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Autoquote indicative prices are generated for many of the financial options contracts traded at LIFFE using
standard mathematical models as derived by Black and Scholes and Cox-Ross-Rubenstein. Autoquote
calculates prices for all series by processing variables captured in real-time from other systems and trading
members each time the underlying price changes. Autoquotes indicate where a series may trade given the
current level of the underlying instrument.
Autoregressive
Using past data or variable of interest to predict future values of the same variable.
Availability float
Checks deposited by a company that have not yet been cleared.
Available on the way in
Used in context of general equities. Stock is available to new customer as trade initiated by another
customer is about to be consummated (on the exchange floor). Usually said to an inquiring salesman. See:
open.
Average
An arithmetic mean return of selected stocks intended to represent the behavior of the market or some
component of it. One good example is the widely quoted Dow Jones Industrial Average, which adds the
current prices of the 30 DJIAs stocks, and divides the results by a predetermined number, the divisor.
Average (across-day) measures
An estimation of price that uses the average or representative price of a large number of trades.
Average accounting return
The average project earnings after taxes and depreciation divided by the average book value of the
investment during its life.
Average age of accounts receivable
The weighted-average age of all of the firms outstanding invoices.
Average collection period, or days receivables
The ratio of accounts receivables to sales, or the total amount of credit extended per dollar of daily sales
(average AR/sales * 365).
Average cost of capital
A firms required payout to the bondholders and to the stockholders expressed as a percentage of capital
contributed to the firm. Average cost of capital is computed by dividing the total required cost of capital by
the total amount of contributed capital.
Average life
Also referred to as the weighted-average life (W.A.L.). The average number of years that each dollar of
unpaid principal due on the mortgage remains outstanding. Average life is computed as the weighted
average time to the receipt of all future cash flows, using as the weights the dollar amounts of the principal
paydowns.
Average maturity
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