A situation in which government regulations prevent the free conversion of the home currency into a foreign one. Because the government is only able to regulate currency transactions within its borders, foreigners are still able to trade the currency. only residents are unable to convert a currency with limited convertibility. |||Limited convertibility can have a cooling effect on trade as well as foreign direct investment. However, countries that are in the process of moving to a more open economy may need to open up currency restrictions in steps rather than all at once. This has been the case in the development of countries that once had centrally planned economies, as opening up domestic markets would subject the home market to foreign competition.
The bid side in a two-way price quote. A two-way price quote denotes both the bid price and the ask price of a security. The left-hand side or bid indicates the price at which the dealer or market maker is willing to buy a security or currency, and the right-hand side or ask indicates the price at which the dealer or market maker is willing to sell the security or currency. |||For example, in currency trading, a two-way price quote could be US$1 = 1.0500 / C$1.0510. The left-hand side or bid price of 1.0500 (Canadian dollars) denotes the price that the currency dealer is willing to pay for a U.S. dollar, while the right-hand side or ask price denotes the price at which the dealer will sell a U.S. dollar. The difference between the bid and ask prices is referred to as the spread. A corporate entity that wishes to exchange U.S. dollars for Canadian dollars in the above example would therefore sell the U.S. dollars at the dealer's bid price or the left-hand side price, while one that wishes to exchange Canadian dollars for U.S. dollars would buy the latter at the dealer's ask price or right-hand side price. Retail customers face much larger spreads than those shown in the above example.
The alteration of normal payment or receipts in a foreign exchange transaction because of an expected change in exchange rates. An expected increase in exchange rates is likely to speed up payments, while an expected decrease in exchange rates will probably slow them down. |||Accelerating the transaction is known as "leads", while slowing it down is known as "lags". Leads will result when firms or individuals making payments expect an increase in the foreign-exchange rate, while lags arise when the exchange rate is expected to fall. Leads and lags are used in an attempt to improve profits.
The currency abbreviation or currency symbol for the Lebanese pound (LBP), the currency for Lebanon. The Lebanese pound is made up of 100 qirsh or piastres, and is often presented with the symbol (__). This currency is also called lira in Arabice or livre in French, and all notes and coins are printed and stamped in both Arabic and French. |||The Lebanese pound was first seen in coin form in 1924 with paper currency following a year later. It officially separated from Syrian currency in 1939 and became linked with the British pound after France was conquered by the Nazis in 1941. It was relinked with the franc after the war but delinked again in 1949.
The abbreviation for the Liberian dollar. The LRD has been the currency of Liberia since 1943, and is subdivided into 100 cents. Historically, it was common for the U.S. dollar to be used right alongside the Liberian dollar because of the LRD's instability. |||Liberia, one of the oldest African republics, was founded by freed American slaves in 1821-22. Liberia gained its independence in 1847. Similar to the U.S., the country is a republic with three branches of government.
A currency trading term that describes when the banks' buying price in the forward market is lower than the selling price in the spot market. A trader is losing the points when he or she buys at one price now and then agrees to sell for less in the future. This is the opposite of earning the points. |||For example, suppose that Peter buys the British pound at 2.2345 dollars per British pound in the spot and enters into a forward contract to sell the pound back at 2.2300 dollars per pound in the future. Peter is losing the points, in this case the 0.0045 dollars per pound.
A type of forward contract commonly used in foreign currency transactions. Long dated forward refers to contracts that typically involve positions that have settlement dates longer than a year away. Long dated forward contracts are sometimes used by companies to hedge certain currency exposures. |||Long dated forward contracts can be risky instruments. The holder of these contracts assumes the risk that a counterparty may not hold up their end of the contract. Also, long dated forward contracts on currencies often have larger bid-ask spreads than shorter-term contracts, making their use somewhat expensive.
A price per ounce for each of the precious metals (gold, silver, platinum and palladium) determined daily at 10:30 and 15:00 GMT by a brief conference call among the five members of the London Gold Pool (Scotia-Mocatta, Barclays Capital, Deutsche Bank, HSBC and Société Générale). The London spot fix price is the price fixed at the moment when the conference call terminates. London spot fix is also referred to as "London a.m. fix" and "London p.m. fix" or "London morning fix" and "London afternoon fix". |||Members of the London Gold Pool belong to the London Bullion Market Association (LBMA). The LBMA provides the daily spot fix prices on its website in U.S. dollars, British pounds and euros. The price does not remain fixed throughout the morning and throughout the afternoon, however, and begins to vary immediately after the spot fix.
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