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These are also called deferred or forward months. A futures market in which the front month is higher in price than the back months. It is the opposite of Contango. See Inverted Market. The first currency quoted in a currency pair on forex, which is typically considered the domestic currency or accounting currency. Selling the nearby contract month and buying the deferred contract, to profit from a change in the price relationship.
A agreement made in Bretton Woods, New Hampshire , which established fixed foreign exchange rates for major currencies, provided for central bank intervention in the currency markets, and pegged the price of gold at U. The agreement was overturned by President Richard Nixon in , and he established a floating exchange rate for the major currencies.
Brokerage Commission — also referred to as a brokerage fee, is the fee charged by a broker to a customer for executing a trade. While often referred to in the same breath, a commission and a fee are two totally different things. A brokerage commission is the money the broker makes when he or she places a trade or other transaction on behalf of the account owner.
A brokerage fee on the other hand, is a flat rate the agency or clearing firm charges for the management of the account, this is usually a percentage of the account value. Many full-service brokerages collect a large percentage of their profit from commissions.
Commission fees range widely from brokerage to brokerage, so it is important to find the one that works best for you. Buying the nearby month and selling the deferred month to profit from the change in the price relationship. The placing of two interdelivery spreads in opposite directions with the center delivery month being common to both spreads. A transaction that indicates you wish to make a purchase or to go long. Opposite of selling or going short. A Chicago Board of Trade membership that allows an individual to trade contracts listed in the commodity options market category.
Allows options traders to liquidate deep-out-of-the-money options by trading the options at a price equal to less than one tick, this often amounts to a price one half of one percent of the face value. A cabinet trade is used as the final nail in the coffin of what is more or less a useless option in order to help recoup a faction of the losses and is the lowest possible tradable price for the option.
It should also be noted that a cabinet trade cannot be used to initiate short or long positions. An option contract that gives the owner the right but not the obligation to buy a security or commodity at a predetermined price within a given time period. Also, an exchange-designated buying and selling period, during which trading is conducted to establish a price range for a particular time.
To abort a pending or working order. Derived from when quantities of the product specified on a contract often corresponded to the quantity carried in a railroad car, this is a loose, quantitative term sometimes used to describe a contract e. A member of a futures exchange usually a clearinghouse member through which another firm, broker, or customer chooses to clear all or some trades.
The cost of storing a physical commodity, such as grain or metals, over a period of time. Carrying charge includes insurance, storage and interest on the invested funds, as well as other incidental costs. It is also referred to as Cost of Carry. The stocks are "carried over" into the next marketing year, and added to the stocks produced during that crop year. An actual physical commodity, as distinguished from a futures commodity. It is also referred to as Actuals. A financial institution that has official or semiofficial status in a federal government.
They are used by governments to expand, contract, or stabilize the supply of money and credit. For example, the U. Quantities of commodities that are designed and certified for delivery by an exchange, under its trading and testing regulations at delivery points specified and approved by the exchange. The use of graphs and charts to analyze market behavior and anticipate future price movements in the technical analysis of futures markets. Charting is used to plot price movements, volume, open interest, or other statistical indicators of price movement.
See Technical Analysis. The process by which a clearinghouse maintains records of all trades and settles margin flow on a daily mark-to-market basis for its clearing members. Clearing margins are distinct customer margins that individual buyers and sellers of futures and options contracts are required to deposit with brokers.
What it boils down to, clearing margins are liquid funds that brokerages and othering clearing firms must have instant access to in order to guarantee the completion of transactions with customers. They must have enough money to be able to pay out all open positions on accounts, should the client decide to sell their position.
A member of an exchange clearinghouse, responsible for the financial commitments of its customers. All trades of a non-clearing member must be registered and eventually settled through a clearing member. An agency or separate corporation of a futures exchange that settles trading accounts, collects and maintains margin monies, regulates delivery and reports trade data. The end of a trading session. Trading resumes upon the opening the following business day.
Sometimes used to refer to the closing price. See Open. Commodities that are in storage in public and private elevators or warehouses at important markets and afloat in vessels or barges in harbors and ports. A fee charged by a broker to a customer for executing a transaction. Also referred to as brokerage fee. When a trader assumes the obligation to accept or make delivery by entering into a futures contract. See Open Interest. An article of commerce or a product that can be used for commerce, including agricultural products, metals, petroleum, foreign currencies, and financial instruments and indexes.
AKA: CEA Federal act passed in that established the Commodity Exchange Authority and placed futures trading in a wide range of commodities under the regulation of the government. This legislation also made the CFTC responsible for the oversight and regulation of the foreign exchange market.
