Vocabulary

DICTIONARY OF EXCHANGE TERMS

The published dictionary of the General exchange terms will allow the beginning trader to master quickly a necessary set of concepts for the successful beginning of training in trading

DICTIONARY OF EXCHANGE TERMS.

Actions of "the second echelon" — stocks of the medium-sized and large Russian companies on which trading volumes concede to turns of 10 � 15 most liquid actions (Lukoil, RAO UES, etc.) called by "blue chips".

Action � the issue security affirming the rights of its owner (shareholder) for receiving a part of profit of joint-stock company in the form of dividends on participation in management of joint-stock company and on a part of the property remaining after his elimination. The action is personalized security.

Action floating – the term meaning the share taken for the purpose of her resale at a well-chosen moment in the speculative purposes.

The agent exchange � the person participating in an exchange session on behalf of the customer or the head, most often, of bank or the company.

Arbitration � a way of the settlement of dispute connected with use of the contract at the discretion of the third not interested party.

Arbitration of exchange � the transaction with the purpose of generation of profit at the expense of a difference and the same currency existing at present in rates at the different foreign exchange markets.

The arbitrageur - financial institutions, large corporations and fir-we who are carrying out arbitration transactions in the commodity, stock, foreign exchange and monetary markets.

Ask, ask � the sale price.

Assets � set of property rights: the material values, money, debt requirements, etc. belonging to the natural or legal person.

Authorized capital � the par value of the shares of society acquired by shareholders. Is the seed capital directed to creation of the company and development of business. Authorized capital determines the minimum size of property of the society guaranteeing the interests of his creditors.

Bai, buy � purchase.

The Barovy schedule, bar chart � a way of display of the movement of the price at which each price piece is presented in the form of bar (bar) having in visual representation of the price of opening, closing, the minimum and maximum price for the period.

Basic (basic) currency, base currency � the currency costing to the first in currency quotation. For example, in the quotation of GBP/USD basic currency � the British pound sterling. For many quotations basic currency is the US dollar.

Bid, bid � the price at which the trader wants to buy.

"Blue chips" � stocks of the first-class company which market is characterized by high liquidity. "Blue chips" differ in high reliability, but usually don't yield extra-high revenues.

The bond - the security yielding to her holder (owner) revenue in a type of the fixed percent from its nominal cost; the debt obligation issued by the state or the enterprise under certain conditions at release of a domestic loan; one of forms of the fictitious capital. Income on the bonds issued by the state is paid in shape you igryshy. On the bonds issued by joint stock companies - in the form of in advance established percent. After a certain term the bond is subject to repayment. Unlike actions doesn't grant to the owner the right to vote at meetings of shareholders. The bond, as well as stocks, are on sale and bought at the exchange at the rate which depends on the income brought by them and the level of loan percent and also on supply and demand on them. As a rule, bonds are object of advertizing and exchange speculation. The means received from sale of bonds on city loans are usually used for a covering of deficiency of the state budgets. As source of the percent paid by the state on the bond of the state loans serve taxes. On the bond of joint stock companies a source of percent is their profit.

The broker, broker � the intermediary (the organization or the individual) who provides a meeting of buyers and sellers in the market. To have an opportunity to make operations in the market Forex, it is necessary to choose the broker corresponding to the necessary criteria and to open at him the trading account.

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The broker - the intermediary between the parties at the conclusion of transactions at stock and commodity exchanges. The BROKER specializes in certain types of operations (exchange, share and others), acts as the legal entity, acts for the customer account and on their assignment. The BROKERS who are members of the exchange receive the commission charges established by exchange committee for intermediary services. The main part of operations is made by brokerage firms or offices. Except brokerage firms - members of the exchange offices of informal BROKERS (BROKERS of "currency black market") work. In many capitalist countries of function exchange and resellers brokers carry out.

The bull market, bull market � a situation in the market when steady growth is obviously traced.

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The capital � the cumulative sum of goods, property, the assets used for receiving profit, wealth.

The Closed Joint Stock Company (CJSC) � joint-stock company which stocks are distributed only among his founders or other, in advance defined circle of people. Such society has no right to carry out an open subscription to the actions released by it or to otherwise offer them for acquisition to an unlimited circle of people.

