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In finance, a ladder, also known as a Christmas tree, is a combination of three options of the same type (all calls or all puts) at three different strike prices. A long ladder is used by traders who expect low volatility, while a short ladder is used by traders who expect high volatility. Ladders are in some ways similar to strangles, vertical spreads, condors, or ratio spreads.

LankaPay (formerly LankaClear) national payment network of Sri Lanka which provides the central payment infrastructure to the country's financial sector. Established in April 1, 2002, the organization is owned by the Central Bank of Sri Lanka (CBSL) and all CBSL-licensed commercial banks in the country.

Ledger is the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research.

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.

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:

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

LG Pay was a mobile payment and digital wallet service by LG Electronics that let users make payments using compatible phones. The service supported contactless payments using near-field communication (NFC), and also incorporated wireless magnetic communication that allowed contactless payments to be used on payment terminals that only supported magnetic stripe transactions.

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.

A line break chart, also known as a three-line break chart, is a Japanese trading indicator and chart used to analyze the financial markets. Invented in Japan, these charts had been used for over 150 years by traders there before being popularized by Steve Nison in the book Beyond Candlesticks. The chart is made up of vertical blocks or bars called "lines", which indicate the market's di

Link (stylised as LINK) is the UK’s main ATM network, which allows consumers to withdraw cash from ATMs which do not belong to their bank. It is the largest interbank network in United Kingdom.

A linked exchange rate system is a type of exchange rate regime that pegs the exchange rate of one currency to another. It is the exchange rate system implemented in Hong Kong to stabilise the exchange rate between the Hong Kong dollar (HKD) and the United States dollar (USD). The Macao pataca (MOP) is similarly linked to the Hong Kong dollar.

Lipton Teas and Infusions B.V. is a Dutch multinational company headquartered in Amsterdam, Netherlands that produces tea and other herbal drinks. Founded as a spin-off from Unilever in 2021, it is the largest tea company in the world, owning brands such as Lipton, PG Tips, and TAZO.

This is a list of electronic toll collection systems in use on toll roads throughout the world.

This page, a companion page to tax, lists different taxes by economic design. For different taxes by country, see Tax rates around the world.

Litecoin (abbreviation: LTC) is a cryptocurrency and open-source software project created by Charlie Lee and released in 2011. Its software was derived from Bitcoin's codebase. Litecoin uses a scrypt-based proof-of-work system, targets a block interval of 2.5 minutes, and has a maximum supply of 84 million litecoins.

LME Nickel refers to the spot, forward, and futures contracts, trading on the London Metal Exchange (LME) for primary nickel. These contracts are used for price hedging, physical delivery, investment, and speculation. Nickel futures contracts are used to hedge price risks and as a reference for prices. As of late 2024, LME nickel contracts were linked to approximately 230,000 tonnes of p

The loan-to-value (LTV) ratio is a financial concept used by lenders to express the ratio of a loan to the value of an asset purchased.

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

A locals casino is a casino designed primarily to attract residents of the area in which it was built rather than tourists or vacationers. The term is most commonly associated with casinos in Nevada, United States, to distinguish them from casinos that target mostly tourists in a central area. Locals casinos tend to operate under slightly different business models than those frequented b

Logicor is a European warehouse and logistics company with head offices in London and Luxembourg. Founded in 2012 by Blackstone Group, by 2017 Logicor was operating over 630 properties. Logicor was purchased by China Investment Corporation in 2017. In no way is or was Logicor related to Logikor. Logikor is another logistics company founded in 2005 in Canada, with offices in Canada, the U

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.

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

A loss leader (also leader) is a product sold at a price below its minimum profit margin to stimulate other sales of more profitable goods or services. The use of a loss leader is a pricing strategy, a sales promotion strategy, and a marketing strategy. The loss leader is offered at a price below its minimum profit margin, not necessarily below cost.

