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Financial Glossary

LAGGING INDICATORS

Economic indicators that follow rather than precede the country's overall pace of economic activity

LAISSE-FAIRE

Doctrine that a government should not interfere with business and economic affair

LAST TRADING DAY

The day on which trading ceases for an expiring contract

LBO

A transaction used to take a public corporation private that is financed through debt such as bank loans and bonds

LEAD MANAGER

The commercial or investment bank with the primary responsibility for organizing syndicated bank credit or bond issue. The lead manager recruits underwriting banks, negotiates terms of the issue with the issuer, and assesses market conditions

LEADING INDICATORS

An economic indicator that changes before the economy has changed. Examples of leading indicators include production workweek, building permits, unemployment insurance claims, money supply, inventory changes, and stock prices

LEVERAGE

The degree to which an investor or business is utilizing borrowed money

LIBID

The London Interbank Bid Rate; the rate charged by one bank to another for deposits

LIBOR

The London Interbank Offered Rate, the rate charged by one bank to another for lending money

LIFFE

London International Financial Futures Exchange

LIMIT DOWN

The maximum price decline permitted in one trading session

LIMIT ORDER

An order to buy or sell a specified amount of a security at a specified price or better

LIMIT UP

The maximum price advance permitted in one trading session

LIMIT

The amount that one bank is prepared to trade with another; or the amount that a dealer is permitted to trade in a given currency

LINES

An banking arrangement to lend an investor any amount up to the full amount of the line

LIQUIDATION

Any transaction that closes out a previously established position

LIQUIDITY

The ability of an asset to be quickly converted into cash; or a market with a large number of buyers and sellers

LOMBARD RATE

One of the key commercial interest rates in Europe; an interest rate for a loan against the security of pledged paper

LONG

The state of actually owning a currency, security, or commodity

LONG HEDGE

The purchase of futures contracts for price protection purposes as a defensive position against an increase in cash prices

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