The closed position, closed position � the transaction with the recorded result which market fluctuations don't influence any more.

The common stock � the action granting to the shareholder the right to dividends depending on the profit of society on participation in general shareholder meetings with the right to vote, on receiving a part of property of society in case of his elimination. The size of dividends on common stocks is in advance unknown, it is defined at annual general shareholder meeting.

The Cost of Net Assets (CNA) � the size determined by reduction of cost of assets of fund by the cost of liabilities of fund.

Corporate bonds � bonds which issuer is the joint-stock company or other commercial organization.

Correction (retracement) - kickback of the prices from the previous maximum or a minimum, expressed as a percentage. Correction levels of 38%, 50% and 62% levels of Fibonachi are most widespread.

The coupon � a part of security in the form of the detachable coupon which separates from security and is shown for payment of percent or dividends which right is granted by security.

Cross rate (Cross currency, cross rate) - the ratio of two currencies following from their course to the third currency (usually � to USD). For an example: GBP/EUR, EUR/JPY, EUR/CHF.

The currency exchange � the exchange which will organize the conclusion of transactions of purchase and sale of foreign currencies by bidders.

Date of repayment � date of redemption of the bond by the issuer at its owner (as a rule, face value).

The dealer � the professional participant of securities market who is carrying out dealer activity.

Dealer activity � transactions of purchase and sale of securities on its own behalf, and at own expense, by the public announcement of the buying prices, or sale of certain securities with the obligation of purchase or sale of these securities on the announced person which is carrying out such activity to the prices. "A long position" � a position which profit grows with a growth of market price.

The dealing center � the company providing to the population access to a foreign exchange trading Forex. Usually traders can make transactions directly from the dealing hall equipped with all necessary software.

The demo account, demo account � the educational account with virtual money on which the beginning trader can train, get acquainted with a trading platform and make transactions without risk to lose the capital. Trade on a demo account practically differs in nothing from trade in real means, updating of quotations and schedules happens in real time.

Deposit, deposit � the sum of means on the trading account.

Depositary � the professional participant of securities market rendering services in storage of certificates of securities and/or account and transition of the rights for securities. In the Russian Federation only the legal entity can be depositary. The depositor � the person using services of depositary in storage of securities and/or accounting of the rights for securities.

The derivative � the financial contract which cost depends (is derivative) from the cost of the asset which is its cornerstone.

Dividend � the part of profit of joint-stock company which is annually distributed between shareholders according to the number (sum) and a type of the actions which are in their possession.

Divergence, divergence, divergence � a divergence between the price chart directed up and the oscillator directed down. Speaks about weakening of the ascending tendency.

The divergence (divergence) - occurs when this or that technical indicator doesn't confirm the movement of the prices. So, if the prices reach new maxima, and the stochastic oscillator doesn't, then there is a negative divergence (a bear signal). If the prices establish new minima, and the stochastic oscillator doesn't, then this positive divergence (a bull signal).

Diversification, diversification � the strategy of decrease in risks at which funds are distributed on different financial instruments. In relation to Forex diversification � trade in the different currencies having the minimum influence at each other.

Equity is real means on your account of time taking into account open (unprofitable/profitable) positions at present, that is the size of means which will be on balance of the account if on the current quotations to close all open positions of the trader. Equity dynamically changes depending on the sum of profit and losses according to open transactions.

The exchange � the enterprise with the rights of the legal entity participating in formation of wholesale commodity market, raw materials, production, securities, currencies, etc. by the organization and regulation of the exchange trade which is carried out in the form of the public public auction held by the rules established by the exchange. Depending on exchange goods of the exchange are subdivided on share, currency, commodity, future, universal.

Exchange session � the period of time of exchange day during which exchange transactions are made.

Exchange rate � the market exchange price of security determined on the basis of supply and demand.

The expert - in the right the person having special knowledge and attracted by bodies of investigation, court or other public and public authorities for conducting examination in the field of his knowledge.