Hasunosora Girls' High School Idol Club is a multimedia project in the Love Live! franchise. It consists of media like anime, manga, and previously the mobile game Link! Like! Love Live!.

Love Live! School Idol Festival (often abbreviated as LLSIF or Sukufesu) is a Japanese rhythm game series. The first game, developed by KLab and published by Bushiroad's Bushimo, was released in Japan on April 15, 2013, for iOS and June 8, 2013, for Android. The game was free-to-play with an in-app purchase system. It featured songs and characters from the series Love Live! School Idol P

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.

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.

The MacBride Principles — consisting of nine fair employment principles — are a corporate code of conduct for United States companies doing business in Northern Ireland and have become the congressional standard for all US aid to, or for economic dealings with, Northern Ireland.

The Moving Average Convergence Divergence (MACD) is a trading indicator used in technical analysis of securities prices, created by Gerald Appel in the late 1970s. It is designed to reveal changes in the strength, direction, momentum, and duration of a trend in a stock's price.

Mastercard Maestro is a brand of debit cards and prepaid cards owned by Mastercard that was introduced in 1991. Maestro is accepted at around fifteen million point of sale outlets in 93 countries.

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

The Mais Lecture has been hosted since 1978, on a mostly annual basis, by Bayes Business School (formerly Cass), part of City, University of London.

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).

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

Mangmoom (แมงมุม, Thai for "spider") is a contactless smart card used in Bangkok, Thailand. It was originally planned to work as a single integrated ticket for all of the city's public transport systems. Whilst the first-generation card did not result in widespread use beyond the MRT Blue and Purple lines, the second-generation card can be used across the MRT Blue, Purple, Yellow, and Pi

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

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.

Market environment and business environment are marketing terms that refer to factors and forces that affect a firm's ability to build and maintain successful customer relationships. The business environment has been defined as "the totality of physical and social factors that are taken directly into consideration in the decision-making behaviour of individuals in the organisation."

Market Rules to Remember is a list of ten cautionary rules for investors that was written in 1998 by the then-retired Chief Market Analyst at Merrill Lynch, Bob Farrell. The rules became iconic on Wall Street and are frequently reprinted in leading financial advisory publications.

A marketing co-operation or marketing cooperation is a partnership of at least two companies on the value chain level of marketing with the objective to tap the full potential of a market by bundling specific competences or resources. Other terms for marketing co-operation are marketing alliance, marketing partnership, co-marketing, and cross-marketing. Sometimes, called as Consortium as

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.

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 debt refers to debt incurred by individuals due to health care costs and related expenses, such as an ambulance ride or the cost of visiting a doctor.

Meituan (Chinese: 美团; pinyin: Měituán; formerly Meituan–Dianping) is a Chinese technology company that operates a platform for local services including on‑demand food delivery, in‑store services and consumer reviews under the Dazhong Dianping brand, hotel and travel bookings, and instant retail. The company is headquartered in Beijing and was founded in 2010 by Wang Xing. The company lau

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.

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

MetaMask is a software cryptocurrency wallet developed by ConsenSys for interacting with the Ethereum blockchain and other EVM-compatible networks. It enables users to manage Ethereum accounts and connect to decentralized applications (dApps) via a browser extension or mobile app.

Metcard was the brand name of an integrated ticketing system used to access public transport in Melbourne, Australia. It was a universal ticket which allowed users to ride on the city's Metlink and Metropolitan Transit Authority network, consisting of suburban trains, trams, and buses, including the NightRider network. The Metcard was a credit card-sized ticket made out of cardboard an

metroCARD is a contactless smartcard ticketing system for public transport services in the city (and surrounding suburbs) of Adelaide, South Australia. The system is managed by Adelaide Metro and is usable on their bus, train and tram services.

Michael Phillips Marcus was a commodities trader who, in less than 20 years, is reputed to have turned his initial $30,000 into $80 million.

