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| Same Day Transaction | A transaction that matures on the day the transaction takes place
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| Scalping | A strategy of buying at the bid and selling at the offer as soon as possible
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| SDR | Special Drawing Right; an artificial currency unit based upon several national currencies. SDR serves as the official monetary unit of the IMF, and acts as a supplemental reserve for national banking systems
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| Selling Rate | Rate at which a bank is willing to sell foreign currency
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| Series | All options of the same class which share a common strike price and expiration date
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| Settlement Date | The date by which an executed transaction must be settled; in currencies it is 2 days while in stocks it is 3 days
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| Settlement Price | The official closing price for a future set by the clearing house at the end of each trading day
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| Settlement Risk | Risk associated with the non-settlement of the transaction by the counter party
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| Short Position | An investor who has sold a currency or an instrument without having covered it
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| Short Covering | Buying to unwind a short position
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| Short-Term Interest Rates | Normally the 90 day rate
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| SOFFEX | Swiss Options and Financial Futures Exchange, a fully automated and integrated trading and clearing system
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| Spot | Refers to a transaction for immediate delivery; spot currency transactions have a value date of 2 business days
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| Spot Next | The overnight swap from the spot date to the next business day
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| Spot Month | The contract month closest to delivery
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| Spot Price | The price that a currency is currently trading in the spot market
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| Spot Week | A standard period of one week swap measured from the current value date of the currency spot rate
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| Spread | The difference between the bid and ask price of a currency; the difference between the price of two related futures contracts
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| Square | The buy and sell positions are in balance; no open positions
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| Squawk Box | A speaker connected to a phone often used in broker trading desks
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| Squeeze | A period of tight monetary policy, when interest rates are high and borrowing is difficult
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| Standard | A term referring to certain normal amounts and maturities for dealing
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| Standard and Poors | A US firm engaged in assessing the financial health of borrowers. The firm has also generated certain stock indices i.e. S & P 500
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| Sterilization | Central Bank activity in the domestic money market to reduce the impact on money supply of its intervention activities in the FX market
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| Sterling | British pound, otherwise known as Cable
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| Stop Loss Order | A market order to buy or sell a certain quantity of a certain currency or security if a specified price (the stop price) is touched
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| Straddle | The simultaneous purchase/sale of both call and put options for the same currency, exercise/strike price and expiry date
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| Stagflation | Recession or low growth in conjunction with high inflation rates
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| Strap | A combination of two calls and one put
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| Strike Price | The price at which an options holder can buy or sell the underlying instrument; the exercise price
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| Strip | A combination of two puts and one call
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| Support Levels | When an exchange rate depreciates or appreciates to a level where technical analysis techniques suggest that the currency will rebound or not go below
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| Swap Price | A price as a differential between two dates of the swap
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| Swap | An exchange of streams of payments over time according to specified terms
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| Swaption | An option to enter into a swap contract
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| SWIFT | Society for World-wide Interbank Telecommunications is a Belgian based company that provides the global electronic network for settlement of most foreign exchange transactions
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| Swissy | Market slang for Swiss Franc
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| Synthetics | The artificial creation of an asset using combinations of other assets; In options, a long call option and a short put option amounts to a synthetic long, or a long put option and a short call option amounts to a synthetic short
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