ACCRUAL
The apportionment of premiums and discounts on forward exchange transactions that relate directly to deposit swap (interest arbitrage) deals, over the period of each deal.
ADJUSTMENT
Official action normally occasioned by a change either in the internal economic policies to correct a payment imbalance or in the official currency rate.
AGGRESSIVE
Traders and/or price action are acting with conviction.
ANALYST
A financial professional who has expertise in evaluating investments and puts together buy, sell and hold recommendations for clients.
APPRECIATION
A product is said to ‘appreciate’ when it strengthens in price in response to market demand.
ARBITRAGE
The simultaneous purchase or sale of a financial product in order to take advantage of small price differentials between markets.
ASIAN CENTRAL BANKS
Refers to the central banks or monetary authorities of Asian countries. These institutions have been increasingly active in major currencies as they manage growing pools of foreign currency reserves arising from trade surpluses. Their market interest can be substantial and influence currency direction in the short-term.
ASIAN SESSION
23:00 – 08:00 GMT.
ASK (OFFER) PRICE
The price at which the market is prepared to sell a product. Prices are quoted two-way as Bid/Ask. The Ask price is also known as the Offer.
In FX trading, the Ask represents the price at which a trader can buy the base currency, shown to the left in a currency pair. For example, in the quote USD/CHF 1.4527/32, the base currency is USD, and the Ask price is 1.4532, meaning you can buy one US dollar for 1.4532 Swiss francs.
In CFD trading, the Ask also represents the price at which a trader can buy the product. For example, in the quote for UK OIL 111.13/111.16, the product quoted is UK OIL and the Ask price is £111.16 for one unit of the underlying market.*
AT BEST
An instruction given to a dealer to buy or sell at the best rate that can be obtained at a specific time.
AT OR BETTER
An instruction given to a dealer to buy or sell at a specific price or better.
AUS 200
A term for the Australian Securities Exchange (ASX 200), which is an index of the top 200 companies (by market capitalization) listed on the Australian stock exchange.
AUSSIE
Refers to the AUD/USD (Australian Dollar/U.S. Dollar) pair. Also “Oz” or “Ozzie”.
BALANCE OF TRADE
The value of a country’s exports minus its imports.
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 horizontal line to the left of the bar; and the closing price, which is marked with a horizontal line to the right of the bar.
BARRIER LEVEL
A certain price of great importance included in the structure of a Barrier Option. If a Barrier Level price is reached, the terms of a specific Barrier Option call for a series of events to occur.
BARRIER OPTION
Any number of different option structures (such as knock-in, knock-out, no touch, double-no-touch-DNT) that attaches great importance to a specific price trading. In a no-touch barrier, a large defined payout is awarded to the buyer of the option by the seller if the strike price is not ‘touched’ before expiry. This creates an incentive for the option seller to drive prices through the strike level and creates an incentive for the option buyer to defend the strike level.
BASE CURRENCY
The first currency in a currency pair. It shows how much the base currency is worth as measured against the second currency. For example, if the USD/CHF (U.S. Dollar/Swiss Franc) rate equals 1.6215, then one USD is worth CHF 1.6215. In the forex market, the US dollar is normally considered the base currency for quotes, meaning that quotes are expressed as a unit of $1 USD per the other currency quoted in the pair. The primary exceptions to this rule are the British pound, the euro and the Australian dollar.
BASE RATE
The lending rate of the central bank of a given country.
BASING
A chart pattern used in technical analysis that shows when demand and supply of a product are almost equal. It results in a narrow trading range and the merging of support and resistance levels.
BASIS POINT
A unit of measurement used to describe the minimum change in the price of a product.
BEARISH/BEAR MARKET
Negative for price direction; favoring a declining market. For example, “We are bearish EUR/USD” means that we think the euro will weaken against the dollar.
BEARS
Traders who expect prices to decline and may be holding short positions.
BID/ASK SPREAD
The difference between the bid and the ask (offer) price.
BID PRICE
The price at which the market is prepared to buy a product. Prices are quoted two-way as Bid/Ask. In FX trading, the Bid represents the price at which a trader can sell the base currency, shown to the left in a currency pair. For example, in the quote USD/CHF 1.4527/32, the base currency is USD, and the Bid price is 1.4527, meaning you can sell one US Dollar for 1.4527 Swiss francs. In CFD trading, the Bid also represents the price at which a trader can sell the product. For example, in the quote for UK OIL 111.13/111.16, the Bid price is £111.13 for one unit of the underlying market.*
BIG FIGURE
Refers to the first three digits of a currency quote, such as 117 USD/JPY or 1.26 in EUR/USD. If the price moves by 1.5 big figures, it has moved 150 pips.
BIS
The Bank for International Settlements located in Basel, Switzerland, is the central bank for central banks. The BIS frequently acts as the market intermediary between national central banks and the market. The BIS has become increasingly active as central banks have increased their currency reserve management. When the BIS is reported to be buying or selling at a level, it is usually for a central bank and thus the amounts can be large. The BIS is used to avoid markets mistaking buying or selling interest for official government intervention.
BLACK BOX
The term used for systematic, model-based or technical traders.
BLOW OFF
The upside equivalent of capitulation. When shorts throw in the towel and cover any remaining short positions.
BOC
Bank of Canada, the central bank of Canada.
BOE
Bank of England, the central bank of the UK.
BOJ
Bank of Japan, the central bank of Japan.
BOLLINGER BANDS
A tool used by technical analysts. A band plotted two standard deviations on either side of a simple moving average, which often indicates support and resistance levels.
BOND
A name for debt which is issued for a specified period of time.
BOOK
In a professional trading environment, a book is the summary of a trader’s or desk’s total positions.
BRITISH RETAIL CONSORTIUM (BRC) SHOP PRICE INDEX
A British measure of the rate of inflation at various surveyed retailers. This index only looks at price changes in goods purchased in retail outlets.
BROKER
An individual or firm that acts as an intermediary, bringing buyers and sellers together 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.
BUCK
Market slang for one million units of a dollar-based currency pair, or for the US dollar in general.
BULLISH/BULL MARKET
Favoring a strengthening market and rising prices. For example, “We are bullish EUR/USD” means that we think the euro will strengthen against the dollar.
BUNDESBANK
Germany’s central bank.
BUY
Taking a long position on a product.
