B
Back OfficeThe department in a financial institution that processes and deals and handles delivery, settlement and regulatory procedures.
Balance of Payments
A systematic record of the real economic transactions during a given period for a particular country. Countries are either in a balance of payment excess or balance of payment deficit. Prolonged balance of payment deficits could lead to restrictions in capital transfers, and or decline in currency values.
Balance of Trade or Trade Balance
In general terms, the value of exports less imports for a particular country. A balance of trade deficit is when a country imports more than it exports. A balance of trade surplus is when a country exports more than it imports. If a country is in a prolonged trade deficit condition, the currency versus its trading partners should decline or weaken making the cost of imports more expensive and exports cheaper for the trading partners.
Bank line
Line of credit granted by a bank to a customer, also known as a " line".
Banking day (or Business day)
Any day that commercial banks are open for business in the financial center of the country whose currency a position is taken.
Bar Chart
A type of chart which consists of four significant points: the high and the low prices, which form the vertical bar, the opening price, which is marked with a little horizontal line to the left of the bar, and the closing price, which is marked with a little horizontal line of the right of the bar.
Base Currency
The first currency in a currency pair. In the currency pair EUR/USD, the Base Currency is the EUR. When entering a contract with FXDirectDealer, the base currency remains constant at a contracted lot value amount. For example, if a lot is 100,000, the customer who transacts to buy 1 lot of EUR/USD at a currency rate of .9600 would be contracting to exchange 100,000 EUR for $96,000 USD.
Base Rate
A term used predominantly in the UK for the rate used by banks to calculate the interest rate charged to borrowers. Top quality borrowers will pay a small amount over base rate while lesser quality credits will pay a rate much higher than the base rate.
Basis point
One per cent of one per cent. The difference between 3.75% and 3.76%.
Bear
An investor who believes that price of an investment product is going to fall.
Bear Market
A situation whereby there exists prolonged period of generally falling prices for a particular investment product.
Bear Squeeze
The condition in the market where investors or traders who are short an investment product are forced to cover their position because a rising market condition, has inflicted losses on the account.
Best-Efforts Basis
The execution of an order at the next available price taking into consideration the volume available to buy or sell at that price and the quantity and volume of orders that precede the customers order.
Bid/Ask Spread
The difference between the bid and offer price
Big Figure
Refers normally to the first three digits of an exchange rate that dealers treat as understood in quoting. NOTE: A EUR/USD exchange rate of .9630 implies a "0" as the first figure. So, the price would be 0.9630 with the big figure being 0.96.
Book
In a professional trading environment, a 'book' is the summary of a trader's or desk's total positions.
Break or Break out
Term used to describe a sudden or rapid fall in instruments pricing away from a consolidated range.
Bretton Woods Agreement of 1944
An agreement that established fixed foreign exchange rates for major currencies, provided for central bank intervention in the currency markets, and pegged the price of gold at US $35 per ounce. The agreement lasted until 1971, when President Nixon overturned the Bretton Woods agreement and established a floating exchange rate for the major currencies.
Broker
An individual or firm that acts as an intermediary, putting together buyers and sellers for a fee or commission. In contrast, a 'dealer' commits capital and takes one side of a position, hoping to earn a spread (profit) by closing out the position in a subsequent trade with another party.
Brokerage
Commission charged by a broker.
Bull
An investor who believes that prices of particular investment products are going to rise.
Bull market
A prolonged period of generally rising prices for a particular investment product.
Business Day
Any day on which commercial banks are open for business other than Saturday or Sunday in the principal financial center of the country in whose currency a position is taken.
Buy Limit
Specifies the highest price at which the purchase of the Base Currency in a Currency Pair can be executed. The limit price in a Buy limit order should be BELOW the current dealing Ask price.
Buy Stop
A Buy Stop is a Stop Order that is placed ABOVE the current dealing Ask price and is not activated until the market Ask price is at or above the Stop Price. The buy stop order, once triggered, becomes a market order to buy at the current market price.
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