CoachEvery term, defined
Quantitative Finance glossary
2333 terms from the books, quoted word for word, each linked to its chapter.
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A
- A/B test, randomisation unit, interference, sample ratio mismatch
- ABA problem
- Absorbing state, hitting probability
- Accelerator
- Access fee cap
- Accountability level
- Accounting ratio
- Accrued interest, clean and dirty price
- Accumulator
- ACID transaction
- Action-value function, Bellman equation
- Adam, weight decay
- Adaptive execution, aggressive-in-the-money strategy
- Additional termination event, NAV trigger, cross-default clause
- Adjustment factor
- Adversarial validation, leakage audit
- Adverse selection
- Adverse-selection component
- Affine term-structure model
- Agency mortgage-backed security, pass-through
- Agency portfolio trade, risk bid
- Agent-based model
- Aggregate impact
- Aggregational Gaussianity
- Aim portfolio, multi-period optimisation
- Aleatoric and epistemic uncertainty
- Alert triage, case management system
- Algo wheel
- Algorithmic differentiation, forward and reverse modes, dual numbers
- Algorithmic stablecoin
- Algorithmic trading, high-frequency trading
- All-to-all trading, portfolio trade
- Allan deviation
- Allocated equity, binding capital constraint
- Allowance surrender, free allocation
- Almgren–Chriss model
- Alpha
- Alpha contamination
- Alternating direction implicit method
- Alternating direction method of multipliers
- Alternative data, panel drift
- Alternative trading system
- American and European exercise
- Analyst revision, forecast dispersion
- Analytics library
- Ancillary activity exemption
- Announcement premium
- Annualisation
- Annuity and par swap rate
- Annuity measure
- Anomaly detection, isolation forest, precision–recall curve
- Anomaly flag, quarantine
- Anti-gaming logic
- Anti-procyclicality tool
- Antithetic variates, control variate, stratified sampling
- API gravity
- App-chain
- Arbitrage
- Arbitrage window
- ARCH and GARCH models, volatility persistence
- Arena allocator
- Arithmetic intensity
- Array programming
- Arrow–Debreu security and state price
- As-of join
- Asian option
- Asset manager and assets under management
- Asset owner
- Asset tokenisation, tokenised fund
- Asset-backed trading
- Asset–liability management, IRRBB
- Assignment
- Async runtime
- At-most-once and at-least-once delivery
- At-the-money
- Atomic arbitrage
- Atomic operation
- Attention mechanism, transformer
- Auction collar
- Auction concession
- Auction cut-off time
- Auction final price
- Auction impact curve
- Authorised participant, creation unit, creation basket
- Auto-deleveraging, socialised loss
- Auto-quoting
- Auto-vectorisation
- Autocall trigger
- Autocallable
- Autocovariance, autocorrelation and partial autocorrelation functions
- Autoencoder, conditional autoencoder
- Automated coding assessment
- Automated execution rule
- Autonomous system, anycast, edge network
- Autoregressive, moving-average and ARMA processes
- Availability zone, availability-zone identifier
- Avellaneda–Stoikov model
- Average cost, realised and unrealised P&L
- Average-price option
- Axe-driven skew
B
- B-tree index, query plan
- Bachelier model, normal volatility
- Back-billing
- Back-pressure, slow consumer, conflation
- Backbone
- Backpropagation, mini-batch, epoch
- Backtest engine
- Backtest overfitting, in-sample, out-of-sample
- Backtest, vectorised backtest
- Backward induction
- Backward-looking caplet
- Backward-looking rate, forward-looking term rate
- Bagging, random forest, out-of-bag error
- Balance-sheet charge
- Balance-sheet cost
- Balancing group, schedule nomination
- Balancing responsible party
- Banging the close
- Bank run
- Bar, time bar, tick bar, volume bar, dollar bar, VWAP
- Bare-metal instance
- Barrier option, knock-out, knock-in
- Barrier rebate
- Barrier shift
- Base correlation
- Base salary, total compensation
- Baseboard management controller
- Baseline model
- Basis
- Basis expansion
- Basis funding trade
- Basis risk
- Basis-trade leverage
- Basket liquidity profile
- Basket option
- Batch processing, stream processing, end-of-day batch
- Bates model
- Battery arbitrage
- Bayesian game, Bayes–Nash equilibrium
- Bayesian update
- Behavioural question
- Benchmark crude
- Benchmark fix, fixing window, fixing order
- Benchmark manipulation
- Benchmark model, outcomes analysis
- Benchmark, active return, tracking error
- Bergomi model
- Bermudan exercise
- Bermudan swaption
- Best alternative to a negotiated agreement, reservation value
- Best execution
- Best-of option
- Bet delay
- Betting exchange, back bet, lay bet, in-play betting
- Bias statistic, volatility regime adjustment
- Bid-to-cover ratio and auction tail
- Bid–ask spread and mid price
- Bid–offer reserve
- Bidding zone
- Bilateral credit screen
- Bilateral CVA
- Bill of lading
- Binary log, deferred formatting
- Binomial model
- Bipower variation
- Birth–death process
- Bisection, secant and Brent’s methods
- Black model
- Black–Karasinski model
- Black–Scholes equation
- Black–Scholes model
- Blackout period
- Blameless review
- Blast radius
- Blind risk bid
- Block allocation
- Block engine, hosted node provider
- Block order
- Block RAM
- Block trade and risk bid
- Blockchain, consensus protocol
- Blue–green deployment, rollback
- Board lot
- Bond floor
- Bonus cap
- Bonus pool, formulaic payout, discretionary bonus
- Book builder
- Book invariant
- Book resilience
- Book-to-price ratio, value strategy
- Booking model
- Bookmaker, implied probability, overround
- Bootstrap percentile interval, coverage probability
- Border Gateway Protocol, cloud backbone
- Borrow-fee signal
- Boundary clock, transparent clock
- Boundary-crossing cost
- Bounds-check elimination
- Box spread
- Branch prediction, branch misprediction
- Breadth, fundamental law of active management
- Break ageing
- Break-even volatility
- Breakout rule
- Brennan–Schwartz algorithm
- Bridge
- Brier score
- Broker
- Broker scorecard
- Brownian bridge
- Brownian motion with drift
- Brownian motion, Gaussian process
- Bucket-shaped trajectory
- Bucketed sensitivity, risk ladder
- Buffer protocol
- Buffer rule
- Build against buy
- Bulk volume classification
- Bull steepening, bear flattening
- Bump-and-reprice
- Bund and syndication
- Bundle bid
- Burn analysis
- Burn-in test
- Burn-in, effective sample size
- Burn-rate alert
- Business continuity plan, exchange failover test
- Business time
- Busted convertible
- Buy side
C
- Cable landing station
- Cache coherence
- Cache line, set-associative cache
- Cache miss, working set
- Calendar effect, return seasonality
- Calendar month average
- Calendar spread
- Calendar-spread option
- Calibrated interval
- Calibration curve, isotonic regression
- Calibration, identifiability, multistart
- Call auction and uncrossing price
- Call-spread overhedge
- Call, put, strike, expiry, premium
- Callable range accrual
- Canary deployment, staged rollout
- Cancel-replace
- Canonical trade model
- Cap-and-trade, emission allowance
- Capacity market, ancillary service
- Capital valuation adjustment, hurdle rate
- Capital-protected note
- Capital-structure arbitrage
- Caplet stripping
- Caplet, cap, floor
- Capture decay
- Capture price
- Carbon border adjustment mechanism
- Carbon credit
- Carr–Madan formula
- Carrier-neutral data centre
- Carry
- Carry crash
- Carry strategy
- Cash creation
- Cash gamma and straddle
- Cash settlement and physical delivery
- Cash-and-carry trade, full carry
- Cash-settled swaption, cash annuity
- Casting out nines
- Catastrophic cancellation, compensated summation, Welford’s algorithm
- Causal convolution, temporal convolutional network
- CCP basis
- Central counterparty and novation
- Central risk book
- Central securities depository and delivery versus payment
- Central-bank backstop
- Central-bank reaction trade
- Centralised exchange
- Centre book, factor overlay
- Certainty equivalent
- Certificate of deposit
- Certification regime
- CEX–DEX arbitrage
- Change control
- Change of measure
- Change of numeraire
- Characteristic function
- Cheapest-to-deliver
- Cheyette model
- Chief risk officer, risk committee
- Chromatic dispersion, dispersion compensation
- Chunked processing, peak resident memory
- Classification of Instructional Programs
- Classifier two-sample test, train-on-synthetic test-on-real
- Clean spark spread, clean dark spread
- Clearing and settlement