Michael Dean Woodford (born 1955) is an American macroeconomist and monetary theorist who teaches at Columbia University. In 2026, he was awarded the Nobel Memorial Prize in Economic Sciences, along with Robert E. Hall.

A microcap stock is a public company that has a very small market capitalization, below the cutoff for small-cap stocks. Depending on the market segmentation system in use, nanocap stocks are either a subset of the smallest microcaps, or a distinct segment of stocks with market capitalizations even smaller than those of microcaps. In the US, many microcap and nanocap stocks are traded ov

Midwest Air Group, Inc. (formerly listed AMEX:MEH) is an American airline holding company based in Oak Creek, Wisconsin which owned Midwest Airlines which previously operated as Midwest Express Airlines. It was ultimately controlled by parent company, TPG Capital Texas Pacific Group. Delta with the merger of Northwest Airlines Inc,. now owns 47% of the reformulated company's stock in a "

Mifare (styled MIFARE by NXP or sometimes MiFare by other parties) is a series of integrated circuit (IC) chips used in contactless smart cards and proximity cards.

The Ministry of Finance (Bengali: অর্থ মন্ত্রণালয়, romanized: Artha Montronaloy) is a ministry of the Government of Bangladesh responsible for financial management, economic policy, and fiscal administration. It serves as the principal government body overseeing the country’s budget, taxation, public expenditure, and financial regulations.

The Ministry of the Budget (Swedish: Budgetdepartementet, B) was a ministry in Sweden established in 1976. The ministry was primarily responsible for budget regulation as well as the general administration and accounting of state funds, the state and municipal tax system. The ministry was headed by the minister for the budget. The ministry ceased to exist in 1982.

MintChip is a digital currency that provides the underlying system to facilitate the exchange of value between consumers and merchants in real-time. It was designed to reduce the cost and risk of financial transactions. This technology was created by the Royal Canadian Mint, backed by the Government of Canada and denominated in a variety of fiat currencies. The Royal Canadian Mint announ

MIPS Tech LLC, formerly MIPS Computer Systems, Inc. and MIPS Technologies, Inc., is an American fabless semiconductor design company that is most widely known for developing the MIPS architecture and a series of RISC CPU chips based on it. MIPS provides processor architectures and cores for digital home, networking, embedded, Internet of things and mobile applications.

Mir Pay is a Russian contactless payment service for smartphones. It was developed as part of the digital transformation of Russia's financial market and has been described as a significant event on the domestic Russian market.

One MobiKwik Systems Limited, doing business as MobiKwik, is an Indian financial technology company, headquartered in Gurugram, Haryana. Founded in 2009 that provides a mobile phone-based payment system and digital wallet.

Mobile banking, also known as app-based banking is a service that allows a bank's customers to conduct financial transactions using a mobile device. Unlike the related internet banking it uses software, usually an app, provided by the bank. Mobile banking is usually available on a 24-hour basis. Many neobanks operate exclusively through mobile banking.

The term mobile commerce was originally coined in 1997 by Kevin Duffey at the launch of the Global Mobile Commerce Forum, to mean "the delivery of electronic commerce capabilities directly into the consumer’s hand, anywhere, via Wireless technology." Some choose to think of mobile commerce as meaning "a retail outlet in your customer’s pocket."

MobileCoin, also known as Sentz, is a peer-to-peer cryptocurrency developed by MobileCoin Inc., which was founded in 2017 by Josh Goldbard and Shane Glynn.

MobilePay is a mobile payment application used in Denmark and Finland. The service allows payments by means of a smartphone application and was first introduced in 2013 by Danske Bank. It was introduced to Finland later in the same year and since 2017 it has been used by all banks in Denmark. As of 2022, MobilePay had more than 4.4 million users in Denmark (total population: 5.8 million)

The Modigliani–Miller theorem (of Franco Modigliani, Merton Miller) is an influential element of economic theory; it forms the basis for modern thinking on capital structure. The basic theorem states that in the absence of taxes, bankruptcy costs, agency costs, and asymmetric information, and in an efficient market, the enterprise value of a firm is unaffected by how that firm is finance

Monero (; abbreviation: XMR) is a blockchain-based cryptocurrency which is private, untraceable, fungible, and decentralized.

