Industry WIKI

A local volatility model, in mathematical finance and financial engineering, is an option pricing model that treats volatility as a function of both the current asset level

Lombard banking refers to the business of Italian moneylenders generally referred to as "Lombards" (in medieval times Northern Italy was referred as Lombardy, a much larger region than the modern Lombardy). The term was often used in a derogatory sense, as Lombard banking was associated with the sin of usury.

Lombard Street () is a street notable for its connections with the City of London's merchant, banking and insurance industries, stretching back to medieval times.

The London congestion charge is a fee charged on most cars and motor vehicles being driven within the Congestion Charge Zone (CCZ) in Central London between 7:00 am and 6:00 pm Monday to Friday, and between 12:00 noon and 6:00 pm Saturday and Sunday. Enforcement is primarily based on automatic number-plate recognition (ANPR).

The London Gold Pool was the pooling of gold reserves by a group of eight central banks in the United States and seven European countries that agreed on 1 November 1961 to cooperate in maintaining the Bretton Woods System of fixed-rate convertible currencies and defending a gold price of US$35 per troy ounce by interventions in the London gold market.

The London Metal Exchange (LME) is a futures and forwards exchange in London, United Kingdom with the world's largest market in standardised forward contracts, futures contracts and options on base metals. The exchange also offers contracts on ferrous metals and precious metals. The company also allows for cash trading. It offers hedging, worldwide reference pricing, and the option of ph

The London Platinum and Palladium Market (LPPM) is an over-the-counter trading centre for platinum and palladium and a commodity trading association. London has always been a centre for the research in and development of most of the platinum group metals. Trade was established in the early 20th century, typically by existing dealers of gold and silver. The LPPM has been involved in fixin

In finance, a long position in a financial instrument means the holder of the position owns a positive amount of the instrument. The holder of the position has the expectation that the financial instrument will increase in value. This is known as a bullish position. The term "long position" is often used in context of buying options contracts.

Long/short equity is an investment strategy generally associated with hedge funds. It involves buying equities that are expected to increase in value and selling short equities that are expected to decrease in value. This is different from the risk reversal strategies where investors will simultaneously buy a call option and sell a put option to simulate being long in a stock.

Longevity insurance, describes the process of mitigating longevity risk. In the United States, such risk mitigation is often achieved using a longevity annuity or Tontine, qualifying longevity annuity contract (QLAC), deferred income annuity, an annuity contract designed to provide a regular income for life starting at a pre-established future age, e.g. 85, and purchased many years befor

Lookback options, in the terminology of finance, are a type of exotic option with path dependency, among many other kind of options. The payoff depends on the optimal (maximum or minimum) underlying asset's price occurring over the life of the option. The option allows the holder to "look back" over time to determine the payoff. There exist two kinds of lookback options: with floating st

The historic Los Angeles Stock Exchange Building, also called the Pacific Stock Exchange Building, is located in the Spring Street Financial District within the Historic Core in Los Angeles. It was the headquarters of the Los Angeles Stock Exchange and the Pacific Stock Exchange from 1931 to 1986. It was then the site of two nightclubs.

Lottery bonds are a type of government bond in which some randomly selected bonds within the issue are redeemed at a higher value than the face value of the bond. Lottery bonds have been issued by public authorities in Belgium, Ireland, Pakistan, Sweden, New Zealand, the UK and other nations.

The Louvre Accord (formally, the Statement of the G6 Finance Ministers and Central Bank Governors) was an agreement, signed on February 22, 1987, in Paris, that aimed to stabilize international currency markets and halt the continued decline of the US dollar after 1985 following the Plaza Accord. It was considered, from a relational international contract viewpoint, as a rational comprom

In investing and finance, the low-volatility anomaly is the observation that low-volatility securities have higher returns than high-volatility securities in most markets studied. In other words, assets whose prices or returns change wildly pay worse than assets whose prices or returns are steady. This is an example of a stock market anomaly since it contradicts the central prediction of

The Lucas islands model is an economic model of the link between money supply and price and output changes in a simplified economy using rational expectations. It delivered a new classical explanation of the Phillips curve relationship between unemployment and inflation. The model was formulated by Robert Lucas, Jr. in a series of papers in the 1970s.

