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Digital assets and currencies

Understand assets, networks and trading mechanics with sources you can check.

Banking

Islamic economics in Pakistan

The economic policies proposed under the banner of "Islamisation" in Pakistan include executive decrees on Zakāt (poor-due), Ushr (tithe), judicial changes that helped to halt land redistribution to the poor, and perhaps most importantly, elimination of riba (defined by activists as interest charged on loans and securities). Perhaps the foremost exponent of Islamisation among Pakistan's

Finance

Islamic finance products, services and contracts

Islamic finance products, services and contracts are financial products and services and related contracts that conform with Sharia (Islamic law). Islamic banking and finance has its own products and services that differ from conventional banking. These include Mudharabah (profit sharing), Wadiah (safekeeping), Musharakah (joint venture), Murabahah (cost plus finance), Ijar (leasing), Ha

Trading basics

ISO 20022

ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes, and a maintenance process for the repository content. The standard covers financial information transferred between financial institutions that includes payment transactions, securities trading and sett

Finance

ISO 4217

ISO 4217 is a standard published by the International Organization for Standardization (ISO) that defines alpha codes and numeric codes for the representation of currencies, and provides information about the relationships between currencies and their minor units. This data is published in three tables:

Finance

Israel Discount Bank

Israel Discount Bank, Ltd. (Hebrew: בנק דיסקונט לישראל) is an Israeli banking institution that offers a range of financial services, including retail banking, commercial banking, private banking, and financial services. The bank, headquartered in Tel Aviv, operates 112 branches throughout Israel.

Securities & exchanges

Israel Englander

Israel Alexander Englander (born September 30, 1948) is an American billionaire hedge fund manager. In 1989, he founded his hedge fund, Millennium Management, with Ronald Shear. The fund was started with US$35 million, and as of July 2026 had US$92 billion in assets under management.

Finance

Israel Securities Authority

The Israel Securities Authority (ISA; Hebrew: רשות ניירות ערך) is the national securities regulator of Israel. Established by law in 1968, the Israel Securities Authority sees its mandate as a way to ensure an efficient capital market based on transparency and fairness. The ISA works to fight against securities fraud, insider trading, questionable accounting practices and other activitie

Banking

It's a Wonderful Life

It's a Wonderful Life is a 1946 American Christmas fantasy drama film directed and produced by Frank Capra. It is based on the short story and booklet "The Greatest Gift", self-published by Philip Van Doren Stern in 1943, which itself is loosely based on the 1843 Charles Dickens novella A Christmas Carol.

Trading basics

Itautec

Itautec is a Brazilian electronics company founded in 1979. Currently, its a division of the Itaúsa group, a Brazilian business group.

Finance

Itô calculus

Itô calculus, named after Kiyosi Itô, extends the methods of calculus to stochastic processes such as Brownian motion (see Wiener process). It has important applications in mathematical finance, in stochastic differential equations, and more recently even in machine learning.

Banking

J.P. Morgan & Co.

J.P. Morgan & Co. was an American financial institution specialized in investment banking, asset management and private banking founded by financier J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, the largest banking institution in the world by market capitalization. The company has been historically referred to as th

Trading basics

James Stansfeld

Sir James Stansfeld, ( STANSS-feeld; 5 March 1820 – 17 February 1898) was a British Radical and Liberal politician and social reformer who served as Under-Secretary of State for India (1866), Financial Secretary to the Treasury (1869–71) and President of the Poor Law Board (1871) before being appointed the first President of the Local Government Board (1871–74 and 1886).

Securities & exchanges

Jane Street Capital

Jane Street Capital is an American electronic market making company headquartered in Manhattan, New York City. It is one of the largest market making firms in the United States along with Virtu and Citadel Securities. It employs approximately 3,000 people across its global offices, and trades across more than twenty countries.