BUY DIPS
Looking to buy 20-30-pip/point pullbacks in the course of an intra-day trend.
CABLE
The GBP/USD (Great British Pound/U.S. Dollar) pair. Cable earned its nickname because the rate was originally transmitted to the US via a transatlantic cable beginning in the mid 1800s when the GBP was the currency of international trade.
CAD
The Canadian dollar, also known as Loonie or Funds.
CALL OPTION
A currency trade which exploits the interest rate difference between two countries. By selling a currency with a low rate of interest and buying a currency with a high rate of interest, the trader will receive the interest difference between the two countries while this trade is open.
CANADIAN IVEY PURCHASING MANAGERS (CIPM) INDEX
A monthly gauge of Canadian business sentiment issued by the Richard Ivey Business School.
CANDLESTICK CHART
A chart that indicates the trading range for the day as well as the opening and closing price. If the open price is higher than the close price, the rectangle between the open and close price is shaded. If the close price is higher than the open price, that area of the chart is not shaded.
CAPITULATION
A point at the end of an extreme trend when traders who are holding losing positions exit those positions. This usually signals that the expected reversal is just around the corner.
CARRY TRADE
A trading strategy that captures the difference in the interest rates earned from being long a currency that pays a relatively high interest rate and short another currency that pays a lower interest rate. For example: NZD/JPY (New Zealand Dollar/Japanese Yen) has been a famous carry trade for some time. NZD is the high yielder and JPY is the low yielder. Traders looking to take advantage of this interest rate differential would buy NZD and sell JPY, or be long NZD/JPY. When NZD/JPY begins to downtrend for an extended period of time, most likely due to a change in interest rates, the carry trade is said to be unwinding.
CASH MARKET
The market in the actual underlying markets on which a derivatives contract is based.
CASH PRICE
The price of a product for instant delivery; i.e., the price of a product at that moment in time.
CBS
Abbreviation referring to central banks.
CENTRAL BANK
A government or quasi-governmental organization that manages a country’s monetary policy. For example, the US central bank is the Federal Reserve and the German central bank is the Bundesbank.
CFDS*
A Contract for Difference (or CFD) is a type of derivative that gives exposure to the change in value of an underlying asset (such as an index or equity). It allows traders to leverage their capital (by trading notional amounts far higher than the money in their account) and provides all the benefits of trading securities, without actually owning the product. In practical terms, if you buy a CFD at $10 then sell it at $11, you will receive the $1 difference. Conversely, if you went short on the trade and sold at $10 before buying back at $11, you would pay the $1 difference.
CHARTIST
An individual, also known as a technical trader, who uses charts and graphs and interprets historical data to find trends and predict future movements.
CHOPPY
Short-lived price moves with limited follow-through that are not conducive to aggressive trading.
CLEARED FUNDS
Funds that are freely available, sent in to settle a trade.
CLEARING
The process of settling a trade.
CLOSED POSITION
Exposure to a financial contract, such as currency, that no longer exists. A position is closed by placing an equal and opposite deal to offset the open position. Once closed, a position is considered squared.
CLOSING
The process of stopping (closing) a live trade by executing a trade that is the exact opposite of the open trade.
CLOSING PRICE
The price at which a product was traded to close a position. It can also refer to the price of the last transaction in a day trading session.
COLLATERAL
An asset given to secure a loan or as a guarantee of performance.
COMMISSION
A fee that is charged for buying or selling a product.
COMMODITY CURRENCIES
Currencies from economies whose exports are heavily based in natural resources, often specifically referring to Canada, New Zealand, Australia and Russia.
COMPONENTS
The dollar pairs that make up the crosses (i.e., EUR/USD + USD/JPY are the components of EUR/JPY). Selling the cross through the components refers to selling the dollar pairs in alternating fashion to create a cross position.
COMPX
Symbol for NASDAQ Composite Index.
CONFIRMATION
A document exchanged by counterparts to a transaction that states the terms of said transaction.
CONSOLIDATION
A period of range-bound activity after an extended price move.
CONSTRUCTION SPENDING
Measures the amount of spending towards new construction, released monthly by the U.S. Department of Commerce’s Census Bureau.
CONTAGION
The tendency of an economic crisis to spread from one market to another.
CONTRACT
The standard unit of forex trading.
CONTRACT NOTE
A confirmation sent that outlines the exact details of the trade.
CONTRACT SIZE
The notional number of shares one CFD represents.
CONTROLLED RISK
A position which has a limited risk because of a Guaranteed Stop.*
CONVERGENCE OF MAS
A technical observation that describes moving averages of different periods moving towards each other, which generally forecasts a price consolidation.
CORPORATE ACTION
An event that changes the equity structure (and usually share price) of a stock. For example, acquisitions, dividends, mergers, splits and spinoffs are all corporate actions.
CORPORATES
Refers to corporations in the market for hedging or financial management purposes. Corporates are not always as price sensitive as speculative funds and their interest can be very long term in nature, making corporate interest less valuable to short-term trading.
COUNTER CURRENCY
The second listed currency in a currency pair.
COUNTERPARTY
One of the participants in a financial transaction.
COUNTRY RISK
Risk associated with a cross-border transaction, including but not limited to legal and political conditions.
CPI
Acronym for Consumer Price Index, a measure of inflation.
CRATER
The market is ready to sell-off hard.
CROSS
A pair of currencies that does not include the U.S. dollar.
CROWN CURRENCIES
Refers to CAD (Canadian Dollar), Aussie (Australian Dollar), Sterling (British Pound) and Kiwi (New Zealand Dollar) – countries off the Commonwealth.
CTAS
Refers to commodity trading advisors, speculative traders whose activity can resemble that of short-term hedge funds; frequently refers to the Chicago-based or futures-oriented traders.
CURRENCY
Any form of money issued by a government or central bank and used as legal tender and a basis for trade.
CURRENCY PAIR
The two currencies that make up a foreign exchange rate. For example EUR/USD (Euro/U.S. Dollar).
CURRENCY RISK
The probability of an adverse change in exchange rates.
CURRENCY SYMBOLS
A three-letter symbol that represents a specific currency. For example, USD (U.S. Dollar).
CURRENT ACCOUNT
The sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid). The balance of trade is typically the key component to the current account.
DAY TRADER
Speculators who take positions in commodities and then liquidate those positions prior to the close of the same trading day.