Lucky Baskhar (stylised as LUCKY BASKHA₹) is a 2024 Indian Telugu-language black comedy heist drama film written and directed by Venky Atluri. Produced by Sithara Entertainments, Fortune Four Cinema and Srikara Studios, the film stars Dulquer Salmaan in the titular role, alongside Meenakshi Chaudhary, Tinnu Anand, P. Sai Kumar, Ramki, Raghu Babu, Sarvadaman D. Banerjee, Sachin Khedekar a

Luke Dashjr is an American software developer known for his long-standing role in the development of Bitcoin Core and for co-founding the Bitcoin mining pool Ocean.

M-PESA (M for mobile, PESA is Swahili for money) is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, Democratic Republic of the Congo (DRC), Lesotho, Ghana, Egypt, and Ethiopia. The rollouts in India, Romania, and Alban

The M6 Toll, referred to on some signs as the Midland Expressway (originally named the Birmingham Northern Relief Road or BNRR), and stylised as M6toll, connects M6 Junction 3a at the Coleshill Interchange to M6 Junction 11A at Wolverhampton with 27 miles (43 km) of six-lane motorway.

Macro risk is financial risk that is associated with macroeconomic or political factors. There are at least three different ways this phrase is applied. It can refer to economic or financial risk found in stocks and funds, to political risk found in different countries, and to the impact of economic or financial variables on political risk. Macro risk can also refer to types of economi

Macromarketing is an interdisciplinary field that studies marketing as a provisioning technology of society. It focuses on marketing-society interactions including such topics as marketing systems, aggregate consumer behavior, market regulation, social responsibility, justice and ethics in markets, and sustainable marketing. By comparison, "micromarketing" deals with how firms decide wha

Macroprudential regulation is the approach to financial regulation that aims to mitigate risk to the financial system as a whole (or "systemic risk"). After the 2008 financial crisis, there has been a growing consensus among policymakers and economic researchers about the need to re-orient the regulatory framework towards a macroprudential perspective.

Madhya Pradesh Stock Exchange (MPSE) was a stock exchange located at Indore, Madhya Pradesh, India. It was a SEBI recognized Permanent Stock Exchange, until its de-recognition in 2015. Established in 1919, it was 3rd oldest stock exchange in India, and a leading stock exchange under outcry system.

Magic formula investing is an investment technique outlined by Joel Greenblatt that uses the principles of value investing.

Magnetic ink character recognition code, known in short as MICR code, is a character recognition technology used mainly by the banking industry to streamline the processing and clearance of cheques and other documents. MICR encoding, called the MICR line, is at the bottom of cheques and other vouchers and typically includes the document-type indicator, bank code, bank account number, che

Mahmoud Reza Banki (Persian: محمودرضا بانکی; born 1976) is an Iranian-American scientist, management consultant and business executive.

The Makati Central Business District (Makati CBD) is a privately owned financial and central business district in the Philippines located in the heart of Makati in Metro Manila. It is politically and administratively known as "Central Cluster" in the West District of Makati. It is different from the Makati civic center known as "Makati Poblacion" which is situated at the northeast portio

The Malaysian Electronic Payment System (MEPS) is an interbank network service provider in Malaysia. In August 2017, MEPS merged with Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear) to form Payments Network Malaysia Sdn Bhd (PayNet).

Malone Lam Yu Xuan (born 19 July 2004) is a Singaporean man convicted for his connection to a cryptocurrency theft and money laundering scheme exceeding $260 million, according to the U.S. Attorney's Office for the District of Columbia.

