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Day order (DO)

An order that is valid until the end of the day. If it has not been filled before this, it is cancelled.

For Forex, the end of the day is 22:00 GMT on the day that you place the order.

For CFDs and Stocks, the end of the day is when the exchange on which the stock is traded closes.

Daily price limit

The maximum permitted price movement relative to the previous daily settlement set by the market operator. When the daily price limit is reached, trading can be suspended, a new price limit is set, variation margin is called and trading resumes.

Daily settlement price

Computed and disseminated each trading day, the daily settlement price is used to determine variation margin for futures contracts and fluctuation limits for the following trading day. It is also used as a reference for early exercise of American equity options.


A decrease in the value of an instrument.

Delivery date

The date on which delivery of the underlying goods of a Futures contract will take place. For speculative investing in Futures, the contract future position must be closed on or before this date.


A measure of how much an option’s price will vary for a change in the price of the underlying. Delta ranges from 0 to 1 for call options, and between -1 and 0 for put options.


A decrease in the value of an instrument.


Instruments that are constructed (derived) from another security. For example, CFDs are derivatives of physical Stocks.

Direct Market Access (DMA)

Direct participation in the order book maintained by an exchange. The order book contains orders to buy and sell a security, and is used to establish the current market Bid/Ask price.


The percentage of a company's stock value paid to shareholders. A stock selling for USD 100 a share with an annual dividend of USD 1 a share yields the investor 1%.


A downward movement of one tick or more in the price quote. Many stock exchanges have an uptick rule that states that a stock can only be sold if the stock price has ticked higher than the last price at which a transaction has taken place. This is aimed at traders who want to sell short, and is designed to prevent snowballing declines in the market. Other exchanges have tick test rules that are essentially the same as the uptick rule: Stocks may only be shorted on so-called zero-upticks, which means that the transaction price is either higher than the last transaction price, or that the transaction price is unchanged but higher than the transaction price that preceded it. This is known as a zero uptick or zero plus tick. CFDs are advantageous for traders that are bearish on a stock, because there are no uptick or tick test rules associated with CFDs.