exchange. Coincident Indicator An economic indicator that generally moves in line with the general business cycle such as industrial production. Comex Commodity Exchange of New York. Commission The fee that a broker may charge clients for dealing on their behalf. Compound Option An option on an option, the dates and price of such option being fixed. Confirmation A memorandum to the other party describing all the relevant details of the transaction. Contract An agreement to buy or sell a specified amount of a particular currency or option for a specified month in the future (See Futures contract). Contract Expiration Date The date on which a currency must be delivered to fulfill the terms of the contract. For options, the last day on which the option holder can exercise his right to buy or sell the underlying instrument or currency. Contract Month The month in which a futures contract matures or becomes deliverable if not liquidated or traded out before the date specified. Correspondent Bank The foreign banks representative who regularly performs services for a bank which has no branch in the relevant centre, e. g. to facilitate the transfer of funds. In the US this often occurs domestically due to inter state banking restrictions. Cost of Carry The interest rate parity, where the forward price is determined by the cost of borrowing money in order to hold the position. Cost of Living Index Broadly equivalent to Retail Price Index or Consumer price. Counterparty The customer or bank with which a foreign exchange deal is executed. Counterparty Risks Foreign Currency Inter-bank Exchange (FOREX) instruments are Positions (Buys and/or Sell) between the Client and its Counterparty and, unlike exchange-traded foreign exchange instruments which are, in effect, guaranteed by a clearing organization affiliated with the exchange on which the instruments are traded, are not guaranteed by a clearing organization. Thus, when the Customer purchases an OTC foreign exchange instrument, it relies on the Counterparty from which it has purchased the instrument to fulfill the contract. Failure of a Counterparty to fulfill a Position could result in losses of any prior payment made pursuant to the Positions as well as the loss of the expected benefit of the transaction. Country Risk Factors that affect currency trading unique to the specific country include political, regulatory, legal and holiday risks. Coupon (1) On bearer stocks, the detachable part of the hide behind nominee status. Certificate exchangeable for dividends. (2) Denotes the rate of interest on a fixed interest security. Coupon Value The annual rate of interest of a bond. Cover (1) To take out a forward foreign exchange contract. (2) To close out a short position by buying currency or securities which have been sold. Covered Interest Rate Arbitrage An arbitrage approach which consists of borrowing currency A, exchanging it for currency B, investing currency B for the duration of the loan, and, after taking off the forward cover on maturity, showing a profit on the entire set of deals. It is based on the theorem of interest rate parity (one of the key theoretical economic relationships) which says that the return on a hedged foreign investment will just equal the domestic interest rate on investments of identical risk. When the covered interest rate differential between the two money markets is zero, there is no arbitrage incentive to move funds from one market to another. CPI Consumer Price Index. Monthly measure of the change in the prices of a defined basket of consumer goods including food, clothing, and transport. Countries vary in their approach to rents and mortgages. CPSS Committee on Payment and Settlement Systems. Crawling Peg (Adjustable Peg) An exchange rate system where a countrys exchange rate is pegged (i. e. fixed) in relation to another currency. The official rate may be changed from time to time. Credit Risk The risk that a debtor will not repay more specifically the risk that the counterparty does not have the currency promised to be delivered. Cross Deal A foreign exchange deal entered into involving two currencies, neither of which is the base currency. Cross Hedge A technique using financial futures to hedge different but related cash instruments based on the view that the price movements between the instruments move in concert. Cross Rate An exchange rate between two currencies, usually constructed from the individual exchange rates of the two currencies, as most currencies are quoted against the dollar. Cross-Trade A cross-trade transaction is a transaction where either the buy broker and the sell broker are the same, or the buy broker and the sell broker belong to the same firm. Currency The type of money that a country uses. It can be traded for other currencies on the foreign exchange market, so each currency has a value relative to another. Currency Basket Various weightings of other currencies grouped together in relation to a basket currency (e. g. ECU or SDR). Sometimes used by currencies to