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Algorithmic Trading (Algo)
American Depositary Receipt (ADR)
Ask (Offer) Price
Average Rate Option
Abenomics refers to the economic policy introduced by Japanese Prime Minister, Shinzo Abe. Abenomics is made up of quantitative easing, stimulus and inflation targets. Abenomics is an attempt to jumpstart the Japanese economy after several decades of minimal economic growth and deflation.
An interest rate swap under which a counter-party pays a vanilla floating reference rate, usually three or six month LIBOR, and receives LIBOR plus a significant spread. Interest payments to this counter-party will only accrue on days when rates stay within a certain range dictated by preset upper and lower boundaries.
Used loosely to describe all private and public sector demand for goods and services produced by a given country. In practice, it is interchangeable with Gross Domestic Product (GDP). Academic notions of aggregate demand make a distinction between short-term and long-term, and are modeled as a function of price levels.
Can vary depending on context, but generally defined as the amount of exposure a customer has to the (potential) movement of spot and forward rates.
Measures the total volume of goods and services produced by a given economy. Generally speaking, an increase in demand should lead to an expansion of aggregate supply in the economy. In the event of a mismatch between aggregate supply and aggregate demand, prices would change (i.e. inflation/deflation) in order to return the economy to equilibrium.
ALGORITHMIC TRADING (ALGO)
A pre-programmed trading system that relies predominantly on advanced mathematical and statistical formulas, which executes trades on high frequency trading platforms.
AMERICAN DEPOSITARY RECEIPT (ADR)
A vehicle which effectively enables American investors to own shares in foreign corporations. ADRS trade on exchanges like conventional securities. The sponsoring bank collects dividends, pays local taxes and converts them to dollars for distribution to American shareholders. It should be noted that ADRs are affected both by company performance and by changes in exchange rates.
An (currency) option which may be exercised at any time prior to expiration.
Common term used to describe a currency increasing in value, as a result of market forces as opposed to official adjustment.
The simultaneous purchase and sale of an equivalent security in different markets, with the goal of profiting from pricing inconsistencies. In the context of currency trading, arbitrage applies to a mismatch in paired exchange rates between three currencies (triangular arbitrage) or an inefficiency between identical securities listed in different markets that arises from exchange rate fluctuation.
ASK (OFFER) PRICE
The price at which specific currency or contract can be purchased. In practice, this can be understood as the number on the right side of the quote, which is usually the higher price. For example, in the quote EUR/USD 1.4122/26, the ask price is 1.4126; meaning you can buy one Euro for 1.4126 US dollars. Opposite to bid price.
The correlation between changes in a single variable over different time periods. If a price is negatively auto-correlated, a move down in one period would suggest a move up in the next, and vice versa. If it were positively auto-correlated, a move down would suggest a move down in the following period as well, and vice versa.
AVERAGE RATE OPTION
A hedging tool where a series of spot rate fixings during the life of an option are used to calculate an average rate. If the average rate is below the strike price, then the bank must settle the difference with the customer. Otherwise, the option expires worthless with no payment made. Average rate options are generally suited for those who need protection against adverse currency moves that still wish to retain full upside potential. Also known as an Asian Option.
Slang term for the Australian dollar.
Balance of Payments
Balance of Trade
Bank of Canada (BoC)
Bank of England (BoE)
Bank of Japan (BoJ)
Financial statement showing a company's assets, liabilities, and shareholders' equity on a given date.
BALANCE OF PAYMENT
A systematic record of the economic transactions during a given period for a country. Can refer to either current account (which takes trade into account), capital account, or a combination thereof. Prolonged balance of payment deficits theoretically lead to currency depreciation.
BALANCE OF TRADE
Calculated by subtracting imports from exports. A negative balance of trade (when imports exceed exports) is called a "deficit," while a positive balance is known as a "surplus." The balance of trade is inversely related to the difference between savings and investment.
BANK OF CANADA (BOC)
Central Bank for Canada, whose actions directly weigh on the value of the Canadian Dollar (CAD)
BANK OF ENGLAND (BOE)
Central Bank for the UK, whose actions directly weigh on the value of the Pound Sterling (GBP).
BANK OF JAPAN (BOJ)
Central Bank for Japan, whose actions directly influences the value of the Japanese Yen (JPY)
While precise standards vary, refers generally to prolonged period of falling asset prices.
