Dr. Harvey's Financial Glossary

Tuesday, March 16, 2010

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Deliverable bills: The Treasury bills that fulfill a set of guidelines set forth by the exchange on which the bills are traded.
Deliverable instrument: The asset in a forward contract that will be delivered in the future at an agreed-upon price.
Delivered at Frontier (DAF): Seller must supply the goods at his or her own risk and expense delivered to a named place (usually a border location) by a specified time. The buyer is responsible for the importation. This is normally is used with rail, truck, or multi-modal shipments.
Delivered Duty Paid (DDP): Seller must supply the goods at his or her own risk and expense to a named place in the country of importation. The seller is responsible for importation, payment of duty, and on carriage to the location agreed upon with the buyer.
Delivered Duty Unpaid (DDU): Seller fulfills the contract obligations when the goods have arrived at a named place in the importing country. The seller bears all the costs and risk except for import duties and other customs clearance costs.
Delivered Ex Quay (DEQ): Seller fulfills the contract obligations to deliver when the goods are made available to the buyer at the wharf of the destination port. A DEQ can further specify "Duty Paid" or "Duty Unpaid." If "Duty Paid" is specified, the seller is responsible for all risks and costs, including duty, to the wharf of the destination port. If "Duty Unpaid" is specified, the buyer is to clear the goods and pay duty. Since unloading costs are included in the ocean freight charged by most ship lines. This is most often used for charter shipments.
Delivered Ex Ship (DES): Seller fulfills the contract obligations when the goods have been made available to the buyer on board a ship at the named port of destination. The seller must bear all costs and risks associated in bringing the goods to the named port of destination. The buyer is responsible for all costs necessary to unload the goods and clear them through customs. Unloading costs are included the ocean freight charged by most ship lines. The DES is most often used for charter shipments.
Delivery: The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
Delivery date: Date by which a seller must fulfill the obligations of a forward or futures contract.
Delivery notice: The written notice given by the seller of its 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 mean that the buyer is uncertain of which treasury_bonds will be delivered or when it will be delivered.
Delivery points: Locations designated by futures exchanges at which the financial instrument or commodity covered by a futures contract may be delivered in fulfillment of such a 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 buyer's payment for securities is due at transaction 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.
Delphi technique: Collection of independent opinions without group discussion by the analysts providing the opinions; used for various sorts of evaluations (such as country risk assessment).
Delta: The ratio of the change in price of an option to the change in price of the underlying asset. Also called the hedge ratio. Applies to derivative products. For a call option on a stock, a delta of 0.50 means that for every $1.00 that the stock goes up, the option price rises by $0.50. As options near expiration, in-the-money call option contracts approach a delta of 1.0, while in-the-money put_option approach a delta of -1. See: hedge ratio, neutral hedge. Call deltas range from 0.00 to +1.00; put deltas range from 0.00 to -1.00. If the call delta is 0.69, the put delta is -0.31 (call delta minus 1 equals put delta; 0.69 -1 =-0.31).
Delta cross-hedge: A futures hedge that has both maturity and currency mismatches with an underlying exposure.
Delta hedge: A dynamic hedging strategy using options that calls for constant adjustment of the number of options used, as a function of the delta of the option.
Delta neutral: Describes value of a portfolio not affected by changes in the value of the asset on which the options are written.
Delta Spread: A ratio spread that is established as a neutral position by utilizing the deltas of the options involved. The neutral ratio is determined by dividing the delta of the purchased option by the delta of the written option. See also Ratio Spread and Delta.
DEM: The ISO 4217 currency code for Deutschemark.
Demand deposits: Checking accounts that pay no interest and from which funds can be withdrawn upon demand.
Demand line of credit: A bank line of credit that enables a customer to borrow on a daily or on-demand basis.
Demand loan: A loan which can be called by the lender at any time and carries no set maturity date.
Demand master notes: Short-term securities that are repayable immediately upon the holder's demand.

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