fix their rate often on a trade weighted basket. Current Account The net balance of a countrys international payment arising from exports and imports together with unilateral transfers such as aid and migrant remittances. It excludes capital flows. Current Balance The value of all exports (goods plus services) less all imports of a country over a specific period of time, equal to the sum of trade and invisible balances plus net receipt of interest, profits and dividends from abroad. Cycle The set of expiration dates applicable to different classes of option Day Order An order that if not executed on the specific day is automatically canceled. Day Trading A Day Trading deal is a currency exchange deal which renews automatically every night at 22:00 (GMT time) starting the day the deal was made and until it ends. The deal ends in one of the following events: 1.Termination initiated by you. 2.The day trading rate has reached the Stop-Loss or Take Profit rate you predefined. 3.The deal end date. As long as the deal is open, it is charged a renewal fee every night at 22:00 (GMT time). Deal Date The date on which a transaction is agreed upon. Deal Ticket The primary method of recording the basic information relating to a transaction. Dealer An individual or firm acting as a principal, rather than as an agent, in the purchase and /or sale of securities. Dealers trade for their own account and risk in contrast to the brokers who trade only on behalf of their clients. Declaration Date The latest day or time by which the buyer of an option must intimate to the seller his willingness or unwillingness to exercise the option. Deficit Shortfall in the balance of trade, balance of payments, or government budgets. Delivery The settlement of a transaction by receipt or tender of a financial instrument or currency. Delivery Date The date of maturity of the contract, when the final settlement of transaction is made by exchanging the currencies. This date is more commonly known as the value date. Delivery Risk A term to describe when a counterparty will not be able to complete his side of the deal. This risk is very high in case of over the counter transactions where there is no exchange which can stand as a guarantee to the trade between the two parties to the contract. Delta The ratio comparing the change in the price of the underlying asset to the corresponding change in the price of a derivative. Also referred as the hedge ratio. Delta Hedging A method used by option writers to hedge risk exposure of written options by purchase or sale of the underlying instrument in proportion to the delta. Delta Spread A ratio spread of options established as a neutral position by using the deltas of the options concerned to determine the hedge ratio. Derivatives A broad term relating to risk management instruments such as futures, options, swaps, etc. The contract value moves in relation to the underlying instrument or currency. The issue of derivatives and their control following large losses by banks and corporates has been subject of much debate. Desk Term referring to a group dealing with a specific currency or currencies. Details All the information required to finalize a foreign exchange transaction, i. e. name, rate, dates, and point of delivery. Devaluation Deliberate downward adjustment of a currency against its fixed parities or bands which is normally accompanied by formal announcement. Direct Quotation Quoting in fixed units of foreign currency against variable amounts of the domestic currency. Discount Less than the spot price. For example, forward discount. Discount Rate The rate at which a bill is discounted. Specifically it refers to the rate at which a central bank is prepared to discount certain bills for financial institutions as a means of easing their liquidity, and is more accurately referred to as the official discount rate Domestic Rates The interest rates applicable to deposits domiciled in the country of origin. Value and values may vary from Eurodeposits due to taxation and varying market practices. Economic Exposure Reflects the impact of foreign exchange changes on the future competitive position of a company in the sense of the impact it can have on the future cash flows of the company. Economic Indicator A statistic which indicates current economic growth rates and trends such as retail sales and employment. ECU - European Currency Unit A basket of the member currencies. As a composite unit, the ECU consists of all the European Community currencies, which are individually weighted. It was created by the European Monetary System with the eventual goal of replacing the individual European member currencies. Effective Exchange Rate An attempt to summarize the effects on a countrys trade balance of its currencys changes against other currencies. EFT Electronic Fund Transfer. Either Way Market In the Euro Interbank deposit market where both bid and offer rates for a particular period are the same. EMS European Monetary System. EMU European Monetary Union. EOE European