Day Order An order that if not executed on the specific day, is
Day Trader Speculators who take positions that are liquidated prior to
the close of the same trading day.
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 the trader. 2. The day trading rate has reached
the Stop-Loss rate (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).
Daylight Exposure Limit See intra-day position.
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.
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 brokers,
who do trade only on behalf of their clients.
Dealing Board The panel of communications equipment forming part of a
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
Deflator Difference between real and nominal Gross National
Product, which is equivalent to the overall inflation rate.
Delivery The settlement of a transaction by receipt, or tender of a
financial instrument or currency.
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
Delivery Month The calendar month in which a futures contract comes to
maturity and becomes deliverable.
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Those locations designated by futures exchanges at which
the currency represented by a futures contract may be
delivered in fulfillment of the contract.
A term to describe when counterparty is not able to
complete his side of the deal. This risk is very high in the
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.
The change in the value of the option premium made fully
paid by the capitalization of reserves, and given relative to
the instantaneous change in the value of the underlying
instrument, expressed as a coefficient.
A method used by option writers to hedge the risk exposure
of written options by purchase or sale of the underlying
instrument in proportion to the delta.
A ratio spread of options established as a neutral position by
using the deltas of the options concerned to determine the
Deport (French) Discount.
Deposit Dealings Money Market operations.
Describes a currency weakening in response to market
demand as opposed to increasing in value as a result of
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 corporations has been the subject of much
Desk Term referring to a group dealing with a specific currency
Details All the information required to finalize a foreign exchange
transaction, i.e. name, rate, dates and point of delivery.
Deliberate downward adjustment of a currency against its
fixed parities or bands, which is normally accompanied by
Devisen, Devises Foreign exchange in German and French respectively.
Devisenkassamarkt German for spot exchange market.
Devisenterminmarkt German for forward exchange market.
Diagonal (bull or bear)
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 Quotation Quoting in fixed units of foreign currency against variable
amounts of the domestic currency.
(1) See also "forward rate". Less than the spot price.
Example: forward discount. Forward rate is lower than spot
rate. (2) An option that is trading for less than its intrinsic
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.
Disposable Income Earnings after tax.
The interest rates applicable to deposits domiciled in the
country of origin. Values may vary from Eurodeposits due to
taxation and varying market practices.
Durable Goods Orders
Durable Goods Orders are a measure of the new orders
placed with domestic manufacturers for immediate and
future delivery of factory hard goods. Durable Goods Orders
are a major indicator of manufacturing sector trends
because most industrial production is done to order.