- Clearing broker (swaps)
- Clearing mandate, client clearing and porting
- Clearing-firm credit control
- Clearly erroneous trade
- Click trader, algorithm supervisor
- Client tiering
- Cliquet
- Clock domain crossing
- Clock offset, fractional frequency offset
- Close-out amount
- Closed-end fund discount
- Closing price, market-on-close and limit-on-close orders
- Cloud bursting
- Cloud region
- Clustering, k-means, hierarchical clustering
- CMS convexity adjustment
- CMS spread option
- Co-terminal swaption
- Code review
- Coherent risk measure
- Cointegration, cointegrating vector, cointegration rank
- Cold path
- Collar, three-way collar
- Collateral choice option
- Collateral management, collateral dispute
- Collateral rate, CSA discounting
- Collateral threshold, minimum transfer amount, independent amount
- Collateralised loan obligation, payment waterfall
- Collective action clause, holdout creditor
- Colocation cabinet, colocation cage, power density
- Colocation, proximity hosting
- Commercial paper
- Commission sharing agreement, research unbundling
- Commitments of Traders report, managed money
- Commodity index, roll window
- Commodity swap
- Commodity trading advisor
- Commodity trading house
- Common equity tier 1 capital
- Communications archive, communications surveillance
- Company registry, statutory accounts
- Compare-and-swap
- Compensated Poisson process
- Compensation ratio
- Compile-time evaluation
- Compiler intrinsic, CPU feature dispatch
- Complementary counting
- Complete market
- Complex order book
- Compliance officer
- Component share
- Composite option
- Composite price
- Compound correlation
- Compounding in arrears
- Compression ratio
- Computational notebook
- Compute cluster, job scheduler
- Concentrated liquidity
- Concentration add-on
- Concentration limit
- Concept drift, covariate shift
- Condition number, backward error, backward stability
- Conditional expectation
- Conditional intensity, compensator
- Conditional order
- Confidentiality agreement, invention assignment clause
- Configuration drift
- Configuration schema
- Confirmation matching, matching tolerance
- Conformal prediction
- Conjugate gradient method, preconditioner
- Connection sharding
- Connectivity plan, bill of materials
- Consensus forecast, data surprise
- Consolidated accounts
- Consolidated fair price
- Consolidated tape provider
- Constant-maturity swap
- Constant-product market maker
- Consumer group
- Container image
- Contango and backwardation
- Context switch, busy polling, kernel bypass
- Contingent claim and replication
- Contingent convertible bond, additional tier 1
- Contingent credit default swap
- Continuation region, stopping region
- Continuous delivery
- Continuous futures series, back-adjustment, ratio adjustment
- Continuous integration, deployment pipeline
- Contract for difference
- Contrastive learning, data augmentation
- Control function
- Conversion arbitrage, reversal arbitrage
- Conversion factor and invoice price
- Conversion premium
- Conversion price
- Conversion ratio
- Conversion value
- Convertibility, capital control
- Convertible arbitrage
- Convertible bond
- Convertible delta hedge
- Convex risk measure, entropic risk measure, indifference price
- Convex set, convex function, convex optimisation problem
- Convexity adjustment
- Convexity budget
- Convolutional neural network
- Coordinated omission
- Coordination cost
- Copula, tail dependence coefficient
- Core–periphery network
- Corporate-action event, instrument lifecycle event
- Correlation risk premium
- Correlation skew
- Correlation swap
- Corridor and floor systems
- Corridor variance swap
- COS method
- Cost of carry and fair value
- Cost-aware optimisation
- Counterfactual explanation
- Counterparty credit risk
- Counterparty exposure
- Counterparty master
- Coupling argument
- Coupon barrier
- Coupon bond
- Courtsiding
- Covariance matrix, sample covariance matrix
- Covenant, seniority, recovery rate
- Cover price
- Coverage requirement
- Covered interest parity
- Cox–Ross–Rubinstein and Jarrow–Rudd trees
- CPU affinity, core isolation, housekeeping core
- CPU steal time, noisy neighbour
- Crack spread, 3-2-1 crack spread
- Crash-hedged carry
- Creation fee
- Credit curve trade
- Credit default swap, protection buyer and seller, reference entity
- Credit event, determinations committee
- Credit factor
- Credit index arbitrage
- Credit index option
- Credit index, index series
- Credit rating, investment grade, high yield, fallen angel
- Credit spread; G-, I-, Z- and asset-swap spreads
- Credit triangle
- Credit valuation adjustment
- Credit-hedged convertible
- Crisis alpha
- Crisis management plan, crisis committee
- Critical path, timing closure
- Critical-path method
- Crop year, old crop, new crop
- Cross-asset feature
- Cross-asset hedge ratio
- Cross-connect, meet-me room
- Cross-currency basis swap, cross-currency basis
- Cross-exchange market making
- Cross-gamma
- Cross-impact, cross-impact matrix
- Cross-instrument fair price
- Cross-listed futures
- Cross-sectional momentum
- Cross-sectional z-score, rank transform
- Cross-source check
- Cross-underlying volatility spread
- Cross-validation
- Cross-venue arbitrage, prepositioned inventory
- Cross-venue lead
- Crossing network
- Crowding, crowded trade, comomentum, unwind
- Crush spread
- Crypto reference rate
- Crypto-asset service provider, Markets in Crypto-Assets Regulation
- CS01
- Cubic, natural and monotone splines, Runge phenomenon
- Cum-ex trading, wash-sale rule
- Cumulant
- CUPED
- Currency pair, base and quote currency, pip
- Currency peg, currency band, FX intervention
- Current coupon, primary–secondary spread
- Curvature risk charge
- Curve calibration
- Curve Jacobian
- Curve trade
- Custom basket
- Customer asset segregation
- Customer priority
- CV screen
- CVA risk capital
D
- Daily P&L attribution
- Daily settlement price
- Dark fibre, lit service, wavelength service
- Dark pool
- Dash for cash
- Data budget
- Data decay
- Data gravity
- Data lineage, provenance record
- Data loader, memory-mapped dataset
- Data race
- Data scientist, data engineer
- Data trial, incremental information coefficient
- Data versioning, model artefact
- Data-access layer
- Data-flow map
- Data-quality rule, data contract
- Data-transfer charge
- Dataframe
- Dated Brent, forward Brent, Brent CFD
- Dated future, coin-margined contract
- Day-ahead market
- Day-ahead-intraday spread
- Day-count convention
- Day-one P&L
- Days to liquidate
- Dead-letter queue
- Deal spread, break price, implied deal probability
- Dealer gamma
- Dealing on own account, investment firm
- Debit valuation adjustment
- Decentralised exchange, automated market maker, liquidity pool
- Decision journal
- Decision staleness
- Decision time, execution lag, rebalance frequency
- Decision tree
- Decision-focused learning, differentiable optimisation layer
- Decrement index
- Dedicated endpoint
- Deep calibration
- Deep ensemble
- Deep hedging
- Deep Q-network, experience replay, target network
- Default correlation
- Default fund and default waterfall
- Default risk charge, residual risk add-on
- Default risk premium
- Defensive widening
- Deferral buyout
- Deferred compensation, vesting schedule
- Deflated Sharpe ratio
- Delay cost, opportunity cost, VWAP slippage
- Delisting return
- Deliverable basket
- Delta hedging and gamma
- Delta-equivalent inventory
- Delta-hedged option return
- Delta-neutral straddle
- Delta-one
- Delta–gamma approximation
- Demand shock
- Denoising autoencoder
- Dense price ladder
- Deoptimisation
- Depositary receipt
- Depositary receipt issuance
- Depositary receipt ratio
- Depth imbalance, depth profile
- Derived data
- Descriptor ring
- Designated contract market
- Designated market maker and supplemental liquidity provider
- Desk strategist
- Detailed balance
- Deterministic replay
- Device locality
- DEX aggregator, intent-based routing
- Dickey–Fuller test
- Dictionary method, sentiment score, document embedding
- Dictionary, run-length, delta encoding; bit packing
- Difference-in-differences
- Diffusion model
- Digital option
- Direct cache access
- Direct market access and sponsored access
- Disclosure bias
- Discount curve, projection curve, multi-curve framework
- Discount, money-market and bond-equivalent yields
- Discounting switch
- Discrete and fast Fourier transforms
- Discrete hedging error
- Dispersion trade
- Dispersion weighting