DAY TRADING
Making an open and close trade in the same product in one day.
DEAL
A term that denotes a trade done at the current market price. It is a live trade as opposed to an order.
DEALER
An individual or firm that acts as a principal or counterpart to a transaction. Principals take one side of a position, hoping to earn a spread (profit) by closing out the position in a subsequent trade with another party. In contrast, a broker is an individual or firm that acts as an intermediary, putting together buyers and sellers for a fee or commission.
DEALING SPREAD
The difference between the buying and selling price of a contract.
DEFEND A LEVEL
Action taken by a trader, or group of traders, to prevent a product from trading at a certain price or price zone, usually because they hold a vested interest in doing so, such as a barrier option.
DEFICIT
A negative balance of trade or payments.
DELISTING
Removing a stock’s listing on an exchange.
DELIVERYA
trade where both sides make and take actual delivery of the product traded.
DELTA
The ratio between the change in price of a product and the change in price of its underlying market.
DEPARTMENT OF COMMUNITIES AND LOCAL GOVERNMENT (DCLG) UK HOUSE PRICES
A monthly survey produced by the DCLG that uses a very large sample of all completed house sales to measure the price trends in the UK real estate market.
DEPOSIT RATE
A composite of tradable rates for lending and borrowing a currency over a specific time period (tenor), quoted as a yearly rate. The best bid and offer are taken to present a competitive picture of the cost of borrowing. When a deposit rate is used for financing, the 1-month rate will typically be used for consistency.
DEPRECIATION
The decrease in value of an asset over time.
DERIVATIVE
A financial contract whose value is based on the value of an underlying asset. Some of the most common underlying assets for derivative contracts are indices, equities, commodities and currencies.
DEVALUATION
When a pegged currency is allowed to weaken or depreciate based on official actions; the opposite of a revaluation.
DISCOUNT RATE
Interest rate that an eligible depository institution is charged to borrow short-term funds directly from the Federal Reserve Bank.
DIVERGENCE
In technical analysis, a situation where price and momentum move in opposite directions, such as prices rising while momentum is falling. Divergence is considered either positive (bullish) or negative (bearish); both kinds of divergence signal major shifts in price direction. Positive/bullish divergence occurs when the price of a security makes a new low while the momentum indicator starts to climb upward. Negative/bearish divergence happens when the price of the security makes a new high, but the indicator fails to do the same and instead moves lower. Divergences frequently occur in extended price moves and frequently resolve with the price reversing direction to follow the momentum indicator.
DIVERGENCE OF MAS
A technical observation that describes moving averages of different periods moving away from each other, which generally forecasts a price trend.
DIVIDEND
The amount of a company’s earning distributed to its shareholders – usually described as a value per share.
DJIA OR DOW
Abbreviation for the Dow Jones Industrial Average or US30.
DOVE
Dovish refers to data or a policy view that suggests easier monetary policy or lower interest rates. The opposite of hawkish.
DOWNTREND
Price action consisting of lower lows and lower highs.
DXY$Y
Symbol for the US Dollar Index.
ECB
European Central Bank, the central bank for the countries using the euro.
ECONOMIC INDICATOR
A government-issued statistic that indicates current economic growth and stability. Common indicators include employment rates, Gross Domestic Product (GDP), inflation, retail sales, etc.
END OF DAY ORDER (EOD)
An order to buy or sell at a specified price that remains open until the end of the trading day, typically at 5pm/17:00 New York time.
EST/EDT
The time zone of New York City, which stands for United States Eastern Standard Time/Eastern Daylight time.
€STR
The Euro Short-Term Rate (€STR) is the interest rate benchmark for overnight borrowing costs throughout the euro area. It’s calculated and published by the European Central Bank (ECB) as a replacement for the Euro Overnight Index Average (EONIA) and the Euro Interbank Offered Rate (EURIBOR).
ESTX50
A name for the Euronext 50 index.
EURO
The currency of the Eurozone.
EUROPEAN MONETARY UNION (EMU)
An umbrella name for the group of policies that aims to coordinate economic and fiscal policies across EU Member States.
EUROPEAN SESSION
07:00 – 16:00 (London).
EUROZONE LABOR COST INDEX
Measures the annualized rate of inflation in the compensation and benefits paid to civilian workers and is seen as a primary driver of overall inflation.
EUROZONE ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD) LEADING INDICATOR
A monthly index produced by the OECD. It measures overall economic health by combining ten leading indicators including average weekly hours, new orders, consumer expectations, housing permits, stock prices and interest rate spreads.
EX-DIVIDEND
A share bought in which the buyer forgoes the right to receive the next dividend and instead it is given to the seller.
EXPIRY DATE/PRICE
The precise date and time when an option will expire. The two most common option expiries are 10:00am ET (also referred to as 10:00 NY time or NY cut) and 3:00pm Tokyo time (also referred to as 15:00 Tokyo time or Tokyo cut). These time periods frequently see an increase in activity as option hedges unwind in the spot market.
EXPORTERS
Corporations who sell goods internationally, which in turn makes them sellers of foreign currency and buyers of their domestic currency. Frequently refers to major Japanese corporations such as Sony and Toyota, who will be natural sellers of USD/JPY, exchanging dollars received from commercial sales abroad.
EXTENDED
A market that is thought to have traveled too far, too fast.
FACTORY ORDERS
The dollar level of new orders for both durable and nondurable goods. This report is more in depth than the durable goods report which is released earlier in the month.
FED
The Federal Reserve Bank, the central bank of the United States, or the FOMC (Federal Open Market Committee), the policy-setting committee of the Federal Reserve.
FED OFFICIALS
Refers to members of the Board of Governors of the Federal Reserve or regional Federal Reserve Bank Presidents.
FIGURE/THE FIGURE
Refers to the price quotation of ’00’ in a price such as 00-03 (1.2600-03) and would be read as ‘figure-three.’ If someone sells at 1.2600, traders would say ‘the figure was given’ or ‘the figure was hit.
FILL
When an order has been fully executed.
FILL OR KILL
An order that, if it cannot be filled in its entirety, will be cancelled.
FIRST IN FIRST OUT (FIFO)
All positions opened within a particular currency pair are liquidated in the order in which they were originally opened.