Describes an an investor who believes that asset prices will fall.
The price at which specific currency or contract can be sold. In practice, this can be understood as the number on the left side of the quote, which is usually the lower price. For example, in the quote EUR/USD 1.4122/26, the bid price is 1.4122; meaning you can sell one Euro for 1.4122 US dollars. Opposite of Ask/Offer price.
Technical analysis tool used to measure the highness or lowness of the price relative to previous trades, consisting of three bands: middle band (simple moving average), upper band (given number of standard deviations above the middle band), and lower band (given number of standard deviations below the middle band)
1944 agreement that used the price of gold to fix exchange rates for major currencies. It was replaced in 1971 by a floating exchange rate system that remains in place today.
While precise standards vary, refers generally to prolonged period of rising asset prices.
Bonds issued in the UK by foreign institutions, denominated in British Pounds.
Central bank of Germany and most influential member of the European System of Central Banks (ESCB).
Refers to the buyer/holder of an option, who has the right but not the obligation, to purchase the underlying security.
Refers to the Sterling/US Dollar exchange rate.
Contract in which the buyer has the right but not the obligation to purchase a particular security for a given strike price, on (in the case of European call options) or before (in the case of American call options) the expiration date.
Type of chart that uses shaded bars to indicate trading range (i.e. high and low price) as well as the opening and closing prices for consecutive time periods.
A trading strategy involving the sale of low-yielding currency (funding currency) in favor of a higher-yielding (carry currency) alternative, with the goal of earning a return on the spread/differential. [This differential is known as the "carry"].
A governmental or quasi-governmental organization that conducts monetary policy and manages the exchange rate for a given economy and its currency. It may also be charged with printing money.
CENTRAL BANK INTERVENTION
Refers to a central bank buying or selling its own currency on the spot market in order to bring about a desired exchange rate.
The world's largest futures exchange, which includes the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), and New York Mercantile Exchange (NYMEX).
Trading unit. A standard lot in the forex market is $100,000. A mini lot is $10,000.
CONTRACT FOR DIFFERENCE (CFD)
Agreement between a client and a provider to exchange the difference between the opening and the closing value of the contract.
Refers to a weighted group of currencies purchased together, usually by a Central Bank for the purpose of fixing an exchanging rate.
A situation where a central bank attempts to influence the value of its currency by either selling or buying it on the forex market.
Agreement between two parties to exchange principal and fixed rate interest payments on a loan in one currency for principal and fixed rate interest payments on an equal loan in another currency.
Stocks/Securities that move with the economy, gaining if the economy booms and losing if the economy weakens.
An approach to trading which involves entering and closing trades on the same day or trading session.
Failure of an issuer to make timely payments of both interest and principal when due.
Describes an excess of liabilities over assets, of losses over profits, or of expenditure over income.
A decrease in the general price level of goods and services, whereby the inflation rate falls below zero percent, resulting in an increase in the real value of money.
Decline in the value of an asset, currency, or security.
Financial instrument (forwards, futures, options, swaps) whose value is derived from an underlying security.
Describes the phenomenon whereby a technical indicator and corresponding price chart don't yield the same peaks/bottoms. It usually indicates trend "exhaustion."
Elliot Wave Theory
Euro Interbank Offered Rate (Euribor)
European Central Bank (ECB)
Exponential Moving Average (EMA)
Refers to the use of monetary policy to expand the money supply, either by lowering interest rates or through open market operations.
Statistic that seeks to proxy current economic growth and stability. Economic indicators fall into three categories: leading, lagging and coincident.
Electronic Funds Transfer.
ELLIOT WAVE THEORY
Principle that collective investor psychology (or crowd psychology) moves from optimism to pessimism and back again. These swings create patterns, as evidenced in the price movements of a market at every degree of trend, over durations that range from minutes to decades.
Price level/range that seems to represent a balance between demand and supply for a given currency pair.
EURO INTERBANK OFFERED RATE (EURIBOR)
Rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank.
Bond in US dollars or other currency that is sold to investors who don't reside in the country whose currency is used.
Type of Eurobond that pays both interest and principal in euros, whose most salient feature is that they are not regulated by the SEC.
