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Financial Glossary

DAY ORDER

An order that is automatically canceled if not executed during the day

DAY TRADER

A trader who takes positions that are closed during the same trading day

DEAL DATE

The date that the transaction took place

DEAL TICKET

The primary method of recording the basic information of a transaction

DEALER

An individual or firm acting as a principal in the purchase or sale of currencies or securities. Dealers trade for their own account and risk

DEBIT BALANCE

The amount that is owed to a broker by a margin customer for loans the customer uses to buy currencies or securities

DEBT MARKET

The market for trading debt instruments

DECLARATION DATE

The latest day or time by which the buyer of an option must indicate to the seller his intention to execute the option

DEFAULT

Failure to make timely payment of interest or principal on a debt security

DEFICIT

A shortfall that is usually referenced to the balance of trade

DEFLATOR

A price index measuring changes in prices of all new, domestically produced, final goods and services in an economy

DELIVERY DATE

The date when the exchange of the currencies is made on a currency contract, or the value date. Could also refer to the exchange of commodity on a commodities contract

DELIVERY MONTH

The calendar month in which a futures contract comes to maturity and becomes deliverable

DELIVERY POINTS

Those locations designated by futures exchanges at which the futures contract may be delivered in fulfillment of the contract

DELIVERY

The settlement of a futures contract by receipt or tender of a financial instrument, currency or commodity

DELTA

Delta measures the sensitivity of the value of a option to changes in the price of its underlying instrument

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

DEPO

Deposit

DEPRECIATION

A fall in the value of a currency due to market forces

DEREGULATION

The reduction of government's role in controlling markets, which lead to a free and presumably a more efficient marketplace

DERIVATIVES

A broad term relating to instruments such as futures or options. The value of a derivative instrument moves in relation to the underlying

DEVALUATION

Deliberate downward adjustment of a currency against its fixed parities or bands, normally by formal announcement from the government

DIAGONAL SPREAD

The purchase of a longer maturity option and the sale of a shorter maturity, lower exercise price option. The choice of calls or puts will determine its bear or bull character

DIRECT QUOTE

For foreign exchange, the number of US dollars needed to buy one unit of a foreign currency

DIRTY FLOAT

A system of floating exchange rates in which a government may intervene to change the direction of the value of the country's currency

DISCLOSURE

The release of all information pertaining to the company's business activity, regardless of how that information may influence investors

DISCOUNT

A term used for instruments where the forward rate is lower than the spot rate or where an option is trading for less than its intrinsic value

DISCOUNT RATE

The rate at which a central bank is prepared to discount certain bills for financial institutions as a means of easing their liquidity

DISCRETIONARY ACCOUNT

Accounts over which an individual or organization, other than the person in whose name the account is carried, exercises trading authority or control

DISINFLATION

A decrease in the rate of inflation

DISINVESTMENT

A reduction in capital investment of a company and its decision not to replace depleted capital goods

DISPOSABLE INCOME

Earnings after tax

DIVERGENCE

When two or more averages or indexes fail to show confirming trends

DIVIDEND

A portion of a company's profit paid to common and preferred shareholders

DIVIDEND RATE

The fixed or floating rate paid on preferred stock based on par value

DOMESTIC MARKET

A nation's internal market representing the mechanisms for issuing and trading securities of entities domiciled within that nation

DOUBLE BOTTOM

A term used in technical analysis to refer to the drop of a stock's price, a rebound, and then a drop back to the same level as the original drop

DOUBLE TOP

A term used in technical analysis to refer to the rise of a stock's price, a drop, and then a rise back to the same level as the original rise

DOWNGRADE

A negative change in ratings for a stock, or other rated security

DUE DILIGENCE

Background check and research conducted by the company to assess validity of a prospective client and that client's customers

DURABLE GOODS ORDERS

A measure of new orders placed with domestic manufacturers for immediate and future delivery. A major indicator of the health of the manufacturing sector in an economy

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