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Definitions are extremely important. Most of the confusion in the world of finance is a result of a poor knowledge of, or disagreements on, the definitions. Unfortunately, the definitions themselves are often ambiguous and/or inconsistent. The choice of terms is not always intuitive. Therefore confusion reigns.

This page is my attempt to clear up the confusion, at least for myself.

You will remember that Plato was always keen on definitions, and would often open his dialogues by defining things, for example:

Socrates: How will you know whose speech - or any other action - is finely presented or not, when you are ignorant of the (definition of) fine? (Plato. Greater Hippias and elsewhere.)

In fact, nearly every dialogue of Plato is focussed on the search for an appropriate definition.




accounting equation 
in the balance sheet,
Net assets = Shareholder funds.
acid test 
see quick ratio.
all-or-nothing option 
see digital option.
a risk-adjusted measure of the active return on investment. It is the return in excess of the compensation for the risk borne. The alpha coefficient is a parameter in the capital asset pricing model (CAPM).
alpha model 
an algorithmic model designed to generate risk and P&L, as opposed to execution models, which are designed to reduce market impact and execution costs.
American option 
an American (style) option may be exercised only at the expiry date of the option, i.e. at a single pre-defined point in time. See European option.
anti-cyclical currency 
see counter-cyclical currency.
a trading strategy that begins with no money, has zero probability of losing money, and has a positive probability of making money.
see offer.
at-the-money (ATM) 
an option is called at-the-money if the current (spot) price of the underlying is equal to the strike price. At-the-money options have no intrinsic (monetary) value, only time value. See in-the-money (ITM), out-of-the-money (OTM) and moneyness.
base currency 
see currency pair.
Basel Accords 
the banking supervision accords issued by the Basel Committee on Banking Supervision (BCBS), consisting of representatives from central banks and regulatory authorities of G10 and other countries. (Basel is Switzerland's third most populous city.) See Basel I and Basel II.
Basel I 
the first of the Basel Accords focussing primarily on credit risk. It was introduced in 1988. It classified the assets of banks and grouped them into five categories according to credit risk, carrying risk weights of 0, 10, 20, 50, and up to 100%. Basel I requires most countries to hold capital equal to 8% of the risk-weighted assets. Basel I has been adopted by G10 and other countries.
Basel II 
the second of the Basel Accords aiming to promote greater stability in the financial system. It is built on the three pillars: (1) minimal capital requirements, (2) supervisory review and (3) market discipline. For example, as part of The First Pillar, Basel II names VaR as the preferred approach to market risk. Unlike Basel I, Basel II also addresses operational risk. Regulators around the world are planning to implement Basel II, but the timelines vary. It is in the process of being implemented in the USA.
Basis = Spot price - Futures price.
Since, in general, Spot price < Futures price, Basis is usually negative.
the price at which a market maker is willing to buy a security or another product. See also: offer (ask).
binary option 
see digital option.
Black-Scholes PDE 
 \frac{\partial V}{\partial t} + \frac{1}{2}\sigma^2 S^2\frac{\partial^2 V}{\partial S^2} + rS\frac{\partial V}{\partial S} - rV = 0.
bonus issue 
see scrip issue.
bottom line 
see net margin.
Bretton Woods conference 
a gathering of 730 delegates from all 45 Allied nations at Mount Washington Hotel in Bretton Woods, New Hampshire, in July 1944. At this conference the agreements were signed to establish the International Bank for Reconstruction and Development, the General Agreement on Tariffs and Trade (GATT), and the International Monetary Fund (IMF). As a result of the conference, the Bretton Woods system of exchange rate management was set up. This was a fixed exchange rate regime. It was replaced by a floating exchange rate regime by the Smithsonian Agreement in December 1971.
broad basic balance of payments (BBoP) 
the combination of the current account, net foreign direct investment flows, and portfolio flows of both bonds and equities. According to Jim O'Neil (Head of Global Economic Research at Goldman Sachs International), there appears to be a good correlation between the BBoP as a percentage of GDP and the trade-weighted exchange rate.
buy and hold 
a long-term investment strategy based on the premise that the long run financial markets give a good rate of return despite of periods of volatility and decline. It is based on the belief that market timing (buy low, sell high) does not work for small investors, so it is best to simply buy and hold. This is an antithesis of day trading.
The foreign exchange (FX) market's term for the pound sterling (GBP) versus US dollar (USD) exchange rate, i.e. GBP/USD. The term originates from the days when a cable under the Atlantic synchronised the GBP/USD exchange rate between the London and New York markets.
call (option) 
see option.
capital employed 
defined by
Capital employed = Current assets - Current liabilities.
capitalisation issue 
see scrip issue.
carry trade 
selling a low-yielding currency and buying high-yielding currency.
Consumer Price Index (CPI) 
a statistical measure of inflation. It is calculated as a weighted average of prices of a specified set of goods and services purchased by consumers. Therefore it is known as a fixed quantity price index. CPI is internationally comparable and is calculated by each member state of the European Union (EU).
contingent liability 
a liability that may or may not be incurred by an entity depending on the outcome of a future event.
corporate action 
an event issued by a public company that affects its equity or debt, including dividend and coupon payments, calls (early redemptions) of debt securities, rights and bonus issues, stock splits, changes to the company's legal name, etc.
counter currency 
see currency pair.
counter-cyclical currency, anti-cyclical currency 
a currency that falls when the economy surges and rises when the economy turns down. Counter-cyclical currencies tend to be negatively correlated with equities in general and their local equities in particular. Euro (EUR) and US dollar (USD) are examples of counter-cyclical currencies. See cyclical currency.
counterparty risk 
the risk that, once a contract has been agreed between two parties, at least one of the parties will not meet their obligations.
currency pair 
a quotation in the foreign exchange market, whereby the value of one currency (known as foreign currency or base currency) is expressed in terms of another currency (domestic currency, quote currency, quoted currency, counter currency, variable currency). A currency pair is usually written as AAABBB or AAA/BBB where AAA is the ISO code of the foreign currency and BBB is the ISO code of the domestic currency. The quote shows how many units of the domestic currency correspond to a single unit of the foreign currency. In particular, the spot rate USD/JPY of 115.928588 means that one unit of USD is worth 115.928588 units of Japanese yen. "Long AAA/BBB" means long AAA, short BBB; "short AAA/BBB" means short AAA, long BBB.
current account
the difference between a nation's exports of goods and services and its imports of goods and services, if all financial transfers and investments and the like are ignored. A nation is said to have a current account deficit if it is importing more than it exports. A nation is said to have a current account surplus if it is exporting more than it imports.