Money Access Center (MAC, also Money Access Card) was an ATM network in the Mid-Atlantic and Midwestern United States, between 1979 and 2005, when it was absorbed into the STAR network. The network was one of the first in the nation, and helped universalize ATM banking. At its height MAC operated 59,000 ATMs in Pennsylvania, New Jersey, Delaware, Maryland, West Virginia, Kentucky, Ohio,

The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less.

MoneyGram International, Inc. is an American interstate and international peer-to-peer payments and money transfer company headquartered in Dallas, Texas. It has an operations center in St. Louis Park, Minnesota, and regional and local offices around the world.

In finance, moneyness is the relative position of the current price (or future price) of an underlying asset (e.g., a stock) with respect to the strike price of a derivative, most commonly a call option or a put option. Moneyness is firstly a three-fold classification:

MoneyPass is an American interbank network owned by Brookfield, Wisconsin-based Fiserv, the third largest North American financial services company by revenue.

In mathematical finance, a Monte Carlo option model uses Monte Carlo methods to calculate the value of an option with multiple sources of uncertainty or with complicated features. The first application to option pricing was by Phelim Boyle in 1977 (for European options). In 1996, M. Broadie and P. Glasserman showed how to price Asian options by Monte Carlo. An important development was

In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it will not bear the full costs associated with that risk. For example, when a corporation is insured, it may take on higher risk knowing that its insurance will pay the associated costs. A moral hazard may occur where the actions of the risk-taking party change t

Morningstar, Inc. is an American financial services firm headquartered in Chicago, Illinois, founded by Joe Mansueto in 1984. It provides an array of investment research and investment management services.

Mr. Market is an allegory created by investor Benjamin Graham to describe what he believed were the irrational or contradictory traits of the stock market and the risks of following groupthink. Mr. Market was first introduced in his 1949 book, The Intelligent Investor.

Multibanco is a Portuguese interbank network. It is the largest interbank network in Portugal owned and operated by SIBS (Sociedade Interbancária de Serviços S.A.), that links the ATMs of 27 banks in Portugal, totaling 12,700 machines as of December 2014. The bank members of Multibanco control the SIBS. Multibanco is a fully integrated interbank network. One of the most notable character

Multicaixa (MCX) is currently the only brand name for debit cards issued in Angola, and also the only interbank network of automated teller machines and point of sales terminals for electronic payments. While the ATMs and the POS (point of sale) terminals are owned by the supporting bank, the network is operated by EMIS (Empresa Interbancária de Serviços S.A.), and the Multicaixa cards

The first introduction of a mutual fund in India occurred in 1963, when the Government of India launched the Unit Trust of India (UTI). Mutual funds are broadly categorised into three segments: equity funds, hybrid funds, and debt funds.

MYOB (meaning mind your own business) is an Australian multinational corporation that provides tax, accounting and other business services software to small and medium businesses. It is owned by KKR.

MyWay+ is the electronic ticketing system used on public transport services within Canberra in the Australian Capital Territory. It is promoted by Transport Canberra and is valid on ACTION buses and Canberra Light Rail. The previous MyWay system was replaced with the MyWay+ system in 2024.

A naked option or uncovered option is an options strategy where the options contract writer (i.e., the seller) does not hold the underlying asset to cover the contract in case of assignment (like in a covered option). Nor does the seller hold any option of the same class on the same underlying asset that could protect against potential losses (like in an options spread). A naked option i

Namecoin (Abbreviation: NMC; sign:

Nano (Abbreviation: XNO) is a cryptocurrency characterized by a directed acyclic graph data structure and distributed ledger, making it possible for Nano to work without intermediaries. To agree on what transactions to commit (i.e., achieving consensus), it uses a voting system with weight based on the amount of currency an account holds.

