Glossary

All A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

L

Last Trading Day

The last trading day on which an open futures position can be offset. At the DTB, the last trading day is also the Notification Day, which means the latest time at which the holder of a short position must notify the clearing house, which titles he will deliver on the day of delivery.

Letter

G (Geld) [M (Money)]: At this price, there was demand for the share, however there were no offers of sale.
B (Brief) [L (Letter)]: Shares were offered at this price, there were no buyers.
b (bezahlt) [p (paid)]: supply and demand were equal. Synonymous to no price supplement.
exD (ohne Dividende) [WD (Without Dividends)]: Opening price after reduction of the dividend.
bB (bezahlt Brief) [PL (Paid Letter)]: All purchase orders were completed at this rate, however there was yet another offer.
bG (bezahlt Geld) [PM (Paid Money)]: All purchase orders were completed at this rate, however there was yet another demand.
T (Taxkurs) [E (Estimated Rate)]: A price could not be set and so was estimated.

Leverage

A phenomenon, which enables the futures, market participants to enter comparatively large positions in the basic security with low means. This however also means that the percentage change of profits and losses on futures contracts and options is larger than the corresponding change to the basic security.

Leverage Effect

A phenomenon, which enables the futures, market participants to enter comparatively large positions in the basic security with low means. This however also means that the percentage change of profits and losses on futures contracts and options is larger than the corresponding change to the basic security.

Limit Order

Limited orders, which are performed at the given time or better.

Line Graph

The line graph is the simplest form of price representation. Here the closing prices following each other are joined by a line. The main trend is the easiest to recognise with this chart illustration.

Loans

Loans: a collective term for interest-bearing obligations with a fixed agreed duration. Both civil adjustments (e.g. federation, states and communities) and private companies (industrial obligations, industrial loans) emerge as issuers. Loans are a beneficial financial alternative to investment projects compared to conventional bank financing. A loan securitises a creditor’s claim, that is to say, pays a certain amount, which the security issuer owes the investor. This sum of money, also called nominal value, can for example be €100.00 or another amount and/or another currency. It is to be paid back to the investor at a previously agreed time. The period of time between starting to pay interest on an issue and repayment (redemption) is described as the duration of a security. If part of the duration has already expired then the remaining period until redemption is described as maturity. Loans include, for example, mortgage bonds, industrial obligations, community obligations and civil loans.

Local

A stock trader, who only deals for himself. NB: the individual categories of the market participants are named differently by the various stock exchanges.

long

The description for a purchasing position, which has not yet been offset through an opposed position.

Long-Call

The position, which is produced from the purchase of a call and which entitles the purchaser to buy the basic security at a fixed price.

Long-Hedge

To enter a long position on the futures market in order to hedge a short position on the spot market.

Long-Put

The position, which is produced from the purchase of a put and which entitles the purchase to sell the basic security at a fixed price.

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