Finance

Japanese financial system

The main elements of Japan's financial system are much the same as those of other major industrialized nations: a commercial banking system, which accepts deposits, extends loans to businesses, and deals in foreign exchange; specialized government-owned financial institutions, which fund various sectors of the domestic economy; securities companies, which provide brokerage services, unde

Securities & exchanges

Jay Clayton

Walter Joseph "Jay" Clayton III (born July 11, 1966) is an American attorney who has served as the 9th director of national intelligence since August 2026. Clayton has additionally served as the White House AI czar since October 2026. He served as the United States attorney for the Southern District of New York from 2025 to 2026 and as the chairman of the Securities and Exchange Commissi

Securities & exchanges

Jeff Yass

Jeffrey Steven Yass (born July 1958) is an American billionaire businessman. According to Forbes, Yass had a net worth of US$77.8 billion as of September 2026, up from $27.6 billion in April 2024. The richest man in Pennsylvania, he is also the 25th richest in the world. He is a registered Libertarian who gives money to conservative super PACs including Club for Growth Action and the Pro

Finance

Jeffrey Sachs

Jeffrey David Sachs ( SAKS; born November 5, 1954) is an American economist and public policy analyst. He is a professor at Columbia University, at which he was formerly director of The Earth Institute and currently director of the Center for Sustainable Development.

Finance

Jelly roll (options)

A jelly roll, or simply a roll, is an options trading strategy that captures the cost of carry of the underlying asset while remaining otherwise neutral. It is often used to take a position on dividends or interest rates, or to profit from mispriced calendar spreads.

Fiat currencies

Jem Bendell

Jem Bendell is an emeritus professor of sustainability leadership with the University of Cumbria in the UK. He is best known for originating in 2018 the concept of "deep adaptation" for individuals and communities anticipating (or already coping with) the consequences of ongoing climate change. In 2019 he founded the Deep Adaptation Forum to support peer-to-peer communications in develop

Finance

Jensen's alpha

In finance, Jensen's alpha (or Jensen's Performance Index, ex-post alpha) is used to determine the abnormal return of a security or portfolio of securities over the theoretical expected return. It is a version of the standard alpha based on a theoretical performance instead of a market index.

Trading basics

Jersey pound

The pound (French: Livre de Jersey, Jèrriais: Louis d'Jèrri; abbreviation: JEP; sign: £) is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland (see Bankno

Securities & exchanges

Joe Ritchie

Joseph Jay Ritchie (January 1, 1947 – February 22, 2022), better known as Joe Ritchie, was an options and commodities trader. In 1977, he founded Chicago Board Crushers, later renamed Chicago Research and Trading (CRT) and served as the head of Fox River Partners at the time of his death. Ritchie had ten children and was married to Sharon Ritchie for over fifty years.

Finance

Johann Tetzel

Johann Tetzel (c. 1465 – 11 August 1519) was a German Dominican friar and preacher. He was appointed Inquisitor for Poland and Saxony, later becoming the Grand Commissioner for indulgences in Germany. Tetzel was known for granting indulgences on behalf of the Catholic Church in exchange for tithes to the Church. Indulgences grant a degree of expiation of the punishments of purgatory due

Securities & exchanges

John C. Coffee

John C. Coffee Jr. (born November 15, 1944) is the Adolf A. Berle Professor of Law and director of the Center on Corporate Governance at Columbia Law School.

Securities & exchanges

John D'Agostino (financial services)

John Joseph D'Agostino is an American business executive and entrepreneur. D'Agostino is a senior advisor to Coinbase and Chairman of US Asset Management Committee for the Department for International Trade. He previously was managing director at the world's largest fund governance firm DMS Offshore, where he was also on the board of hedge funds providing independent oversight. He was pr

Trading basics

John Gore Organization

The John Gore Organization (JGO), formerly known as Key Brand Entertainment (KBE), is a producer and distributor of live theater in North America as well as an e-commerce company focused on theater. KBE was founded in the UK in 2004 by 14-time Tony Award-winning producer John Gore who is the company's chairman, CEO and owner.

