Key currency Small countries, which are highly dependent on exports, orientate their currencies to their major trading partners, the constituents of a currency basket.

Left-hand Side Taking the left hand side of a two way quote or simply selling the quoted currency.

Limit Order An order to buy or sell a specified amount of a specific instrument at a specified price or better.

Liquidation A transaction that will offset or "close out" any open position that a customer may have.

Long To purchase or hold any instrument.

Maintenance Margin The minimum amount that an investor must keep on deposit in their margin account at all times in respect of each open contract.

Margin A good faith deposit that must be in your margin account in order to place any trades.

Margin Call A demand for additional funds to be deposited in a margin account to meet margin requirements because of adverse future price movements.

Market Maker A market maker is a person or firm authorized to create and maintain a market in an instrument.

Market Order An order to buy or sell a financial instrument immediately at the best possible price.

Offer The price at which a seller is willing to sell. The best offer is the lowest such price available.

Offset The closing-out or liquidation of a futures position.

OTC A market conducted directly between dealers and principals via a telephone and computer network rather than a regulated exchange trading floor.