current ratio 
a liquidity ratio:
Current assets / Current liabilities.
cyclical currency, pro-cyclical currency 
a currency that rises when the economy surges and falls when the economy turns down. Cyclical currencies tend to be positively correlated with equities in general and their local equities in particular. Canadian dollar (CAD), Australian dollar (AUD), New Zealand dollar (NZD) and Brazil real (BRL) are examples of cyclical currencies. See counter-cyclical currency.
debt-equity ratio 
see gearing.
sensitivity of the option price to the change in the underlying asset's price.
digital option, binary option, all-or nothing option 
an option whose payoff is either some fixed amount of some asset or nothing at all.
dividend cover 
an investor's ratio:
Earnings per share / Net dividend per share.
See dividend yield.
dividend yield 
an investor's ratio:
(Net dividend per share / Market price per share) * 100%.
See dividend cover.
domestic currency 
see currency pair.
having a positive outlook on inflation, implying that price levels are low enough. As a result, a dovish monetary policy favours lower interest rates, more relaxed monetary controls and less restrictive credit policy. See hawkish.
the potential for prices to decrease. Opposite of upside.
earnings per share (EPS) 
an investor's ratio:
Profit available to ordinary shareholders / Number of ordinary shares.
Profit available to ordinary shareholders excludes the preference dividends and minority interest.
economic value added (EVA) 
a valuation ratio:
EVA = Net sales - Operating profit - Tax - (Capital invested * Opportunity cost of capital).
a bond that has been issued in one country's currency but is traded outside of that country and in a different monetary system and regulatory system. Thus it is a bond denominated in Eurocurrency. Eurobonds are named after the currency in which they are denominated. Thus a bond denominated in Japanese yen which is traded in the US is a Euroyen bond. Note that no euros are involved. The name "Eurobond" has been assigned for historical reasons and is misleading.
a currency on deposit in a bank outside its country of origin. For example, US dollars on deposits in a Japanese bank are Eurocurrency (more specifically, Eurodollars). Note that no euros are involved. The name "Eurocurrency" has been assigned for historical reasons and is misleading.
see Eurocurrency.
European option 
a European (style) option may be exercised at any time before the expiry date. See American (style) option.
see Eurocurrency.
an investor's ratio:
Enterprise value / Earnings before interest, tax, depreciation and amortisation.
Here the (Enterprise value) is the market value of debt plus the market value of equity.
execution model 
an algorithmic model designed to reduce market impact and execution costs, as opposed to alpha models, which are designed to reduce market impact and execution costs.
the owner of an option contract may "exercise" it by indicating that the financial transaction specified by the contract is to be enacted immediately between the two parties. Once exercised, the contract is terminated.
face value 
see notional value.
foreign currency 
see currency pair.
an option whose underlying is a forward.
the property of a good or asset that its individual units are capable of mutual substitution: different instances / units of the same type are interchangeable. For example, many grades of commodities are fungible, e.g. No. 2 yellow corn. It doesn't matter where the No. 2 yellow corn corn was grown, its unit can always be substituted for another No. 2 yellow corn for shipment and storage. Note that fungibility is not the same as liquidity (although the term is often misused to mean liquidity), nor does it refer to the interchangeability of assets of different types.
futures contact 
an option whose underlying is a future.
sensitivity of the option's delta to the change in the underlying asset's price.
(1) Also debt-equity ratio; a lender's ratio:
  Interest bearing debt incl. preference shares and overdraft
--------------------------------------------------------------- * 100%.
 Equity shareholder's funds excluding preference share capital
(2) Of a derivative: its profit/loss potential compared to that of owning the underlying asset.
General Arrangements to Borrow (GAB) 
see Group of Ten.
government sponsored enterprise (GSE) 
government sponsored enterprises are a group of financial services corporations created by the United States Congress. Their function is to enhance the flow of credit to tergeted sectors of the economy and to make those segments of the capital market more efficient and transparent. GSEs include the Farm Credit System created in 1916, the twelve Federal Home Loan Banks created in 1932, Sallie Mae in the area of education chartered in 1972 (which became a fully private institution in 1995), and the mortgage finance GSEs Fannie Mae created in 1938 and Freddie Mac created in 1970.
before deductions. E.g. "gross earnings", "gross sales". See net.
gross margin 
a profitability ratio: (Gross margin) / Turnover.
Group of Ten (G10) 
the group of countries that agreed to participate in the General Arrangements to Borrow (GAB) in 1962. These made resources available to the International Monetary Fund (IMF) for drawings by participants, and, under certain circumstances, by non-participants. The original G10 members are the Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, the United Kingdom, and the United States. Switzerland and Luxembourg are associate members. In 1971 the G10 signed the Smithsonian Agreement which ended the fixed exchange rates regime and replaced it with a floating exchange rate regime.
Group of Ten (G10) currencies 
The following currencies are known as G10 currencies (their ISO currency codes are given in brackets): Euro (EUR), US dollar (USD), pound sterling (GBP), Canadian dollar (CAD), Japanese yen (JPY), Swiss franc (CHF), Australian dollar (AUD), Swedish krona (SEK), New Zealand dollar (NZD), Norwegian krone (NOK).
having a negative outlook on inflation, implying that price levels are too high. As a result, a hawkish monetary policy favours higher interest rates, tighter monetary controls and restrictive credit policy. See dovish.
hedge fund 
A collective investment scheme, usually based offshore, that is permitted to take long and short positions and is not permitted to be advertised to the general public. The term hedge fund is misleading as it implies risk reduction; a hedge fund will tend to take on more risk than an authorised unit trust.
in-the-money (ITM) 
a call option is called in-the-money if the current (spot) price of the underlying is above the strike price. A put option is called in-the-money if the current (spot) price of the underlying is below the strike price. In-the-money options have positive intrinsic (monetary) value as well as time value. See at-the-money (ATM), out-of-the-money (OTM) and moneyness.
interest cover 
a lender's ratio:
Operating profit before interest and tax
---------------------------------------- * 100%.
            Interest payable
intramarket spread 
the difference in market price between two consecutive delivery dates on the same futures contract.
intrinsic value 
the intrinsic (or monetary) value of an option is the value of exercising it now.
ISO code, ISO currency code 
a standard three-letter abbreviation for a country's currency commonly used in foreign exchange. For example, the ISO code for the United States dollar is USD; the ISO code for the Great Britain pound is GBP. These codes are defined by the ISO 4217 standard.
knock-out (KO) option 
an option with a built-in mechanism to expire worthless should a specified underlying price level be exceeded. Such options are used in commodities and currencies markets. For example, consider a
1Y 100.00 USD call JPY put KO 115.00