Banking

John Law (economist)

John Law (pronounced [lɑs] in French in the traditional approximation of Laws, the colloquial Scottish form of the name; 21 April 1671 – 21 March 1729) was a Scottish-French economist and financier. He rose to power in France where he created a novel financial scheme for French public finances known as Law's System (French: le système de Law) with two institutions at its core, John Law's

Finance

Joint Forum

The Joint Forum (previously known as The Joint Forum on Financial Conglomerates) is an international group bringing together financial regulatory representatives from banking, insurance and securities. It works under the international bodies for these sectors, the Basel Committee on Banking Supervision (BCBS), the International Organization of Securities Commissions (IOSCO) and the Inte

Securities & exchanges

Jon Ruggles

Jon Paul Ruggles (born November 28, 1973) is an American executive known for founding Monroe Energy and creating an internal trading house for Delta Air Lines that earned $420 million in trading profits in its first year. According to CNBC, Delta hired Ruggles as vice-president of fuel in 2011 to help right a fuel-hedge book that had been losing the airline money. He managed to generate

Trading basics

Jordanian dinar

The Jordanian dinar (Arabic: دينار أردني; code: JOD; symbol: د.أ, unofficially abbreviated as JD) has been the currency of Jordan since 1950. The Central Bank of Jordan commenced operations in 1965 and became the sole issuer of Jordanian currency and central bank, in place of the Jordan Currency Board.

Payments & settlement

JPay

JPay is a privately held information technology and financial services provider focused on serving the United States prison system. With headquarters in Miramar, Florida, the company contracts with state, county, and federal prisons and jails to provide technologies and services including money transfer, email, video visitation and parole and probation payments to approximately 1.5 mill

Finance

Judgment defaulter

In China, judgment defaulter (Chinese: 失信被执行人) or court defaulters, commonly known as laolai (Chinese: 老赖) or untrustworthy person (Chinese: 失信人), is defined as a person who is able to fulfill legal obligations determined by the court, but has refused to do so, or illegally tries to evade enforcement such as hiding their assets.

Securities & exchanges

Judy Joo

Judy Joo (born December 9, 1974 or 1975) is an American chef, author, restaurateur, and television personality. She is best known as the host of Food Network's Korean Food Made Simple, and an Iron Chef UK and her restaurant Seoul Bird in London, Edinburgh, Las Vegas, and New York.

Payments & settlement

Jumio

Jumio is an online mobile payment and identity verification company that offers card and ID scanning and validation products for mobile and web transactions. They sell these products under the brand name "Netverify Trusted Identity as a Service."

Finance

Jump diffusion

Jump diffusion is a stochastic process that involves jumps and diffusion. It is a type of Lévy process. It has important applications in magnetic reconnection, coronal mass ejections, condensed matter physics, and pattern theory and computational vision.

Trading basics

Jurisdictional arbitrage

Jurisdictional arbitrage is the practice of taking advantage of discrepancies between competing legal jurisdictions. It takes its name from arbitrage, the practice in finance of purchasing a good at a lower price in one market and selling it at a higher price in another. Just as in financial arbitrage, the attractiveness of jurisdiction arbitrage depends largely on its transaction costs,

Finance

Just price

The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions. With intellectual roots in ancient Greek philosophy, it was advanced by St. Thomas Aquinas based on an argument against usury, which in his time referred to the making of any rate of interest on loans. It gave rise to the contractual principle of laesio enormis.

Finance

Kabutochō

Kabutochō (Japanese: 兜町), or more formally Nihonbashi Kabutochō (Japanese: 日本橋兜町), is a neighborhood of Nihonbashi, Chuo-ku, Tokyo, Japan. It is the location of the Tokyo Stock Exchange and many securities companies, so is considered Japan's equivalent of Wall Street in New York City.

Finance

Kagi chart

The Kagi chart (Japanese: かぎ足, romanized: kagiashi) is a chart used for tracking price movements and to make decisions on purchasing stock. It differs from traditional stock charts such as the Candlestick chart by being mostly independent of time. This feature aids in producing a chart that reduces random noise.

Finance

Kantox

Kantox Ltd is a multinational fintech company that offers Currency Management Automation software for corporate clients. Their software automates the pre-trade, trade, and post-trade stages of the corporate foreign exchange (FX) workflow.