- Disruptor pattern
- Dissemination fairness
- Distance method, formation period, trading period
- Distance to default
- Distressed debt, exchange offer
- Distributed tracing, span
- Divergence decomposition
- Diversified carry
- Dividend future
- Dividend play
- Dividend risk and dividend swap
- Dividend supply pressure
- Dividend, record date and ex-dividend date
- Dollar, beta and factor neutrality; name limit; liquidity constraint; 130/30 portfolio
- Domain randomisation
- Dominated alternative, rank acceptability
- Doob martingale
- Double-barrier option
- Drawdown limit
- Drift detector, Page–Hinkley test, adaptive windowing
- Drift-adjusted quoting
- Drop copy
- Dropout, batch and layer normalisation
- Dual listing
- Dual upper bound
- Dual-class share
- Duration-neutral butterfly
- Duration, DV01, convexity
- Dynamic batching
- Dynamic dispatch, devirtualisation
- Dynamic frequency scaling, idle state
- Dynamic margining
- Dynamic programming, feedback control
- Dynamic VWAP
E
- Eager evaluation, lazy evaluation
- Early stopping
- Early-exercise premium
- Earnings surprise, standardised unexpected earnings
- Earnings-revision strategy
- Economic capital
- Economic moat
- Economic release
- Economic value of equity, NII sensitivity
- Economic-surprise signal
- Edge, odds
- Effective breadth, transfer coefficient
- Effective challenge
- Effective duration, negative convexity
- Effective lower bound
- Effective number of venues
- Effective spread and realised spread
- Effective tick size
- Efficient trading frontier
- Egress queue, oversubscription ratio
- Eigenportfolio
- Eigenvalue clipping
- Electronic market maker
- Embarrassingly parallel workload, parameter sweep
- Embedded database
- Embedded team, central team
- Emerging manager
- Empirical distribution function, bootstrap
- Employee referral, agency recruiter
- Employer taxonomy
- End-of-day compaction, sort key
- End-of-day flattening
- End-of-day hedging flow
- Engle–Granger test
- English and Dutch auctions, reserve price
- Enterprise, derived-data and redistribution licences
- Entitlement, entitlement system
- Entity embedding
- Entity resolution, record linkage
- Entropy, mutual information
- Entry plan, time to first trade
- Equalisation
- Equity swap and funding spread
- Equity-implied spread
- Equity-to-credit model
- Equivalent martingale measure, risk-neutral measure
- Error budget
- Error maximisation
- Error-correcting code memory
- Errors-in-variables, attenuation bias, total least squares
- Escalation procedure, risk exception
- Escrowed dividend model
- Estimator, unbiased, consistent, standard error
- ETF create-redeem arbitrage
- ETF discount
- ETP rebalancing flow
- Euler allocation
- Euler–Maruyama scheme
- Event calendar, announcement window
- Event contract, resolution source
- Event extraction
- Event log, indexer
- Event loop, run-to-completion processing
- Event model
- Event of default, termination event
- Event protocol
- Event sourcing
- Event straddle
- Event study, event window
- Event variance
- Event-driven backtest, simulated clock
- EWMA volatility
- Exactly-once processing
- Exceedance correlation, correlation asymmetry
- Exchange
- Exchange and receive timestamps
- Exchange certification
- Exchange for physical
- Exchange member
- Exchange membership and member rate
- Exchange simulator
- Exchange-traded fund
- Exchange-traded product, grantor trust
- Exchange-traded volatility product
- Exchangeability, permutation test
- Executing and clearing brokers
- Execution algorithm
- Execution benchmark
- Execution coupling
- Execution identifier
- Execution risk
- Exempt reporting adviser
- Exercise boundary
- Exit race
- Exotic book exposure
- Expectation–maximisation algorithm
- Expected shortfall
- Experiment tracker, run record
- Expiry month code and front month
- Explicit, implicit, theta and Crank–Nicolson schemes
- Exploding offer, counteroffer
- Exploration–exploitation trade-off, multi-armed bandit, contextual bandit
- Exposure aggregation
- Exposure at default, SA-CCR
- Exposure profiles
- Extreme-value theory, GEV distribution
- Extrinsic value, rolling intrinsic
F
- Factor model
- Factor product
- Factor timing
- Failover, split brain
- Fails charge
- Fair price
- Fair pricing condition
- Fair-price filter
- Fair-share scheduling
- Fair-value hierarchy
- Fallback spread
- False discovery rate, Benjamini–Hochberg procedure
- False sharing
- Fama–MacBeth regression, clustered standard errors
- Family-wise error rate, Bonferroni correction, Holm procedure
- Favourite–longshot bias
- Feature engineering
- Feature flag
- Feature selection, stability selection
- Feature store, offline store, online store, feature definition
- Fee neutrality
- Fee-adjusted price
- Feed handler
- Feed partition
- Feedback speed
- Fermi estimate
- FICC
- Fidelity level
- Field-programmable gate array, configurable logic block
- Fill intensity
- Fill model, touch fill, penetration fill, volume participation cap
- Fill rate, hit ratio
- Filtered historical simulation
- Filtration, adapted process
- Final round, superday
- Finality
- Financial extranet
- Financial market infrastructure
- Financial transmission right
- Financing trade
- Finite-difference method, method of lines, non-uniform grid
- Fire sale
- Firm profile
- Firm-up rate
- First-passage model, default barrier
- First-passage time
- First-seen timestamp
- First-touch allocation
- Fiscal period, filing lag
- Fitted-curve residual
- FIX engine
- Fix flow
- FIX protocol, tag-value encoding
- FIX session, heartbeat, resend request, gap fill
- Fixed cost base
- Fixed-horizon label
- Flash crash and stub quote
- Flash loan
- Flash P&L, P&L sign-off
- Flash rally
- Flash-to-final walk
- Flat file format, schema version
- Flat pricing
- Flat volatility, caplet volatility
- Flat-forward interpolation
- Flawed-asset clause
- Flight to quality, correlation breakdown
- Float adjustment
- Floating storage
- Floating-point number, machine epsilon, unit in the last place
- Flow segmentation
- Flow toxicity, VPIN
- Flow trading and franchise
- Flow-induced trading, price pressure
- Flyweight codec
- FOCUS report
- Follow-the-sun trading
- Forecast aggregation
- Forecast calibration, alpha scaling rule
- Forecast combination puzzle
- Forecast skew
- Foreign function interface, application binary interface
- Formosa bond
- Forward curve
- Forward error correction
- Forward freight agreement
- Forward measure
- Forward smile
- Forward variance
- Forward-rate correlation
- Forward-start option
- Forward-variance model
- Founders’ share class
- Four-eyes principle
- FPGA engineer
- Fractional Brownian motion
- Fractional Kelly, drawdown, risk of ruin
- Franchise P&L
- Free float
- Free option of a limit order
- Free-entry equilibrium
- Frequent batch auction
- Fresnel zone, earth bulge
- Front-running, back-running
- Front-to-back flow
- Front, middle and back office
- Full node, archive node, RPC endpoint
- Full replication, sampled replication
- Full revaluation, revaluation grid
- Function multiversioning
- Fund administrator, custodian
- Fundamental Review of the Trading Book
- Fundamental, statistical and hybrid factor models; factor exposure, factor return, specific return
- Fundamentalist agent, chartist agent
- Funded-trader programme
- Funding arbitrage
- Funding carry, basis carry
- Funding cost and benefit adjustments
- Funding liquidity risk, market liquidity risk
- Funding valuation adjustment
- Funds-transfer pricing
- Futures commission merchant and clearing member
- Futures contract
- Futures option
- Futures strip, pack, bundle
- Futures-to-cash lead, lead–lag estimator
- FX carry basket
- FX Global Code
- FX swap, tom-next
G
- Gain–loss asymmetry
- Gamma exposure estimate
- Gamma flip level
- Gamma scalping
- Gamma swap
- Gap risk
- Garbage collector, stop-the-world pause
- Garman–Kohlhagen model
- Gas day
- Gas, base fee, priority fee
- Gateway fairness
- Gaussian copula
- General collateral and special
- General partner, limited partner
- Generalisation error, overfitting, bias–variance decomposition
- Generalised forward market model
- Generalised Pareto distribution, peaks over threshold
- Generative adversarial network, mode collapse
- Generative model
- Generator matrix, jump chain
- Geodesic distance
- Geometric Brownian motion
- Gilt and liability-driven investment
- Give-up line, designation notice
- Global allocator
- Global interpreter lock
- Global surrogate
- Golden copy