FIX
One of approximately five times during the forex trading day when a large amount of currency must be bought or sold to fill a commercial customer’s orders. Typically these times are associated with market volatility. The regular fixes are as follows (all times NY):
5:00am – Frankfurt
6:00am – London
10:00am – WMHCO (World Market House Company)
11:00am – WMHCO (World Market House Company) – more important
8:20am – IMM
8:15am – ECB
FLAT OR FLAT READING
Economic data readings matching the previous period’s levels that are unchanged.
FLAT/SQUARE
Dealer jargon used to describe a position that has been completely reversed, e.g. you bought $500,000 and then sold $500,000, thereby creating a neutral (flat) position.
FOLLOW-THROUGH
Fresh buying or selling interest after a directional break of a particular price level. The lack of follow-through usually indicates a directional move will not be sustained and may reverse.
FOMC
Federal Open Market Committee, the policy-setting committee of the US Federal Reserve.
FOMC MINUTES
Written record of FOMC policy-setting meetings are released three weeks following a meeting. The minutes provide more insight into the FOMC’s deliberations and can generate significant market reactions.
FOREIGN EXCHANGE/FOREX/FX
The simultaneous buying of one currency and selling of another. The global market for such transactions is referred to as the forex or FX market.
FORWARD
The pre-specified exchange rate for a foreign exchange contract settling at some agreed future date, based on the interest rate differential between the two currencies involved.
FORWARD POINTS
The pips added to or subtracted from the current exchange rate in order to calculate a forward price.
FRA40
A name for the index of the top 40 companies (by market capitalization) listed on the French stock exchange. FRA40 is also known as CAC40.
FTSE 100
The name of the UK 100 index.
FUNDAMENTAL ANALYSIS
The assessment of all information available on a tradable product to determine its future outlook and therefore predict where the price is heading. Often non-measurable and subjective assessments, as well as quantifiable measurements, are made in fundamental analysis.
FUNDS
Refers to hedge fund types active in the market. Also used as another term for the USD/CAD (U.S. Dollar/Canadian Dollar) pair.
FUTURE
An agreement between two parties to execute a transaction at a specified time in the future when the price is agreed in the present.
FUTURES CONTRACT
An obligation to exchange a good or instrument at a set price and specified quantity grade at a future date. The primary difference between a Future and a Forward is that Futures are typically traded over an exchange (Exchange- Traded Contacts – ETC), versus Forwards, which are considered Over The Counter (OTC) contracts. An OTC is any contract NOT traded on an exchange.
G7
Group of 7 Nations – United States, Japan, Germany, United Kingdom, France, Italy and Canada.
G8
Group of 8 – G7 nations plus Russia.
GAP/GAPPING
A quick market move in which prices skip several levels without any trades occurring. Gaps usually follow economic data or news announcements.
GEARING (ALSO KNOWN AS LEVERAGE)
Gearing refers to trading a notional value that is greater than the amount of capital a trader is required to hold in his or her trading account. It is expressed as a percentage or a fraction.
GER40
An index of the top 40 companies (by market capitalization) listed on the German stock exchange – another name for the DAX.
GIVEN
Refers to a bid being hit or selling interest.
GIVING IT UP
A technical level succumbs to a hard-fought battle.
GMT (GREENWICH MEAN TIME)
Greenwich Mean Time – The most commonly referred time zone in the forex market. GMT does not change during the year, as opposed to daylight savings/summer time.
GOING LONG
The purchase of a stock, commodity or currency for investment or speculation – with the expectation of the price increasing.
GOING SHORT
The selling of a currency or product not owned by the seller – with the expectation of the price decreasing.
GOLD (GOLD’S RELATIONSHIP)
It is commonly accepted that gold moves in the opposite direction of the US dollar. The long-term correlation coefficient is largely negative, but shorter-term correlations are less reliable.
GOLD CERTIFICATE
A certificate of ownership that gold investors use to purchase and sell the commodity instead of dealing with transfer and storage of the physical gold itself.
GOLD CONTRACT
The standard unit of trading gold is one contract which is equal to 10 troy ounces.
GOOD FOR DAY
An order that will expire at the end of the day if it is not filled.
GOOD ‘TIL CANCELLED ORDER (GTC)
An order to buy or sell at a specified price that remains open until filled or until the client cancels.
GOOD ‘TIL DATE
An order type that will expire on the date you choose, should it not be filled beforehand.
GREENBACK
Nickname for the US dollar.
GROSS DOMESTIC PRODUCT (GDP)
Total value of a country’s output, income or expenditure produced within its physical borders.
GROSS NATIONAL PRODUCT
Gross domestic product plus income earned from investment or work abroad.
GUARANTEED ORDER
An order type that protects a trader against the market gapping. It guarantees to fill your order at the price asked.
GUARANTEED STOP
A stop-loss order guaranteed to close your position at a level you dictate, should the market move to or beyond that point. It is guaranteed even if there’s gapping in the market.
GUNNING/GUNNED
Refers to traders pushing to trigger known stops or technical levels in the market.
HANDLE
Every 100 pips in the FX market starting with 000.
HAWK/HAWKISHA
country’s monetary policymakers are referred to as hawkish when they believe that higher interest rates are needed, usually to combat inflation or restrain rapid economic growth or both.
HEDGE
A position or combination of positions that reduces the risk of your primary position.
HIT THE BID
To sell at the current market bid.
HK50/HKHI
Names for the Hong Kong Hang Seng index.
ILLIQUID
Little volume being traded in the market; a lack of liquidity often creates choppy market conditions.
IMM
International Monetary Market, the Chicago-based currency futures market, that is part of the Chicago Mercantile Exchange.
IMM FUTURES
A traditional futures contract based on major currencies against the US dollar. IMM futures are traded on the floor of the Chicago Mercantile Exchange.
IMM SESSION
8:00am – 3:00pm New York.
INDU
Abbreviation for the Dow Jones Industrial Average.
INDUSTRIAL PRODUCTION
Measures the total value of output produced by manufacturers, mines and utilities. This data tends to react quickly to the expansions and contractions of the business cycle and can act as a leading indicator of employment and personal income data.
INFLATION
An economic condition whereby prices for consumer goods rise, eroding purchasing power.
INITIAL MARGIN REQUIREMENT
The initial deposit of collateral required to enter into a position.
INTERBANK RATES
The foreign exchange rates which large international banks quote to each other.