Finance

Kelkar committee on PPP in India

Kelkar committee to evaluate PPP in India was a committee set up to study and evaluate the extant public-private partnership (PPP) model in India. The committee was set up by India's central government and headed by Vijay Kelkar. The committee was set up following 2015 Union budget of India by the then finance minister of India Arun Jaitley. It comprised 10 members. The committee submit

Trading basics

KGS (electronic toll collection)

KGS, acronym for Kartlı Geçiş Sistemi (literally: Pass System with Card), was an electronic toll collection system of contactless smart card type available on toll roads and toll bridges in Turkey. It was abolished on 1 February 2013. The system was adopted to avoid traffic congestion at toll plazas. An alternative to KGS is the OGS system of radio-frequency identification (RFID) transpo

Trading basics

Khanani & Kalia International

Khanani & Kalia International (Private) Limited (abbreviated KKI) was a Pakistani foreign exchange company that operated from 1992 to 2008, when it was closed down by the government of Pakistan for being involved in money laundering. Blocked by U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), it was found to have also involved in the illicit international moveme

Finance

King Abdullah Financial District

King Abdullah Financial District (KAFD) or simply Al-Maliyyah is a major mixed-use financial district located in the Al-Aqeeq neighbourhood of Riyadh, Saudi Arabia. It serves as the country's financial centre and a central hub for banking, investment, and professional services.

Payments & settlement

King's shilling

The King's shilling, sometimes called the Queen's shilling when the sovereign is female, is a historical slang term referring to the earnest payment of one shilling given to recruits to the armed forces of the United Kingdom in the 18th, 19th and 20th centuries, although the practice dates back to the end of the English Civil War. To "take the King's shilling" was to agree to serve as a

Payments & settlement

Klarna

Klarna Group plc is a Swedish financial technology company and digital bank. Founded in 2005 in Stockholm, Sweden, Klarna provides digital payments, short-term consumer credit, cards, banking services and merchant tools for online and in-store commerce. It is listed on the New York Stock Exchange and is best known for buy now, pay later payment products.

Trading basics

KlickEx

KlickEx is a New Zealand fintech company that provides a payment system for domestic, low value electronic foreign exchange transactions to Polynesian countries using a smart market retail system.

Trading basics

Klöckner & Co

Klöckner & Co SE (also known as Klöckner, KlöCo, or KCO) is a producer-independent processor of steel and metal products. With a network of 110 warehousing and processing locations, Klöckner & Co supplies over 60,000 customers, mainly in Europe and North America.

Trading basics

Knife money

Knife money (Chinese: 刀币) is the name of large, cast, bronze, knife-shaped commodity money produced by various governments and kingdoms in what is now China, approximately 2,500 years ago. Knife money circulated in China between 600 and 200 BCE during the Zhou dynasty.

Banking

Know your customer

Know your customer or know your client (KYC) laws, regulations and guidelines in financial services require regulated businesses and professionals to verify the identity of a customer, and the suitability and risks involved with maintaining a business relationship with them. These procedures fit within the broader scope of anti-money laundering (AML) and counter terrorism financing (CTF)

Assets

KodakCoin

KodakCoin (stylized KODAKCoin) was a Kodak-branded blockchain cryptocurrency, used to plan payments for licensed photographers. It was also able to generate individualized cryptocurrency for its users through Kodak KashMiner, a Bitcoin-mining computer. Critics characterized Kodak's association with the cryptocurrency as a "desperate money grab."

Trading basics

Korea Deposit Insurance Corporation

The Korea Deposit Insurance Corporation (KDIC) is a South Korean deposit insurance corporation, established in 1996 to protect depositors and maintain the stability of the financial system. The main functions of KDIC are insurance management, risk surveillance, resolution, recovery, and investigation.

Trading basics

Korea Exchange

Korea Exchange (KRX, Korean: 한국거래소) is the sole securities exchange operator in South Korea. It is headquartered in Busan, and has an office for cash markets and market oversight in Seoul.

Finance

Korea Financial Investment Association

The Korea Financial Investment Association (KOFIA; Korean: 금융투자협회; RR: Geumnyung Tuja Hyeophoe) is a non-profit, self-regulatory organization (SRO) in South Korea, founded under the Financial Investment Services and Capital Markets Act. It was established on February 4, 2009 through the merger of the Korea Securities Dealers Association, the Korea Futures Association, and the Asset Manag

Finance

Korea Minting and Security Printing Corporation

The Korea Minting, Security Printing and ID Card Operating Corporation (KOMSCO; Korean: 한국조폐공사) is a state-owned corporation which is responsible to print and mint the banknotes and coins and other government documents. Its headquarters are located in Daejeon, South Korea.