- Golden-file test
- Gossip protocol
- Gradient accumulation, data parallelism, model parallelism, all-reduce
- Gradient boosting, learning rate
- Gradient descent, line search
- Grandmaster clock, GNSS time reference
- Granger causality
- Greeks
- Gross basis, net basis, implied repo, basis trade
- Gross refining margin
- Group exercise
- Growth rate
- Guarantee of origin, renewable energy certificate
H
- HAC estimator
- Hagan formula
- Hallucination
- Hamilton–Jacobi–Bellman equation
- Handoff specification
- HAR model
- Hard limit, soft limit, limit utilisation, limit breach
- Hard-to-borrow list
- Hardware prefetching
- Hardware security module
- Hardware timestamp
- Hardware trigger, cut-through decision
- Hawkes process, excitation kernel, branching ratio
- Hayashi–Yoshida estimator, refresh-time sampling
- Hazard pointer, epoch-based reclamation
- Hazard rate, survival probability
- Head of desk
- Head-of-line blocking
- Heath–Jarrow–Morton framework
- Heating degree day, cooling degree day
- Heavy-tailed distribution, tail index
- Hedge bleed
- Hedge fund and multi-manager platform
- Hedge instrument
- Hedge monetisation
- Hedge venue
- Hedged liquidity provision
- Hedger and speculator
- Hedging band
- Hedging P&L
- Hedging pressure, positioning signal
- Hedging programme
- Held-to-maturity portfolio
- Heston model
- Hidden Markov model, regime-switching model, Viterbi algorithm
- Hidden order, iceberg order
- Hidden state
- Hierarchical model, empirical Bayes
- Hierarchical risk parity
- High-level synthesis
- High-touch and low-touch trading
- Hill estimator
- Hiring committee
- Historical scenario
- Historical simulation
- Hit rate, profit factor
- HJM drift condition
- Holding-company discount
- Holdover
- Hollow-core fibre
- Host–device transfer
- Hot path
- Hot-potato trading
- House margin
- Housing turnover, refinancing incentive
- Huang–Stoll model
- Huber loss, median absolute deviation
- Hull–White model
- Hybrid trading system
- Hypothesis test, null hypothesis, p-value
- Hypothetical and risk-theoretical P&L
- Hypothetical scenario
I
- I-would price
- IC decay curve, signal autocorrelation, signal half-life
- IC information ratio, quantile spread
- IC stability
- IC-weighted blend, maximum-ICIR blend
- Idempotent processing
- IGMP snooping
- Imbalance bar
- Imbalance volume, imbalance price
- Imbalance-offsetting order
- IMM date and reference quarter
- Impact curve
- Impact prefactor
- Impermanent loss
- Implementation-shortfall and target-close algorithms
- Implied correlation
- Implied dividend and implied borrow rate
- Implied equilibrium returns, Black–Litterman model
- Implied move
- Implied policy path
- Implied volatility
- Implied volatility spread
- Implied-in and implied-out
- Implied-price arbitrage
- Implied–realised spread
- Importance sampling
- Impulse control, quasi-variational inequality
- Impulse response function, forecast-error variance decomposition
- In-block priority rule
- In-flight order, cancel–fill race
- In-kind transfer
- Incast, microburst
- Incentive programme
- Incident commander
- Incoterms, free on board, cost insurance and freight
- Incremental aggregation
- Incremental channel, snapshot channel
- Incremental revaluation
- Incremental XVA
- Indefeasible right of use
- Independence arrangement
- Independent price verification
- Independent software vendor
- Index arbitrage
- Index backtest decay
- Index divisor
- Index effect
- Index fund, rank day
- Index methodology
- Index point, mini and micro contracts
- Index price, mark price
- Index-linked bond, reference index, deflation floor
- Indexation lag, inflation seasonality
- Indication of interest
- Indicator decomposition
- Industry classification code
- Infeasibility certificate
- Inference latency
- Infinitesimal generator
- Inflation cap
- Influence function, breakdown point
- Information barrier, wall-crossing, insider list
- Information chasing
- Information coefficient, rank information coefficient
- Information criterion
- Information leakage
- Information ratio
- Information share
- Informed options trading
- Informed trader, noise trader
- Infrastructure as code
- Ingestion pipeline, schema validation
- Inhomogeneous Poisson process, Cox process
- Initial-margin model
- Injection season, summer–winter spread
- Inline XBRL
- Inlining
- Input journal
- Insider threat, data-loss prevention
- Instance lottery
- Institutional salesperson
- Instruction pipeline, instructions per cycle
- Instrumentation point, latency attribution
- Instrumented principal component analysis
- Insurance fund
- Integrated variance, realised variance
- Integrity scenario
- Inter-dealer broker and dealer-to-client platform
- Interbank offered rate
- Interest-only and principal-only strips
- Interest-rate swap, fixed and floating legs
- Interior-point method
- Intermarket signal, slow diffusion
- Intermarket sweep order
- Internal crossing
- Internal management
- Internal models approach, liquidity horizon
- Internalisation rate
- Internship, return offer, graduate programme, lateral hire
- Interpolation locality
- Interpretability
- Interpreter overhead
- Interrupt affinity
- Interrupt coalescing
- Interview loop, technical interview
- Interview rubric
- Intraday alpha, prediction horizon
- Intraday margin call
- Intraday market, gate closure
- Intraday mean reversion
- Intraday P&L, end-of-day mark
- Intraday seasonality, intraday volume profile
- Intraday store, historical store
- Intraday volume forecast
- Intrinsic spread, index skew
- Intrinsic storage value
- Invariant method
- Invariant time-stamp counter
- Inventory
- Inventory bound
- Inventory penalty
- Inventory-holding cost
- Inverse option
- ISDA master agreement, Global Master Repurchase Agreement
- ISDA standard model
- Isolated margin, cross margin
- Isolation level, write-ahead log
- Itô process, quadratic covariation
J
K
- Kalman filter, innovation, Kalman gain
- Kalman smoother
- Karush–Kuhn–Tucker conditions
- Kelly criterion
- Key risk indicator
- Key-rate duration
- Kill switch
- Kimchi premium
- Kirk’s approximation
- Know-your-customer check
- Kolmogorov equations, stationary distribution
- Kolmogorov–Smirnov test
- Kou model
- Kullback–Leibler divergence, quasi-maximum likelihood
- Kupiec test, Christoffersen test
- Kyle model
- Kyle’s lambda
L
- Label concurrency, average uniqueness
- Label overlap, purging, embargo, combinatorial purged cross-validation
- Labor condition application, prevailing wage
- Lagrangian, dual problem
- Language model, large language model
- Language-model agent, tool call
- Large homogeneous pool
- Large-tick and small-tick assets
- Last look, hold time, reject rate
- Last trading day
- Latency
- Latency and the live-in-bar policy
- Latency arbitrage, stale-quote sniping, latency race
- Latency arms race
- Latency budget
- Latency corridor
- Latency equalisation
- Latency floor, group index
- Latency histogram
- Latency model, order-entry latency, market-data latency
- Latency tier
- Latent liquidity, latent order book
- Law of one price
- Layer-1 switch, fan-out, multiplexer
- Layering
- Lazy recalculation
- LBMA Gold Price
- Lead–lag relationship, economic link
- Leader schedule
- Least privilege, role-based access control
- Leave-one-out contribution, credit attribution
- Legal entity identifier
- Legging risk
- Leisen–Reimer tree
- Lendable supply and utilisation
- Lending pool, kinked interest-rate curve
- Letter of credit
- Level 1, level 2, level 3
- Level, slope and curvature factors
- Leverage
- Leverage effect, GJR-GARCH model
- Leverage function
- Leverage ratio, leverage exposure measure
- Leverage rebalancing flow
- Leveraged ETF
- Leveraged loan, term loan B, covenant-lite
- Lévy measure, Lévy triplet, characteristic exponent
- Lévy process, infinitely divisible distribution
- Lewis formula
- LIBOR market model
- Library developer
- Library quant
- Likelihood function, maximum likelihood estimator, score, Fisher information
- Likelihood-ratio Greek
- Likelihood-ratio test
- Limit framework
- Limit order book
- Limit order, market order
- Limit up–limit down and market-wide circuit breaker
- Limit-hit continuation
- Limit-locked market, expanded limit
- Limited liability partnership, members’ capital
- Limited price indexation
- Line arbitration
- Line rate, serialisation delay, maximum transmission unit
- Linear probe
- Linear shrinkage
- Linear terminal swap-rate model
- Linear, inverse and quanto contracts