Options Exchange. Epsilon The change in the price of an option associated with a 1 change in implied volatility (technically the first derivative of the option price with respect to volatility). Also referred to as eta, vega, omega and kappa. ERM Exchange Rate Mechanism. Euro Clear A computerized settlement and depository system for safe custody, delivery of, and payment for Eurobonds. European Union The group formerly known as the European Community. Exchange Rate Risk The potential loss that could be incurred from an adverse movement in exchange rates. Exercise Price (Strike Price) The price at which an option can be exercised. Exotic A less broadly traded currency. Expiration Date (1) Options - the last date after which the option can no longer be exercised. (2) Bonds - the date on which a bond matures. Expiration Month The month in which an option expires. Expiry Date The last date on which an option can be bought or sold. Expiry Date The last day on which the holder of an option can exercise his right to buy or sell the underlying security. Exposure The total amount of money loaned to a borrower or country. Banks set rules to prevent overexposure to any single borrower. In trading operations, it is the potential for running a profit or loss from fluctuations in market prices. Fast Market Rapid movement in a market caused by strong interest by buyers and/or sellers. In such circumstances price levels may be omitted and bid and offer quotations may occur too rapidly to be fully reported. Fed The United States Federal Reserve. Federal Deposit Insurance Corporation Membership is compulsory for Federal Reserve members. The corporation had deep involvement in the Savings and Loans crisis of the late 80s. Fed Fund Rate The interest rate on Fed funds. This is a closely watched short term interest rate as it signals the Feds view as to the state of the money supply. Fed Funds Cash balances held by banks with their local Federal Reserve Bank. The normal transaction with these funds is an inter bank sale of a Fed fund deposit for one business day. Straight deals are where the funds are traded overnight on a unsecured basis. FEDAI Foreign Exchange Dealers Association of India is an association of all dealers in foreign exchange which sets the ground rules for fixation of commissions and other charges and also determines the rules and regulations relating to day-to-day transactions in foreign exchange in India. Federal National Mortgage Association A privately owned but US government sponsored corporation that trades in residential mortgages. Its activities are funded by the sale of instruments commonly known as Fannie Maes. Federal Reserve Board The board of the Federal Reserve System, appointed by the US President for 14 year terms, one of whom is appointed for four years as chairman. Federal Reserve System The central banking system of the US comprising 12 Federal Reserve Banks controlling 12 districts under the Federal Reserve Board. Membership of the Fed is compulsory for banks chartered by the Comptroller of Currency and optional for state chartered banks. Fiscal Policy Use of taxation as a tool in implementing monetary policy. Fixed Exchange Rate Official rate set by monetary authorities for one or more currencies. In practice, even fixed exchange rates are allowed to fluctuate between definite upper and lower bands, leading to intervention by the central bank. Fixing A method of determining rates by normally finding a rate that balances buyers to sellers. Such a process occurs either once or twice daily at defined times. Used by some currencies particularly for establishing tourist rates. The system is also used in the London Bullion market. Flat/Square Where a client has not traded in that currency or where an earlier deal is reversed thereby creating a neutral (flat) position. example: you bought 500,000 then sold 500,000 FLAT . Float (1) see Floating exchange rate. (2) Cash in hand or in the course of being transferred between banks (3) Federal Reserve Float arises from the system where cheques sent to the Federal Reserve Banks are credited sometimes in advance of the depositing bank loosening the reserve. Floating Exchange Rate When the value of a currency is decided by the market forces dictating the demand and supply of that particular currency. Floor (1) An agreement with a counterparty that sets a lower limit to interest rates for the floor buyer for a stated time. (2) A term for an exchanges trading area (cf. screen based trading), normally the trading area is referred to as a pit in the commodities and futures markets. FOMC Federal Open Market Committee, the committee that sets money supply targets in the US which tend to be implemented through Fed Fund interest rates etc. Foreign Exchange The purchase or sale of a currency against sale or purchase of another. Foreign Position It means a position under which one party agrees to purchase from or sell to the other party an agreed amount of foreign currency. Forex An abbreviation of foreign exchange Forex Deal