v. US-style repo

see interbank deposits

price of an bond without accrued interests,The quotes of bond prices are clean prices. If the bond is purchased the buyer has to pay accrued interest in addition to the clean price. The clean price plus accrued interests result in the dirty price, that price which has to be paid at the purchase of a bond.

A buy-back option is an option that permits the buyer to buy back the securitization exposures (eg. asset-backed securities) before all outstanding receivables or securitization exposures have been repaid.

The procedure by which an organization acts as an intermediary and assumes the role of a buyer and seller for transactions in order to reconcile orders between transacting parties. Clearing is necessary for the matching of all buy and sell orders in the market. It provides smoother and more efficient markets, as parties can make transfers to the clearing corporation, rather than to each individual party with whom they have transacted.

An agency or separate corporation of a futures exchange that is responsible for settling trading accounts, clearing trades, collecting and maintaining margin monies, regulating delivery, and reporting trading data.

The in the auction determined price at which the highest order volume and the lowest surplus in the order book consists at the end of the call phase.

see also collateralised loan obligation

The last price of the trading day, which was formed for a continuously traded security. Contrary opening price.

closing a position through cancelling the original dealThe party with the positiv present value gets a compansation payment from the counterparty

The netting of all outstanding receivables and payables between two parties. The summation is only done in the case of specified events (eg, bankruptcy, late payments, etc.). Contrary Novation Netting

the premature termination of a deal with compensation of the market value and simultaneous closing of a deal for the duration of the remaining maturity of the original deal at actual marktet data. Close and reprice full fill the same purpose as the variation margin, namely the adaption of the security service by the accrued profits or losses, and is set in, where margin calls are legal not possible e.g. at sell and buy backs.

Particularly in the Anglo-Saxon countries - but also in Germany in the form of closed real estate funds - occurring funds of an investment company whose funds are raised through the sale of a certain limited of shares. If the planned volume is reached the fund is closed and the issue of shares is stopped.

Takes place as the final act of the main trading phase in the market model of continuous trading.

Transaction in which an existing position is liquidated on the futures market, by taking a contrary position. The owner of a long position thus acquires a short position and vice versa. Gain or loss is resulting from the difference between the purchase prices of the two positions.

abbr. Contribution margin

Chicago Mercantile ExchangeThe CME consists of three divisions:the actual CME, at which agricultural products are tradedthe IMM (International Money Market), at which interest-rate- and currency-instruments are traded, and IOM (Index and Option Market), at which index-instruments are traded.www.cme.com

abbr. Central Money Markets Office international clearing institution established by the Bank of England

v. constant maturity swap

abbr. Cost of Carry