- Linear, quadratic, second-order cone and semidefinite programmes
- Link budget, fade margin
- Link-time optimisation
- Liquefied natural gas
- Liquidation absorption
- Liquidation cascade
- Liquidation engine
- Liquidation price, bankruptcy price
- Liquidity aggregator, request for stream, firm liquidity
- Liquidity coverage ratio, high-quality liquid assets
- Liquidity drill
- Liquidity mismatch
- Liquidity spiral
- Liquidity vault
- Liquidity-provider review
- Live surface fit
- LME lending rule
- LME official price
- Loan line, collateral mirroring
- Loan-to-value ratio, health factor, liquidation bonus
- Local correlation
- Local martingale
- Local volatility model
- Locally linear order book
- Location spread
- Locational basis
- Locational marginal price, congestion rent
- Lock-free, wait-free
- Locked and crossed markets
- Loco London, unallocated gold
- Log contract
- Logic synthesis, place and route
- Logistic regression
- Lognormal volatility
- Long format, wide format
- Long memory, fractional differencing, Hurst exponent
- Longstaff–Schwartz method
- Look-ahead bias, point-in-time data
- Lookback option
- Loss limit
- Loss spiral, margin spiral
- Loss-versus-rebalancing
- Lot size, notional and premium turnover
- Low-discrepancy sequence, Sobol sequence, quasi-Monte Carlo
- Low-frequency spread estimator
- Low-latency engineer
- Low-risk anomaly, betting against beta
- LU, Cholesky, QR and singular value decompositions
M
- M-estimator, method of moments, generalised method of moments
- M-matrix, upwind scheme
- M/M/1 queue
- Machine-learning design question
- Machine-learning engineer, model owner
- Machine-learning platform
- Machine-readable news
- Macro momentum
- Macro value signal
- Madhavan–Richardson–Roomans model
- Magnet effect
- Make-me-a-market, width
- Maker-taker pricing and inverted venue
- Makespan, straggler
- Malus, clawback
- Managed infrastructure
- Management fee, performance fee, high-water mark
- Mandate
- Margin call
- Margin lock-up
- Margin optimisation
- Margin period of risk 2 definitions
- Margin valuation adjustment
- Marginal fee
- Marginal tax rate, average tax rate
- Marine fuel sulphur cap
- Mark-out
- Mark-out curve
- Mark-to-market
- Market abuse, inside information, insider dealing
- Market access rule
- Market beta
- Market by price and market by order
- Market concentration, Herfindahl–Hirschman index
- Market coupling
- Market data feed
- Market fragmentation
- Market impact, counterfactual impact
- Market maker
- Market object
- Market quality
- Market recap
- Market segment gateway
- Market stability reserve, total number of allowances in circulation
- Market time unit
- Market-based rate authorisation
- Market-data abstraction
- Market-data audit
- Market-data distribution platform
- Market-data snapshot
- Market-maker appointment
- Market-making agent
- Marketable limit order
- Marketing fee
- Marking the close
- Markov chain Monte Carlo, Metropolis–Hastings, Gibbs sampler
- Markov chain, continuous-time Markov chain
- Markov process, strong Markov property
- Markovian projection
- Martingale
- Mass cancel
- Mass quote
- Master–feeder structure
- Matching engine
- Material non-public information
- Material risk taker
- Materialisation, feature freshness
- Maximal extractable value, searcher
- Maximum drawdown, drawdown duration, Calmar ratio
- Mean decrease in impurity, permutation importance
- Mean reversion, Ornstein–Uhlenbeck process, half-life
- Mean time between failures, mean time to repair
- Mean-reversion speed filter
- Mean–variance optimisation, risk-aversion parameter, efficient frontier
- Measurement overhead
- Median-employee pay, high earner
- Medium-frequency trading
- Members’ remuneration
- Membership prediction
- Memorisation, anonymisation test
- Memory coupon
- Memory ordering, acquire–release ordering, sequential consistency
- Memory-bound kernel, compute-bound kernel
- Memory-mapped file
- Mempool
- Merger arbitrage, tender offer
- Merit order
- Merton fraction
- Merton jump-diffusion model
- Merton model
- Message broker, brokerless messaging
- Message burst, receive buffer overrun
- Message throttle
- Meta-labelling
- Method of simulated moments
- Metric, structured logging
- Metro circuit
- Microbenchmark, compiler barrier
- Microstructure noise, bid–ask bounce
- Microwave link, line-of-sight path
- Middle distillates
- Midquote series
- Millimetre-wave link, free-space optical link
- Minimum backtest length
- Minimum detectable effect, sequential test
- Minimum execution quantity
- Minimum-variance delta
- Mixed dividend model
- Mixed-precision training, bfloat16
- Mock interview
- Model card
- Model compilation
- Model inventory, model tiering
- Model monitoring, prediction drift
- Model registry, model lineage, audit trail
- Model reserve
- Model risk
- Model risk management
- Model selection, hyperparameter search
- Model validation
- Model validator
- Momentum crash
- Momentum ignition
- Momentum method, Nesterov acceleration
- Money-market fund
- Monorepo
- Monotone convex interpolation
- Monotonic constraint
- Monte Carlo method, variance reduction
- Monte Carlo value at risk
- Month-end rebalancing
- Moving-average crossover, linear filter
- Moving-block bootstrap, stationary bootstrap
- Multi-asset market making
- Multi-attribute value model, swing weighting
- Multi-factor authentication
- Multi-site matching
- Multi-strategy book, pod
- Multicast group, IGMP
- Multicast, message gap
- Multicollinearity, variance inflation factor
- Multilateral trading facility
- Multilevel Monte Carlo
- Multiple testing, data snooping, garden of forking paths
- Multiplier, series, moneyness
- Multiplier, tick and tick value
- Multivariate Hawkes process
N
- Nagle’s algorithm
- Naked short sale
- Named-entity recognition, entity linking
- National best bid and offer
- Native extension, language binding
- Nearest correlation matrix
- Negative basis trade
- Nelson–Siegel and Svensson curves
- Nested cross-validation
- Net asset value, indicative value, premium
- Net capital rule
- Net open position limit, settlement limit
- Net stable funding ratio
- Net trading revenue, volume-driven cost
- Netback
- Netting risk
- Netting set, close-out netting
- Network interface card, Ethernet frame
- Network segmentation, zero-trust architecture
- Network tap, port mirroring
- Network Time Protocol, Precision Time Protocol
- Neural network, multilayer perceptron, activation function
- Neutralisation
- New-issue concession
- News reaction window
- Newton’s method, quasi-Newton method, BFGS
- No-dynamic-arbitrage condition
- No-touch option
- No-trade region
- Non-compete clause, garden leave, non-solicitation clause
- Non-deliverable forward, fixing source
- Non-display fee
- Non-execution risk, clean-up trade
- Non-GAAP measure
- Non-maturity deposit, deposit beta
- Non-synchronous trading, Epps effect
- Non-uniform memory access, NUMA node
- Nonlinear least squares, Gauss–Newton, Levenberg–Marquardt
- Normal form
- Normal SABR
- Normal-form game, Nash equilibrium, mixed strategy, zero-sum game
- Normalisation
- Northbound flow
- Notice period
- Notional, gross and net exposure
- Novikov’s condition
- Nowcast, alternative-data strategy
- Numeraire, money-market account
O
- Obizhaeva–Wang model
- Object pool, free list
- Observability
- Observer pattern
- Off-channel communication
- Off-exchange settlement
- Off-heap memory
- Off-policy evaluation, doubly robust estimator
- Offer letter
- Official selling price
- Oil indexation, destination flexibility
- On-call rotation, runbook
- On-chain signal
- On-demand, reserved and spot capacity
- On-the-run and off-the-run
- On-the-run premium
- One-touch option
- Online assessment, numerical reasoning test
- Online learning, recursive least squares, forgetting factor
- Online transaction processing, online analytical processing
- Onshore market, offshore market
- Open addressing
- Open interest
- Open outcry, floor trader
- Open-interest cap
- Open-market operation
- Opening range breakout
- Operational due diligence, due diligence questionnaire
- Operational resilience, important business service, impact tolerance
- Operational risk, operational loss event
- Operator fusion, quantisation, post-training quantisation, quantisation-aware training
- OPRA
- Optical amplifier
- Optimal stopping problem, Snell envelope
- Option cost
- Option cut
- Option overwriting
- Option-adjusted spread
- Options market maker and quoting obligation