Finance

Korn–Kreer–Lenssen model

The Korn–Kreer–Lenssen model (KKL model) is a discrete trinomial model proposed in 1998 by Ralf Korn, Markus Kreer and Mark Lenssen to model illiquid securities and to value financial derivatives on these.

Trading basics

Kounta (software company)

Kounta is an Australian software company founded in 2012. The company's flagship product, Kounta, comprises a cloud based point of sale mobile app.

Assets

Kraken (cryptocurrency exchange)

Kraken (legally named Payward, Inc.) is a US-based cryptocurrency exchange, founded in 2011. It is the first cryptocurrency company to obtain a bank charter. In 2025, Kraken began allowing the trading of tokenized equities by non-US customers.

Trading basics

KSE 100 Index

The KSE-100 Index is a total return stock index acting as a benchmark to compare prices on the Pakistan Stock Exchange (PSX) over a period.

Assets

KuCoin

KuCoin is a Seychelles-based cryptocurrency exchange. It was founded in China in 2017, but was later moved to Singapore following the Chinese government's restrictions on cryptocurrency companies, and eventually to the Seychelles.

Finance

Kurtosis risk

In statistics and decision theory, kurtosis risk is the risk that results when a statistical model assumes the normal distribution, but is applied to observations which have a tendency to occasionally be much further (in terms of number of standard deviations) from the average than is expected for a normal distribution.

Assets

L3cos

L3COS (Level 3 Consensus Operating System) is an algorithm for digitising processes based on Blockchain, which has a three-level structure and is distributed as Platform as a Service for state bodies and businesses. The algorithm is based on the blockchain, in which any decision made at any of the levels will become part of the common chain. The technology involves a three-level framewor

Trading basics

La Caldera (NFT collection)

La Caldera is a non-fungible token (NFT) collection created by Colombian singer-songwriter Shakira and Australian graphic designer BossLogic released on 21 September 2021. The collection consists of four pieces named "Zenith", "Caloris", "Watch, Don't Touch", and "Save Me from Myself". Each piece features music by Shakira and animated, digitally altered pictures of Shakira in the fantasy

Trading basics

Labour-sponsored venture capital corporation

A labour-sponsored venture capital corporation (LSVCC), known alternately as labour-sponsored investment fund (LSIF) or simply retail venture capital (RVC), is a fund managed by investment professionals that invests in small to mid-sized Canadian companies. The Canadian federal government and some provincial governments offer tax credits to LSVCC investors to promote the growth of such c

Trading basics

Lagos Preparatory School

Lagos Preparatory & Secondary School (LPSS) is a private co-educational day school in the affluent Ikoyi suburb of Lagos, Nigeria, and has adopted the UK National Curriculum; it was established in 2002. LPSS which was formerly known as LPS, provides Early Years, Primary and Secondary school education for children from 18 months up to age 16+.

Trading basics

Land banking

Land banking is the practice of aggregating parcels of land for future sale or development.

Finance

LandlordInvest

LandlordInvest is a peer-to-peer lending platform that enables people to invest in residential, commercial, and semi-commercial bridging and development loans. The platform's target audiences are professional property investors and landlords. It was the first residential property-backed Innovative Finance ISA made available to UK savers.

Finance

Landmark Credit Union

Landmark Credit Union is an American credit union providing banking services in Wisconsin and Northern Illinois . It operates as a cooperative and is owned by its members. Landmark provides banking services including, savings accounts, checking accounts, mortgages and investments.