This is a one year US dollar call, Japanese yen put struck at 100.00. It expires worthless (its KO, knock-out, property) should the USDJPY spot rate exceed 100.00.

law of one price 
an economic law stating that in an efficient market all identical goods must have only one price.
a market is termed liquid if its participants can enter and (perhaps more importantly) exit trades quickly and without significant slippage.
(of a market) the property of being liquid.
long run 
in economics, a time frame of around half a century or more. Over the long run, the economy is governed by factors like the education system, the saving rate, and the role of the government. See also short run, medium run.
M0, wide monetary base, narrow money 
a money supply measure. It is equal to the cash outside the Bank of England + banks' operational deposits with the Bank of England. See M2, M4.
a money supply measure. It is equal to the private-sector retail bank and building society deposits + private-sector wholesale bank and building society deposits and CDs. See M0, M4.
M4, broad money, the money suply 
a money supply measure. it is equal to M0 + M2. This money supply measure is often referred to by the UK government and is sometimes called "the money supply". See M0, M2.
market price 
the price that a good or asset is offered at in the market.
medium run
in economics, a time frame of approximately a decade. Over the medium run, the economy is determined by supply factors: the capital stock, the level of technology, the size of the labour force. See also short run, long run.
monetary value 
see intrinsic value.
money supply 
the quantity of currency and checkable deposits in the hands of the non-bank public available within the economy to purchase goods, services, and securities. In the UK, M0 and M4 are frequently used as money supply measures. M4 is sometimes referred to as the money supply.
(1) the relative magnitudes of the spot price and strike price of an option; (2) the current state of the option with respect to its spot price and strike price: either at-the-money, in-the-money or out-of-the-money. See at-the-money, in-the-money, out-of-the-money.
Monte Carlo methods 
the following explanation is due to Paul Glasserman (2004): "Monte Carlo methods are based on the analogy between probability and volume. The mathematics of measure formalizes the intuitive notion of probability, associating an event with a set of outcomes and defining probability of the event to be its volume or measure relative to that of a universe of possible outcomes. Monte Carlo uses this identity in reverse, calculating the volume of a set by interpreting the volume as a probability. In the simplest case, this means sampling randomly from a universe of possible outcomes and taking the fraction of random draws that fall in a given set as an estimate of the set's volume. The law of large numbers ensures that this estimate converges to the correct value as the number of draws increases. The central limit theorem provides information about the likely magnitude of the error in the estimate after a finite number of draws."
remaining after all deductions. E.g. "net earnings", "net sales". See gross.
Net Asset Value (NAV) 
calculated from the balance sheet:
Total net assets / The number of ordinary shares in issue.
net margin, bottom line 
a profitability ratio:
Net profit / Turnover.
Nominal Effective Exchange Rate (NEER) 
the exchange rate of the domestic currency vis-a-vis other currencies weighted by their share in either the country's international trade or payments, as defined in Sources and Methods of the OECD Economic Outlook.
Non-Deliverable Forward (NDF) 
a short-term forward on a foreign currency that is non-convertible or not internationally traded. The P&L is calculated by taking the difference between the pre-agreed exchanged rate and the spot rate at the time of settlement, on a pre-agreed notional. The typical maturities range from one month to one year.
Normal Market Size (NMS) 
the minimum number of securities for which a market maker is obliged to quote firm bid and offer prices as specified by the London Stock Exchange. This is usually calculated as 1/40 (2.5%) of the security's average daily turnover in the preceeding year. This is sometimes considered to be the number of stocks that can be purchased or sold without moving the market price.
notional value, face value 
the value of a derivative's underlying assets at the spot price.
offer, ask 
the price at which a market maker is willing to sell a security. See also: bid.
operating profit 
see profit before interest and tax (PBIT).
A call option (call) is a financial contract that gives its buyer or holder the right to buy the underlying asset at a pre-specified price (strike price) within a pre-specified time period (tenor). A put option (put) is a financial contract that gives its buyer or holder the right to sell the underlying asset at a pre-specified price (strike price) within a pre-specified time period (tenor). See also: strike price, tenor, American (style) option, European (style) option.
out-of-the-money (OTM) 
a call option is called out-of-the-money if the current (spot) price of the underlying is below the strike price. A put option is called out-of-the-money if the current (spot) price of the underlying is above the strike price. Out-of-the-money options have negative intrinsic (monetary) value as well as time value. See at-the-money (ATM), in-the-money (ITM) and moneyness.
pairs trade 
see relative value trade.
performance ratio 
the ratio of the standard deviation of the cost of writing the option and hedging it to the theoretical price of the option.
precious metals 
there are eight precious (or "noble") metals: gold (XAU= on Reuters, the unit being a troy ounce), silver (XAG=), platinum (XPT=), palladium (XPD=); and co-products of platinum and palladium: rhodium, iridium, osmium and ruthenium.
price-earnings ratio (PE), earnings multiple 
an investor's ratio: (Market price per share) / (Earnings per share). See EPS.
Prime Brokerage (PB) 
the name for a bundled package of services provided by investment banks to hedge funds, including global custody, securities lending, financing, customised technology, and operational support. In addition to these core services, some prime brokers may be offering value-added services, such as consulting and risk management advisory services. Prime brokers enable hedge funds to concentrate on the front office activities, provide a centralised securities clearing facility, and net the hedge fund's collateral requirements across all deals. Prime brokers earn spreads on financing the client's positions and may charge additional fees for certain services.
pro-cyclical currency 
see cyclical currency.
profit before interest and tax (PBIT), operating profit 
Turnover - (Operating costs).
Public Sector Net Cash Requirement (PSNCR) 
the budget proficit (if positive) or deficit (if negative) in the UK. It is the difference between the Government income and Government expenditure.