- Options market-making house
- Oracle manipulation
- Oracle-priced exchange
- Order
- Order gateway, order state machine
- Order imbalance and indicative price
- Order lifecycle, partial fill
- Order lifetime, fleeting order
- Order management system, execution management system
- Order placement problem
- Order template
- Order-book event
- Order-book replay
- Order-entry abstraction
- Order-entry path
- Order-entry port
- Order-entry protocol, order-entry session, execution report
- Order-flow imbalance
- Order-processing cost
- Order-sign autocorrelation, metaorder
- Order-to-trade ratio
- Ordinary least squares, hat matrix
- Orthogonalisation, symmetric orthogonalisation
- Out-of-band management network, direct-attach cable
- Out-of-core processing, streaming execution
- Out-of-order execution, reorder buffer
- Out-of-sample R-squared, predictability ceiling
- Outcome bias
- Output-prediction question
- Outright forward, forward points
- Over-quoting
- Over-the-counter search model, search friction, bargaining power
- Overclocking
- Overcollateralisation test, interest-coverage test, equity tranche
- Overnight benchmark rate
- Overnight index swap
- Overnight return, intraday return
- Overnight reversal
- Overnight-rate future
- Own funds, fixed overheads requirement, K-factor requirement
P
- P&L attribution
- P&L attribution test
- Packet capture file, timestamp trailer
- Packet capture, capture appliance
- Page fault, pre-faulting
- Pairs trading
- Panel bias, panel reweighting
- Panel data, fixed effects
- Paper trading
- Parameter bid–offer
- Parameter change control
- Parameter snapshot
- Parameter store, configuration as data
- Parametric portfolio policy
- Parametric value at risk
- Parent order, child order
- Pari passu clause
- Parity harness
- Parkinson, Garman–Klass and Yang–Zhang estimators
- Partial basket
- Partial dependence, individual conditional expectation, accumulated local effects
- Participation band
- Participation rate
- Particle filter, sequential importance resampling
- Partitioned log, consumer offset
- Partitioning, partition key
- Partnership share, carried interest
- Pass-through fee
- Passive and active management
- Passive fill probability
- Passporting
- Path asymmetry, clock servo
- Path inflation
- Path-dependent volatility model
- Pathwise Greek
- Pay band
- Pay-as-bid and discriminatory auctions
- Payer and receiver swaps
- Payment for order flow and price improvement
- Payment netting
- Payment versus payment
- Payoff scripting language, payoff script
- Payoff smoothing
- Payout rate
- PCI Express, direct memory access
- Peak impact and impact reversion
- Peer group, peer-relative return
- Peer-universe comparison
- Pegged order, midpoint peg
- Penny program
- Per-symbol resynchronisation
- Performance alarm
- Performance bond and maintenance margin
- Performance regression gate
- Periodic auction
- Permanent identifier, identifier mapping, ticker change
- Perpetual DEX, on-chain order book
- Perpetual future, funding rate, funding interval
- Personal account dealing, pre-clearance
- Physical market, paper market
- Pillar 3 disclosure
- Pillar, instantaneous forward rate
- Pin risk
- Pinball loss, continuous ranked probability score
- Pinging order
- Pinning
- Placement group
- Placement report
- Platform team, product team
- Point of non-viability, bail-in
- Point of presence
- Point process, counting process
- Poisson process, compound Poisson process
- Policy gradient, actor–critic method
- Policy rate and standing facilities
- Poll-mode driver, user-space network stack
- Pooled panel model, permutation-invariant network
- Population stability index
- Portfolio manager, sub-portfolio manager, pod analyst
- Portfolio margining
- Portfolio turnover, linear cost model
- Position
- Position service
- Post-earnings-announcement drift
- Post-model adjustment
- Post-only order
- Post-publication decay
- Post-trade reversion
- Posterior predictive distribution, credible interval
- Power purchase agreement, shape risk
- Pre-announcement drift
- Pre-mortem, red team
- Pre-registration, holdout set
- Pre-release
- Pre-trade cost estimate
- Pre-trade risk check
- Predict-then-optimise
- Prediction-error decomposition
- Predictive distribution, proper scoring rule
- Predictor card
- Predictor, prediction target, forecast horizon
- Premium index
- Prepayment model
- Prepayment S-curve, burnout
- Prepayment trade
- Prepayment, conditional prepayment rate, PSA benchmark
- Price alignment interest
- Price collar
- Price discovery
- Price level index, disposable pay after housing
- Price limit 2 definitions
- Price-improvement auction
- Price-reporting agency, assessment window
- Price-time priority
- Pricing basket
- Pricing engine
- Pricing period, price differential
- Primary data centre, disaster-recovery site
- Primary dealer
- Primary venue, electronic communication network
- Prime broker and rehypothecation
- Prime services
- Prime-brokerage agreement
- Prime-of-prime
- Principal and agent
- Principal component analysis, minimum-variance portfolio
- Principal component regression, partial least squares
- Principal trading firm
- Prior, posterior, conjugate prior
- Priority gas auction
- Priority inversion
- Private and common values, first- and second-price auctions
- Private endpoint, network load balancer
- Private key, token
- Private order flow, order-flow auction
- Pro-forma index
- Pro-rata allocation
- Probability of backtest overfitting, combinatorially symmetric cross-validation
- Probability of default, loss given default
- Probability of informed trading
- Process-based parallelism, serialisation cost
- Processing-spread trade
- Procyclicality
- Product control
- Product controller
- Product governance
- Product scope, new-product approval
- Product slate
- Profile-guided optimisation
- Profitability factor, quality factor
- Prompt date, three-month price
- Prompt, context window, training cut-off
- Proof of reserves, proof of liabilities
- Proof of work, proof of stake, validator
- Propagator model, decay kernel
- Property-based test, differential test, fuzz testing
- Proportional dividend
- Proposer–builder separation, block builder, MEV relay, transaction bundle
- Proprietary trading firm
- Protected quotation, trade-through, order protection rule
- Protected quote
- Protection barrier
- Protocol foundation
- Proximal operator, proximal gradient method
- Proxy credit spread
- Prudent valuation, additional valuation adjustment
- Pseudo-random and counter-based generators, inverse transform sampling
- Public cloud
- Publish–subscribe
- Put–call ratio, option-to-stock volume ratio
Q
- QLIKE loss, Mincer–Zarnowitz regression, Diebold–Mariano test
- Quadratic approximation
- Quadratic variation
- Quadratic-exponential scheme
- Qualified foreign investor and Stock Connect
- Quality option and wildcard option
- Quality spread
- Quant developer
- Quantile regression, mixture density network
- Quantitative easing
- Quantitative investment strategy
- Quantitative researcher
- Quanto adjustment
- Quanto option
- Query optimiser
- Queue depletion rate, cancellation rate
- Queue imbalance
- Queue position, queue-position model
- Queue value
- Queue-aware placement
- Queue-join rule, queue-exit rule
- Queue-reactive model
- Quote ladder
- Quote protection
- Quote skewing
- Quote timer
- Quoted depth
- Quoted spread
R
- Rack unit
- Rain fade, link availability
- Random end
- Randomised quasi-Monte Carlo, Brownian bridge construction
- Range-based volatility estimator
- Rank correlation, Spearman’s rho, Kendall’s tau
- Rannacher time-stepping
- Rate limit, request weight
- Raw capture
- Reactive simulation
- Real yield, breakeven inflation rate
- Real-time risk system
- Real-time scheduling policy, memory locking
- Realised correlation
- Realised kernel, pre-averaging estimator
- Realised volatility and variance
- Reality Check, superior predictive ability test
- Rebalancing-flow estimate
- Rebate capture
- Rebonato’s formula
- Recalibration P&L
- Recall and buy-in
- Receive-side scaling, flow steering
- Recombining tree
- Reconciliation, reconciliation break
- Reconstitution and rebalance
- Recovery time objective, recovery point objective
- Recruiting cycle
- Recurrent neural network, long short-term memory
- Recycling trade
- Redemption gate, side pocket, swing pricing
- Redemption notice period, lock-up period
- Reduced-form model
- Redundant feed lines, snapshot recovery, retransmission request
