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Circus swap
A fixed rate currency swap against floating U.S. dollar L.I.B.O.R. payments.
Claimant
A party to an explicit or implicit contract.
Claim dilution
A reduction in the likelihood one or more of the firms claimants will be fully repaid, including time value of
money considerations.
Class
Applies to derivative products. Options of the same type - put or call - with the same underlying security.
See: series.
Clean
Used in the context of general equities. Block trade that matches buy or sell orders/interests, sparing the
block trader any inventory risk (no net position and hence none available for additional customers). Natural.
Antithesis of open.
Clean opinion
An auditors opinion reflecting an unqualified acceptance of a company's financial statements.
Clean price
Bond price excluding accrued interest.
Clean up
Used in the context of general equities. Purchase/sale of all the remaining supply/demand of/for stock, or the
last piece of a block, in a trade -- leaving a net zero position.
Clean your skirts
Used in the context of general equities. Make all of your obligated calls ; checking with all prior obligations in
a security. Often preceded by subject to.
Clear
A trade is settled out by the seller delivering securities and the buyer delivering funds in proper form. A trade
that does not clear is said to fail. Comparison of the details of a transaction between broker/dealers prior to
settlement; final exchange of securities for cash on delivery.
Clear a position
To eliminate a long or short position, leaving no ownership or obligation.
Clearinghouse
An adjunct to a futures exchange through which transactions executed on its floor are settled by a process
of matching purchases and sales. A clearing organization is also charged with the proper conduct of delivery
procedures and the adequate financing of the entire operation.
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