The purchase or sale of a currency against sale or purchase of another currency. The maximum time for a deal is defined when the deal opens, the deal can be closed at any moment until the expiry date and time. A deal cannot be closed on its first 3 minutes, due to technical reasons. Forward Contract Sometimes used as synonym for forward deal or future. More specifically for arrangements with the same effect as a forward deal between a bank and a customer. Forward Cover Taking Forward contracts to protect against movements in the exchange rate. Forward Deal A deal with a value date greater than the spot value date. Forward Points The interest rate differential between two currencies expressed in exchange rate points. The forward points are added to or subtracted from the spot rate to give the forward or outright rate depending on whether the currency is at a forward premium or discount. Forward Rate The rate at which a foreign exchange contract is struck today for settlement at a specified future date which is decided at the time of entering into the contract. The decision to subtract or add points is determined by the differential between the deposit rates for both currencies concerned in the transaction. The base currency with the higher interest rate is said to be at a discount to the lower interest rate quoted currency in the forward market. Therefore the forward points are subtracted from the spot rate. Similarly, the lower interest rate base currency is said to be at a premium, and the forward points are added to the spot rate to obtain the forward rate. Free Reserves Total reserves held by a bank less the reserves required by the authority. Front Office The activities carried out by the dealer, normal trading activities. Fundamental Analysis Analysis based on economic and political factors. Fundamentals The macro economic factors that are accepted as forming the foundation for the relative value of a currency, these include inflation, growth, trade balance, government deficit, and interest rates. Funds A term for USD/CAD/Fungibles Instruments that are equivalent, substitutable and interchangeable in law. May apply to certain exchange traded currency contracts offered on a number of exchanges. Futures Contract A contract traded on a futures exchange which requires the delivery of a specified quality and quantity of a commodity, currency or financial instruments a specified future month, if not liquidated before the contract matures. Futures Exchange-Traded Contracts They are firm agreements to deliver (or take delivery of) a standardized amount of something on a certain date at a predetermined price. Futures exist in currencies, money market deposits, bonds, shares and commodities. They are traded on an exchange with the clearing corporation gauranteeing the contract and moreover the trade is done on a mark to market basis. G10 G7 plus Belgium, Netherlands and Sweden, a group associated with IMF discussions. Switzerland is sometimes peripherally involved. G5 The five leading industrial countries - US, Germany, Japan, France, UK. G7 The seven leading industrial countries, being US. Germany, Japan, France, UK, Canada, Italy. Gamma The rate at which a delta changes over time or for one unit change in the price of the underlying asset. GNP Deflator Removes inflation from the GNP figure. Usually expressed as a percentage and based on an index figure. GNP Gap The difference between the actual real GNP and the potential real GNP. If the gap is negative an economy is overheated. Gold Standard The original system for supporting the value of currency issued. This system was in vogue before 1973 when the fixed exchange rates were prevalent. Gross Domestic Product Total value of a countrys output, income or expenditure produced within the countrys physical borders. Gross National Product Gross domestic product plus factor income from abroad - income earned from investment or work abroad. 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) A market conducted directly between dealers and principals via a telephone and computer network rather than a regulated exchange trading floor. 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. They were never part of the Stock Exchange since they were seen as unofficial. 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. A swap can be a swap against a forward. 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. Risiko-Warnung: Forex, Rohstoffe, Optionen und CFDs (OTC Trading) sind hebelfinanzierte Produkte, die ein erhebliches Verlustrisiko bis hin zu Ihrem investierten Kapital aufweisen und möglicherweise nicht für jedermann geeignet sind. Bitte stellen Sie sicher, dass Sie die Risiken vollständig verstehen und nicht investieren Geld, das Sie sich nicht leisten können, zu verlieren. Bitte beachten Sie unseren vollständigen Haftungsausschluss. EF Worldwide Ltd EF Worldwide Ltd Easy Forex Reg ist ein eingetragenes Warenzeichen. Copyright-Kopie 2016. Alle Rechte vorbehalten.
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