Payments & settlement

LankaQR

LankaQR, stylised in all caps as LANKAQR, is a national QR code payment system in Sri Lanka, initiated by the Central Bank of Sri Lanka (CBSL) in collaboration with LankaClear (Pvt) Ltd and licensed financial institutions. The standard was introduced on 12 October 2018 and formally launched on 11 March 2019, aiming to promote a cashless society, enhance financial inclusion, and reduce re

Trading basics

Latin American debt crisis

The Latin American debt crisis (Spanish: Crisis de la deuda latinoamericana; Portuguese: Crise da dívida latino-americana) was a financial crisis that originated in the early 1980s (and for some countries starting in the 1970s), often known as La Década Perdida (The Lost Decade), when Latin American countries reached a point where their foreign debt exceeded their earning power and they

Trading basics

Latin Monetary Union

The Monetary Convention of 23 December 1865 was a unified system of coinage that provided a degree of monetary integration among several European countries, initially Belgium, France, Italy and Switzerland, at a time when the circulation of banknotes in these countries remained relatively marginal. In early 1866, it started being referred to in the British press as the Latin Monetary Uni

Finance

Law of the British Virgin Islands

The law of the British Virgin Islands is a combination of common law and statute, and is based heavily upon English law.

Finance

Layaway

Layaway (lay-by in Australia, New Zealand, and South Africa) is a purchase agreement in which the seller reserves an item for a consumer until the consumer completes all the payments necessary to pay for that item, and only then hands over the item.

Networks

LBRY

LBRY (pronounced "library") is a blockchain-based file-sharing and payment network that is primarily used for social networks and video platforms.

Finance

Le Freeport

Le Freeport, formerly known as Singapore Freeport, is a high-security storage and display facility in Singapore. Since 2022, the facility is owned by Chinese-born Singaporean cryptocurrency billionaire Jihan Wu through his holding company Bitdeer Technologies. Prior to that, a majority stake was held by Natural Le Coultre S.A. of art dealer and shipper Yves Bouvier. Opened near Singapore

Trading basics

Lease

A lease is a contractual arrangement calling for the user (referred to as the lessee) to pay the owner (referred to as the lessor) for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. In essence, a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal

Trading basics

Leaseback

Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. The concept can also be applied by

Trading basics

Leasehold estate

A leasehold estate or a leasehold interest is an ownership of a temporary right to hold land or property in which a lessee or a tenant has rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property.

Trading basics

Lebanese pound

Lebanese pound or Lebanese lira is the currency of Lebanon. It was formerly divided into 100 piastres (Arabic: قرش qirsh) but, because of high inflation during the Lebanese Civil War (1975–1990), subunits were discontinued.

Trading basics

Legal liability

In law, liable means "responsible or answerable in law; legally obligated". Legal liability concerns both civil law and criminal law and can arise from various areas of law, such as contracts, torts, taxes, or fines given by government agencies. The claimant is the one who seeks to establish, or prove, liability.

Finance

Legal risk

Legal risk as a subset of operational risk that comprises the uncertainty associated with a business becoming a subjects of legal liability and obligations as a result of its operation.

Fiat currencies

Legal tender

Legal tender is a form of money that the law recognises as valid for the discharge of a monetary debt in a jurisdiction. What constitutes legal tender varies between jurisdictions.

Payments & settlement

Lemon Wallet

Lemon Wallet was a cloud-based digital wallet that allowed users to store digital copies of credit cards, debit cards, reward cards, as well as identification, and other card information. The service was released in July 2011 and the company is based in Palo Alto, California, United States. Wences Casares was the company's CEO.

Banking

Lender of last resort

In public finance, a lender of last resort (LOLR) is a financial entity, generally a central bank, that acts as the provider of liquidity to a financial institution which finds itself unable to obtain sufficient liquidity in the interbank lending market when other facilities or such sources have been exhausted. It functions as a government guarantee of liquidity to financial institutions

Finance

Lender option borrower option

Lender option borrower option or lender's option borrower's option (LOBO) is a long term borrowing instrument available in the United Kingdom. They involve periodic interest re-fixings, which incorporates two linked options:

Trading basics

Lesotho loti

The loti (plural: maloti) is the currency of the Kingdom of Lesotho. It is subdivided into 100 sente (pl. lisente). It is pegged to the South African rand on a 1:1 basis through the Common Monetary Area, and both are accepted as legal tender within Lesotho. The loti was first issued in 1966, albeit as a non-circulating currency. In 1980, Lesotho issued its first coins denominated in both

Finance

Let Wall Street Pay for the Restoration of Main Street Bill

The proposed bill Let Wall Street Pay for the Restoration of Main Street Bill is officially contained in the United States House of Representatives bill entitled H.R. 4191: Let Wall Street Pay for the Restoration of Main Street Act of 2009. It is a proposed piece of legislation that was introduced into the United States House of Representatives on December 3, 2009 to assess a tax on US f

Finance

Leverage cycle

Leverage is defined as the ratio of the asset value to the cash needed to purchase it. The leverage cycle can be defined as the procyclical expansion and contraction of leverage over the course of the business cycle. The existence of procyclical leverage amplifies the effect on asset prices over the business cycle.