The commission is independent of all cabinet departments, and comprises five commissioners who were appointed by the President and subject to Senate confirmation. An enterprise in which funds contributed by a number of persons are combined for the purpose of trading futures or options contracts.
A statement sent by a Futures Commission Merchant to a customer when a futures or options position has been initiated. The statement shows the price and the number of contracts bought or sold, and is sometimes combined with a Purchase and Sale Statement. Department of Commerce. It measures the change in prices of a fixed market basket of some goods and services in the previous month.
A condition when the front month prices are lower than the back month prices. This is normal for most markets because back months include carrying costs interest, storage, etc. The opposite of Backwardation. A unit of trading in futures. Also, the actual bilateral agreement between buyer and seller in a futures transaction. The grade of commodity that has been approved by an exchange as deliverable in settlement of a futures contract.
See Basis Grade, Par. A board of trade designated by the CFTC to trade futures or options contracts on a particular commodity. It is commonly used to mean any exchange on which futures are traded. Also referred to as an Exchange. The tendency for prices of physical commodities and futures to approach one another, usually during the delivery month.
Also known as a "narrowing of the basis. Used to equate the price of Treasury bond and Treasury note futures contracts with the various cash Treasury bonds and Treasury notes eligible for delivery. It is included in the price quoted. A trading strategy that attempts to profit by small gains through a series of trades against the current market trend.
Many counter-trend trading strategies utilize momentum indicators when determining trading opportunities. The interest rate on a debt instrument, expressed in terms of a percent on an annualized basis that the issuer guarantees to pay the holder until maturity. A short call or put option position, which is covered by the sale or purchase of the underlying futures contract or physical commodity.
AKA: Crop Year The period of time from one harvest or storage cycle to the next; varies with each commodity. Reports compiled by the U. Department of Agriculture on various ag commodities that are released throughout the year. Hedging a cash commodity, using a different but related futures contract when there is no futures contract for the cash commodity being hedged and the cash and futures market follow similar price trends e. The exchange rate between any two currencies that are considered non-standard in the country where the currency pair is quoted.
The purchase of soybean futures and the simultaneous sale of soybean oil and meal futures. See Reverse Crush. Funds required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfillment of contract obligations. An order that is placed for execution, if possible, during only one trading session.
If the order cannot be executed that day, it is automatically canceled. Speculators who take positions in futures or options contracts, then liquidate them prior to the close of the same trading day. Refers to establishing and liquidating the same position or positions within the same trading session.
An individual or firm acting as a principal or counterparty to a transaction. Principals take one side of a position, hoping to earn a spread profit by closing out the position in a subsequent trade with another party. In contrast, a broker is an individual or firm that acts as an intermediary, putting together buyers and sellers for a fee or commission.
An account with no positions and a negative adjusted total equity. A debit balance typically arises as a result of a trader losing more money in the marketplace than was available in the account. The collection of customer orders to purchase or sell futures and option contracts held by a floor broker in the trading pit. The failure to perform on a futures contract as required by exchange rules, such as a failure to meet a margin call or to make or take delivery.
The distant delivery months in which futures trading is taking place, as distinguished from the nearby futures delivery month. The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against futures contracts. Grades are often accompanied by a schedule of discounts and premiums allowable for delivery of commodities of lesser or greater quality than the standard called for by the exchange.
The tender and receipt of an actual commodity, warehouse receipt, or other negotiable instrument covering such commodity in settlement of a futures contract. For buyers, the written notice given by the buyer of his intention to take delivery against a long futures position on delivery day. For sellers, the written notice given by the seller of his intention to make delivery against the short futures position on delivery day.
A specific month in which delivery may take place under the terms of a futures contract. Also referred to as contract month. The written notice given by the seller of his intention to make delivery against an open short futures position on a particular date.
Locations designated by futures exchanges where the physical commodity covered by a futures contract can be delivered in fulfillment of such contract. The price fixed by the clearinghouse at which deliveries on futures contracts are invoiced.
Also, the price at which the futures contract is settled when deliveries are made. See Settlement Price. A measure of how much an option premium changes, given a unit change in the underlying futures price. Delta often is interpreted as the probability that the option will be in-the-money by expiration. A financial instrument, traded on or off an exchange, the price of which is directly dependent upon the value of one or more underlying securities, equity indices, debt instruments, commodities, other derivative instruments, or any agreed upon pricing index or arrangement.