Fibonacci - in the market Forex is applied in value of the tools of the same name for the analysis of the market called in honor of the great mathematician Leonardo Fibonacci who studied the sequence of numbers and has removed interesting regularities. For the analysis of the market the following tools are traditionally used: Levels F, Temporary zones F, Expansion, Channel, Fan, Fibonacci's Arches. ��, flat � lateral motion of the price within a certain price range; uncertainty in the market, when there is no an obvious tendency to decrease or growth of the price.

The forward market � the market of future and option contracts. They differed from usual transactions with real goods in the fact that the payment and delivery were made not at the time of the conclusion of the transaction, and through some caused time after her conclusion.

Forex, forex � the market of off-exchange transactions where trade operations with currency are made.

Free margin (Free Margin) � uninvolved in pledge on open positions of means.

The fundamental analysis, FA, fundamental analysis � the analysis of an economic and politicheky situation in the world and in the certain countries and also events which can affect further behavior of the foreign exchange market for the purpose of definition of the movement of the price. The fundamental analysis is often opposed to the technical analysis.

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Gap, gap � a gap in the price chart. The gap can arise at sharp fluctuations in the market, after a release of important economic data, under force majeur circumstances. Often the phenomenon is observed after days off when the prices of closing and opening of the auction considerably differ.

Graphic figures � various figures of the graphic analysis constructed by means of lines. Graphic figures facilitate understanding of a market situation and help to predict the further movement of the price.

The Gross National Product (GNP) � the generalizing indicator of the end results of economic activity of the country; includes the market value of the goods and services created for a certain period of time. The off-exchange market � any transactions, used for the description of any bargains concluded out of the exchange.

Hedge - the urgent bargain concluded for insurance of the price or profit.

The hedger - any enterprise, bank, the farmer or another ��, carrying out operations at the fyyuchersky exchange, the called hedges a rovaniye. Hedging - a form of insurance of the price and profit at commission of future transactions when the seller (buyer) at the same time makes purchase (sale) of the corresponding number of fyyuchersky contracts. HEDGING gives the chance to businessmen to insure itself from possible losses by the time of liquidation of the transaction for term, provides increase in flexibility and efficiency of commercial operations, cutting of costs for financing of trade in real goods. HEDGING allows to reduce risk of the parties: losses from the change in price for goods are offset by a prize on futures.

Inflation � process of depreciation of money as a result of emergence of excess money supply in the absence of adequate increase in commodity weight. "An initial margin" � the initial amount of the providing necessary for opening of a position. Serves as a guarantee of performance of obligations.�

The intra day trader � the trader who opens and closes positions in the market during the exchange session and doesn't hold open positions between sessions. Volatility � variability of a course of a financial instrument for the chosen period. During the periods of high volatility of quotation of securities quickly change. Low volatility means that the prices of financial instruments slowly move in the narrow range.

Intra day trade, day trading, intraday � transactions during the trading session without postponement of open positions for the next trading day.

Internet trading � work on securities market with use of the Internet. Intradey-trading � a way of trading at which the trader opens and closes positions in the market during the exchange session and doesn't hold open positions between sessions.

The investor � the natural or legal entity which is carrying out capital investments in securities and other assets.

Investments - the placement of the capital, money to any enterprises, the organizations. The payback period of investments pays off as the relation of the sum of investments to the got annual profit or savings from decrease in product cost received as a result of implementation of this action (constructions, modernization, introduction new those nicknames), and corresponds to number of years after which single INVESTMENTS pay off economy on the current expenses. The indicator, the return to a payback period of INVESTMENTS - effectiveness ratio of INVESTMENTS allows to choose the best option of development of production capacities or construction of the new enterprises. - money, target bank deposits, shares, actions and other securities, technologies, machines, the equipment, licenses, including and for trademarks, the credits, any other property or property rights, intellectual values put in objects enterprise and other kinds of activity for receiving profit (income) and achievement of positive social effect.