A managed float regime, also known as a dirty float, is a type of exchange rate regime where a currency's value is allowed to fluctuate in response to foreign-exchange market mechanisms (i.e., supply and demand), but the central bank or monetary authority of the country intervenes occasionally to stabilize or steer the currency's value in a particular direction. This is in contrast to a

A managed futures account (MFA) or managed futures fund (MFF) is a type of alternative investment in the US in which trading in the futures markets is managed by another person or entity, rather than the fund's owner. Managed futures accounts include, but are not limited to, commodity pools. These funds are operated by commodity trading advisors (CTAs) or commodity pool operators (CPOs),

A management buyout (MBO) is a form of acquisition in which a company's existing managers acquire a large part, or all, of the company, whether from a parent company or individual. Management and leveraged buyouts became noted phenomena of 1980s business economics and most frequently refer to leveraged transactions where managers take a company private. These transactions, while originat

In the investment advisory industry, a management fee is a periodic payment that is paid by an investment fund to the fund's investment adviser for investment and portfolio management services. Often, the fee covers not only investment advisory services, but administrative services as well. Usually, the fee is calculated as a percentage of assets under management.

"Manager of managers" (MoM) is an investment approach by institutions who proprietary manage capital. Different investment managers are selected and investment mandates given to them. The allocated capital is then managed in Separate Managed Accounts by the respective selected asset managers. It is a solution often offered by big asset management divisions from investment banks but also

Managerial finance is the branch of finance that concerns itself with the financial aspects of managerial decisions.

Manchester City Football Club dates back to 1894, when Ardwick A.F.C. dissolved and was reformed as Manchester City Football Club Ltd. Over recent years, the state of ownership and finances of Manchester City Football Club has been tumultuous, featuring various owners of contrasting fortunes, in line with the club's inconsistent trend on the pitch. The club is currently owned by the City

Manual fare collection is the practice of collecting fares manually (without the aid of an automated machine). "Fare collection" generally refers to the collection of fares in the transport industry in return for a ticket or passes to travel. Commonly used on buses and train transport systems (in the UK; in Poland, for example, buying and validating the tickets by machine is the passenge

Manulife Bank of Canada (operating as Manulife Bank; French: Banque Manuvie du Canada) is a wholly-owned subsidiary of Manulife. As a direct bank, it offers high-interest chequing & savings accounts, credit cards, lines of credit, and mortgages, including Manulife One. Since it was established in 1993, Manulife Bank has grown to more than $29 billion in assets and serves customers across

The pound (abbreviation: IMP; sign: £), or Manx pound (Manx: Punt Manninagh; in order to distinguish it from other similar-named currencies), is the currency of the Isle of Man, at parity with sterling. The Manx pound is divided into 100 pence. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government.

Marcel Alfons Gilbert van Meerhaeghe (12 April 1921 – 22 March 2014) was a Belgian economist, professor, publicist and columnist.

Marex Group plc is a financial services company. The company's clients are predominantly commodity producers and consumers, banks, hedge funds, asset managers, broking houses, commodity trading advisors and professional traders. Marex currently has over 2,300 employees and over 40 offices across Europe, USA and APAC.

In finance, margin is the collateral that a holder of a financial instrument has to deposit with a counterparty (most often a broker or an exchange) to cover some or all of the credit risk the holder poses for the counterparty. This risk can arise if the holder has done any of the following:

The Margin-at-Risk (MaR) is a quantity used to manage short-term liquidity risks due to variation of margin requirements, i.e. it is a financial risk occurring when trading commodities. It is similar to the Value-at-Risk (VaR), but instead of simulating EBIT it returns a quantile of the (expected) cash flow distribution.

In mathematical finance, Margrabe's formula is an option pricing formula applicable to an option to exchange one risky asset for another risky asset at maturity. It was derived by William Margrabe in 1978. Margrabe's paper has been cited by over 2000 subsequent articles.

Mark Spitznagel (; born March 5, 1971) is an American investor and hedge fund manager. He is the founder, owner, and chief investment officer of Universa Investments, a hedge fund management firm based in Miami, Florida.