EUROPEAN CENTRAL BANK (ECB)
Central Bank for the new European Monetary Union.
Currencies that are not actively traded; used in contradistinction to "major currencies."
EXPONENTIAL MOVING AVERAGE (EMA)
Compared to a simple moving average, which distributes weight equally across a data series, exponential moving averages afford greater weight to recent prices/data.
Federal Deposit Insurance Corporation (FDIC)
Federal Funds Rate (FFR)
Federal Open Market Committee (FOMC)
Federal Reserve Bank (Fed)
Federal Reserve Board
Financial Services Authority (FSA)
Fixed Exchange Rate
Value of a bond to be paid out at maturity. Also known as Par Value.
FEDERAL DESPOIT INSURANCE CORPORATION (FDIC)
US regulatory agency charged with regulating US banks. The FDIC provides insurance up to $100,000 per account.
FEDERAL FUNDS RATE (FFR)
Interest rate at which private depository institutions (mostly banks) lend balances (federal funds) at the Federal Reserve to other depository institutions, usually overnight. The FFR is guided (but not determined outright) by the Federal Open Market Committee.
FEDERAL OPEN MARKET COMMITTEE (FOMC)
Committee made up of Federal Reserve members, which meets eight times a year to discuss/ implement monetary policy.
FEDERAL RESERVE BANK (FED)
The central bank of the United States, responsible for using monetary policy to promote economic growth and price stability.
FEDERAL RESERVE BOARD
Senior members of the Federal Reserve, each of whom is appointed by the US President. The chairman of the Fed Reserve Board serves a 4-year term, while the other members serve 14-year terms.
Money declared by a government to be legal tender, and not backed by any other commodity, such as gold.
Sequence of numbers in which each successive number is the sum of the two previous numbers. Fibonacci numbers are used in financial/currency markets to develop trading algorithms, applications and strategies. The four most common forms are the Fibonacci fan, Fibonacci Arc, Fibonacci Retracement and the Fibonacci Time Extension.
FINANCIAL SERVICES AUTHORITY (FSA)
Agency designated by the UK Treasury to regulate the UK financial industry.
Refers to tax policy, government spending, and other government initiatives directed at optimizing economic performance.
FIXED EXCHANGE RATE
Exchange rate regime in which a currency is pegged by the Central Bank so that it cannot fluctuate against other currencies. Currencies can be pegged to other currencies or commodities, such as gold.
Derivative Agreement between two parties to buy or sell an asset at a certain future time for a certain price agreed today. This is in contrast to a spot contract, which is an agreement to buy or sell an asset today.
The analysis of economic indicators and political and current events that could effect the future direction of financial markets. Opposite of Technical Analysis.
Standardized contract to buy or sell a specified commodity/asset of standardized quality at a certain date in the future, at a market determined price (the futures price). The contracts differ from forward contracts in that they are traded on a futures exchange.
Gross Domestic Product (GDP)
Forum, for governments of eight nations of the northern hemisphere: US , Germany, Japan, France, UK, Canada, Italy, and Russia. Previously known as the G7 and sometimes expanded to G10 or G20.
A type of exchange rate regime which fixes a currency to the price of gold. Prior to 1973, the value of the US Dollar was fixed to the price of gold, and all other currencies were fixed to the Dollar.
GROSS DOMESTIC PRODUCT (GDP)
Basic measure of an economy's economic performance, equal to the market value of all final goods and services made within the borders of a nation in one year.
Any "major" currency that investors have confidence in.
Trading strategy implemented with the goal of reducing risk from adverse price movements that surrounds one's primary position. Typically involves taking an offsetting position in another security/currency, and/or using derivatives to limit downside.
Volatility in the underlying asset price, rate or return over a specific period in the past. It is used to check whether the implied volatility of an option is expensive by historical standards.
Inflation that is very high and difficult to control, whereby prices increase rapidly as a currency loses its value. Definitions vary, but one standard is inflation exceeding 50% in one month, and/or 100% in one year.
International Organization for Standardization (ISO)
International Monetary Fund (IMF)
Security or currency that is not traded actively.
The derived volatility of an asset calculated indirectly from options prices.
Investment funds which seek to mirror the returns of a market index by investing directly in the securities that make up that index.