purchasing power parity (PPP) 
a theory developed by Gustav Cassel in 1920. It is a method of using the long-run equilibrium exchange rate of two currencies to equalise the currencies' purchasing power. It is based on the law of one price.
put (option) 
see option.
an abbreviation for quantitative strategist or quantitative analyst. An individual who uses mathematics, physics, statistics, computer science, or any combination of these at a technical level to try to understand the behavior of stock prices, auction prices, bonds, commodities, and various kinds of derivatives from a mathematical point of view — from a predictive view to some extent. (A definition by Emanuel Derman from A Scientist on Wall Street: How a Theoretical Physicist Made a Career in Banking, a publication of The New York Academy of Sciences.)
quick ratio, acid test 
a liquidity ratio:
(Current assets - Stock) / Current liabilities.
quote currency 
see currency pair.
quoted currency 
see currency pair.
relative value trade 
a trade whereby an investor profits from the outperformance of one product (share, bond, currency, commodity, etc.) compared with another. Also known as pairs trade. For example, if the investor believes that currency A is going to outperform currency B, she will buy currency A and sell currency B.
any security which cannot be settled through the central settlement system. With a residual security, the share certificate and stock transfer is passed from seller to buyer and transfer of title is arranged by the buyer (or his broker) with the registrar. This is riskier and slower than the new CREST system with dematerialised settlement.
Retail Price Index (RPI) 
see Consumer Price Index (CPI).
Retail Price Index minus mortgage interest payments (RPIX) 
the RPI figure minus the mortgage interest payments. RPI includes the mortgage interest, which is influenced by government policy. Therefore some economists prefer to monitor RPIX rather than RPI.
return on capital employed (ROCE) 
a profitability ratio:
(Operating profit / Capital employed) * 100%.
sensitivity of the option's price to interest rates or dividend payouts.
the variance of outcomes or the potential gains or losses.
risk averse 
(of an investor) avoiding risk; preferring an investment with a lower expected return and lower risk to an investment with a higher expected return and higher risk. "Risk averse" is the opposite of risk loving (risk seeking).
risk aversion 
the property of being risk averse.
risk loving, risk seeking 
(of an investor) attracted to risk; preferring an investment with a higher expected return and greater risk to an investment with a lower expected return and lower risk. "Risk loving" ("risk seeking") is the opposite of risk averse.
risk neutral 
(of an investor) caring only about the expected return of an investment, and not the risk. Neither risk loving (risk seeking) nor risk averse.
risk neutrality 
the property of being risk neutral.
risk seeking 
see risk loving.
a colloquial collective name for the Scandinavian currencies, especially the Swedish krona (SEK) and Norwegian krone (NOK), but also the Danish krone (DKK). In the past, the Finnish markka (FIM) was also included, but on 28 February 2002 it ceased to be legal tender and was replaced by Euro (EUR).
scrip issue, bonus issue, capitalisation issue 
the issue of new shares to existing shareholders at no charge, pro rata to their existing shareholdings. It can improve the liquidity of very high priced shares by bringing down the share price.
short run 
in economics, a time frame of a few years, under a decade. The economic analyses over the short run are dominated by considerations of movements in demand, due to changes in consumer confidence and other factors, which can lead to an increase in output (an expansion) or a decrease in output (a recession). See medium run, long run.
see volatility skew.
see volatility smile.
Smithsonian Agreement 
an agreement signed by the Group of Ten at the Smithsonian Institution in December 1971. This agreement ended the fixed exchange rates established at the Bretton Woods Conference of 1944 and replaced it with a floating exchange rate regime.
spot price 
the price at which a commodity, security or currency is currently quoted for immediate ("spot") settlement (payment and delivery).
strike price 
the fixed price at which the owner of an option can purchase, in the case of a call, or sell, in the case of a put, the underlying.
term structure 
see volatility term structure.
terms of trade (TOT) 
the ratio of the price a country receives for its export commodity to the price it pays for its import commodity.
expected change in the option's price with the passage of time assuming risk-neutral growth in the asset.
time value 
the time value of an option is (value - intrinsic value). Thus it is the value of not exercising the option immediately.
the potential for prices to increase. Opposite of downside.
variable currency 
see currency pair.
sensitivity of the option's price to the change in implied volatility.
Volatility Risk Premium (VRP) 
the difference between implied and realised volatility for a given maturity.
volatility skew 
a downward sloping volatility smile, which is common in equity options and other markets. See volatility smile.
volatility smile 
the relationship between, or a plot of the implied volatility (y-axis) versus the strike price (x-axis) for options on the same underlying and of a given time to maturity. For FX options and equity options the typical graph turns up at either end, hence the term "smile". For other markets, sich as equity options, the graph may be downward sloping. In these cases the graph is often referred to as the volatility skew. See volatility surface.
volatility surface 
a 3-D surface obtained by plotting the implied volatility (z-axis) for all options on the underlying against the strike price (x-axis) and time to maturity (y-axis). See volatility smile.
volatility term structure 
the relationship between, or a plot of the implied volatility (y-axis) versus the time to maturity (x-axis) for options on the same underlying and of a given strike price.
WM/Reuters (WMR) 
the spot rates for global currency transactions calculated by the Wood Mackenzie (WM) Company using rates provided by Reuters. The WM/Reuters database contains the current and historical bid, as, and mid quotes for 72 forward rates calculated for eleven time periods. WM/Reuters database also provides spot rates for 157 currencies agains US dollar (USD), British pound sterling (GBP) and Euro (EUR).
Year Over Year (YOY) 
compared to the same period in the previous year. For example, if a company reports that its profits have increased for the second quarter on a YOY basis for the last three years. This means that its second quarter profits this year are higher than last year's second quarter profits, and the last year's second quarter profits are higher than the second quarter profits two years ago.