Investment fund - by the legislation of the Russian Federation any public joint stock company which at the same time carries out the activity consisting in attraction of financial resources due to issue of own actions, investment of own means into securities of other issuers, trade in securities which cost is 30 and more percent from the total cost of his assets within more than four months totally within one calendar year. Banks and insurance campaigns which activity is regulated by the legislation of the Russian Federation on banks and insurance companies can't be INVESTMENT FUND. The INVESTMENT FUND can have one or several founders. Persons, including funds of property, except persons who according to the legislation on privatization can't acquire property of the privatized enterprises can be founders and shareholders of INVESTMENT FUND. And also state bodies, the enterprises of public organizations, committees on management of property and funds of property, associations of the enterprises and other subjects over which specified persons exercise control.

Investment company � the professional participant of securities market who is specially carrying out broker and (or) dealer activity. An investment share � the personalized security produced in a paperless form, certifying the rights of the owner to demand from the Managing director of Fund of repayment of the investment share belonging to him according to Rules of Fund.

The issuer - the state or legal entity which is carrying out issue of securities.

Issue of issue securities � set of all securities of one issuer who is granting the identical volume of the rights to their owners and having identical par value in cases if presence of par value is provided by the legislation of the Russian Federation.

Issue of Securities - issue of securities in the address, including sale of securities to their first owners - citizens or legal entities. Issue is carried out: at establishment of a joint-stock company and placement of shares among his founders; at increase in the size of initial authorized capital. joint-stock company by a share issue

Issue security � any security, including paperless which is characterized by at the same time following signs: fixes set of the property and non-property rights which are subject to the certificate, a concession and unconditional implementation with observance established by the present Federal law of a form and order; takes place releases; has the equal volume and terms of implementation of the rights in one release regardless of security acquisition time.

The Japanese candles, the candle schedule, candlestick chart � a special way of display of the price chart at which the prices of opening (open) and closing (close) of the period are accurately visible and also his maximum (high) and the minimum (low) prices. For convenience of visual perception and fast definition of a tendency of a candle it is accepted to paint in different colors depending on the direction of the movement of the prices.

Joint-stock company � the commercial organization which authorized capital is divided into a certain number of the actions certifying liability laws of participants of society (shareholders) in relation to society.

Legal entity � the organization having the isolated property, registered in public authorities which has the right to make transactions and to protect the rights in court.

Level of a margin (Margin Level) � the indicator characterizing the account status.

"Leverage" � the transaction volume relation to the obligatory amount of providing.

Limit the warrant, limit order � the order on transaction with restriction of maximum price of purchase and the minimum selling price. For example, at the quotation of EUR/USD 1.3795 order on purchase (buy limit) can be given at the level below this value. And the order for sale (sell limit) at the level is higher than this value.

Liquidity � a possibility of fast realization of assets without considerable losses in the price for the purpose of their transformation into cash.

Listing � inclusion of securities by stock exchange in the quoted list. Personal account � the account intended for accounting of settlings with natural and legal entities and reflecting all financial and credit operations with a certain client.

Long Position - purchase of shares, currencies waiting for increase at the exchanges of their course. Varnishing, Hedging (Lock, Hedge) - the opposite positions opened on the trading account (on purchase and sale) on one financial instrument of one volume.

The long position, long position � the transaction made with calculation to earn from growth of the price. To take a long position � to make purchase.

Lot � the minimum size and a unit of measure of the transaction.

Management company � the legal entity having the license for implementation of activities for trust management of property of mutual investment funds.

"Margin" � the means given by the client to the broker or the broker to the member of clearing house as pledge.

Marginal crediting � the granting by the broker in a loan to the client of additional resources at sale or purchase of securities by the last which is carried out on the security of the assets which are available for him. ��

Margin Order Marzhinkol-the warrant intended for compulsory closing of a position in case on the trading account of the trader the size of available funds becomes equal to zero or less than zero. Margin of the warrant are automatically generated by the server on all open transactions of the account, executed after confirmation by the dealer.

Marginal trade (Margin trade) - trade with use of the loan granted by the broker under the mortgage sum. The ratio between pledge and the credit is defined by leverage. The volume of operations at marginal trade considerably exceeds the security deposit (in 20,50,100 and more times). "Bears" are short sellers of the prices. On securities market "bears" sell securities when the prices begin to fall, expecting to buy the same securities at lower price.

