A corporate action which affects the securities without giving any choice to the security holder.

Initial margin is collateral placed by one party with a counterparty or clearing house at the time of a deal, against the possibility that the market price will move against the first party, thereby leaving the counterparty with a credit risk. Variation margin is a payment made, or collateral transferred, from one party to the other because the market price of the transaction or of collateral has changed. Variation margin payment is either in effect a settlement of profit/loss (for example, in the case of a futures contract) or the reduction of credit exposure. In a loan, margin is the extra interest above a benchmark such as LIBOR required by a lender to compensate for the credit risk of that particular borrower.

The process of revaluing an OTC or exchange traded product each day. It is the difference between the closing price on the previous day against the current closing price. For exchange traded products this is referred to as variation margin.

Description of any organization or facility through which items are traded. All exchanges are markets.

A person dealing as agent or principal with the broker and involved in the same nature of investment business as the broker. This also includes fellow members of the FSA or trading members of an investment exchange for those products only where they are members.

A trader who works...