SHOP

An unsecured debt obligation.

Recommended LIBOR benchmark replacement rate in the U.S. This rate contains a broad set of U.S. Treasury market-based financing transactions (known as repo transactions).

The amount of interest earned on a bond since the last coupon payment date. Accrued interest is added to the market price of the bond and paid by the purchaser of the bond. At the next coupon payment date, the buyer will receive a full coupon payment.

Trading facilities, operating under the oversight of the CFTC, for the trading and processing of swaps. SEFs were created under the Dodd-Frank Act to promote pre-trade price transparency in the swaps market.

A dealer or market maker will continuously show or “stream” firm prices with the corresponding size so that clients can trade on these prices. Clients will “click to trade”.

Complete electronic execution of a transaction from the confirmation of an order through clearing, payment, and settlement.

See Straight Through Processing.

Proprietary trading platform connecting one dealer with its clients to offer trading execution.

See Swap Execution Facility.

Automated and digital techniques are used to build and manage investment portfolios for investors.

See Request for Quote.

An electronic trading platform where users submit a query, or request, for a price on a specific security/instrument, for a set amount/size, to different dealers/counterparties. Once prices have been sent by the dealers, and the dealers respond, the sender will evaluate them.