  • AA - Against Actual
  • ABS - Asset-Backed Security
  • a/c - account
  • ACD - Authorised Corporate Director
  • ADR - American Depositary Receipt
  • AED - United Arab Emirates dirham (ISO 4217 currency code)
  • AGM - Annual General Meeting
  • AIM - Alternative Investment Market (UK)
  • AMEX - American Stock and Options Exchange (US)
  • ARCH - Autoregressive Conditional Heteroskedasticity
  • ASB - Accounting Standards Board (UK)
  • ASDA - Actual Settlement Day Accounting
  • ATM - At-the-money
  • AVP - Assistant Vice President
  • BBA - British Bankers Association (UK)
  • BBAIRS - British Bankers Association Interest Rate Swap (UK)
  • bbl - (oil) barrel
  • BBoP - broad basic balance of payments
  • BCBS - Basel Committee on Banking Supervision
  • BEER - Behavioural Equilibrium Exchange Rate
  • BIS - Bank for International Settlements
  • BLP - Bloomberg Limited Partnership
  • BLS - Bureau of Labor Statistics (US)
  • BOJ - Bank Of Japan (Japan)
  • BPS - basis points
  • BTAN - Les Bons du Trésor à Taux Fixe et à Intérêt Annuel (French: Government Note)
  • BTF - Basis Trading Facility
  • BTP - Buono del Tresoro Poliennali (Italian: Treasury Bill)
  • CA85 - Companies Act 1985/89 (UK)
  • CAC - Cotation Assistée en Continu (French: Continuous Assisted Quotation)
  • CAD - Cash Against Document
  • CAD - Canadian dollar (ISO 4217 currency code)
  • CAO - Chief Administrative Officer
  • CAT - Competition Appeal Tribunal (UK)
  • CBF - Clearstream Banking Frankfurt (EU)
  • CBL - Clearstream Banking Luxemburg (EU)
  • CBO - Collateralised Bond Obligation
  • CBOC - 中央銀行 (Traditional Chinese), Zhōngyāng Yínháng (Pinyin), Central Bank of the Republic of China (Taiwan) (formerly Central Bank of China) (Taiwan)
  • CBOE - Chicago Board Options Exchange Incorporated (US)
  • CBOT - Chicago Board Of Trade (US)
  • CBR - Центральный банк Российской Федерации (Russian: The Central Bank of the Russian Federation) (Russia)
  • CBRT, TCMB (Turkish) - Türkiye Cumhuriyet Merkez Bankası (Turkish: Central Bank of the Republic of Turkey) (also known as TCMB) (Turkey)
  • CC - Competition Commission (formerly MMC) (UK)
  • CCASG - مجلس التعاون لدول الخليج (Arabic: Cooperation Council for Arab States of the Gulf)(also known as GCC)
  • CCP - Central Counterparty
  • CCSS - CREST Courier and Sorting Service (UK)
  • CD - Certificate of Deposit
  • CDFT - Continuous Discounting Factor
  • CDO - Collateralised Debt Obligation
  • CEA - Council of Economic Advisers (US)
  • CEE - Central and Eastern Europe
  • CEO - Chief Executive Officer
  • CFA - Chartered Financial Analyst (UK)
  • CFD - Contract For Differences
  • CFO - Chief Financial Officer
  • CFTC - Commodity Futures Trading Commission (US)
  • CGT - Capital Gains Tax
  • CHAPS - Clearing House Automated Payment System (UK)
  • CIO - Chief Information Officer
  • CIS - Collective Investment Scheme
  • CLO - Collateralised Loan Obligation
  • CLS - Continuous Linked System
  • CMA - Cash Memorandum Account
  • CME, "The Merc" - Chicago Mercantile Exchange (US)
  • CNBC - Consumer News and Business Channel (US)
  • CNY - Chinese yuan (ISO 4217 currency code)
  • COD - Cash On Delivery
  • COMEX - New York Commodities Exchange (a division of NYMEX) (US)
  • COO - Chief Operating Officer
  • CP - Commercial Paper
  • CP - Committed Principal (usually means Market Maker)
  • CPDF - Compounding Factor
  • CPI - Consumer Price Index (formerly HICP)
  • CPS - Clearing Processing System
  • CPU - Claims Processing Unit (on CREST) (UK)
  • CRB - Commodity Research Bureau
  • CREST - although an acronym, does not stand for anything, see CRESTCo
  • CSD - Central Securities Depository
  • CSDA - Contractual Settlement Day Accounting
  • CTA - Commodity Trading Advisor
  • CTD - Cheapest To Deliver
  • CTF - CREST Transfer Form (UK)
  • CUSIP - Committee on Uniform Security Identification Procedures
  • DAX - Deutsche Aktien Xchange (German: German Stock Exchange) (Germany)
  • DBV - Delivery By Value
  • DDFT - Discrete Discounting Factor
  • DIE - Designated Investment Exchange (UK)
  • DJI - Dow Jones Industrial Average (US)
  • DKK - Danish krone (ISO 4217 currency code)
  • DME - Dubai Mercantile Exchange (UAE)
  • DMO - Debt Management Office (UK)
  • DOL - Daily Official List (UK)
  • DTC - Depositary Trust Corporation
  • DVP - Delivery Versus Payment
  • EBITDA - Earnings Before Interest, Tax, Depreciation and Amortisation
  • EBS - Electronic Broking Services
  • EC - European Commission
  • ECB - European Central Bank
  • ECN - Electronic Communication Network
  • ECP - Eurocommercial Paper
  • ED - Executive Director
  • EDSP - Exchange Delivery Settlement Price
  • EDX - EDX London Ltd. (not an acronym?)
  • EEA - European Economic Area
  • EEMEA - Eastern Europe, the Middle East and Africa
  • EFP - Exchange for Physical
  • EGM - Extraordinary General Meeting
  • EM - Emerging Markets
  • EMEA - Europe, the Middle East and Africa
  • EMH - Efficient Market Hypothesis
  • ERM - (European) Exchange Rate Mechanism
  • EPS - Earnings Per Share
  • ETC - Electronic Trade Confirmation
  • ETF - Exchange Traded Fund
  • EU - European Union
  • EV - Enterprise Value
  • EVA - Economic Value Added
  • EVS - Enterprise Value to Sales
  • FCPA - Foreign Corrupt Practices Act (US)
  • FDI - Foreign Direct Investment
  • FDIC - Federal Deposits Insurance Corporation (US)
  • FEER - Fundamental Equilibrium Exchange Rate
  • FICC - Fixed Income, Currencies, and Commodities
  • FID - Fixed Income Division
  • FIM - Finnish markka (has been replaced by Euro) (ISO 4217 currency code)
  • FOF - Futures and Options Fund
  • FOMC - Federal Open Market Committee (US)
  • Forex, FX - Foreign Exchange
