Cyber*School

Certificates evidencing the right to participate in the performance of an underlying investment such as a stock, an index, a commodity or a foreign currency.

abbr. Common Equity Tier 1

abbr. Contract for Difference

Share price addendum money and goods

Graphical representation of a price development.

see technical analysis

In a futures contract, the cheapest security that can be delivered to the long position to satisfy the contract specifications. The cheapest to deliver security is relevant only for contracts which provide that a variety of slightly different securities may be delivered. This is common in treasury bond futures contracts, which typically specify that any treasury bond can be delivered, so long as it is within a certain maturity range and has a certain coupon rate.

abbr. ISO Currency code for swiss franc

A commodity exchange established in 1848 that today trades in both agricultural and financial contracts. The CBOT originally traded only agricultural commodities such as wheat, corn and soybeans. Now, the CBOT offers options and futures contracts on a wide range of products including gold, silver, U.S. Treasury bonds and energy. www.cbot.com

The first options exchange in the United States was founded in 1973. Today especially strong in index derivatives. www.cboe.com

Founded in 1898 as a not-for-profit corporation, the CME was called the Chicago Butter and Egg Board until 1919. In November 2000, CME became the first U.S. financial exchange to demutualize and become a shareholder-owned corporation. The world's second-largest exchange for futures and options on futures and the largest in the U.S. Trading involves mostly futures on interest rates, currency, equities, stock indices and a small amount on agricultural products. www.cme.com

abbr. Cost-Income-Ratio

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