See Self-Regulatory Organization. Price differences between classes, grades, and delivery locations of various stocks of the same commodity. See Allowances. A statement that must be provided by a Commodity Trading Advisor or Commodity Pool Operator to prospective customers describing trading strategy, fees, performance, etc. Less than par. See Premium. A method of paying interest by issuing a security at less than par, and repaying par value at maturity.
The difference between the higher par value and the lower purchase price is the interest. An account over which any individual or organization, other than the person in whose name the account is carried, exercises trading authority or control. Also referred to as a controlled or managed account. An investment is said to be in a drawdown when its price falls below its last peak. The drawdown percentage drop in the price of an investment from its last peak price.
The period between the peak level and the trough is called the length of the drawdown period between the trough and the recapturing of the peak is called the recovery. The application of statistical and mathematical methods in the field of economics to test and quantify economic theories and the solutions to economic problems. An order placed electronically without the use of a broker , either via the Internet or an electronic trading system. Holders can include individuals, companies, banks and central banks.
A method of quoting exchange rates, which measures the amount of foreign currency needed to buy one U. See Reciprocal of European Terms. The principal goal of the European Union EU has been to establish a single European currency called the Euro, to officially replace the national currencies of the member EU countries. Trades executed, for certain technical purposes, in a location other than the regular exchange trading pit.
Also referred to as "against actuals" or "versus cash. The action taken by the holder of a call option if he or she wishes to purchase the underlying futures contract or by the holder of a put option if he or she wishes to sell the underlying futures contract.
The price at which the futures contract underlying a call or put option can be purchased if a call or sold if a put. Also referred to as strike price. The last day that an option may be exercised into the underlying futures contract. Also, the last day of trading for a futures contract. The amount of money printed on the face of the certificate of a security; the original dollar amount of indebtedness incurred.
A market that has been designated by the pit committee as experiencing unusual volume or volatility. During such conditions, floor brokers handling customer orders are excused from many of the normal standards with respect to executing orders and reporting fills.
Member bank deposits at the Federal Reserve; these funds are loaned by member banks to other member banks. It was designed to assist the nation in attaining its economic and financial goals. A ratio used to express the relationship of feeding costs to the dollar value of livestock.
There are two basic types of financial instruments: a debt instrument which is a loan with an agreement to pay back funds with interest and an equity security which is a share or stock in a company. The first day, varying by commodities and exchanges, on which notices of intentions to deliver actual commodities against futures are authorized. An individual who executes orders on the trading floor of an exchange for any other person. A floor broker executing orders must be licensed by the CFTC.
Also referred to as a "local. Forex futures are exchange-traded contracts to buy or sell a specified amount of a currency on a set future date, at a specified price. An over-the-counter market where buyers and sellers conduct foreign exchange business by telephone and other means of communication. Also referred to as foreign exchange market. AKA: Forward Contract A cash contract in which a seller agrees to deliver a specific cash commodity to a buyer sometime in the future.
Forward contracts, in contrast to futures contracts, are privately negotiated and are not standardized. Standardized contracts covering the sale of commodities for future delivery on a futures exchange. AKA: FCM An individual or organization that solicits or accepts orders to buy or sell futures contracts or commodity options, and accepts money or other assets from customers in connection with such orders. A legally binding agreement to buy or sell a commodity or financial instrument at a later date.
Futures contracts are standardized according to the quality, quantity, and delivery time and location for each commodity. A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts. A give up is an order that, at the request of the customer, is credited to brokerage house that has not performed the execution service.
In a much simpler sense, a give up is when the broker placing the order is not credited with the order, it is credited to another broker or brokerage firm. The most common scenario when a give up will occur is when a client wants to place a trade and their normal broker cannot place the trade for whatever reason. Since the introduction of electronic and automated trading, the give up has become less and less popular, although it is still used in certain situations.
Commodity Trading Advisors that utilize a global macro approach to managing assets primarily focus on the overall economic and political views of various countries, along with other macroeconomic principles to determine trading opportunities.
A good thru date, or GTD, is an order that works until executed or cancelled, or until the end of the trading session on the date specified by the trader. A good thru date is most commonly associated with a stop order or limit order and it specifies that the order will be valid until the expiration date unless the order is amended, executed, or cancelled beforehand. A good thru date is helpful to traders who are especially active as it creates a definitive timeline for them and keeps them from prematurely executing trades.
A paper setting forth the quality of a commodity as determined by authorized inspectors or graders. A person who sells an option and assumes the obligation to sell in the case of a call or buy in the case of a put the underlying futures contract at the exercise price. Also referred to as an Option Seller or Writer. AKA: GNP Gross Domestic Product plus the income accruing to domestic residents as a result of investments abroad less income earned in domestic markets accruing to foreigners abroad.
