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International Petroleum Exchange (IPE)
Energy futures and options exchange based in London.
International Security Market Association (ISMA)
Swiss law association located in Zurich that regroups all the participants on the Eurobond primary_market and secondary_market. Establishes uniform trading procedures in the international bond markets.
International Stock Exchange of the U.K. and the Republic of Ireland (ISE)
Organization that replaced the London Stock Exchange after its merger with the International Securities Regulatory Organization (ISRO).
International Swap Dealers Association (ISDA)
Formed in 1985 to promote uniform_practice_code in the writing, trading, and settlement of swaps and other derivative_instruments.
Interpolation
A method of approximating a price or yield that is unknown by using numbers that are known.
Interpositioning
The practice of using a second broker in a securities transaction, which is considered illegal it is if used to generate additional commission.
In-the-money
A put option that has a strike price higher than the underlying futures price, or a call option with a strike price lower than the underlying futures price. For example, if the March COMEX silver futures contract is trading at $6 an ounce, a March call with a strike price of $5.50 would be considered in the money by $0.50 an ounce. Related: Put. Antithesis of out-of-the-money.
In-the-money option
An option that has value.
Intrabudgetary transactions
Effected when payment and receipt both occur within the budget, or when payment is made from off-budget federal entities whose budget authority and outlays are excluded from the budget totals.
Intracommodity spread
Used in the context of futures trading to refer to a trader holding, buying, and selling contracts in the same commodity on the same exchange, but for different months.
Intracompany trade
Transactions between or among subsidiaries that are part of the same parent company.
Intraday
Term meaning "within the day," often to refer to the high and the low price of a stock.
Intramarket sector spread
The spread between two issues of the same maturity within a market sector. For instance, the difference in interest rates offered for five-year industrial corporate bonds and five-year utility corporate bonds.
Intrastate offering
A securities offering limited to just one state in the United States.
Intrinsic value
The value of an option if it were to expire immediately with the underlying stock at its current price; the amount by which an option is in-the-money. For call options, this is the difference between the stock price, if that difference is a positive number, or zero otherwise. For put_option it is the difference between the striking price and the stock price, if that difference is positive, and zero otherwise. See also: In-the-Money, Time Value Premium, Parity.
Intrinsic value of a firm
The present value of a firm's expected future net cash flows discounted by the required rate of return.
Intrinsic value of an option
The amount by which an option is in the money. An option that is not in the money has no intrinsic value.
Inventory
For companies: raw_material, items available for sale or in the process of being made ready for sale. They can be individually valued by several different means, including cost or current market value, and collectively by FIFO (First in, first out), LIFO (Last in, first out) or other techniques. The lower value of alternatives is usually used to preclude overstating earnings and assets. For securities firms: Securities bought and held by a broker or dealer for resale.
Inventory financing
Used in the context of factoring and general finance to refer to loans to consumer product producers that use inventory as collateral. See also: Inventory loan.
Inventory loan
A secured_debt short-term loan to purchase inventory. The three basic forms are a blanket inventory lien, a trust receipt, and field_warehouse financing.
Inventory turnover
A measure of how often the company sells and replaces its inventory. It is the ratio of annual cost of sales to the lastest inventory. One can also interpret the ratio as the time to which inventory is held. For example a ratio of 26 implies that investory is held, on average, for two weeks. It is best to use this ratio to compare companies within an industry (high turnover is a good sign) because there are huge differences in this ratio across industries.
Inverse floater
A derivative_instruments whose coupon rate is linked to the market rate of interest in an inverse relationship.
Inverse floating-rate note
A variable-rate security whose coupon rate increases as a benchmark interest rate declines.
Inverse order
In the context of periodic repayment schedules, beginning from the end, expected maturity. Opposite of current order.
Inverted market
A futures market in which the nearer months are selling at price premiums to the more-distant months. Related: Premium.
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