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Financial Glossary

IMF

An organization founded in 1944 to oversee exchange arrangements of member countries and to lend foreign currency reserves to members with short-term balance of payment problems

IMM

International Monetary Market is part of the CME that lists a number of currency and financial futures contracts

ILLIQUID

A security becomes illiquid when a lack of trading activity in the security makes it hard to sell without taking a large loss

IMPLIED VOLATILITY SKEWS

The implied volatility varies for different strikes of an option

INDEX

Statistical composite that measures changes in the economy or in financial markets

INCONVERTIBLE CURRENCY

Currency which cannot be exchanged for other currencies, because this is forbidden by the foreign exchange regulations

INDICATIVE QUOTE

A price quoted but is not firm

IMPLIED VOLATILITY

A theoretical value designed to represent the volatility of the underlying instrument as determined by the price of the option. The factors that affect implied volatility are the exercise price, the rate of return, maturity date and the price of the option

INDUSTRIAL PRODUCTION

An indicator measuring physical output of manufacturing, mining and utilities

INFLATION

The overall general upward price movement of goods and services in an economy, usually as measured by the Consumer Price Index and the Producer Price Index

INITIAL MARGIN

The amount of cash collateral required by a brokerage firm to be deposited before buying or selling on margin

IPOInitial Public Offering; A company's first sale of stock to the public

INTER-BANK RATES

The bid and offer rates at which international banks place deposits with each other

INTEREST RATE OPTIONS

An option contract whose underlying security is a debt obligation

INTEREST RATE FLOOR

The minimum interest rate that could be charged

INTEREST RATE SWAPS

An agreement to swap interest rate exposures from floating to fixed or vice versa. There is no swap of the principal. It is the interest cash flows be they payments or receipts that are exchanged

INTERVENTION

Action taken by a central bank to affect the value of its currency

IN THE MONEY

A call option is in the money when the strike price is less than the current price of the underlying instrument. A put is when the strike price is greater

INTRA DAY POSITION

An open position that is usually squared off by the close of the day

INTRINSIC VALUE

The amount by which an option is In-the-money. The intrinsic value is the difference between the exercise price and the price of the underlying instrument

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