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A non-cash expense that provides a source of free cash flow. Amount allocated during the period to
amortize the cost of acquiring long term assets over the useful life of the assets.
Depreciation tax shield
The value of the tax write-off on depreciation of plant and equipment.
Derivative instruments
Contracts such as options and futures whose price is derived from the price of the underlying financial asset.
Derivative markets
Markets for derivative instruments.
Derivative security
A financial security, such as an option, or future, whose value is derived in part from the value and
characteristics of another security, the underlying order.
Designated order turnaround system (DOT)
Computerized order entry system which, for example, allows for orders to buy or sell large baskets of stock
to be transmitted immediately to the specialist on the, where execution will occur in no longer than 2.5
minutes, depending on the basket size. Also used for odd lot transactions to occur at the prices and
quantities available. See: A.O.S.
Detachable warrant
A warrant entitles the holder to buy a given number of shares of stock at a stipulated price. A detachable
warrant is one that may be sold separately from the package it may have originally been issued with (usually
a bond).
Deterministic models
Liability-matching models that assume that the liability payments and the asset cash flows are known with
certainty. Related: Compare stochastic models
Detrend
To remove the general drift, tendency or bent of a set of statistical data as related to time. Often
accomplished by regressing a variable or a time glossary and perhaps time-squared and capturing the
residuals.
Deutsche Börse AG (DBAG)
Deutsche Börse AG (DBAG) is the operating company for the German cash and derivatives markets. It has
four subsidiaries: Deutsche Börse Clearing AG, Deutsche Börse Systems AG, Frankfurter Wertpapierbörse
(FWB) and the derivatives market Eurex Deutschland (formerly the Deutsche Terminbörse DTB).
Deutsche Terminbörse (DTB)
Formerly the German financial futures and options market. Merged with the Swiss Options and Financial
Futures Exchange (SOFFEX) in 1998 to form EUREX, the European derivatives exchange.
Devaluation
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