INTEREST
Adjustments in cash to reflect the effect of owing or receiving the notional amount of equity of a CFD position.
INTERVENTION
Action by a central bank to affect the value of its currency by entering the market. Concerted intervention refers to action by a number of central banks to control exchange rates.
INTRODUCING BROKER
A person or corporate entity which introduces accounts to a broker in return for a fee.
INX
Symbol for S&P 500 index.
IPO
A private company’s initial offer of stock to the public. Short for initial public offering.
ISM MANUFACTURING INDEX
An index that assesses the state of the US manufacturing sector by surveying executives on expectations for future production, new orders, inventories, employment and deliveries. Values over 50 generally indicate an expansion, while values below 50 indicate contraction.
ISM NON-MANUFACTURING
An index that surveys service sector firms for their outlook, representing the other 80% of the US economy not covered by the ISM Manufacturing Report. Values over 50 generally indicate an expansion, while values below 50 indicate contraction.
JAPANESE ECONOMY WATCHERS SURVEY
Measures the mood of businesses that directly service consumers such as waiters, drivers and beauticians. Readings above 50 generally signal improvements in sentiment.
JAPANESE MACHINE TOOL ORDERS
Measures the total value of new orders placed with machine tool manufacturers. Machine tool orders are a measure of the demand for companies that make machines, a leading indicator of future industrial production. Strong data generally signals that manufacturing is improving and that the economy is in an expansion phase.
JPN225
A name for the NEKKEI index.
KEEP THE POWDER DRY
To limit your trades due to inclement trading conditions. In either choppy or extremely narrow markets, it may be better to stay on the sidelines until a clear opportunity arises.
KIWI
Nickname for NZD/USD (New Zealand Dollar/U.S. Dollar).
KNOCK-INS
Option strategy that requires the underlying product to trade at a certain price before a previously bought option becomes active. Knock-ins are used to reduce premium costs of the underlying option and can trigger hedging activities once an option is activated.
KNOCK-OUTS
Option that nullifies a previously bought option if the underlying product trades a certain level. When a knock-out level is traded, the underlying option ceases to exist and any hedging may have to be unwound.
LAST DEALING DAY
The last day you may trade a particular product.
LAST DEALING TIME
The last time you may trade a particular product.
LEADING INDICATORS
Statistics that are considered to predict future economic activity.
LEVEL
A price zone or particular price that is significant from a technical standpoint or based on reported orders/option interest.
LEVERAGE
Also known as margin, this is the percentage or fractional increase you can trade from the amount of capital you have available. It allows traders to trade notional values far higher than the capital they have. For example, leverage of 100:1 means you can trade a notional value 100 times greater than the capital in your trading account.*
LEVERAGED NAMES
Short-term traders, referring largely to the hedge fund community.
LIABILITY
Potential loss, debt or financial obligation.
LIBOR
The London Inter-Bank Offered Rate. Banks use LIBOR as a base rate for international lending. Is being replaced by SONIA.
LIMITS/LIMIT ORDER
An order that seeks to buy at lower levels than the current market or sell at higher levels than the current market. A limit order sets restrictions on the maximum price to be paid or the minimum price to be received. As an example, if the current price of USD/JPY is 117.00/05, then a limit order to buy USD would be at a price below the current market, e.g. 116.50. A Limit Order that is attached to a currently existing open position (or a pending entry order) with the purpose of closing that position may also be referred to as a “Take Profit” order.
LIQUID MARKET
A market which has sufficient numbers of buyers and sellers for the price to move in a smooth manner.
LIQUIDATION
The closing of an existing position through the execution of an offsetting transaction.
LONDON SESSION
08:00 – 17:00 (London).
LONG POSITION
A position that appreciates in value if market price increases. When the base currency in the pair is bought, the position is said to be long. This position is taken with the expectation that the market will rise.
LONGS
Traders who have bought a product.
LOONIE
Nickname for the Canadian dollar or the USD/CAD (U.S. Dollar/Canadian Dollar) currency pair.
LOT
A unit to measure the amount of the deal. The value of the deal always corresponds to an integer number of lots.
MACRO
The longest-term trader who bases their trade decisions on fundamental analysis. A macro trade’s holding period can last anywhere from around six months to multiple years.
MANUFACTURING PRODUCTION
Measures the total output of the manufacturing aspect of the Industrial Production figures. This data only measures the 13 sub-sectors that relate directly to manufacturing. Manufacturing makes up approximately 80% of total Industrial Production.
MARGIN CALL
A request from a broker or dealer for additional funds or other collateral on a position that has moved against the customer.
MARKET MAKER
A dealer who regularly quotes both bid and ask prices and is ready to make a two-sided market for any financial product.
MARKET ORDER
An order to buy or sell at the current price.
MARKET-TO-MARKET
Process of re-evaluating all open positions in light of current market prices. These new values then determine margin requirements.
MATURITY
The date of settlement or expiry of a financial product.
MEDLEY REPORT
Refers to Medley Global Advisors, a market consultancy that maintains close contacts with central bank and government officials around the world. Their reports can frequently move the currency market as they purport to have inside information from policy makers. The accuracy of the reports has fluctuated over time, but the market still pays attention to them in the short-run.
MODELS
Synonymous with black box. Systems that automatically buy and sell based on technical analysis or other quantitative algorithms.
MOM
Abbreviation for month-over-month, which is the change in a data series relative to the prior month’s level.
MOMENTUM
A series of technical studies (e.g. RSI, MACD, Stochastics, Momentum) that assesses the rate of change in prices.
MOMENTUM PLAYERS
Traders who align themselves with an intra-day trend that attempts to grab 50-100 pips.
NAS100
An abbreviation for the NASDAQ 100 index.
NET POSITION
The amount of currency bought or sold which has not yet been offset by opposite transactions.
NEW YORK SESSION
8:00am – 5:00pm (New York time).
NO TOUCH
An option that pays a fixed amount to the holder if the market never touches the predetermined Barrier Level.
NYA.X
Symbol for NYSE Composite index.
OFFER/ASK PRICE
The price at which the market is prepared to sell a product. Prices are quoted two-way as Bid/Offer. The Offer price is also known as the Ask. The Ask represents the price at which a trader can buy the base currency, which is shown to the right in a currency pair. For example, in the quote USD/CHF 1.4527/32, the base currency is USD, and the ask price is 1.4532, meaning you can buy one US dollar for 1.4532 Swiss francs.
