In trading, an activity that exactly cancels the risks and benefits of another instrument in the portfolio. An offsetting transaction is used when it is not possible to simply close the original transaction as desired. This frequently occurs with options and other more complex financial instruments. In this way, a trader does not have to agree to close the option contract with the party on the other side of the options trade, but can simply cancel the net affect by entering into an offsetting transaction. The most basic example of an offsetting transaction occurs in options trading. Suppose you have sold a call option on 100 shares with a strike price of $35 and an expiration in three months. To close this transaction before three months is over, you can buy a call option with exactly the same features, thus exactly offsetting the exposure to the original call option. Offsetting transactions typically do not factor in transactions costs.
The currency code for the Lithuanian litas, the currency of the Baltic country of Lithuania. The Lithuanian litas (LTL) is subdivided into 100 centas. The Bank of Lithuania mints coins in denominations of 1, 2, 5, 10, 20 and 50 centas, and 1, 2 and 5 litai. Banknotes are issued in 10, 20, 50, 100, 200 and 500 denominations. |||ISO 4217 currency codes are the global standard for currency recognition. The three-letter codes are established by the International Organization for Standardization (ISO), and are used universally around the world in banking and business.
The side of Wall Street comprising the investing institutions such as mutual funds, pension funds and insurance firms that tend to buy large portions of securities for money-management purposes. The buy side is the opposite of the sell-side entities, which provide recommendations for upgrades, downgrades, target prices and opinions to the public market. Together, the buy side and sell side make up both sides of Wall Street. For example, a buy-side analyst typically works in a non-brokerage firm (i.e. mutual fund or pension fund) and provides research and recommendations exclusively for the benefit of the company's own money managers (as opposed to individual investors). Unlike sell-side recommendations - which are meant for the public - buy-side recommendations are not available to anyone outside the firm. In fact, if the buy-side analyst stumbles upon a formula, vision or approach that works, it is kept secret.
The average amount of individual securities traded in a day or over a specified amount of time. Trading activity relates to the liquidity of a security; therefore, when average daily trading volume is high, the stock can be easily traded and has high liquidity. As a result, average daily trading volume can have an effect on the price of the security. If trading volume isn't very high, the security will tend to be less expensive because people are not as willing to buy it. |||When average daily trading volume increases or decreases dramatically, this is a signal that there has been some news released that has affected people's views on the security. Usually, higher average daily trading volumes mean that the security is more competitive, has narrower spreads and is typically less volatile. Stocks are less volatile when they have higher average daily trading volumes because much larger trades would have to be made to have an effect on the price.
A securities exchange in the U.S. on which stocks and options are traded. The NYSE Arca, previously known as the ArcaEx or Archipelago Exchange, is owned by NYSE Euronext, which merged with Archipelago Holdings in a reverse merger in 2006. As of 2009, The NYSE Arca is the world's second largest electronic communication network (ECN) in terms of shares traded. It accounts for roughly 10% of NYSE-listed securities traded and 20% of Nasdaq-listed securities traded. Much like other ECNs, the NYSE Arca implements a liquidity fee/rebate program to improve overall market liquidity.
The currency code for the Lesotho loti, the official currency of the Kingdom of Lesotho. The loti is subdivided into 100 lisente subunits and is pegged to the South African rand at par through the so-called Common Monetary Area. Coins are issued in denominations of 1, 2, 5, 10, 20 and 50 lisente, and 1, 2 and 5 loti. Banknotes are issued in denominations of 10, 20, 50, 100 and 200. |||The ISO 4217 is a global standard for currency recognition. The three letter codes are established by the International Organization for Standardization (ISO). These codes are used around the world in banking and business.
A percentage figure used when reporting the historical return, such as the three-, five- and 10-year average returns of a mutual fund. The average annual return is stated net of a fund's operating expense ratio, which does not include sales charges, if applicable, or portfolio transaction brokerage commissions. |||When you are selecting a mutual fund, the average annual return is a helpful guide for measuring a fund's long-term performance. However, investors should also look at a fund's yearly performance to fully appreciate the consistency of its annual total returns. For example, a five-year average annual return of 10% looks attractive; however, if the yearly returns (those that produced the average annual return) were +40%, +30%, -10%, +5% and -15% (50 / 5 = 10%), the fund's recent performance (past three years) is absolutely awful.
A period of time during which economic growth decreases rapidly. In the stock market, busts are usually associated with bear markets. During busts, inflation decreases and in extreme cases can cause deflation. In addition, unemployment rises, income falls, and demand decreases. Because of the cyclical nature of the economy, a bust usually follows a boom in what is called the "boom and bust" cycle.
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