  • FRA - Forward Rate Agreement
  • FRB - Federal Reserve Board (US)
  • FRC - Financial Reporting Council (UK)
  • FRN - Floating Rate Note
  • FRRP - Financial Reporting Review Panel (UK)
  • FRS - Financial Reporting Standards
  • FSA - Financial Services Authority (UK)
  • FSMA2000 - Financial Services and Markets Act (UK)
  • FT - Financial Times (UK)
  • FVTPL - Fair Value Through Profit and Loss
  • FX, Forex - Foreign Exchange
  • G10 - Group of Ten
  • GAB - General Arrangements to Borrow
  • GARCH - Generalised Autoregressive Conditional Heteroskedasticity
  • GATT - General Agreement on Tariffs and Trade
  • GCC - مجلس التعاون الخليجي (Arabic: The Gulf Cooperation Council) (also known as CCASG)
  • GCM - General Clearing Member
  • GD - Good for the Day
  • GDP - Gross Domestic Product
  • GDR - Global Depositary Receipt
  • GEMM - Gilt-Edged Market Maker
  • GFOF - Geared Futures and Options Fund
  • GMRA - Global Master Repurchase Agreement
  • GRY - Gross Redemption Yield (UK; see YTM)
  • GSE - Government Sponsored Enterprise (US)
  • GTC - Good Till Cancelled
  • HICP - Harmonised Index of Consumer Prices (now known as CPI)
  • HMRC - Her Majesty's Revenue and Customs (UK)
  • IASB - International Accounting Standards Board
  • IBD - Investment Banking Division
  • IBGE - Instituto Brasileiro de Geografia e Estatistica (Portugese: Brazilian Institute for Geography and Statistics)
  • ICM - Individual Clearing Member (LCH.Clearnet)
  • ICMA - International Capital Markets Association
  • ICVC - Investment Company with Variable Capital
  • IDB - Inter-Dealer Broker
  • IDR - Indonesian rupiah (ISO 4217 currency code)
  • IFRS - International Financial Reporting Standards
  • IFS - International Financial Statistics (a service of the IMF)
  • IGEMM - Index Linked Gilt-Edged Market Maker
  • IHT - Inheritance Tax
  • IM - Initial Margin
  • IMF - International Monetary Fund
  • IMM - International Monetary Market (a division of CME)
  • INR - Indian rupee (ISO 4217 currency code)
  • IOB - International Order Book
  • IOU - "I owe you"
  • IPE - International Petroleum Exchange (UK)
  • IPO - Initial Public Offering
  • IR - Interest Rate
  • IRP - Interest Rate Parity
  • IRS - Interest Rate Swap
  • IRS - International Retail Service
  • ISA - Individual Savings Account
  • ISIN - International Securities Identifying Number
  • ISM - Institute for Supply Management
  • ISMA - International Securities Markets Association (now known as ICMA)
  • ITC - Investment Trust Company
  • ITBB - International Bulletin Board
  • ITM - In-the-money
  • IV - Implied Volatility
  • JGB - Japanese Government Bond
  • K - block trade (Euronext.liffe)
  • KO - Knock-Out (Option)
  • KOSPI - 종합주가지수, 코스피지수 (Korean: The Korea Composite Stock Price Index)
  • KRW - South Korean won (ISO 4217 currency code)
  • KWD - Kuwaiti dinar (ISO 4217 currency code)
  • KZT - Kazakh tenge (ISO 4217 currency code)
  • LBEL - Lehman Brothers Europe Limited
  • LBIE - Lehman Brothers International Europe
  • LCH - London Clearing House
  • LDR - London Deposit Rate
  • LIBID - London InterBank Bid rate
  • LIBOR - London InterBank Offered rate
  • LIFFE - London International Financial Futures Exchange
  • LME - London Metal Exchange (UK)
  • LMIL - London Market Information Link
  • LSE - London Stock Exchange (UK)
  • (Euronext) MATIF - Marche A Terme International de France (French: Paris Futures Exchange) (France)
  • MBA - Master of Business Administration
  • MBO - Management Buy Out
  • MBS - Mortgage Backed Security
  • MD - Managing Director
  • MEFF - Mercado Oficial de Futuros y Opciones Financieros en España (Spanish: the Spanish Official Exchange for Financial Futures and Options)
  • "The Merc" - see CME.
  • MICEX, ММВБ (Russian), - Московская межбанковская валютная биржа (Russian: Moscow Interbank Currency Exchange (Russia)
  • MiFID - Markets in Financial Instruments Directive
  • Mio - million (originally a German abbreviation; common in FX markets)
  • MIT - Market If Touched
  • MKT - Market (order)
  • MM - Market Maker
  • MMC - Monopolies and Mergers Commission (now known as CC)
  • (Euronext) MONEP - Marché des Options Négociables de Paris (French: the Paris Traded Options Market) (France)
  • MPC - Monetary Policy Committee
  • MQP - Mandatory Quote Period
  • MTM - Mark To Market
  • MVA - Market Value Added
  • MYR - Malaysian ringgit (ISO 4217 currency code)
  • M&A - Mergers and Acquisitions
  • NAHB - National Association of Home Builders (US)
  • NASD - National Association of Securities Dealers
  • NASDAQ - National Association of Securities Dealers Automated Quotation system
  • NAV - Net Asset Value
  • NBH - National Bank of Hungary
  • NCM - Non-Clearing Member
  • NDF - Non-Deliverable Forward
  • NEER - Nominal Effective Exchange Rate
  • NFA - National Futures Association (US)
  • NFP - [ Non-Farm Payrolls] (US)
  • Nikkei - Nihon Keizai Shimbun (Japanese: Japan Economic Times)
  • NLV - Net Liquidation Value
  • NMS - Normal Market Size
  • NOK - Norwegian krone (ISO 4217 currency code)
  • NOPAT - Net Operating Profit After Tax
  • NRY - Net Redemption Yield
  • NSC - National Savings Certificate
  • NYMEX - New York Mercantile EXchange
  • NYSE - New York Stock Exchange
  • OAS - Option-Adjusted Spread
  • OAT - Obligations Assimilables du Trésor (French: Treasury Bond)
  • OCC - Office of the Comptroller of the Currency (US)
  • OCC - Opportunity Cost of Capital
  • OCC - Options Clearing Corporation (US)
  • OECD - Organisation for Economic Co-operation and Development
  • OEIC - Open Ended Investment Company
  • OFEX - originally stood for "off exchange"? See PLUS Markets Group.
  • OFT - Office of Fair Trading