Refers to a general rise in the price level of goods and services, measured by a price index, which leads to a decrease in the purchasing power of money.
Funds required to enter into a leveraged transaction, quoted as a percentage of the price of the asset.
Market open only to large financial institutions.
Cost of using/borrowing money, expressed as a rate per period of time.
INTERNATIONAL ORGANISATION FOR STANDARDIZATION (ISO)
International organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments.
INTERNATIONAL MONETARY FUND (IMF)
International organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments.
Refers to the trend of a country's trade balance following a devaluation or depreciation. A higher exchange rate initially means imports are more expensive, making the current account worse (a bigger deficit or smaller surplus).
Refers to a trader that aims to achieve small and consistent, short-term (usually intra-day) profits.
Slang term for the New Zealand Dollar.
The act of linking one currency to another, usually undertaken by a small country towards that of a major trading partner.
London Interbank Offered Rate (LIBOR)
London International Financial Futures Exchange (LIFFE)
The ability to borrow money to fund trading/investing activity. The amount that can be borrowed varies between brokers, and is quoted as a multiple of maximum position size to deposited funds.
Generally, a claim on a company's assets. In forex, the obligation to deliver to a counter-party an amount of currency at a specified future date, in connection to a forward or spot transaction.
When there are plenty of lots of a particular currency being bought and sold every day.
Refers to the ability of an asset/currency to be easily converted through an act of buying or selling without causing a significant movement in the price and with minimum loss of value.
LONDON INTERBANK OFFERED RATE (LIBOR)
Daily reference rate based on the interest rates at which banks borrow unsecured funds from other banks in the London interbank market. It is roughly comparable to the U.S. Federal funds rate.
LONDON INTERNATIONAL FINANCIAL FUTURE EXCHANGE (LIFFE)
Association composed of the three largest future exchanges in the UK.
Slang term for a Canadian Dollar.
Standardized quantity in forex, composed of 100,000 units of a particular currency pair.
Monetary Policy Committee (MPC)
Moving Average (MA)
Moving Average Convergence / Divergence (MACD)
An investment strategy driven by macroeconomic considerations.
Minimum margin ratio above which margin account balances must remain. Falling below will trigger a margin call, whereby a customer will be requested to either deposit funds or sell securities in order to return the maintenance margin to an acceptable level.
Minimum deposit required to maintain an open position.
Oral or written notification requesting a customer to either deposit funds or sell securities in order to return the maintenance margin to an acceptable level.
Refers to any dealer who provides a two-way quote a bid and ask price in which they stand ready to buy or sell.
Date (or number of years) on which payment of a financial obligation is due.
Theory and observed phenomenon whereby prices and returns eventually move back towards their long-term averages.
Refers to a central bank moving to speed up the velocity of money and increase the money supply, usually by lowering interest rates or buying securities on the open market.
Refers to various tools available to a central bank, that can be employed to influence the money supply, and ultimately to moderate economic growth and price inflation.
MONTARY POLICY COMMITTEE (MPC)
Bank of England subcommittee that meets every month to decide the official interest rate in the UK.
Total amount of money available in an economy at a particular point in time. The different types of money are typically classified as M's. M1 consists of all cash in circulation, plus all of the money held in checking accounts, as well as all the money in travelers checks. M2 consists of M1 plus all of the money held in money market funds, savings accounts, and small time deposits.M3 equals M2 plus large time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. Unlike M1 and M2, M3 is no longer published or revealed to the public by the Fed.
MOVING AVERAGE (MA)
Method commonly used with time series data to smooth out short-term fluctuations and highlight longer-term trends or cycles.
MOVING AVERAGE CONVERGENCE/ DIVERGENCE (MACD)
Technical analysis indicator that shows the difference between a fast and slow exponential moving average of closing prices.
Net Asset Value (NAV)
Non-Farm Payrolls (NFP)
NET ASSET VALUE (NAV)
In a forex trading account, equal to the balance of deposits, realized and unrealized profit/loss, and interest, minus withdrawals.
The index of the 225 leading stocks traded on the Tokyo Stock Exchange.
NON-FARM PAYROLLS (NFP)
Economic indicator that measures the change in the number of employed people during the last month of all non-farming businesses.
