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Also known as the range. The high and low prices, or bids and offers, recorded during the period designated
as the official close. Related: settlement price.
Closing sale
A transaction in which the sellers intention is to reduce or eliminate a long position in a stock, or a given
series of options.
Closing transaction
Applies to derivative products. Buy or sell transaction that eliminates an existing position (selling a long
option or buying back a short option). Antithesis of opening transaction.
Cluster analysis
A statistical technique that identifies clusters of stocks whose returns are highly correlated within each
cluster and relatively uncorrelated between clusters. Cluster analysis has identified groupings such as
growth, cyclical, stable and energy stocks.
CME
See: Chicago Mercantile Exchange
CML
See: Capital market line
CMO
See: Collateralized mortgage obligation
Coefficient of determination
A measure of the goodness of fit of the relationship between the dependent and independent variables in a
regression analysis; for instance, the percentage of variation in the return of an asset explained by the
market portfolio return. Also known as R-squared.
Coffee, Sugar & Cocoa Exchange (CS&CE)
The New York-based commodity exchange trading futures and options on softs. The CS&CE shares the
trading floor at the Commodities Exchange Center.
Coinsurance effect
Refers to the fact that the merger of two firms decreases the probability of default on either firms debt.
Collar
An upper and lower limit on the interest rate on a floating-rate note (F.R.N.) or an adjustable rate mortgage
(A.R.M.).
Collateral
Asset than can be repossessed if a borrower defaults.
Collateralized mortgage obligation (CMO)
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