Mark-to-market (MTM or M2M) or fair value accounting is accounting for the "fair value" of an asset or liability based on the current market price, or the price for similar assets and liabilities, or based on another objectively assessed "fair" value. Fair value accounting has been a part of Generally Accepted Accounting Principles (GAAP) in the United States since the early 1990s. Fail

In economics, a market is any structure that allows buyers and sellers to exchange goods, services and information. The exchange of goods or services, either with money or without it, is a transaction. In free market economies, they are the process by which prices and allocations of goods and services are established. Markets facilitate trade and enable the distribution and allocation of

In economics and finance, market abuse may arise in circumstances in which investors in a financial market have been unreasonably disadvantaged, directly or indirectly, by others who:

A market anomaly in a financial market is predictability that seems to be inconsistent with (typically risk-based) theories of asset prices. Standard theories include the capital asset pricing model and the Fama-French Three Factor Model, but a lack of agreement among academics about the proper theory leads many to refer to anomalies without a reference to a benchmark theory (Daniel and

A market basket or commodity bundle is a fixed list of items, in given proportions. Its most common use is to track the progress of inflation in an economy or specific market. That is, to measure the changes in the value of money over time. A market basket is also used with the theory of purchasing price parity to measure the value of money in different places.

In economics, market clearing is the process by which, in an economic market, the supply of whatever is traded is equated to the demand so that there is no excess supply or demand, ensuring that there is neither a surplus nor a shortage. The new classical economics assumes that in any given market, assuming that all buyers and sellers have access to information and that there is no "fric

In finance, market data is price and other related data for a financial instrument reported by a trading venue such as a stock exchange. Market data allows traders and investors to know the latest price and see historical trends for instruments such as equities, fixed-income products, derivatives, and currencies.

In finance, market depth is a real-time list displaying the quantity to be sold versus unit price. The list is organized by price level and is reflective of real-time market activity. Mathematically, it is the size of an order needed to move the market price by a given amount. If the market is deep, a large order is needed to change the price.

In neoclassical economics, a market distortion is any event in which a market reaches a market clearing price for an item that is substantially different from the price that a market would achieve while operating under conditions of perfect competition and state enforcement of legal contracts and the ownership of private property. In other words, a distortion is "any departure from the i

The Market Identifier Code (MIC) (ISO 10383) is a unique identification code used to identify securities trading exchanges, regulated and non-regulated trading markets. The MIC is a four alphanumeric character code, and is defined in ISO 10383 by the International Organization for Standardization (ISO). For example, the US NASDAQ market is identified by MIC XNAS.

In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can quickly purchase or sell an asset without causing a drastic change in the asset's price. Liquidity involves the trade-off between the price at which an asset can be sold, and how quickly it can be sold. In a liquid market, the trade-off is mild: one can sell quickly without havi

A market maker or liquidity provider is a company or individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the difference, which is called the bid–ask spread or turn. This stabilizes the market, reducing price variation (volatility) by setting a trading price range for the asset.

In economics and finance, market manipulation occurs when someone intentionally alters the supply or demand of a security to influence its price. This can involve spreading misleading information, executing misleading trades, or manipulating quotes and prices.

Market microstructure is a branch of finance concerned with the details of how exchange occurs in markets. While the theory of market microstructure applies to the exchange of real or financial assets, more evidence is available on the microstructure in the financial field due to the availability of transactions data from them. The major thrust of market microstructure research examines

Market portfolio is an investment portfolio that theoretically consisting of a weighted sum of every asset in the market, with weights in the proportions that they exist in the market, with the necessary assumption that these assets are infinitely divisible.

Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. It is an important component of business strategy and a major factor in maintaining competitiveness. Market research helps identify and analyze market needs, market size and the competition. Its techniques encompass both qualitative

Market risk is the risk of losses in positions arising from movements in market variables like prices and volatility.

Market sentiment, also known as investor attention, is the general prevailing attitude of investors as to anticipated price development in a market. This attitude is the accumulation of a variety of fundamental and technical factors, including price history, economic reports, seasonal factors, and national and world events. If investors expect upward price movement in the stock market, t

A market trend is a perceived tendency of the financial markets to move in a particular direction over time. Analysts classify these trends as secular for long time-frames, primary for medium time-frames, and secondary for short time-frames. Traders attempt to identify market trends using technical analysis, a framework which characterizes market trends as predictable price tendencies wi

Market value or OMV (open market valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with open market value, fair value or fair market value, although these terms have distinct definitions in different standards, and differ in some circumstances.

Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of business management and commerce.

Marketing ethics is an area of applied ethics that examines the moral principles and standards governing the practice and regulation of marketing. It addresses ethical issues arising in areas such as advertising, promotion, pricing, product development, and distribution. Certain aspects of marketing ethics, particularly advertising and promotional practices, overlap with media ethics and

Marketing failure is when a commercial marketing effort by a business fails to accomplish anything positive, or alternately when a commercial product is either totally or mostly rejected by its potential customers.

Marketing management is the strategic organizational discipline that focuses on the practical application of marketing orientation, techniques and methods inside enterprises and organizations and on the management of marketing resources and activities.

The marketing of Apple Inc. encompasses the company's advertising, distribution, and branding. After Steve Jobs returned to Apple in 1997, he made industrial design a key element of the company's branding strategy. Apple's public image has been shaped by several acclaimed advertisements made in partnership with TBWA\Chiat\Day, including "1984" and "Get a Mac". Many of Apple's product ann

Marketing strategy refers to the set of coordinated actions undertaken by an organization to increase sales, strengthen market presence, and achieve sustainable competitive advantage. It provides a structured and deliberate approach to promoting products or services by aligning organizational resources, market insights, and long-term objectives through systematic planning and analysis.

Markets in Crypto-Assets (MiCA or MiCAR) is a regulation in European Union (EU) law that establishes a regulatory framework for crypto-assets in the EU, including cryptocurrencies, security tokens and stablecoins. It was adopted by the EU Parliament on 20 April 2023 and has applied in full since December 2024.

Markets in Financial Instruments Directive 2014 (2014/65/EU, commonly known as MiFID 2) is a directive of the European Union (EU). Together with Regulation No 600/2014 it provides a legal framework for securities markets, investment intermediaries, in addition to trading venues. The directive provides harmonised regulation for investment services of the member states of the European Econ

Marousi or Maroussi (Greek: Μαρούσι), also known as Amarousio (Αμαρούσιο), is a city in the northeastern part of the Athens urban area, Greece. Marousi dates back to the era of the ancient Athenian Republic; its ancient name was Athmonon (Ἄθμονον) and it represented one of the 10 Athenian sub-cities. The area held a main ancient temple, where Amarysia Artemis, the goddess of hunting, wa

In the Catholic Church, a Mass stipend is a donation given by the laity to a priest for celebrating a Mass for a particular intention. Despite the name, it is considered as a gift or offering (Latin: stips) freely given rather than a payment (Latin: stipendium) as such.

Massa Frumentaria or Monte Frumentario was a medieval grain fund established in Malta. As a public institution, it was tasked with the importation and distribution of wheat and other commodities, while also serving as a precursor to an investment bank. The fund was administered by the Università, a municipal body under the control of the Knights of St. John, and later continued under Bri

Master data management (MDM) is a discipline in which business and information technology collaborate to ensure the uniformity, accuracy, stewardship, semantic consistency, and accountability of the enterprise's official shared master data assets.

A Master of Finance is a professional master's degree awarded by higher education institutions preparing students for careers in finance.

Mastercard Inc. (stylized as MasterCard from 1979 to 2016 and as mastercard since 2016) is an American multinational payment card services corporation headquartered in Purchase, New York. It provides payment transaction processing and other related-payment services, including travel-related payments and bookings. Its principal business globally is to process payments between the banks of

Matchbook FX was an Internet-based electronic communication network ("ECN" or Electronic Trading Network) for trading currency online in the Spot-FX or foreign exchange market. It operated between 1999 and 2002.

Maya (formerly known as PayMaya) is a brand of Filipino financial services and digital payments based in Metro Manila, Philippines.

MazaCoin (Maza, MZC) is a cryptocurrency launched in 2014 by developer Payu Harris. It was created with the goal of providing a digital currency for the Oglala Lakota tribe in South Dakota.