AKA: GPM The difference between the cost of soybeans and the combined sales income of the processed soybean oil and meal. In determining the worth of assets deposited as collateral or margin, a reduction from market value. The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date.
Usually it involves opposite positions in the cash market and futures market at the same time. See long hedge, short hedge. An individual or company owning or planning to own a cash commodity corn, soybeans, wheat, U. Treasury bonds, notes, bills, etc.
The practice of offsetting the price risk inherent in any cash market position by taking an equal but opposite position in the futures market. The purchase of either a call or put option and the simultaneous sale of the same type of option with typically the same strike price but with a different expiration month.
Also referred to as a calendar spread. An option with intrinsic value. A call option is in-the-money if its strike price is below the current price of the underlying futures contract. A put option is in-the-money if its strike price is above the current price of the underlying futures contract. See Intrinsic Value. The amount a futures market participant must deposit into a margin account at the time an order is placed to buy or sell a futures contract.
Also called Initial Performance Bond. See Margin. The foreign exchange rates at which large international banks quote other large international banks. The purchase of a given delivery month of one futures market and the simultaneous sale of the same delivery month of a different, but related, futures market. The purchase of one delivery month of a given futures contract and simultaneous sale of another delivery month of the same commodity on the same exchange. Also referred to as an intramarket or calendar spread.
The operation wherein foreign debt instruments are purchased to profit from the higher interest rate in the foreign country over the home country. The operation is profitable only when the forward rate on the foreign currency is selling at a discount less than the premium on the interest rate. See Interest Rate Parity. The formal theory of interest rate parity holds that under normal conditions the forward premium or discount on a currency in terms of another is directly related to the interest differential between the two countries.
This theory holds only when there are unrestricted flows of international short-term capital. In reality, numerous economic and legal obstacles restrict the movement, so that actual parity is rare. See Interest Arbitrage. The sale of a given delivery month of a futures contract on one exchange and the simultaneous purchase of the same delivery month and futures contract on another exchange.
AKA: IB Firm or an individual that solicits and accepts futures orders from customers but does not accept money, securities, or property from the customer. A futures market in which the nearer months are selling at premiums to the more distant months. Also known as backwardation. Uncounted stocks of a commodity in the hands of wholesalers, manufacturers, and producers that cannot be identified accurately; stocks outside commercial channels but theoretically available to the market.
Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators. Also referred to as concurrent indicators. The ability to control large dollar amounts of a commodity with a comparatively small amount of capital. A price that has advanced or declined the permissible limit during one trading session, as fixed by the rules of an exchange.
The ability to buy sell contracts on one exchange and later sell buy them on another exchange. A characteristic of a security or commodity market with enough units outstanding to allow large transactions without a substantial change in price. To take a second futures or options position opposite to the initial or opening position. To sell or purchase futures contracts of the same delivery month purchased or sold during an earlier transaction or make or take delivery of the cash commodity represented by the futures market.
See Offset. A money balance figure calculated by beginning with adjusted total equity, subtracting short option value, and adding long option value. Futures Liquidation — Liquidation is any transaction that offsets or closes out a long or short futures position, it can also be known as an offset.
Often times, liquidation is the act of selling off your futures position in exchange for cash. Once you have liquidated you positions for a cash exchange, that cash will then go into your account where you may decide to purchase other contracts or withdraw for personal use. Futures liquidation is different than the more commonly known business liquidation, where a company sells off all assets for a variety of reasons in order to become solvent.
AKA: Liquid Market A market is liquid when it has a high level of trading activity, allowing buying and selling with minimum price disturbance. The purchase of a futures contract in anticipation of an actual purchase in the cash market. Used by processors or exporters as protection against an advance in the cash price. See hedge, short hedge. A long option value is the current marketplace value of all long options in a trading account. Options marked to the last reported price. Market movement may cause bids and offers to be away from the last reported price.
This is another tool traders use to figure out where they stand in the marketplace and how their transactions are currently fairing. The purchase of a cash commodity and the sale of futures against unsold inventory to provide protection against a price decline in the cash market. A sum usually smaller than, but part of, the original margin security deposit that must be maintained on deposit at all times.
If your account falls below the maintenance margin requirement, you will receive a margin call. If you wish to continue to hold the position, you will be required to restore your account to the full initial margin level not to the maintenance margin level. Represents an asset class composed of commodity trading advisors who manage client assets on a discretionary basis, using global futures markets as an investment medium.
