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Delayed opening
Used for listed equity securities. Postponement of the start of trading in a stock until a gross imbalance in
buy and sell orders is corrected. Such an imbalance is likely to follow on the heels of a significant event such
as a takeover offer. See: suspended trading.
Delayed settlement/delivery
Used in the context of general equities. Transaction in which the contract is settled in excess of five full
business days. Sellers option. See: dividend play, settlement.
Deliver
In a futures or forward contract , if you agree to sell in the future, you may have to deliver the commodity.
Deliverable instrument
The asset in a forward contract that will be delivered in the future at an agreed-upon price.
Delivery
The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
Delivery date
The date that you must fulfill the obligations of a forward or futures contract.
Delivery notice
The written notice given by the seller of his intention to make delivery against an open, short futures position
on a particular date. Related: notice day
Delivery options
The options available to the seller of an interest rate futures contract, including the quality option, the timing
option, and the wild card option. Delivery options make the buyer uncertain of which Treasury bond will be
delivered or when it will be delivered.
Delivery points
Those points designated by futures exchanges at which the financial instrument or commodity covered by a
futures contract may be delivered in fulfillment of such contract .
Delivery price
The price fixed by the Clearinghouse at which deliveries on futures are invoiced; also the price at which the
futures contract is settled when deliveries are made.
Delivery versus payment
A transaction in which the buyers payment for securities is due at the time of delivery (usually to a bank
acting as agent for the buyer) upon receipt of the securities. The payment may be made by bank wire,
check, or direct credit to an account.
Delta
Also called the hedge ratio, the ratio of the change in price of a call option to the change in price of the
underlying stock. Applies to derivative products. Measure of the relationship between an option price and the
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