Trading basics

Leveraged buyout

A leveraged buyout (LBO) is one company's acquisition of another company using a significant amount of borrowed money (leverage) to meet the cost of acquisition. The assets of the company being acquired are often used as collateral for the loans, along with the assets of the acquiring company. The use of debt, which normally has a lower cost of capital than equity, serves to reduce the o

Trading basics

Leveraged recapitalization

In corporate finance, a leveraged recapitalization is a change of the company's capital structure, usually substitution of debt for equity.

Securities & exchanges

Lewis Ranieri

Lewis S. Ranieri (; born 1947) is a former bond trader, and founding partner and current chairman of Ranieri Partners, a real estate firm.

Trading basics

Liability-driven investment strategy

Liability-driven investment (LDI) is an asset–liability management approach that designs the asset portfolio around the size, timing, and risk profile of known obligations. It is used by defined benefit pension schemes and insurers to reduce funding volatility and to help ensure cash is available when benefits fall due.

Trading basics

Liber Censuum

The Liber Censuum Romanæ Ecclesiæ (Latin for "Census Book of the Roman Church"; also referred to as the Codex of Cencius) is an eighteen-volume (originally) financial record of the real estate revenues of the papacy from 492 to 1192. The span of the record includes the creation of the Apostolic Camera and the effects of the Gregorian Reform. The work constitutes the "latest and most auth

Payments & settlement

Liberty Reserve

Liberty Reserve was a Costa Rica-based centralized digital currency service that billed itself as the "oldest, safest and most popular payment processor, serving millions all around a world". Liberty Reserve was conceived as a "PayPal for the unbanked," allowing the 2.5 billion people without bank accounts or credit histories to participate in the modern economy. The site had over one mi

Banking

Libor

The London Inter-Bank Offered Rate (Libor LY-bor) was an interest rate average calculated from estimates submitted by the leading banks in London. Each bank estimated what it would be charged were it to borrow from other banks. It was the primary benchmark, along with the Euribor, for short-term interest rates around the world. Libor was phased out at the end of 2021, with market partic

Trading basics

LIBOR market model

The LIBOR market model, also known as the BGM Model (Brace Gatarek Musiela Model, in reference to the names of some of the inventors) is a financial model of interest rates. It is used for pricing interest rate derivatives, especially exotic derivatives like Bermudan swaptions, ratchet caps and floors, target redemption notes, autocaps, zero coupon swaptions, constant maturity swaps and

Trading basics

Life settlement

A life settlement or viatical settlement (from Latin viaticum, something received before death) is the sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit, to a third party investor. Such a sale provides the policy owner with a lump sum. The third party becomes the new owner of the policy, pays the m

Trading basics

Lightning Network

The Lightning Network (LN) is a payment protocol built on the bitcoin blockchain. It is intended to enable fast transactions among participating nodes (independently run members of the network) and has been proposed as a solution to the bitcoin scalability problem.

Trading basics

Lightspeed Commerce

Lightspeed Commerce is a point-of-sale and e-commerce software provider based in Montreal, Quebec, Canada. It was founded in 2005 by Dax da Silva, who was its CEO until February 2022. It has offices in Montreal, New York, Ottawa, Toronto, London, Belfast, Amsterdam, Berlin, Geneva, Ghent, Melbourne, Ulyanovsk, Yerevan and Tbilisi. It offers its services to retail, restaurant, and hospit

Finance

Liikanen report

The Liikanen Report or "Report of the European Commission’s High-level Expert Group on Bank Structural Reform" (known as the "Liikanen Group") is a set of recommendations published in October 2012 by a group of experts led by Erkki Liikanen, governor of the Bank of Finland and ECB council member. On 3 July 2013, by large majority the European Parliament adopted an own initiative report c