- Reference price waiver and large-in-scale waiver
- Reference pricer
- Reference-data service
- Register map
- Register-transfer level, hardware description language
- Regularisation path
- Regularisation, ridge, lasso, elastic net
- Regulated market and organised trading facility
- Regulatory assets under management
- Regulatory perimeter, authorisation
- Reid vapour pressure
- Reinforcement learning, Markov decision process, policy, reward, cumulative reward
- Relational model, primary key, foreign key
- Relative limit price
- Relative tick size
- Release lock-up
- Release race
- Release train
- REMIT
- Remote hands
- Replay parity test
- Replicated state machine, primary–backup replication
- Repo rate, reverse repo, term repo
- Repo rollover risk
- Representation learning
- Repricing rule
- Reproducibility to the bit
- Reproducible result, data snapshot, content-addressed storage, pipeline stage, environment lock
- Repurchase agreement and haircut
- Request for proposal
- Request for quote, axe
- Request signature
- Research engineer
- Research hypothesis, economic rationale
- Research library
- Research log, trial count
- Research portfolio, project scorecard
- Reservation price
- Reserves
- Residual momentum, industry momentum
- Residual return
- Residual reversal, industry-adjusted reversal
- Residual risk hedge
- REST interface, persistent connection, connection pool
- Restart rule
- Restatement, data vintage, backfill bias
- Restricted list, watch list
- Restricted stock unit, forfeiture, good-leaver provision
- Results store
- Retail liquidity programme
- Retention ratio
- Retraining schedule
- Retrieval-augmented generation, BM25
- Return feature, skip period
- Return on equity
- Return smoothing, autocorrelation-adjusted Sharpe ratio
- Revaluation-based attribution
- Revenue budget, allocated cost
- Revenue capture
- Revenue per head, profit per head
- Revenue pool, league table
- Reverse cliquet
- Reverse convertible
- Reverse repo facility
- Reverse stress test
- Review checklist
- Reward shaping, action masking
- Rich-cheap signal
- Richardson extrapolation
- Rights issue
- Ring buffer, single-producer single-consumer queue
- Ring dealing member
- Risk appetite, risk appetite statement
- Risk contribution, risk budgeting, equal risk contribution portfolio, risk parity
- Risk culture
- Risk engine, risk data aggregation
- Risk factor
- Risk gate, fail-closed design
- Risk grid, batch window
- Risk hierarchy, risk limit
- Risk pooling
- Risk quant
- Risk reversal, strangle, butterfly
- Risk snapshot
- Risk trader, execution trader
- Risk transfer price
- Risk-adjusted return on capital, capital charge
- Risk-based attribution
- Risk-factor eligibility test, non-modellable risk factor
- Risk-neutral density and the Breeden–Litzenberger formula
- Risk-weighted assets
- Risky discount factor, risky annuity
- Robust portfolio optimisation, uncertainty set
- Rogue trading, fictitious trade
- Roll
- Roll’s estimator
- Rollup, sequencer
- Roofline model
- Rotation-equivariant estimator, nonlinear shrinkage
- Rough Bergomi model
- Rough volatility
- Round lot and odd lot
- Round-the-clock trading
- Round-trip efficiency
- Round-trip triangulation
- Route diversity
- Route factor
- Route index
- Route racing, idempotency key
- Row group, column chunk, data page
- Row-oriented and columnar layout
- Rule 605 and Rule 606 reports
- Rule of 72
- Run-the-bank and change-the-bank spending
S
- s-score
- SABR model
- Sales-trader
- Sample weight, time-decay weight
- Sampling profiler, hardware performance counter
- Samuelson effect
- Sandwich attack, slippage tolerance
- Sandwich variance
- Sanity check
- Scanning range and risk array
- Scenario conditioning
- Scenario fan-out, task granularity
- Schedule-based initial margin, initial-margin threshold
- Schema evolution
- Schwartz–Smith model
- Secrets management, secret rotation
- Securities information processor and direct feed
- Securities lending, rebate rate, locate
- Securities transaction tax and foreign ownership limit
- Securitisation, special-purpose vehicle
- Security master
- Seed investor, revenue-share agreement, capacity right
- Segregation of duties, block leave
- Self-custody, hot wallet, cold wallet, multi-party computation
- Self-financing strategy
- Self-regulatory organisation
- Self-supervised learning, pre-training, fine-tuning
- Self-trade prevention, cancel on disconnect
- Sell side and broker-dealer
- Senior manager function, statement of responsibilities
- Sensitivities-based method
- Sensitivity cache
- Sentiment index
- Sequence lock
- Sequence number
- Sequencer architecture
- Sequential bootstrap
- Sequential-trade model, Glosten–Milgrom model
- Service owner, bus factor
- Service-level agreement, service credit
- Service-level indicator, service-level objective
- Settlement cycle and settlement fail
- Settlement discipline regime
- Settlement instruction, standard settlement instruction
- Settlement risk, Herstatt risk
- Shadow deployment, champion–challenger
- Shapley value, SHAP value
- Share and market capitalisation
- Share class, fee hurdle, crystallisation
- Shared order book, implicit continuous allocation
- Shared responsibility model
- Shared-memory transport
- Sharpe ratio
- Shifted lognormal model, shifted SABR
- Short interest and days to cover
- Short sale
- Short squeeze
- Short-crowding measure
- Short-horizon alpha
- Short-rate model
- Short-term reversal
- Short-volatility strategy
- Shrinkage estimator, James–Stein estimator
- Side letter, most-favoured-nation clause
- Sign-on bonus, guaranteed bonus
- Signal combination, composite signal, equal-weight blend
- Signal service
- Signal smoothing, break-even cost
- Signal-adaptive schedule
- Signal-to-noise ratio
- Signature plot
- Sim-to-live reconciliation, shadow trading
- Sim-to-real gap
- SIMD, vector instruction
- Simple binary encoding
- Simple process, Itô integral
- Simulation–production parity
- Simulator calibration, implementation shortfall, arrival price
- Simultaneous multithreading, heterogeneous cores
- Single-dealer platform, FX prime brokerage
- Single-root I/O virtualisation
- Single-stock future
- Singular control, reflected Brownian motion
- Site reliability engineer
- Size, power
- Skew trade
- Skywave propagation
- Slippage attribution
- Small-buffer optimisation, fixed-capacity container
- Smart contract, oracle
- Smart order router
- SmartNIC
- Snapshot-and-delta feed, book checksum
- Snowball
- Socket interconnect
- Soft call
- Softs
- Sortino ratio, Omega ratio
- Sound abstraction
- Source-code escrow
- Sovereign spread and redenomination risk
- Sovereign wealth fund, defined-benefit pension plan
- Spark spread, dark spread
- Special opening quotation
- Special purpose acquisition company, trust value
- Special repo rate and specialness
- Specialty-occupation visa, skilled-worker visa
- Specific risk
- Spectral density, periodogram
- Speculative execution
- Speed bump, asymmetric speed bump
- Spiked covariance model
- Spin-off
- Spin-out
- Sponsored member
- Sponsored repo
- Sponsored-access risk layer
- Spoofing
- Spot measure, terminal measure
- Spot return, roll yield, collateral return
- Spot value date, cross rate
- Spot, forward and premium-adjusted delta
- Spray order, quote fade
- Spread capture, adverse-selection cost, inventory P&L
- Spread decomposition
- Spread mean reversion
- Spread option
- Square-root process, Feller condition
- Square-root-of-time rule
- Squeeze risk
- Stablecoin, depeg
- Stableswap
- Stacking
- Staff costs, average headcount
- Stage gate, kill criterion, research review
- Staged investment
- Stake limiting
- Staking yield, liquid staking token, restaking
- Stale-book flag, recovery latency
- Stamp duty
- Standard coupon, upfront payment
- Standard initial margin model
- Standard Occupational Classification, wage level
- STAR structure
- Start-of-day position, trade-date position, settlement-date position
- State-price density
- State-space model, local level model
- Static and dynamic price bands
- Static arbitrage, butterfly and calendar arbitrage
- Static hedging
- Static polymorphism, curiously recurring template pattern
- Stationary process, weak stationarity, white noise
- Statistical arbitrage, stat-arb book
- Steepener, flattener, curve fly
- Sticky strike and sticky delta
- Stochastic control problem, admissible control, value function
- Stochastic differential equation, strong and weak solutions
