金融商品を取引するとき、一番の壁は専門用語です。また、一般的な用語でも、株価・為替(FX, CFD), 仮想通貨などでは違う意味で使われていることもあります。そんな時に便利な用語辞典をご用意しました。取引を始めたばかりの初心者から経験者まで全ての方に片手間で調べたい時に、ささやかですが、是非参考にしてください。

When we trade financial products, the number one barrier is terminologies. In addition, even general terms we use in our lives in the financial world such as stock, forex, cryptocurrencies may have different meanings. In such a case, this site has prepared a convenient term dictionary. It’s a small thing, but please refer to it when you want to find out glossaries with one hand for all investors from beginners who have just started trading to experienced people.




A term used in the foreign exchange market for the US Dollar/British Pound rate.

Cable Transfer

Telegraphic transfer of funds from one centre to another. Now synonymous with interbank electronic fund transfer.

Calendar Spread

An option position comprising the purchase and sale of two option contracts of the same type with different expiration dates at the same exercise price.


An option that gives the holder the right to buy the underlying instrument at a specified price during a fixed period.

Call Option

A call option confers the right but not the obligation to buy stock, shares or futures at a specified price.


French term for foreign exchange dealer.

Capital Account

Juxtaposition of the long and short term capital imports and exports of a country.


The interest cost of financing securities or other financial instruments held.

Carry-Over Charge

A finance charge associated with the storing of commodities (or foreign exchange contracts) from one delivery date to another.


Normally refers to an exchange transaction contracted for settlement on the day the deal is struck. This term is mainly used in the North American markets and those countries that rely on these markets for foreign exchange services because of time zone preferences i.e. Latin America. In Europe and Asia, cash transactions are often referred to as “value same day” deals.

Cash and Carry

The buying of an asset today and selling of a future contract on the asset. A reverse cash and carry is possible by selling an asset and buying a future.

Cash Delivery

Same day settlement.

Cash Settlement

A procedure for settling futures contract where the cash difference between the future and the market price is paid instead of physical delivery.


Chicago Board Options Exchange.


Certificate of Deposit.

Central Bank

A central bank provides financial and banking services for a country’s government and commercial banks. It implements the government’s monetary policy as well by changing interest rates. It is normally the issuing bank and controls bank licensing, and any foreign exchange control regime.

Central Rate

Exchange rates against the ECU adopted for each currency within the EMS. Currencies have limited movement from the central rate according to the relevant band.

Certificate of Deposit (CD)

A negotiable certificate in bearer form issued by a commercial bank as evidence of a deposit with that bank which states the maturity value, maturity rate and interest rate payable. CDs vary in size with maturities ranging from a few weeks to several years. CDs may normally be redeemed before maturity only by sale on the secondary market, but may also be redeemed back to issuing bank through payment of a penalty.


The Commodity Futures Trading Commission, the US Federal regulatory agency for futures traded on commodity markets, including financial futures.


Clearing House Automated Payment System.


An individual who studies graphs and charts of historic data to find trends and predict trend reversals. These include the observance of certain patterns and characteristics of the charts to derive resistance levels, head and shoulders patterns, and double bottom or double top patterns which are thought to indicate trend reversals.


The New York clearing house clearing system. (Clearing House Interbank Payment System). Most euro transactions are cleared and settled through this system.


Copenhagen Interbank Rate, the rate at which the banks lend the Danish Krone on an unsecured basis. The rate is calculated daily by the Denmark’s Nationalbank (the Danish Central Bank), based on rules set out by the Danish Banker’s Association.


The process of setting a number of items against one another and making fund transfers only on the net balance as part of the settlement process.

Closed Position

A transaction which leaves the trade with a zero net commitment to the market with respect to a particular currency .

Closing Purchase Transaction

The purchase of an option identical to one already sold to liquidate a position.


Chicago Mercantile Exchange Cock Dates (see broken dates).

Coincident Indicator

An economic indicator that generally moves in line with the general business cycle such as industrial production.


Commodity Exchange of New York.


The fee that a broker may charge clients for dealing on their behalf.

Compound Option

An option on an option, the dates and price of such option being fixed.


French term for spot settlement in foreign exchange.


A memorandum to the other party describing all the relevant details of the transaction.

Consumer Price Index

Monthly measure of the change in the prices of a defined basket of consumer goods including food, clothing, and transport. Countries vary in their approach to rents and mortgages. Rising CPI is normally associated with expectations of higher short term interest rates and may therefore be supportive for a currency in the short term. Nevertheless, a longer term inflation problem will eventually undermine confidence in the currency and weakness will follow.


An agreement to buy or sell a specified amount of a particular currency or option during a specified month in the future (= Futures contract).