Market index � the compound weighed indicator of rates of securities from a certain set. The stock index gives an idea of activity of the stock market in general.

Market-meykerstvo � giving and maintenance of counter applications for purchase and for sale (bilateral quotations) concerning the corresponding securities during the trading session.

Market the warrant (Market Order) � the warrant intended for opening/closing of a position on purchase or sale at the current market price.

Municipal bonds � the bonds issued by city, local authorities in the form of a loan under municipal property for the purpose of financing of various projects.

The Mutual Investment Fund (MIF) � a form of collective investment at which means of certain investors unite and invested by the professional managing director in securities and other assets for the purpose of their gain.

Non-market quotation - the uncharacteristic quotation for the current market tendency satisfying at the same time following conditions: has an essential price gap with the schedule; comes back during short time for the previous level; there is no prompt dynamics of the market preceding her and also otsutvut an exit of important economic indicators. As a rule, non-market quotations result from technical failure on the party of the broker or his contractors and subsequently are removed from history of quotations. In this case the warrants processed on non-market quotation are cancelled.

The nominal holder � the professional participant of securities market which is a holder of securities on its own behalf, but for the benefit of other person, without being the owner of these securities.

The offer - the offer to sign the contract, containing all his essential conditions. As a rule, it is addressed to a certain person. The offer to public at large is called as the public OFFER. The OFFER turned directly to other party orally or by phone (the present contractor) without indication of term on the answer demands the immediate answer. At the OFFERS direction by mail, the answer (acceptance) has to be given to telegraph (the absent contractor) in time, specified in the OFFER, or in time, caused by regulations for separate types of the contract, or if in the OFFER term isn't specified, during time, normally necessary for the answer. Within this term the face directing the OFFER is tied by the offer, i.e. has no right to cancel or change the OFFER. The answer about consent to sign the contract for others, than it was offered conditions, the law considers as refusal of the OFFER and at the same time as the new OFFER. The OFFER of the buyer under the contract of purchase and sale, delivery and others has the order form.

The off-exchange market can also represent market network of the dealers selling and buying securities. Mostly in this market there are primary accommodation and resale of securities of those issuers who don't wish or for the objective reasons can't expose the assets on the exchange. The off-exchange market is organized by dealers who can be or not to be members of the stock market.

Opening of a position (Open position) - the transaction of purchase or sale of a financial instrument as a result of which the trader has obligations to carry out the opposite transaction in the same volume on the same financial instrument.

The operation ""Swap"" - the transaction on a purchase (sale) of any asset on a mustache - loviya of immediate delivery (the transaction "spot") with the simultaneous conclusion of the return transaction for a certain term.

The option � the issue security affirming the right of its owner for purchase in the time provided in it and/or at approach of the circumstances of a certain number of actions of the issuer of such option specified in her at the price determined in the option of the issuer.

Order - the order of the trader to the broker on opening or closing of a position with the transaction instruction (purchase/sale), a financial instrument, volume, the price. The market warrant is executed immediately at the current market price. The postponed warrant is executed in the future at achievement at the price of the level specified in the warrant and works before execution, cancellation by the trader or removal at insufficient marginal providing.

Overdraft - the bank credit which is carried out through the current account of the client that allows to withdraw money from the account gradually within given to a kra dithat. The operation "Outright" - exchange currency transaction in which the exchange rate is caused in advance and operation can take place through some period (hour, day, week, etc.).

The owner � the person who belongs on the property right securities.�

The pension fund � the fund created for commission of pension payments to persons for which it is intended after their leaving on pension. The fund is created by the regular assignments made by his founders and future recipients of pension payments.

Personalized issue securities � securities, information on which owners has to be available to the issuer in the form of the register of owners of securities. Transition and implementation of the rights according to personalized papers demand obligatory identification of the owner.

Point, Pips, (Point, Pips) - Minimum possible change in price (the last figure of writing of an exchange rate). For the majority of currency pairs (EURUSD, GBPUSD, USDCHF) point makes 0,0001, for USDJPY � 0,01.