Official Settlements Account
Open Market Operations
Refers to financing or capital raising activities that does not appear on a given company's balance sheet, such as derivative agreements and investments in certain types of partnerships.
OFFICIAL SETTLEMENTS ACCOUNT
US balance of payments category that sums the movement of dollars in foreign official holdings and US reserves.
OPEN MARKET OPERATIONS
The means of implementing monetary policy by which a central bank controls its national money supply by buying and selling government securities, or other financial instruments.
All options, usually separated into calls and puts, for a given underlying asset.
Technical analysis indicator that varies over time within a band (above and below a center line, or between set levels), used to discover short-term overbought or oversold conditions.
People’s Bank of China (PBOC)
Purchasing Power Parity
The condition whereby an option's value in the market is the same as its intrinsic value.
Type of exchange rate regime where one currency's value is fixed to another currency or basket of currencies.
PEOPLE'S BANK OF CHINA (PBOC)
The central bank for China, whose actions directly influences the value of the Chinese Renminbi (CNY).
PURCHASING POWER PARITY
Model of exchange rate determination based on the law of one price, which states that the price of a good in one country should equal the price of the same good in another country.
The development and application of mathematical and statistic models towards investing and trading.
Describes an extreme form of monetary policy used to stimulate an economy where interest rates are either at, or close to, zero. In practical terms, the central bank purchases financial assets from financial institutions using money it has created out of nothing.
Currency listed second in a currency pairing.
Rate of Return
Relative Strength Index (RSI)
Reserve Bank of Australia (RBA)
Reserve Bank of New Zealand (RBNZ)
Retail Prices Index (RPI)
Running a Position
Refers to sustained rise in asset prices.
Difference between two countries' benchmark interest rates, often used as a basis for forecasting exchange rates.
RATE OF RETURN
The percentage of gained or lost on an investment relative to the amount of money invested.
General slowdown in economic activity over a sustained period of time, or a business cycle contraction. Defined by the National Bureau of Economic Research as two consecutive quarters of falling GDP.
Any market/exchange monitored by a government agency with the goal of protecting investors.
Any market/exchange monitored by a government agency with the goal of protecting investors.
RELATIVE STRENGTH INDEX (RSI)
Technical analysis momentum oscillator measuring the velocity and magnitude of directional price movement by comparing upward and downward close-to-close movement.
RESERVE BANK OF AUSTRALIA (RBA)
Central Bank for Australia, whose actions bear directly on the Australian Dollar.
RESERVE BANK OF NEW ZEALAND (RBNZ)
Central bank for New Zealand, whose action directly influence the value of the New Zealand dollar (NZD)
Any currency that is perceived as stable/reliable, such that Central Banks are willing to hold it in mass quantities. The US Dollar is currently the world's foremost reserve currency.
RETAIL PRICES INDEX (RPI)
Measures inflation based upon the price of a selection of family goods.
Daily calculation of unrealized P&L (on open positions) based on the difference between the previous closing price and the current opening price. Also refers to a change in a country's exchange rate for a currency as a result of central bank intervention or other official action.
Refers to the use of financial instruments to manage exposure to risk, particularly credit risk and market risk.
Simultaneous closing of an open position for today's value date and the opening of the same position for the next day's value date at a price reflecting the interest rate differential between the two currencies.
RUNNING A POSITION
Slang term for Open Position.
Simple Moving Average (SMA)
Society for World-wide Interbank Telecommunications (SWIFT)
Swiss National Bank (SNB)
Ask or offer rate.
The act of selling a currency pair such that one is short the base currency and long the quote currency, with the goal of profiting from depreciation.
Physical exchange of one currency for another.
An open position that aims to capture gains from currency depreciation.
SIMPLE MOVING AVERAGE (SMA)
Technical analysis indicator commonly used with time series data to smooth out short-term fluctuations and highlight longer-term trends or cycles, that gives equal weight to all data points.
Refers to the phenomenon whereby the actual fill price differs from the expected fill price, as a result of a fast-moving market or broker error.
SOCIETY FOR WORLD-WIDE INTERBANK TELECOMMUNICATIONS (SWIFT)
Global electronic network for forex settlement, known for a code uniquely identifies financial institutions for the purpose of transfers and settlement.
The risk that a government will either default on its obligations or will impose regulations restricting the ability of issuers in that country to meet their obligations, such as foreign currency restrictions.