- Stochastic exponential
- Stochastic gradient descent
- Stochastic liquidity
- Stochastic volatility model
- Stochastic-local volatility model
- Stock split
- Stock-deal collar
- Stop discipline
- Stop order, stop-limit order
- Stop-loss rule, de-risking ladder, time stop
- Stopping time
- Storage deal
- Storage tier, retention policy
- Storage-limit risk
- Store-and-forward and cut-through switching
- Straight-through processing
- Strategy capacity, capacity curve, profit-maximising size
- Strategy correlation
- Strategy host, environment adapter
- Strategy lifecycle
- Strategy wrapper
- Strategy-stealing argument
- Stratonovich integral
- Streaming quote, liquidity tier
- Streaming telemetry
- Stress capital buffer, G-SIB surcharge
- Stress test
- Stressed expected shortfall
- Strict aliasing
- Strike risk limit
- Strong and weak orders of convergence, Milstein scheme
- Strong duality, Slater’s condition, shadow price
- Structural break, CUSUM test
- Structural index
- Structural model
- Structure of arrays
- Structure padding
- Structured interview
- Structured note
- Structured product
- Structurer
- Structuring margin
- Student-t copula
- Style factor, industry factor
- Stylised fact
- Sub-account, API key
- Subnormal number, fused multiply-add
- Subordinator
- Substitution effect, clustered feature importance
- Super senior tranche
- Super-replication price
- Supervised and unsupervised learning
- Supervisory stress test
- Supply trade
- Surface SVI
- Surrogate model, differential machine learning
- Survival horizon
- Survivorship bias
- Suspicious transaction and order report
- SVI parametrisation
- Swap dealer, commodity pool operator, introducing broker
- Swap execution facility and trade compression
- Swap market model
- Swap spread
- Swap-spread trade
- Swaption matrix
- Swaption, payer, receiver; callable bond
- Sweet crude, sour crude
- Swing contract, take-or-pay clause
- Switch option
- Switching price
- Symbol resolution
- Symbology and reference data
- Symmetry argument
- Synchronised routing
- Synthetic cross
- Synthetic twin
- System management interrupt
- System of record, golden source
- System time, time-travel query
- System-design interview, capacity estimate
- Systematic internaliser
- Systematic manager, discretionary manager
- Systematic strategy index
T
- T+0 restriction
- Tail hedge
- Tail latency, jitter
- Take threshold
- Take-home assignment, research case study
- Tape, checkpointing
- Target leakage, train–test contamination
- Target redemption forward
- Task graph
- Tax drag
- Tax residence, expatriate tax regime
- Taylor effect
- TCP offload engine
- Team tenure, team turnover rate
- Technical screen
- Technology treadmill
- Temporal-difference learning, Q-learning
- Temporary impact, permanent impact, square-root impact law, percentage of volume
- Tenor basis, tenor basis swap
- Term-structure trade
- Test pyramid
- Testbench, cycle-accurate model
- Theoretical value
- Theory of storage, convenience yield
- Thermal design power
- Think-aloud protocol
- Thinning
- Thread divergence
- Threat model
- Three lines of defence
- Tick data
- Tick size, price level
- Tick store, append-only file
- Tick-to-trade and wire-to-wire latency
- Ticker plant
- Tickless kernel
- Tier cliff
- Tier matching
- Time bucket, downsampling
- Time in force; immediate-or-cancel, fill-or-kill and good-till-cancelled orders
- Time to detect, time to restore
- Time-charter equivalent
- Time-series database
- Time-stamp counter
- Timer wheel, injected clock
- Timing adjustment
- TLS handshake, session resumption
- To-be-announced trade, specified pool, dollar roll
- Token bucket
- Token compensation, token warrant
- Token market-making agreement, loan-plus-call structure
- Token unlock
- Tokenisation, bag of words, n-gram, tf-idf
- Top-coding, small-cell suppression
- Top-order allocation and lead market maker
- Topic model, latent Dirichlet allocation
- Total cost of ownership
- Total return future
- Total return index
- Total return swap
- Toxicity score
- Traceability to UTC
- Track record portability
- Tradable universe, universe membership, liquidity filter
- Trade at settlement and basis trade at index close
- Trade bust
- Trade capture, booking
- Trade condition
- Trade confirmation, affirmation
- Trade expression
- Trade finance
- Trade lifecycle event, trade amendment
- Trade price impact
- Trade reporting, dissemination cap
- Trade secret
- Trade sign, tick rule, quote rule, Lee–Ready algorithm
- Trade surveillance system, surveillance alert
- Trading arcade
- Trading book, banking book
- Trading game
- Trading halt
- Trading pause, reopening auction
- Trading trajectory
- Trading-system developer
- Traffic-light test
- Trailing twelve months
- Training checkpoint
- Training–serving skew
- Training, validation and test sets; hyperparameter
- Tranche delta
- Tranche relative value
- Tranche, attachment and detachment points
- Transaction charge
- Transaction cost analysis
- Transaction propagation network
- Transaction reporting
- Transaction-triggered price manipulation
- Transactional outbox
- Transfer latency
- Transfer pricing
- Transient impact model
- Transition management
- Translation lookaside buffer, huge page
- Transport option
- Trapped assets
- Travel rule
- Treasury bill
- Trend following, time-series momentum
- Tri-party and bilateral repo
- Triangular arbitrage
- Trigger packet
- Trinomial tree
- Triple-barrier label
- Truncation error, consistent and stable schemes
- Turn
- Turn-of-the-month effect
- Turnover penalty
- Turnover velocity
- Two-factor Gaussian model
- Two-pointer technique, monotonic deque, sweep line
- Two-scales realised variance
U
- UCITS, separately managed account
- Uncertainty-zone model
- Uncleared margin rules and credit support annex
- Undefined behaviour
- Underwriting
- Unencumbered cash, liquidity buffer
- Unexplained P&L
- Unicast dissemination
- Uniform integrability
- Uniform-price auction
- Unilateral irrevocable payment time
- Unique transaction identifier
- Unit of count
- Unit root, spurious regression
- Unit, integration and end-to-end tests
- Uptick rule
- Uptime requirement
- Urgency
- Usage report
- Utility function, relative risk aversion, CRRA utility
V
- Valid time, knowledge time, bitemporal data
- Validity bitmap
- Valuation reserve
- Value at risk
- Vanna–volga method
- VaR exception
- Variance gamma model
- Variance notional
- Variance risk premium
- Variance swap
- Variation margin and initial margin
- Variational autoencoder
- Variational inequality, free-boundary problem, smooth pasting
- Vasicek model
- Vector autoregression
- Vector error-correction model
- Vectorised query execution, late materialisation
- Vega bucket
- Vega notional
- Vega weighting
- Velocity logic
- Vendor correction
- Vendor lock-in, switching cost
- Venue clock skew
- Venue profile
- Venue ranking
- Venue risk
- Virtual bid
- Virtual private cloud, virtual-network peering
- Virtual trading point, Henry Hub, Title Transfer Facility
- Viscosity solution
- VIX option
- VIX term-structure slope
- Volatility clustering, conditional heteroskedasticity
- Volatility crush
- Volatility cube
- Volatility decay
- Volatility index
- Volatility interruption
- Volatility per trade
- Volatility roll-down
- Volatility skew and term structure
- Volatility surface, log-moneyness, total implied variance
- Volatility swap
- Volatility targeting
- Volatility-index future
- Volatility-managed portfolio
- Volatility-scaled momentum
- Volatility-target index
- Volume cap
- Volume commitment, shortfall penalty
- Volume smile
- Volume surprise, Amihud illiquidity, turnover ratio
- Volume tier
- Von Neumann stability analysis, CFL condition
- Voyage charter, time charter
- VWAP, TWAP and participation algorithms
W
- Walk-forward analysis
- Warehouse warrant, cancelled warrant, load-out queue
- WASDE report, stocks-to-use ratio
- Wash trading
- Weather derivative
- Weather-driven position
- WebSocket, WebSocket frame
- Weekly and zero-day options
- Weekly expiry and position limit
- Weighted and generalised least squares
- Weighted mid price, microprice
- What-if check
- When-issued trading
- Wholesaler and internalisation
- Win-probability model
- Window function
- Winner’s curse
- Winsorisation, trimmed mean
- Withdrawal allow-list
- Withholding tax and dividend enhancement
- Word embedding
- Work stealing
- Working-time opt-out, exempt employee
- Worst-case exposure
- Worst-of option
- Wrong-way risk