Position - balance of the bank account. - the number of identical actions in "portfolio of shares". - the order (the instruction on purchase sale of shares, currencies, etc.) in the course of realization

The postponed warrant, pending order � the order on transaction at achievement of a certain level of the price. Having established the postponed warrant on desirable conditions, the trader can not monitor a situation in the market - the transaction will be made automatically.

The preference share � the action guaranteeing to the owner receipt of dividends in a certain size or percentage of its par value and also receiving a part of property of joint-stock company at his elimination. The name have got parts of net profit of the company owing to priority distribution.

Primary public placement, the IPO (Initial Public Offering) � an exit in the circulation of earlier inaccessible securities, for example, issue of the stocks on the exchange corporation which was closed joint stock company before. A portfolio of securities � set of the securities and financial assets belonging to one investor.

Primary securities market � the market in which issuers sell again issued securities.

Profit - a positive gain of the capital, as a result of trade, after subtraction of all expenses.

Quotation currency (counter currency), counter currency � the currency costing the second in currency quotation. For example, in the quotation of GBP/USD quotation currency � US dollar.

Quotation exchange � the market price of actions on the stock exchange determined by a ratio of supply and demand.

The quoted sheet � the list of securities which conform to exchange requirements and are admitted to exchange trading.

The registrar � the professional participant of securities market who is carrying out activities for maintaining the register of owners of personalized securities as exclusive on the basis of the contract with the issuer and having the license for implementation of this kind of activity or the issuer who is carrying out independently maintaining the register of owners of personalized securities according to the legislation of the Russian Federation.

The register � the list of the registered owners with the indication of quantity, par value and category of the personalized securities belonging to them made as of any determined date and allowing to identify these owners, quantity and category of the securities belonging to them.

Remission - a discount for rounding of amount of payment on the account

Resistance, Level of resistance (Resistance Level) - price level, above the market in which entry into the market of considerable number of sellers was and is expected or are concentrated orders for sale. It is the price level at which active sales with a possible turn of the ascending tendency are probable.

��, Re-Quote � the offer the broker of the new price at the time of execution of the warrant. Often arises at the moments of the fast movement in the market and can promote receiving bigger profit when closing the transaction. However, more often the trader in Russia should face dishonest brokers who by means of rekvot try to minimize the income of the trader and to close a position on the price, less favorable to him. More often the use of this term bears a negative color.

Risk management (risk management), risk management � use of methods of mathematical calculation and the financial analysis for the purpose of control and decrease in risk at trade in the foreign exchange market.

Scalping - the strategy of receiving have arrived on the insignificant (minimum) changes in price (course).

Secondary securities market � the stock market in which the securities emitted and bought in primary market are resold to other investors.

Securities - the documents containing the property rights granting the right to a certain part of income. Are presented by stocks, bonds, bills, mortgage sheets on the security of the real estate, etc. Are one of forms of the fictitious capital. SECURITIES are on sale and bought on the stock exchange

Share - a part, share in any association, joint-stock company with which certain property rights and duties are connected. The SHARE can be brought in the authorized capital of economic society or association in the form of money or subjects to monetary assessment of personal or real estate, the rights of use of natural resources, etc. Assessment of the share brought not in the form of money is made on the basis of the decision of members of the relevant economic society

The Share arbitration - the transaction with the purpose of receiving have arrived in the form of a difference between rates of the same security in various markets of the fictitious capital. This type of arbitration transactions promotes alignment of hens of owls of the securities of the same name which are traded at the same time on several international markets.

The share capital � the capital of joint-stock company formed by means of a share issue and bonds. The share capital � the property of joint-stock company. The share capital is a set of the authorized capital and any capital received from retained earnings of last periods, sales of shares are higher than par value, etc.

The shareholder � the person who is the owner of stocks of joint-stock company and having rights depending on action type.

"Short position" � a position which profit grows at decrease in market price.

"The speculative market" � the market in which transactions with the purpose of generation of profit from the short-term change in price, without the purpose of long-term investments prevail.

Specialized registrar � the legal entity, the professional participant of securities market who is carrying out maintaining the Register of owners of investment shares of Fund according to requirements of these rules and Rules of Fund.

