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The market model applied to a single security. i.e. a regression of security returns or the benchmark return.
The slope of the line is a securitys beta.
Chartists
Related: technical analysts.
Cheapest to deliver issue
The acceptable Treasury security with the highest implied repo rate; the rate that a seller of a futures
contract can earn by buying an issue and then delivering it at the settlement date.
CHESS
See: Clearing House Electronic Subregister System
Chicago Board Options Exchange (CBOE)
A securities exchange created in the early 1970s for the public trading of standardized option contracts.
Locale where the trading of stock options, foreign currency options, and glossary options (S&P 100, 500, and
0.T.C. 250 glossary) is predominant.
Chicago Mercantile Exchange (CME)
A not-for-profit corporation owned by its members. Its primary functions are to provide a location for trading
futures and options, collect and disseminate market information, maintain a clearing mechanism and enforce
trading rules. Applies to derivative products. A locale where the trading of futures (O.T.C. 250 industrial
stock price glossary, S& P 100 and 500 glossary) and futures options (S&P 500 stock glossary) is predominant.
Chinese hedge
Mainly applies to convertible securities. Trading hedge in which one is short the convertible and long the
underlying common, hoping that the convertibles premium will contract. Antithesis of set up.
Chinese wall
Communication barrier between financiers (investment bankers) and traders. This barrier is erected to
prevent the sharing of inside information that bankers are likely to have.
CHIPS
See: Clearing House Interbank Payments System
Choice market
Mainly applies to international equities. Locked market in London terminology.
Churning
Excessive trading of a clients account in order to increase the brokers commissions.
Circle
Underwriters, actual or potential, often seek out and circle investor interest in a new issue before final
pricing. The customer circled basically made a commitment to purchase the issue if it comes at an agreed-
upon price. If the actual price is other than that stipulated, the customer supposedly has first offer at the
actual price.
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