The McClellan oscillator is a market breadth indicator used in technical analysis by financial analysts of the New York Stock Exchange to evaluate the balance between the advancing and declining stocks. The McClellan oscillator is based on the Advance-Decline Data and it could be applied to stock market exchanges, indexes, portfolio of stocks or any basket of stocks.

Mean reversion is a financial term for the assumption that an asset's price will tend to converge to the average price over time.

Med Jones (also known as Med Yones) is an American economist and strategist. He currently serves as the president of the International Institute of Management, a think tank and research organization based in the United States, focused on government, business, and investment strategies. He also serve as an advisory board member at its education subsidiary, the Executive Education Institu

Medical underwriting is a health insurance term referring to the use of medical or health information in the evaluation of an applicant for coverage, typically for life or health insurance. As part of the underwriting process, an individual's health information may be used in making two decisions: whether to offer or deny coverage and what premium rate to set for the policy. The two most

In economics, a medium of exchange is any item that is widely accepted in exchange for goods and services. In modern economies, the most commonly used medium of exchange is currency. Most forms of money function as media of exchange, including commodity money, representative money, cryptocurrency, and most commonly fiat money. Representative and fiat money exist in digital form as well a

A Mefo bill (sometimes written as MEFO bill; German: Mefo-Wechsel) was a six-month promissory note, drawn upon the dummy company Metallurgische Forschungsgesellschaft ('Metallurgical Research Corporation'), devised by the German Central Bank President, Hjalmar Schacht, in 1934. These bills could be discounted by any German bank at any time, and these banks, in turn, could rediscount the

Melvin Van Peebles (born Melvin Peebles; August 21, 1932 – September 21, 2021) was an American actor, filmmaker, writer, and composer. His feature film debut, The Story of a Three-Day Pass (1967), was based on his own French-language novel La Permission and was shot in France, as it was difficult for a black American director to get work at the time. The film won an award at the San Fran

A meme coin (also spelled memecoin) is a cryptocurrency that originated from an internet meme or has some other humorous characteristic.

A mense (from Latin mensa 'table') is the name of a form of ecclesiastical income in the Catholic Church. Historically, the mense was a land tax that was used as income for its holder (i.e. bishop, abbot, canons or monks, pastor, etc.). In an abbey this support was called the In commendam and was divided into three lots, one for the commendatory abbot, one for the religious community a

A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, payment service provider, independent sales organization (ISO), or

A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage, it is the same as an investment bank. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commodities, particularly cloth merchants. Historically, merchant banks' purpose was to facilitate or finance the production and trade of commodities,

Merchant Customer Exchange (MCX) was an American company created by a consortium of U.S. retail companies to develop a merchant-owned mobile payment system, which was to be called "CurrentC." The joint venture was announced on August 15, 2012.

Merchantrade Asia (Merchantrade) is a financial service company based in Malaysia. The company's business is centered on international money transfers, foreign currency exchange, wholesale banknotes, digital payment processing and mobile telecommunications. They also introduced microinsurance as part of their service offerings.

The Merchants' Exchange Building (also known as the Philadelphia Exchange [1]) is a historic building which is located on the triangular site bounded by Dock, 3rd and Walnut Streets in the Old City neighborhood of Philadelphia, Pennsylvania. It was designed by architect William Strickland, in the Greek Revival style, the first national American architectural style and was built between

The Merck family is a German noble family of industrialists and bankers, known for establishing the world's oldest pharmaceutical company Merck, its American former subsidiary Merck & Co. (MSD), which is now an independent company, as well as the Hamburg merchant bank H. J. Merck & Co. The family still owns the majority of the pharmaceutical company Merck, making them one of the richest

The Merton model, is a widely used "structural" credit risk model, which was developed by American economist Robert C. Merton in 1974.

Metal prices are the prices of metal as a commodity that are traded in bulk at a predefined purity or grade. Metal can be split into three major categories, precious metals, industrial metals and other metals. Iron ore