"Spread" � a difference between the buying prices and the prices of sale of the same financial asset exposed by the dealer.

The state securities � securities which issuer is the state.

The state short-term non-coupon bonds (state treasury bills) � the securities which are periodically emitted by MF of the Russian Federation with a repayment guarantee in time the Central Bank of the Russian Federation. The difference between the repayment price (face value) and the buying price makes the income of the owner.

Stop �� (The protective stop order) (Stop Loss) - the postponed warrant for closing of a position on the specified price applied to restriction of losses. It is the instrument of restriction of losses in case the market goes against your position. At achievement of level of the stop order the position is automatically closed at the price specified in the warrant.

Stop Out - compulsory closing with the broker of client positions because of excess of admissible level of losses on open positions.

Storage - a payment for a swap, i.e. it the means withheld or added into the account of the trader for transfer of a position next day

Support, Level of support (Support Level) - the price level at which entry into the market of considerable number of buyers is expected or are concentrated orders on purchase. It is the price level at which active purchases with a possible turn of the descending tendency are probable. Slippage - a situation when stop the warrant is carried out at more worst course, than has been ordered at his exposure to the broker. Such phenomenon meets during quickly changing market. It isn't possible to execute the warrant on the scheduled course if the quotation overcomes the set level sharp jump. The size of slipping can vary from one point to several tens points.

Swap - postponement of an open position for the next days. A combination of two opposite conversion transactions for the identical sum with different dates of valuation. At the same time the trader pays or receives the small sum for it - Storage.

Ticker - the device through which the courses determined by this ticker of actions during work of the exchange (an exchange session) are transmitted by a cable or telex way.

The trade terminal, trading platform, trade terminal � the specialized software for transactions in the market in real time. The most widespread trade terminal today � MetaTrader. The trader, trader � the person making operations in the market.

Trade range, trade range � distance between the lowest and highest price during the trading session, or the distance limited to two important price levels.

Trade system, trade strategy, trade system � a row governed on the basis of which the trader makes operations in the market. Everyone can develop for himself the trade system which is most corresponding to specific features of character and the attitude towards risk.

Trading, trading � trade in the market.

Trading session, trade session � working hours of the trading floors located in different geographical zones. Substantive trading sessions: Asian, European and American.

Trend, tendency, trend, tendency � the steady and obvious direction of the movement of the price, the remaining certain time. The trend can be ascending (upward, up-trend) and descending (bearish, down-trend). The technical analysis � the analysis of behavior of the market and forecasting of the movement of the price on the basis of visual perception of schedules taking into account historical data, use of technical tools, creation of indicators and figures, definitions of trends, etc. without acceptance in attention of economic tendencies and global events which can affect behavior of the market substantially. Often technical analysis is opposed to the fundamental analysis.

Treyling of feet, trailing stop - a version stop ��, the warrant for consecutive automatic fixing of the growing profit on an open position at the favorable movement of the price. Desirable level of restriction is set and the program independently moves him. The Treyling of feet is established for an open position and works only at the switched-on terminal.

The trigger - news, fundamental or the specifications which have promoted, or exerted impact on the considerable price movements in the market.

Trust management � implementation by the legal entity on its own behalf, for remuneration, during a certain term of trust management of a package of securities, the money intended for investment into securities, the money and securities received in process of management of the securities transferred to the trustee to possession and belonging to other person for the benefit of this person. The trustee � the legal entity or the individual entrepreneur (the professional participant of securities market) exercising trust management of the securities transferred to him to possession for a certain term and belonging to other person for the benefit of this person or the third parties specified by this person. Documentary form of issue securities � a form of issue securities at which the owner is established on the basis of presentation of the certificate of security issued properly or, in case of that deposition, on the basis of record on the custody account.

The underwriter � the person who has assumed a duty to place securities on behalf of the issuer or on its own behalf, but for the account and at the request of the issuer the Affiliate � the natural or legal entity capable to exert direct impact on activity of the company, owing to participation in her capital or membership in governing bodies...

The universal exchange � the exchange at which the auction on exchange goods of various markets is conducted (share, currency, etc.).

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