Fill or Kill An order which must be bid or offered to the trading pit three times. If not filled by the third time, it is immediately cancelled.

Foreign Exchange The rate for converting one currency for another.

Foreign Exchange Market This is where currencies are traded internationally. Over a trillion dollars-worth of foreign exchange is traded globally every day, making forex larger than all bond markets put together. Foreign exchange markets exist in the form of spot, forward, futures and options markets.

Gap A space caused by no overlapping of price ranges on two consecutive days, on a chart.

Gold Standard A national monetary system recognizing old as a medium of exchange or measure of value.

Good Until Cancelled A type of order that will not expire at the end of a trading session, they will continue to work until the customer instructs otherwise. These orders typically will be cancelled at the end of the month.

Gross Domestic Product Total value of a country's output, income or expenditure produced within the country's physical borders Gross National Product Gross domestic product plus "factor income from abroad" - income earned from investment or work abroad.

Hard Currency Any currency that is backed by gold and that can be easily converted into another currency.

Head and Shoulders A price pattern made by recorded high-low-close bars on a bar chart. Chartists say the main price move after the breakout will be similar to the distance upward in the middle portion or "head" of the pattern, in the opposite direction. The same reasoning applies to a pattern with the head extending down.

Hedging To offset or reduce a possible loss by buying and selling other instruments that are likely to rise and fall in opposite directions under the same conditions.

IFEMA International Foreign Exchange Master Agreement Inconvertible Currency Any currency that cannot be exchanged for other currencies, either because this is forbidden by the foreign exchange regulations.

Indicative Quote A market-maker's price which is not firm.

Inflation A state of rising prices caused by intensive consumer buying and usually proportionately lesser increases in industrial output, the latter usually associated with full utilization of a country's plant and equipment.

Initial Margin The amount of money that is required by a broker or firm in order to have the ability to buy or sell any trading instrument.

Inter-bank Rates The bid and offer rates at which international banks place deposits with each other.

Inter-dealer Broker A specialist broker who acts as an intermediary between market-makers who wish to buy or sell securities to improve their book positions, without revealing their identities to other market-makers.