Contract Expiration Date

The date on which a currency must be delivered to fulfill the terms of the contract. For options, the last day on which the option holder can exercise his right to buy or sell the underlying instrument or currency.

Contract Month

The month in which a futures contract matures or becomes deliverable if not liquidated or traded out before the date specified.

Correspondent Bank

The bank that regularly performs services on behalf of a foreign bank that has no branch in the relevant centre, e.g. to facilitate the transfer of funds. In the US, this often occurs domestically due to interstate banking restrictions.

Cost of Carry

The interest rate parity, where the forward price is determined by the cost of borrowing money in order to hold the position.

Cost of Living Index

Broadly equivalent to Retail Price Index or Consumer price.

Counter Value

Where a person buys a currency against the dollar, it is the dollar value of the transaction.


The other side to a deal (customer, or bank) with which a foreign exchange deal is executed.

Counterparty Risks

Foreign Currency Inter-bank Exchange (FOREX) instruments are Positions (Buy and/or Sell) between the Client and its Counterparty and, unlike exchange-traded foreign exchange instruments which are, in effect, guaranteed by a clearing organization affiliated with the exchange on which the instruments are traded, are not guaranteed by a clearing organization. Thus, when the Customer purchases an OTC foreign exchange instrument, it relies on the Counterparty from which it has purchased the instrument to fulfill the contract. Failure of a Counterparty to fulfill a Position could result in losses of any prior payment made pursuant to the Positions, as well as the loss of the expected benefit of the transaction.

Country Risk

Factors that affect currency trading unique to the specific country including political, regulatory, legal and holiday risks.


(1) On bearer stocks, the detachable part of the hide behind nominee status. Certificate exchangeable for dividends.

(2) Denotes the rate of interest on a fixed interest security.

Coupon Value

The annual rate of interest of a bond.


French for “short” as in “une position courte”.


(1) To take out a forward foreign exchange contract.

(2) To close out a short position by buying currency or securities which have been sold.

Covered Call

A term used in the foreign exchange market for the US Dollar/British Pound rate.

Covered Call Write

A strategy of writing call options against a long position in the underlying asset. A covered put write being based on a short position in the asset.

Covered Interest Rate Arbitrage

An arbitrage approach which consists of borrowing currency A, exchanging it for currency B, investing currency B for the duration of the loan, and, after taking off the forward cover on maturity, showing a profit on the entire set of deals. It is based on the theorem of interest rate parity (one of the key theoretical economic relationships), which says that the return on a hedged foreign investment will just equal the domestic interest rate on investments of identical risk. When the covered interest rate differential between the two money markets is zero, there is no arbitrage incentive to move funds from one market to another.

Covered Margin

The interest rate margin between two instruments denominated in different currencies after taking into account of the cost of forward cover.


Consumer Price Index. Monthly measure of the change in the prices of a defined basket of consumer goods including food, clothing, and transport. Countries vary in their approach to rents and mortgages.


Committee on Payment and Settlement Systems.

Crawling Peg (Adjustable Peg)

An exchange rate system where a country’s exchange rate is “pegged” (i.e. fixed) in relation to another currency. The official rate may be changed from time to time.

Credit Lombard

=Lombard rate.

Credit Risk

The risk that a debtor will not repay; more specifically the risk that the counterparty does not have the currency promised for delivery.

Cross Deal

A foreign exchange deal entered into involving two currencies, neither of which is the base currency.

Cross Hedge

A technique using financial futures to hedge different but related cash instruments based on the view that the price movements between the instruments move in concert.

Cross Rate

An exchange rate between two currencies, usually constructed from the individual exchange rates of the two currencies, as most currencies are quoted against the dollar.

Crossed Market

The situation which exists when a broker’s bid is higher than the lowest offer of another broker.


A cross-trade transaction is a transaction in which either the buy-broker and the sell-broker are the same, or the buy- broker and the sell-broker belong to the same firm.


The type of money that a country uses. It can be traded for other currencies on the foreign exchange market, so each currency has a value relative to another.

Currency Basket

Various weightings of other currencies grouped together in relation to a basket currency (e.g. ECU or SDR). Sometimes used by currencies to fix their rate, often on a trade weighted basket.

Current Account

The net balance of a country’s international payments arising from exports and imports together with unilateral transfers such as aid and migrant remittances. It excludes capital flows.

Current Balance

The value of all exports (goods plus services), less all imports of a country over a specific period of time, equal to the sum of trade and invisible balances plus net receipts of interest, profits and dividends from abroad.


The set of expiration dates applicable to different classes of options.

*These glossaries are based on easyMarkets educational tools.