Jargon

Market Terminology

Definitions
Buck:

One Million US Dollars.
Checking:

To check the availability of a credit line for the counterparty prior to the conclusion of a deal.
Choice:

Seller and Buyer at the same price.
Discount Currency:

A currency which is less expensive to purchase at a future date than at spot.
Done:

A term used when a transaction is concluded.
Firm:

A dealer making an offer or bid on a “firm” basis is committed to deal but he may add some qualifications on time.
Given:

A case in which a bid has been dealt.
Indication:

Quotations reflect market price but are not firm and cannot be dealt, it is for information only.
Join:

Placing of an additional bid or offer to the best bid or offer currently available in the market.
Lakh (Lac):

One Hundred Thousand.
Long:

Excess of purchase over sales.
Lot (FX):

One Hundred Thousand.
Lot (Gold):

100 ounces.
Lot (Silver):

5000 ounces.
Mine / I Buy at / I Bid at / I Take at:

Buyer of currency.
My risk:

A reply by price-taker when unable to immediately respond to intention to deal on the price quoted. A fresh price should be sought by asking “How now?”.
Nothing / Nothing done:

A term used when a transaction is not concluded.
Off:

Nullification of a rate currently being quoted in the market.
Par:

Where the forward price is the same as the spot price.
Premium Currency:

A currency which is more expensive to purchase at a future date than at spot.
Risk:

Quoted rates are no longer firm.
Short:

Excess of sales over purchase.
Square / Flat:

Purchase and sales are equal. No open position.
Taken / Paid:

A case in which the offer has been dealt.
Yard:

One Thousand Million, i.e. One Billion.
Your risk:

A term used by price-maker when the party seeking a price has been too slow in responding to a price quote and that the party should seek a fresh price to deal.
Yours / I Sell at / I Offer at / I Give at:

Seller of currency.
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