Financial action that does not promise safety of the initial investment along with the return on the principal sum.
The act of buying or selling forex based on current (spot) prices, with settlement taking place two days later.
Difference between the bid and ask price for a given currency pair. Also known as Bid Ask Spread.
Spread betting is a type of speculation that involves betting on the price movement of a currency pair without actually purchasing or selling lots.
Period of economic recession or low growth combined with high price inflation.
Official term for the British Pound.
Technical analysis tool designed to compare the closing price of a currency to its price range over a given time period.
The price at which a stop order is triggered. For purchases, the stop price acts as a minimum price you will pay if an investment is made. For sales, the stop price acts as the maximum price you will receive if a holding is sold.
Type of derivative in which two parties agree to exchange one stream of cash flows against another.
SWISS NATIONAL BANK (SNB)
Central Bank for Switzerland, whose action directly influencing the value of the Swiss Franc (CHF)
Slang term for the Swiss Franc.
The risk that derivatives permit the transmission of risk across previously unrelated markets, thus making it more likely that a large shock in one will be transmitted to others.
Take-Profit Order (T/P)
Tokyo Inter-bank Offered Rate (TIBOR)
Total Return Swap (TRS)
TAKE-PROFIT ORDER (T/P)
An order specifying the exact rate or number of pips from the current price point at which point a current position should be closed, and gains will be locked in.
Broad approach to forecasting the future direction of prices through the study of past market data, primarily price and volume. It may also employ models and trading rules based on price and volume transformations.
Highest grading that a bank can earn for its financial strength, according to The Bank of International Settlements.
TOKYO INTER-BANK OFFERED RATE (TIBOR)
Daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Japan interbank market.
TOTAL RETURN SWAP (TRS)
Provides the buyer with the economic performance of the reference obligation – i.e. the coupon or interest from the reference obligation together with any capital gains – in return for a predetermined
funding cost. The buyer will be required to pay any capital losses.
Debt obligations of the US government that come in the form of bills (short-term), notes (medium-term), and bonds (long-term). Used as a risk-free benchmark for the pricing of US dollar dominated securities.
US Dollar Index (USDX)
US Prime Rate
Any currency that cannot be freely exchanged for other(s) because of foreign exchange regulations.
The asset/currency on which the covered warrant, futures contract or option is based and derives its value.
When a currency is trading below purchasing power parity or other valuation metric.
Economic indicator defined as the percentage of those in the labor force who are unemployed.
US DOLLAR INDEX (USDX)
Measure of the value of the US dollar, weighted according to the currencies of its trading partners.
US PRIME RATE
The interest rate at which US banks will lend to the most creditworthy borrowers.
Department within the United States government that is responsible for printing money and issuing government obligations.
The process of estimating the value of an asset or currency.
Descriptive term that refers to a relatively simple financial instrument (option or other derivative), with standard features and no special or unusual characteristics. Opposite of Exotic Option.
Refers to the funds required to bring the margin ratio back up to the required level, calculated daily.
Ticker symbol for the Chicago Board Options Exchange Volatility Index, a popular measure of the implied volatility of S&P 500 index options. A high value corresponds to a more volatile market and therefore more costly options, which can be used to defray risk from volatility.
A measure of the amount of movement in the price/rate of a currency. Often used as a proxy for risk.
Wage Price Index
World Trade Organization (WTO)
West Texas Intermediate (WTI)
Any economic indicator that seeks to measure changes in the average price for labor.
International financial institution that provides leveraged loans to poorer countries for capital programs with a goal of reducing poverty.
WORLD TRADE ORGANIZATION
International organization designed by its founders to supervise and liberalize international trade.
WEST TEXAS INTERMEDIATE
Known as Texas light sweet, a grade of crude oil.
The currency symbol for Silver/U.S Dollar.
The currency symbol for Gold/U.S Dollar.
Slang for one billion.
Return on an investment, usually expressed in percentage terms.
Graph plotting the interest rate of a given issuer (most commonly the US Treasury) for a range of different maturities.
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TF Global Markets (UK) Limited is authorised and regulated by the Financial Conduct Authority, FRN 629628. Registered address: 2 Copthall Avenue, London EC2R 7DA. Company number: 09042646.
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