Nariman Behravesh is Chief Economist at the consulting firm IHS Markit, and author of Spin-Free Economics: A No-Nonsense, Nonpartisan Guide to Today's Global Economic Debates (McGraw Hill).

Nasdaq Helsinki, formerly known as the Helsinki Stock Exchange (Finnish: Helsingin Pörssi, Swedish: Helsingforsbörsen), is a stock exchange located in Helsinki, Finland. Since 3 September 2003, it has been part of Nasdaq Nordic (previously called OMX). After the OMX merger, it was referred to as OMX Helsinki (OMXH), then after NASDAQ's acquisition of OMX in February 2008, NASDAQ OMX Hels

Nathan Cedric Tankus is an American expert on state and banking finances, with a focus on the Federal Reserve. He has been a visiting researcher at the Fields Institute and a research assistant at the University of Ottawa. He has written for the Financial Times, Business Insider, the Review of Keynesian Economics, Truthout, Jacobin, Naked Capitalism, and Rolling Stone.

Nation branding aims to measure, build and manage the reputation of countries (closely related to place branding). In the book Diplomacy in a Globalizing World: Theories and Practices, the authors define nation branding as "the application of corporate marketing concepts and techniques to countries, in the interests of enhancing their reputation in international relations." Many nations

The National Association of Securities Market Participants (Russian: Национальная ассоциация участников фондового рынка, abbreviated НАУФОР), commonly known as NAUFOR, is a self-regulatory organization (SRO) in the Russian financial market that functions as an industry association and quasi-regulator for professional participants in Russia's securities markets.

National Audit Office of Finland (abbreviated NAOF, Finnish: Valtiontalouden tarkastusvirasto (VTV); Swedish: Statens revisionsverk oversees the management of public finances in Finland and monitors fiscal policies and oversees election campaign and party funding. It operates as the supreme external auditor in connection with the Parliament. Independent audit work ensures that state fund

National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology. NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is don

National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking. It is run by the National Payments Corporation of India (NPCI

Nationlink is an interbank network and EFTPOS network in the Philippines. Unlike the main Philippine interbank networks, BancNet, ENS, Expressnet and MegaLink, Nationlink does not attempt to compete. Instead, it seeks to complement those networks by extending the reach of ATMs in the countryside, as the main networks are concentrated in urban areas. Its closest competitor is the Encash N

Natural capital is the world's stock of natural resources, which includes geology, soils, air, water and all living organisms. Some natural capital assets provide people with free goods and services, often called ecosystem services. All of these underpin our economy and society, and thus make human life possible.

Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe. Natural gas prices in the US had historically followed oil prices, but in the recent years, it has decoupled from oil and is now trending somewhat with c

NEAR is a public blockchain platform that uses a proof-of-stake consensus mechanism and provides smart-contract functionality. Its native cryptocurrency is NEAR. It was founded in 2018 by Illia Polosukhin and Alexander Skidanov, with mainnet launching in 2020.

Neo is a blockchain-based cryptocurrency and application platform used to run smart contracts and decentralized applications. The project, originally named Antshares, was founded in 2014 by Da HongFei and Erik Zhang and rebranded as Neo in 2017. In 2017 and 2018, it became popular in China despite the recently enacted prohibition on cryptocurrency in that country.

Nervos Network is a proof-of-work blockchain platform which consists of multiple blockchain layers that are designed for different functions. The native cryptocurrency of this layer is called CKB. Smart contracts and decentralized applications can be deployed on the Nervos blockchain. The Nervos Network was founded in 2018.

Net volatility refers to the volatility implied by the price of an option spread trade involving two or more options. Essentially, it is the volatility at which the theoretical value of the spread trade matches the price quoted in the market, or, in other words, the implied volatility of the spread.