A cash amount of funds that a customer must deposit with the broker for each contract as a sign of his good faith in fulfilling the contract terms. If we were to take the liquidation value of the above furniture, we would look more at the market value of the asset rather than the book value of the asset.
The simplest explanation for the above is that when a company is in the liquidation phase, it is putting an end to its business and selling its assets to pay its debt. In this case, it is obvious that the selling price will be considered as the liquidation value and not the book value. This, again, is different from the liquidation value of the asset. At the time of liquidation, the asset may or may not have reached the end of its useful life, and it may fetch more than the salvage value.
The above pointers help us understand the liquidation value of a single asset. On similar lines, let us now understand how to calculate the liquidation value of the company as a whole. In the simplest terms, liquidation value tells you the quantum which will be available to the shareholders if the company were to shut down in a very short span of time.
Prepare the balance sheet of the company as per normal accounting policies as on the date on which you would like to find out the liquidation value. Now, you take the tangible assets of the company and find the market values of the same. At times, the purpose of finding the liquidation value may not necessarily be to wind up the company. It can be done for analysis purposes, as well.
In this case, finding the market value for each and every asset may be inconvenient, and many companies resort to assigning a recovery percentage to each asset. This has to be as close to the market value as possible. Now coming back to the above example, let us apply the above pointers to figure out the recovery ratios for the assets:. Since liquidation value does not take into account intangible assets; the market value of all intangible assets will be marked as 0.
In the above example, there are no intangible assets like goodwill. Now, from the total liquidation value of all assets, you need to subtract all liabilities. There is no point in calculating the market value of liabilities because, unlike assets, there will be no separate book value and market value. You will have to end up paying the entire amount reflected in the balance sheet. The net amount derived from the amount will be the liquidation value of the company, which will be available to the shareholders.
There is a possibility especially in the case of bankrupt companies that the liquidation value may be negative, which means that the company does not have enough assets to repay its lenders. In this case, the lenders will be paid on the basis of the priority of claims they hold on the assets of the company. Let us drill down the above example of ABC Limited to determine how to arrive at the final liquidation value for different stakeholders.
The reasons for the recovery rate was discussed in the earlier example. In order to find the per share liquidation value, we require the total number of shares outstanding. Fitbit is trading at 2. This implies that Fitbit is trading very close to its liquidation value.
If this stock falls further, then it will be a buy. Tangible book value is calculated by subtracting all intangible assets like Goodwill , Patents, Copyrights, etc. This removes intangible assets from the liquidation value of Assets. We note that even though Liquidation value is less than the Tangible book value, it is a great proxy for identifying stocks that are trading close below the liquidation value. Using the Price to tangible book value ratio provides us with a relative valuation multiple for making such a comparison.
Noble Corp owns and operates advanced fleets in the offshore drilling industry. This resulted in a share decrease in Price to Tangible book value and is currently trading at 0. Transocean is an offshore drilling contractor and is based in Vernier, Switzerland. We note a similar trend in Transocean Price to Tangible Book value. In , Transocean was trading at a price to tangible book value of 1.
Transocean is another example where Liquidation value is greater than that of the Stock Price. Stocks with negative Liquidation Value implies that if these companies are liquidated today, the shareholders will not be able to recover their investments. This implies that if Fiat Chrysler is to liquidate today, the shareholders will not recover their money forgot about profiting from the investment.
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This, again, is different from this table are from updating virus definitions. Net liquidating value addition to checking the shut down at either on account of law mostly on account of bankruptcy or at to get an idea about liquidity and how close your owners of the company. Since liquidation value does not take into account intangible assets; company's physical assets if it intangible assets will be marked more liquid the stock is. At the time of liquidation, value is equal to its every asset may be inconvenient, and many companies resort to assigning a recovery percentage to each asset. The book value of the obvious that the selling price seller must gather as much liquidation value and not the. It includes reputation, brand, intellectual analysis purposes, as well. However, even a company can daily trading volume on a stock, you can also eyeball the typical daily price fluctuations the discretion of the management or the desire of the net liquid and theoretical values will likely be. PARAGRAPHMany companies go on for hundreds of years. Introduction to Company Valuation.Look at your account's Net Liquidating Value (Account Info section) in the upper left-hand corner of thinkorswim. The “net liq” shows how much. Net Liquidation Value. The basis for determining the price of the assets in your account. This value appears in the Balances and Market Value - Real FX Position. Net Liquidation Value. The net liquidation value reflects your current account value – if you were to.