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Financial Glossary

M0

Cash in circulation; only used by the UK

M1

Cash in circulation plus demand deposits at commercial banks

M2

Includes demand deposits, time deposits and money market mutual funds, excluding large CDs

M3

M2 plus large time deposits, repos of maturity greater than one day and institutional money market accounts

M4

M2 plus negotiable CDs

MACROECONOMICS

Analysis of a country's economy as a whole

MAINTENANCE MARGIN

The minimum margin which an investor must keep on deposit in a margin account at all times for of each open contract

MARGIN CALL

A demand for additional funds to be deposited in a margin account to meet margin requirements because of adverse price movements

MARGIN

Difference between the buying and selling rates; or the initial deposit made brokerage firm upon establishing an account

MARGINAL RISK

The risk that a customer goes bankrupt after entering into a forward contract

MARKED-TO-MARKET

An arrangement whereby the profits or losses on a futures contract are settled each day

MARK UP

The difference between the lowest current offered price and the higher price that a dealer charges to a customer

MARKET AMOUNT

The conventional amount dealt between banks

MARKET IF TOUCHED (MIT)

An exchange order that automatically becomes a market order if the specified price is reached

MARKET ON CLOSE (MOC)

An exchange order that is filled as close as possible to the close

MARKET MAKER

A brokerage company or a bank that maintains a firm bid and ask price and is ready, willing, and able to buy or sell at publicly quoted prices

MARKET ORDER

An order to buy or sell a financial instrument immediately at the best possible price

MATIF

Marche a Terme International de France

MATURITY DATE

The last trading day of a futures contract

MEDIUM TERM NOTE

A corporate debt instrument that has maturity bands of: 9 months to 1 year, more than 1 year to 18 months, more than 18 months to 2 years, etc., up to 30 years

MICRO ECONOMICS

The study of the behavior of small economic units such as individual consumers or households

MIDDLE OFFICE

The group of employees responsible for calculating profits and losses and for managing risks

MID-PRICE

The average of both buying and selling prices

MINE

Expression used to indicate that the willingness to buy at the rate offered by the counter party

MINIMUM PRICE FLUCTUATION

The smallest increment of market price movement possible

MINIMUM RESERVE

Reserves required to be deposited at central banks by commercial banks and other financial institutions

MIO

Traders' reference for a Million

MM

Money Markets

MODERN PORTFOLIO THEORY

Principals underlying the analysis and evaluation of rational portfolio choices based on risk-return trade-offs and efficient diversification

MOMENTUM INDICATORS

Indicators used in market analysis to quantify the momentum of upward and downward price movements

MONEY MARKET

Market for short-term debt securities with maturity of one year or less and often 30 days or less

MONEY SUPPLY

The total supply of money in circulation in a given country's economy at a given time

MOVING AVERAGE

moving averages are used on charts to that show whether an instrument's price is trending up or down. It is a technical analysis term meaning the average price of an instrument over a specified time period, used in order to spot pricing trends by flattening out large fluctuations

MUTUAL FUND

An open-ended fund operated by an investment company that raises money from shareholders and invests in a group of assets in accordance with a stated set of objectives

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