  • Omgeo - "Omgeo" in Omgeo LLC is not an acronym.
  • O/N, ON - Overnight
  • OTC - Over The Counter
  • OTM - Out-of-the-money
  • PAYE - Pay As You Earn
  • PB - Prime Brokerage
  • P/B - Price to Book (Ratio)
  • PBIT - Profit Before Interest and Tax
  • PBOC - People's Bank of China
  • PCF - Price to Cash Flow
  • PCTCT - Profits Chargeable To Corporation Tax
  • PE Ratio - Price to Earnings Ratio
  • PEP - Politically Exposed Person
  • PFEC - Payoff of a European Call
  • PFEP - Payoff of a European Put
  • PHLX - Philadelphia Stock Exchange (US)
  • PHP - Philippine peso (ISO 4217 currency code)
  • PIBS - Permanent Interest Bearing Shares
  • pip - percentage in point
  • PIP - Primary Information Provider
  • PLC - Public Limited Company
  • POTAM, PTM - Panel On Takovers And Mergers (UK)
  • PPI - Producer Price Index
  • PPP - Purchasing Power Parity
  • PPS - Protected Payment System
  • PS - Price to Sales
  • PSNCR - Private Sector Net Cash Requirement
  • PVP - Payment Versus Payment
  • P&L Statement - Profit & Loss Statement
  • RBA - Reserve Bank of Australia
  • RBNZ - Reserve Bank of New Zealand
  • RCH - Recognised Clearing House
  • RDC - Regulatory Decisions Committee
  • REER - Real Equilibrium Exchange Rate
  • repo - Repurchase agreement
  • RIC - Reuters Instrument Code
  • RIE - Recognised Investment Exchange
  • RIS - Regulatory Information Service
  • RKO - Reverse Knock Out (Option)
  • RNHD - Risk-Neutralised Historical Distribution
  • RNVR - Risk-Neutral Valuation Relationship
  • ROCE - Return On Capital Employed
  • ROI - Return On Investment
  • ROR - Rate Of Return
  • RPI - Retail Price Index
  • RPIX - The underlying RPI (eXcluding mortgage interest payments)
  • RR - Risk Reversal
  • RRR - Reserve Requirement Ratio
  • RTGS - Real-Time Gross Settlement
  • RTRS - Reuters
  • RTS, РТС (Russian) - Российская торговая система (Russian: Russian Trading System) (Russia)
  • RTT - Real Time Trading (model)
  • RUR - Register Update Request
  • RV - Relative Value
  • S - Stabilisation
  • SAR - Saudi riyal (ISO 4217 currency code)
  • SAR - Substantial Acquisition Rule
  • SAS - Strike-Adjusted Spread
  • SBLI - Stock Borrowing and Lending Intermediary
  • SDA - Settlement Day Accounting
  • SDR - Special Drawing Rights
  • SDRT - Stamp Duty Reserve Tax
  • SEAQ - Stock Exchange Automated Quotation system
  • SEATS - Stock Exchange Automated (Alternative???) Trading Service
  • SEC - US Securities and Exchange Commission
  • SEDOL - Stock Exchange Daily Official List
  • SEK - Swedish krona (ISO 4217 currency code)
  • SETS- Stock Exchange Electronic Trading Service
  • SETSmm - Stock Exchange Electronic Trading Service with Market Makers
  • SII - Securities and Investment Institute
  • SIMEX - Singapore International Monetary Exchange
  • SIP - Secondary Information Provider
  • SIPP - Self-Invested Personal Pension
  • SIV - Structured Investment Vehicle
  • SNB - Swiss National Bank
  • SPAN - Standard Portfolio ANalysis of risk
  • SPV - Special Purpose Vehicle
  • SRO - Self Regulatory Organization (US)
  • SSAP - Statements of Standard Accounting Practice
  • STF - Stock Transfer Form
  • STIR - Short Term Interest Rate
  • STP - Straight Through Processing
  • STR - Strangle
  • STRIPS, strips - Separate Trading of Registered Interest and Principal Securities (it is an acronym!)
  • SV - stochastic volatility
  • SVA - Shareholder Value Added
  • SVP - Senior Vice President
  • S/W, SW - 1 week
  • SWF - Sovereign Wealth Fund
  • SWIFT - Society for Worldwide Interbank Financial Telecommunications
  • S&P - Standard and Poor's
  • T - Trade date (as in T+1)
  • T-Bill - Treasury Bill (UK, US)
  • TAPO - Traded Average Price Option
  • TARF - Target Auto-Redeemable Forward
  • TBMA - The Bond Market Association
  • TCMB (Turkish), CBRT - Türkiye Cumhuriyet Merkez Bankası (Turkish: Central Bank of the Republic of Turkey) (also known as CBRT) (Turkey)
  • TED - in TED spread: "T" stands for "T-Bill", "ED" is the ticker symbol for the Eurodollar futures contract.
  • TIC - Treasury International Capital Systems (US)
  • TIMS - Theoretical Inter-market Margining System
  • T/N, TN - Tomorrow Next (the next business day after tomorrow)
  • TOT - Terms of Trade
  • T/P, TP - Take Profit
  • TRP - Trade Reporting Period
  • TRS - Trade Registration System
  • TSE - Tokyo Stock Exchange
  • TWD - Taiwan dollar (ISO 4217 currency code)
  • UAE - United Arab Emirates
  • UCITS - Undertakings for Collective Investments in Transferable Securities
  • UIP - Uncovered Interest Parity
  • UITF - Urgent Issues Task Force
  • UKLA - United Kingdom Listing Authority
  • USD - US dollar (ISO 4217 currency code)
  • USF - Universal Stock Futures
  • UT - Unit Trust
  • VAR, VaR - Value-at-Risk
  • VM - Variation Margin
  • VP - Vice President
  • VRP - Volatility Risk Premium
  • VWAP - Volume Weighted Average Price
  • WACC - Weighted Average Cost of Capital
  • WM - from WM Performance Services, a company name. Originally stood for Wood Mackenzie.
  • WMR - WM/Reuters
  • WPA - Worked Principal Agreement
  • XAG - Silver, one troy ounce (ISO 4217 currency code)
  • XAU - Gold, one troy ounce (ISO 4217 currency code)
  • XPD - Palladium, one troy ounce (ISO 4217 currency code)
  • XPT - Platinum, one troy ounce (ISO 4217 currency code)
  • Xetra - eXchange Electronic TRAding
  • XMS - Cross-Markets Suite (Reuters)
  • YOY - Year Over Year
  • YTM - Yield To Maturity (US; see GRY)
  • ZAR - South African rand (ISO 4217 currency code)
  • ZEW - Zentrum für Europäische Wirtschaftsforschung (German: Centre for European Economic Research) (Germany)
  • XAU - troy ounce of gold (ISO 4217 currency code)




