Super Finance Glossary
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Locked In
Definition: When an investor is unable to take advantage of preferential tax treatment because of time remaining on a required holding period. Also, a commodities position in which the market has a limit up or limit down day and investors are unable to move in to or out of the market.
Definition: When an investor is unable to take advantage of preferential tax treatment because of time remaining on a required holding period. Also, a commodities position in which the market has a limit up or limit down day and investors are unable to move in to or out of the market.
Locked Limit
Definition: A price that has advanced or declined the permissible limit during one trading session, as fixed by the rules of an exchange. Also called Limit Move.
Definition: A price that has advanced or declined the permissible limit during one trading session, as fixed by the rules of an exchange. Also called Limit Move.
Locked Market
Definition: A market is locked if the bid price equals the ask price. This can occur, for example, if the market is brokered and one side pays brokerage only, in over-the-counter trading the initiator of the transactions. Highly competitive market environment with inside bid and offering at the same price. Often occurs when an OTC dealer has not updated the market.
Definition: A market is locked if the bid price equals the ask price. This can occur, for example, if the market is brokered and one side pays brokerage only, in over-the-counter trading the initiator of the transactions. Highly competitive market environment with inside bid and offering at the same price. Often occurs when an OTC dealer has not updated the market.
Locked-In
Definition: A hedged position that cannot be lifted without offsetting both sides of the hedge (spread). See Hedging. Also refers to being caught in a limit price move.
Definition: A hedged position that cannot be lifted without offsetting both sides of the hedge (spread). See Hedging. Also refers to being caught in a limit price move.
Lockup Option
Definition: Often used in risk arbitrage. Privilege offered a white knight (friendly acquirer) by a target company to buy crown jewels or additional equity. The aim is to discourage a hostile takeover. See: Shark repellent.
Definition: Often used in risk arbitrage. Privilege offered a white knight (friendly acquirer) by a target company to buy crown jewels or additional equity. The aim is to discourage a hostile takeover. See: Shark repellent.
Log-linear Least-squares Method
Definition: A statistical technique for fitting a curve to a set of data points. One of the variables is transformed by taking its logarithm, and then a straight line is fitted to the transformed set of data points.
Definition: A statistical technique for fitting a curve to a set of data points. One of the variables is transformed by taking its logarithm, and then a straight line is fitted to the transformed set of data points.
Lognormal Distribution
Definition: Pattern of frequency of occurrence in which the logarithm of the variable follows a normal distribution. Lognormal distributions are used to describe returns calculated over periods of a year or more.
Definition: Pattern of frequency of occurrence in which the logarithm of the variable follows a normal distribution. Lognormal distributions are used to describe returns calculated over periods of a year or more.
Lombard Rate
Definition: Applies mainly to international equities. Interest rate the German Bundesbank uses as an upper limit to the day-to-day money rate, since no bank will pay higher rates in the money market than it has to pay for very short-term recourse to Lombard credit.
Definition: Applies mainly to international equities. Interest rate the German Bundesbank uses as an upper limit to the day-to-day money rate, since no bank will pay higher rates in the money market than it has to pay for very short-term recourse to Lombard credit.
London Commodity Exchange (LCE)
Definition: Merged with the London International Financial Futures and Options Exchange in 1996.
Definition: Merged with the London International Financial Futures and Options Exchange in 1996.
London Gold Market
Definition: Refers to the dealers who set (fix) the gold price in London. See Gold Fixing.
Definition: Refers to the dealers who set (fix) the gold price in London. See Gold Fixing.
London Interbank Bid Rate (LIBID)
Definition: The bid rate that a Euromarket bank is willing to pay to attract a deposit from another Euromarket bank in London. Related: LIBOR.
Definition: The bid rate that a Euromarket bank is willing to pay to attract a deposit from another Euromarket bank in London. Related: LIBOR.
London Interbank Offered Rate
Definition: A short-term interest rate often quoted as a 1,3,6-month rate for U.S.dollars.
Definition: A short-term interest rate often quoted as a 1,3,6-month rate for U.S.dollars.
London International Financial Futures And Options Exchange (LIFFE)
Definition: A leading market for trading options and futures on euro money market derivatives.
Definition: A leading market for trading options and futures on euro money market derivatives.
London Metal Exchange (LME)
Definition: A market for trading base metals, where traded options contracts are available against the underlying futures contract.
Definition: A market for trading base metals, where traded options contracts are available against the underlying futures contract.
London Stock Exchange (LSE)
Definition: The U.K.'s six regional exchanges joined together in 1973 to form the stock exchange of Great Britain and Ireland, later named the LSE. The FTSE 100 index (known as the footsie) is its dominant index.
Definition: The U.K.'s six regional exchanges joined together in 1973 to form the stock exchange of Great Britain and Ireland, later named the LSE. The FTSE 100 index (known as the footsie) is its dominant index.
Long
Definition: One who has bought a contract to establish a market position and who has not yet closed out this position through an offsetting sale; the opposite of short.
Definition: One who has bought a contract to establish a market position and who has not yet closed out this position through an offsetting sale; the opposite of short.
Long Bonds
Definition: Bonds with a long current maturity. The "long bond" is the 30-year US Treasury bond.
Definition: Bonds with a long current maturity. The "long bond" is the 30-year US Treasury bond.
Long Coupons
Definition: (1) Bonds or notes with a long current maturity. (2) A bond on which one of the coupon periods, usually the first, is longer than the other periods or the standard period.
Definition: (1) Bonds or notes with a long current maturity. (2) A bond on which one of the coupon periods, usually the first, is longer than the other periods or the standard period.
Long Hedge
Definition: The purchase of a futures contract in anticipation of actual purchases in the cash market. Used by processors or exporters as protection against an advance in the cash price. Related: hedge, short hedge
Definition: The purchase of a futures contract in anticipation of actual purchases in the cash market. Used by processors or exporters as protection against an advance in the cash price. Related: hedge, short hedge
Long Leg
Definition: The part of an option spread in which an agreement to buy the underlying security is made.
Definition: The part of an option spread in which an agreement to buy the underlying security is made.
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