In CFD trading, the Ask represents the price a trader can buy the product. For example, in the quote for UK OIL 111.13/111.16, the product quoted is UK OIL and the ask price is £111.16 for one unit of the underlying market.*
OFFERED
If a market is said to be trading offered, it means a pair is attracting heavy selling interest, or offers.
OFFSETTING TRANSACTION
A trade that cancels or offsets some or all of the market risk of an open position.
ON TOP
Attempting to sell at the current market order price.
ONE CANCELS THE OTHER ORDER (OCO)
A designation for two orders whereby if one part of the two orders is executed, then the other is automatically cancelled.
ONE TOUCH
An option that pays a fixed amount to the holder if the market touches the predetermined Barrier Level.
OPEN ORDER
An order that will be executed when a market moves to its designated price. Normally associated with good ’til cancelled orders.
OPEN POSITION
An active trade with corresponding unrealized P&L, which has not been offset by an equal and opposite deal.
OPTION
A derivative which gives the right, but not the obligation, to buy or sell a product at a specific price before a specified date.
ORDER
An instruction to execute a trade.
ORDER BOOK
A system used to show market depth of traders willing to buy and sell at prices beyond the best available.
OVER THE COUNTER (OTC)
Used to describe any transaction that is not conducted via an exchange.
OVERNIGHT POSITION
A trade that remains open until the next business day.
PAID
Refers to the offer side of the market dealing.
PAIR
The forex quoting convention of matching one currency against the other
PANELED
A very heavy round of selling.
PARABOLIC
A market that moves a great distance in a very short period of time, frequently moving in an accelerating fashion that resembles one half of a parabola. Parabolic moves can be either up or down.
PARTIAL FILL
When only part of an order has been executed.
PATIENT
Waiting for certain levels or news events to hit the market before entering a position.
PERSONAL INCOME
Measures an individual’s total annual gross earnings from wages, business enterprises and various investments. Personal income is the key to personal spending, which accounts for 2/3 of GDP in the major economies.
PIPS
The smallest unit of price for any foreign currency, pips refer to digits added to or subtracted from the fourth decimal place, i.e. 0.0001.
POLITICAL RISK
Exposure to changes in governmental policy which may have an adverse effect on an investor’s position.
PORTFOLIO
A collection of investments owned by an entity.
POSITION
The net total holdings of a given product.
PREMIUM
The amount by which the forward or futures price exceeds the spot price.
PRICE TRANSPARENCY
Describes quotes to which every market participant has equal access.
PROFIT
The difference between the cost price and the sale price, when the sale price is higher than the cost price.
PULLBACK
The tendency of a trending market to retrace a portion of the gains before continuing in the same direction.
PURCHASING MANAGERS INDEX (PMI)
An economic indicator which indicates the performance of manufacturing companies within a country.
PURCHASING MANAGERS INDEX SERVICES (FRANCE, GERMANY, EUROZONE, UK)
Measures the outlook of purchasing managers in the service sector. Such managers are surveyed on a number of subjects including employment, production, new orders, supplier deliveries and inventories. Readings above 50 generally indicate expansion, while readings below 50 suggest economic contraction.
PUT OPTION
A product which gives the owner the right, but not the obligation, to sell it at a specified price.
QUANTITATIVE EASING
When a central bank injects money into an economy with the aim of stimulating growth.
QUARTERLY CFDS
A type of future with expiry dates every three months (once per quarter).*
QUOTE
An indicative market price, normally used for information purposes only.
RALLY
A recovery in price after a period of decline.
RANGE
When a price is trading between a defined high and low, moving within these two boundaries without breaking out from them.
RATE
The price of one currency in terms of another, typically used for dealing purposes.
RBA
Reserve Bank of Australia, the central bank of Australia.
RBNZ
Reserve Bank of New Zealand, the central bank of New Zealand.
REAL MONEY
Traders of significant size including pension funds, asset managers, insurance companies, etc. They are viewed as indicators of major long-term market interest, as opposed to shorter-term, intra-day speculators.
REALIZED PROFIT/LOSS
The amount of money you have made or lost when a position has been closed.
RESISTENCE LEVEL
A price that may act as a ceiling. The opposite of support.
RETAIL INVESTOR
An individual investor who trades with money from personal wealth, rather than on behalf of an institution.
RETAIL SALES
Measures the monthly retail sales of all goods and services sold by retailers based on a sampling of different types and sizes. This data provides a look into consumer spending behavior, which is a key determinant of growth in all major economies.
REVALUATION
When a pegged currency is allowed to strengthen or rise as a result of official actions; the opposite of a devaluation.
RIGHTS ISSUE
A form of corporate action where shareholders are given rights to purchase more stock. Normally issued by companies in an attempt to raise capital.
RISK
Exposure to uncertain change, most often used with a negative connotation of adverse change.
RISK MANAGEMENT
The employment of financial analysis and trading techniques to reduce and/or control exposure to various types of risk.
ROLLOVER
A rollover is the 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.
In the spot forex market, trades must be settled in two business days. For example, if a trader sells 100,000 Euros on Tuesday, then the trader must deliver 100,000 Euros on Thursday, unless the position is rolled over. As a service to customers, all open forex positions at the end of the day (5:00 PM New York time) are automatically rolled over to the next settlement date. The rollover adjustment is simply the accounting of the cost-of-carry on a day-to-day basis.
ROUND TRIP
A trade that has been opened and subsequently closed by an equal and opposite deal
RUNNING PROFIT/LOSS
An indicator of the status of your open positions; that is, unrealized money that you would gain or lose should you close all your open positions at that point in time.
RUT
Symbol for Russell 2000 index.
SEC
The Securities and Exchange Commission.
SECTOR
A group of securities that operate in a similar industry.
SELL
Taking a short position in expectation that the market is going to go down.
SETTLEMENT
The process by which a trade is entered into the books, recording the counterparts to a transaction. The settlement of currency trades may or may not involve the actual physical exchange of one currency for another.
SHGA.X
Symbol for the Shanghai A index.
SHORT-COVERING
After a decline, traders who earlier went short begin buying back.
SHORT POSITION
An investment position that benefits from a decline in market price. When the base currency in the pair is sold, the position is said to be short.