  • AMISE - Asymptotic Mean Integrated Squared Error
  • a.s. - almost surely
  • CDF - Cumulative Distribution Function
  • EMA - Exponential Moving Average
  • EWMA - Exponentially Weighted Moving Average
  • KDE - Kernel Density Estimation
  • lhs - left-hand side
  • MA - Moving Average
  • MISE - Mean Integrated Squared Error
  • ODE - Ordinary Differential Equation
  • PDE - Partial Differential Equation
  • PDF - Probability Density Function
  • PMF - Probability Mass Function
  • rhs - right-hand side
  • WLOG - without loss of (any) generality
  • WOLOG - without loss of (any) generality



in C++, two values, a and b, are deemed equal if and only if
a == b

Thus equality is defined strictly in terms of the operator==. See also equivalence.

in C++, two values are deemed equivalent (with respect to some ordering criterion, usually operator<, std::less or a user-defined predicate) if neither precedes the other (according to that criterion). Thus, if our criterion is operator<, a and b are equivalent if and only if
!(a < b) && !(b < a)

See also equality.

not polymorphic. Generally, when applied to a C++ class, this term means that it is not using virtual functions.
in C++, a function that returns bool.
predicate class 
a functor class whose operator() function is a predicate.
pure function 
a function whose return value depends only on its parameters.


  • ABC - Abstract Base Class (C++)
  • ADL - Argument Dependent Lookup, Argument Dependent Name Lookup (C++)
  • AFX - Application Framework eXtensions (Microsoft; now known as Microsoft Foundation Classes, MFC)
  • API - Application Programming Interface
  • ASCII - American Standard Code for Information Interchange
  • AWT - Abstract Window Toolkit (Java)
  • BASH - Bourne Again SHell (Unix)
  • BLAS - Basic Linear Algebra Subprograms
  • BLOB - Binary Large OBject (databases)
  • CLI - Command Line Interface (Java, software engineering)
  • CLOB - Character Large Object (databases)
  • COAP - Container of auto_ptr (C++)
  • COM - Component Object Model
  • CORBA - Common Object Request Broker Architecture
  • clcm - comp.lang.c++.moderated (C++)
  • CLR - Common Language Runtime (.NET)
  • CLS - Common Language Specification (.NET)
  • CSS - Cascading Style Sheets (Web technology)
  • CSV - Comma Separated Values
  • ctor - constructor
  • CTS - Common Type System (.NET)
  • CVS - Concurrent Versions System
  • DBMS - DataBase Management System (databases)
  • DCOM - Distributed Component Object Model (Microsoft)
  • DDE - Dynamic Data Exchange (Microsoft)
  • DLL - Dynamic-Link Library (Microsoft)
  • DSS - Decision Support System (Databases)
  • DTD - Document Type Definition (XML technology)
  • dtor - destructor
  • EAI - Enterprise Application Integration
  • FCL - Framework Class Library (.NET)
  • FIPS - Federal Information Processing Standard
  • FQN - Fully Qualified Name
  • FTP - File Transfer Protocol (Internet)
  • GCC - GNU Compiler Collection (C++, Unix)
  • GNU - recursive acronym: GNU's Not Unix
  • GP - Genetic Programming
  • GUI - Graphical User Interface
  • GUID - Globally Unique IDentifier
  • HTML - HyperText Markup Language (Web technology)
  • HTTP - HyperText Transder Protocol (Web technology)
  • ICT - Information and Communications Technologies
  • IMAP4 - Internet Message Access Protocol version 4 (Web technology)
  • IO - Input/Output
  • IP - Internet Protocol (Internet)
  • JAR - Java ARchive (Java)
  • JCF - Java Collections Framework (Java)
  • JCL - Jakarta Commons - Logging (Java)
  • JDBC - Java DataBase Connectivity (Java)
  • JDK - Java Development Kit (Java)
  • JIT - Just In Time (Java)
  • JNDI - Java Naming and Directory Interface (Java)
  • JNI - Java Native Interface (Java)
  • JVM - Java Virtual Machine (Java)
  • KISS - Keep It Simple, Stupid; Keep It Simple Software (software engineering)
  • MIME - Multipurpose Internet Mail Extensions (Internet)
  • MOM - Message Oriented Middleware
  • MSIL - Microsoft Intermediate Language (.NET)
  • NVI - Nonvirtual Interface [pattern] (C++)
  • OMG - Object Management Group
  • O - as in O(n), Big Oh notation
  • OLTP - On-line Transactional Processing (databases)
  • OO - Object-Oriented
  • OOP - Object-Oriented Programming
  • POJO - Plain Old Java Object (Java)
  • POP3 - Post Office Protocol version 3 (Internet)
  • POSIX - Portable Operating System Interface (Unix)
  • QA - Quality Assurance
  • RAII - Resource Acquisition Is Initialisation (C++)
  • RMI - Remote Method Invocation (Java)
  • RSA - (Ron) Rivest, (Adi) Shamir, (Leonard) Adleman (cryptography)
  • RTTI - Runtime Type Information (C++)
  • SAML - Security Assertion Markup Language (XML technology)
  • SDK - Software Development Kit
  • SE/SE - single-entry/single-exit
  • SGML - Standard Generalised Markup Language (XML technology)
  • SMTP - Simple Mail Transfer Protocol (Internet)
  • SOA - Service Oriented Architecture
  • SOAP - Simple Object Access Protocol (XML technology)
  • SQL - Structured Query Language
  • SSH - Secure SHell (Unix)
  • STL - Standard Template Library (C++)
  • SVN - Subversion (software engineering)
  • SWT - Standard Widget Toolkit (Java)
  • TCP - Transmission Control Protocol (Internet)
  • TCP/IP - Transmission Control Protocol + Internet Protocol (Internet)
  • TMP - Template MetaProgramming (C++)
  • TR1 - Technical Report 1 (C++)
  • UDP - User Datagram Protocol (Internet)
  • UML - Unified Modeling Language
  • UNIX - the official trademark for Unix owned by The Open Group. This is not an acronym but a word play on Multix.
  • VBA - Visual Basic for Applications
  • VC - Visual C++ (C++)
  • VCS - Version Control System
  • VSTO - Visual Studio Tools for Office (.NET)
  • XHTML - Extensible HyperText Markup Language (Web technology)
  • XLA - Excel Add-in
  • XML - eXtensible Markup Language (XML technology)
  • XSD - XML Schema Definition (XML technology)