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| Last Trading Day | The day on which trading ceases for an expiring contract
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| Leading Indicators | An economic indicator that changes before the economy has changed. Examples of leading indicators include production workweek, building permits, unemployment insurance claims, money supply, inventory changes, and stock prices
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| Leverage | The degree to which an investor or business is utilizing borrowed money
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| LIBID | The London Interbank Bid Rate; the rate charged by one bank to another for deposits
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| LIBOR | The London Interbank Offered Rate, the rate charged by one bank to another for lending money
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| LIFFE | London International Financial Futures Exchange
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| Limit Down | The maximum price decline permitted in one trading session
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| Limit Order | An order to buy or sell a specified amount of a security at a specified price or better
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| Limit Up | The maximum price advance permitted in one trading session
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| Limit | The amount that one bank is prepared to trade with another; or the amount that a dealer is permitted to trade in a given currency
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| Lines | An banking arrangement to lend an investor any amount up to the full amount of the line
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| Liquidation | Any transaction that closes out a previously established position
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| Liquidity | The ability of an asset to be quickly converted into cash; or a market with a large number of buyers and sellers
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| Lombard Rate | One of the key commercial interest rates in Europe; an interest rate for a loan against the security of pledged paper
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| Long | The state of actually owning a currency, security, or commodity
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| Long Hedge | The purchase of futures contracts for price protection purposes as a defensive position against an increase in cash prices
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