SHORT SQUEEZE
A situation in which traders are heavily positioned on the short side and a market catalyst causes them to cover (buy) in a hurry, causing a sharp price increase.
SHORTS
Traders who have sold, or shorted, a product, or those who are bearish on the market.
SIDELINES, SIT ON HANDS
Traders staying out of the markets due to directionless, choppy or unclear market conditions are said to be on the sidelines or sitting on their hands.
SIMPLE MOVING AVERAGE SMA
A simple average of a pre-defined number of price bars. For example, a 50 period daily chart SMA is the average closing price of the previous 50 daily closing bars. Any time interval can be applied.
SLIPPAGE
The difference between the price that was requested and the price obtained typically due to changing market conditions.
SLIPPERY
A term used when the market feels like it is ready for a quick move in any direction.
SLOPPY
Choppy trading conditions that lack any meaningful trend and/or follow-through.
SNB
Swiss National Bank, the central bank of Switzerland.
SOFR
The Secured Overnight Financing Rate (SOFR) is the overnight interest rate used for US dollar-denominated loans and derivatives in the overnight market.
SONIA
The Sterling Overnight Index Average (SONIA) is the effective overnight interest rate that banks pay to borrow sterling overnight from other financial institutions. It’s used for overnight funding of trades that occur in off-hours, replacing LIBOR.
SOVEREIGN NAMES
Refers to central banks active in the spot market.
SPOT MARKET
A market whereby products are traded at their market price for immediate exchange.
SPOT PRICE
The current market price. Settlement of spot transactions usually occurs within two business days.
SPOT TRADE
The purchase or sale of a product for immediate delivery (as opposed to a date in the future). Spot contracts are typically settled electronically.
SPREAD
The difference between the bid and offer prices.
SPX500
A name for the S&P index.
SQUARE
Purchase and sales are in balance and thus the dealer has no open position.
STERLING
A nickname for the British pound or the GBP/USD (Great British Pound/U.S. Dollar) currency pair.
STOCK EXCHANGE
A market on which securities are traded.
STOCK INDEX
The combined price of a group of stocks – expressed against a base number – to allow assessment of how the group of companies is performing relative to the past.
STOP ENTRY ORDER
This is an order placed to buy above the current price, or to sell below the current price. These orders are useful if you believe the market is heading in one direction and you have a target entry price.
STOP-LOSS HUNTING
When a market seems to be reaching for a certain level that is believed to be heavy with stops. If stops are triggered, then the price will often jump through the level as a flood of stop-loss orders are triggered.
STOP LOSS ORDER
This is an order placed to sell below the current price (to close a long position), or to buy above the current price (to close a short position). Stop loss orders are an important risk management tool. By setting stop loss orders against open positions you can limit your potential downside should the market move against you. Remember that stop orders do not guarantee your execution price – a stop order is triggered once the stop level is reached, and will be executed at the next available price.
STOP ORDER
A stop order is an order to buy or sell once a pre-defined price is reached. When the price is reached, the stop order becomes a market order and is executed at the best available price. It is important to remember that stop orders can be affected by market gaps and slippage, and will not necessarily be executed at the stop level if the market does not trade at this price. A stop order will be filled at the next available price once the stop level has been reached. Placing contingent orders may not necessarily limit your losses.
STOPS BUILDING
Refers to stop-loss orders building up; the accumulation of stop-loss orders to buy above the market in an upmove, or to sell below the market in a downmove.
STRIKE PRICE
The defined price at which the holder of an option can buy or sell the product.
SUPPORT
A price that acts as a floor for past or future price movements.
SUPPORT LEVELS
A technique used in technical analysis that indicates a specific price ceiling and floor at which a given exchange rate will automatically correct itself. Opposite of resistance.
SUSPENDED TRADING
A temporary halt in the trading of a product.
SWAP
A currency swap is the simultaneous sale and purchase of the same amount of a given currency at a forward exchange rate.
SWISSIE
The nickname for the Swiss franc or the USD/CHF (U.S. Dollar/Swiss Franc) currency pair.
TAKE PROFIT
See definition of Limit Order.
TAKEOVER
Assuming control of a company by buying its stock.
TECHNICAL ANALYSIS
The process by which charts of past price patterns are studied for clues as to the direction of future price movements.
TECHNICIANS/TECHS
Traders who base their trading decisions on technical or charts analysis.
TEN (10) YR
US government-issued debt which is repayable in ten years. For example, a US 10-year note.
THIN
A illiquid, slippery or choppy market environment. A light-volume market that produces erratic trading conditions.
THIRTY (30) YR
UK government-issued debt which is repayable in 30 years. For example, a UK 30-year gilt.
TICK (SIZE)
A minimum change in price, up or down.
TIME TO MATURITY
The time remaining until a contract expires.
TOKYO SESSION
09:00 – 18:00 (Tokyo).
TOMORROW NEXT (TOM/NEXT)
Simultaneous buying and selling of a currency for delivery the following day.
T/P
Stands for “take profit.” Refers to limit orders that look to sell above the level that was bought, or buy back below the level that was sold.
TRADE BALANCE
Measures the difference in value between imported and exported goods and services. Nations with trade surpluses (exports greater than imports), such as Japan, tend to see their currencies appreciate, while countries with trade deficits (imports greater than exports), such as the US, tend to see their currencies weaken.
TRADE SIZE
The number of units of product in a contract or lot.
TRADING BID
A pair is acting strong and/or moving higher; bids keep entering the market and pushing prices up.
TRADING HALT
A postponement to trading that is not a suspension from trading.
TRADING HEAVY
A market that feels like it wants to move lower, usually associated with an offered market that will not rally despite buying attempts.
TRADING OFFERED
A pair is acting weak and/or moving lower, and offers to sell keep coming into the market.
TRADING RANGE
The range between the highest and lowest price of a stock usually expressed with reference to a period of time. For example: 52-week trading range.
TRAILING STOP
A trailing stop allows a trade to continue to gain in value when the market price moves in a favorable direction, but automatically closes the trade if the market price suddenly moves in an unfavorable direction by a specified distance. Placing contingent orders may not necessarily limit your losses.
TRANSACTION COST
The cost of buying or selling a financial product.
TRANSACTION DATE
The date on which a trade occurs.
TREND
Price movement that produces a net change in value. An uptrend is identified by higher highs and higher lows. A downtrend is identified by lower highs and lower lows.
TURNOVER
The total money value or volume of all executed transactions in a given time period.
TWO-WAY PRICE
When both a bid and offer rate is quoted for a forex transaction.
TYO10
Symbol for CBOE 10-Year Treasury Yield Index.
UGLY
Describing unforgiving market conditions that can be violent and quick.
UK AVERAGE EARNINGS INCLUDING BONUS/EXCLUDING BONUS
Measures the average wage including/excluding bonuses paid to employees. This is measured quarter-on-quarter (QoQ) from the previous year.
UK CLAIMANT COUNT RATE
Measures the number of people claiming unemployment benefits. The claimant count figures tend to be lower than the unemployment data since not all of the unemployed are eligible for benefits.
UK HBOS HOUSE PRICE INDEX
Measures the relative level of UK house prices for an indication of trends in the UK real estate sector and their implication for the overall economic outlook. This index is the longest monthly data series of any UK housing index, published by the largest UK mortgage lender (Halifax Building Society/Bank of Scotland).
UK JOBLESS CLAIMS CHANGE
Measures the change in the number of people claiming unemployment benefits over the previous month.
UK MANUAL UNIT WAGE LOSS
Measures the change in total labor cost expended in the production of one unit of output.
UK OIL*
A name for Brent Crude Oil.
UK PRODUCERS PRICE INDEX INPUT
Measures the rate of inflation experienced by manufacturers when purchasing materials and services. This data is closely scrutinized since it can be a leading indicator of consumer inflation.
UK PRODUCERS PRICE INDEX OUTPUT
Measures the rate of inflation experienced by manufacturers when selling goods and services.
UK100
A name for the FTSE 100 index.
UNDERLYING
The actual traded market from where the price of a product is derived.
UNEMPLOYMENT RATE
Measures the total workforce that is unemployed and actively seeking employment, measured as a percentage of the labor force.
UNIVERSITY OF MICHIGAN’S CONSUMER SENTIMENT INDEX
Polls 500 US households each month. The report is issued in a preliminary version mid-month and a final version at the end of the month. Questions revolve around individuals’ attitudes about the US economy. Consumer sentiment is viewed as a proxy for the strength of consumer spending.
UNREALIZED GAIN/LOSS
The theoretical gain or loss on open positions valued at current market rates, as determined by the broker in its sole discretion. Unrealized gains/losses become profits/losses when the position is closed.
UPTICK
A new price quote at a price higher than the preceding quote.
UPTICK RULE
In the US, a regulation whereby a security may not be sold short unless the last trade prior to the short sale was at a price lower than the price at which the short sale is executed.
US OIL
A name for WTI Crude Oil.
US PRIME RATE
The interest rate at which US banks will lend to their prime corporate customers.
US30
A name for the Dow Jones index.
VALUE DATE
Also known as the maturity date, it is the date on which counterparts to a financial transaction agree to settle their respective obligations, i.e., exchanging payments. For spot currency transactions, the value date is normally two business days forward.
VARIATION MARGIN
Funds traders must hold in their accounts to have the required margin necessary to cope with market fluctuations.
VIX OR VOLATILITY INDEX
Shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. The VIX is a widely used measure of market risk and is often referred to as the “investor fear gauge.”
VOLATILITY
Referring to active markets that often present trade opportunities.
WEDGE CHART PATTERN
Chart formation that shows a narrowing price range over time, where price highs in an ascending wedge decrease incrementally, or in a descending wedge, price declines are incrementally smaller. Ascending wedges typically conclude with a downside breakout and descending wedges typically terminate with upside breakouts.
WHIPSAW
Slang for a highly volatile market where a sharp price movement is quickly followed by a sharp reversal.
WHOLESALE PRICES
Measures the changes in prices paid by retailers for finished goods. Inflationary pressures typically show earlier than the headline retail.
WORKING ORDER
Where a limit order has been requested but not yet filled.
WSJ
Acronym for The Wall Street Journal.
XAG/USD
Symbol for Silver Index.
XAU/USD
Symbol for Gold Index.
XAX.X
Symbol for AMEX Composite Index.
YARD
A billion units.
YIELD
The percentage return from an investment.
YOY
Abbreviation for year over year.
YUAN
The yuan is the base unit of currency in China. The renminbi is the name of the currency in China, where the Yuan is the base unit.
A marca EZInvest é autorizada e regulamentada em diversas jurisdições.
A WGM Services Ltd (https://eu.ezinvest.com/) com número de registro HE256991 e endereço de registro em Ellinas House 5th Floor, 85 Limassol Avenue, Aglantzia 2121, Nicósia, Chipre é regulamentada pela Comissão de Valores Mobiliários do Chipre com o número de licença CIF 203/13.
Sanus Financial Services Limited (https://world.ezinvest.com/) com número de registro 2020/659426/07 e endereço de registro em 17 Midas Avenue, Olympus, Pretoria, Gauteng 0081, África do Sul é autorizada e regulamentada pela Conduta do Setor Financeiro Autoridade (FSCA) com número de licença 51523 datado de 06/10/2021.
Segundo o contrato de agente de pagamento entre a WGM Services Ltd e a Sanus Financial Services Limited, a WGM Services LTd está atuando como agente de pagamento fornecendo serviços para a Sanus Financial Services Limited.
Sanus Financial Services Limited e WGM Services Ltd pertencem ao mesmo Grupo de Empresas.
Atualmente, a Sanus Financial Services Limited e a WGM Services Ltd não oferecem seus serviços a usuários de determinadas jurisdições, como os EUA, República Islâmica do Irã e República Popular Democrática da Coreia (RPDC).
Aviso de risco: os CFDs são instrumentos complexos e apresentam um alto risco de perder dinheiro de maneira rápida devido à alavancagem. Você deve considerar se compreende como funcionam os CFDs e se pode correr o grande risco de perder o seu dinheiro.
Based on your selection you will register for an account with Sanus Financial Services which is authorised and regulated by the Financial Securities Conduct Authority (FSCA), South Africa.
Sanus Financial Services falls outside the European regulatory framework and is not in scope of(among others) the Markets in Financial Instruments Directive(MiFiD) II. In addition, there is no provision for an investor compensation scheme.
Before you proceed, please confirm that the decision was made independently and at your own exclusive initiative and that no solicitation or recommendation has been made by Sanus Financial Services or any other entity within the group.
