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Offer price

The price at which you can buy a specified instrument.

For Forex trading, it is the price at which you can buy the trade/base currency (quoted first) by selling the price currency of the pair.

For example, if you buy EURUSD 100,000, you are buying Euro 100,000 against US dollars.

One-cancels-other (O.C.O.) order

One-cancels-other orders really consist of two orders. If either of the orders is executed because its market conditions have been met, the related order is automatically cancelled.

Open position

A position in a currency that has not yet been offset.

For example, if you buy USDJPY 100,000, you have an open position in USDJPY until you offset it by selling USDJPY 100,000.


An option gives the buyer (holder) the right, but not the obligation, to buy (in the case of a call option) or sell (in the case of a put option) a set quantity of the underlying asset at a specified price (strike price) for a given period of time.


A trade order to buy or sell a specified instrument. Limit and Stop orders are the main types.

Order duration

The duration for which the order is valid. See Day Order (DO) and Good till Cancelled (GTC) for details.

Other collateral

Instruments that are not tradable online. For example, bonds and other positions that are transferred from another bank.

Out of the money

A call option is out of the money when the market price of the underlying is below the option strike price. A put option is out of the money when its strike price is below the market price of the underlying.


A particular price level that, if hit during the life of an Option, immediately invalidates the Option.

Over the counter (OTC)

A trade that is negotiated between two parties without the use of an exchange.

For example, a security that is not traded on an exchange is known as an OTC security. It is a market where commodities and instruments are traded directly between two parties, for example, between an investment bank and a client.

This is different from trading on a public exchange, which is an open market place.

Over-the-counter products can be tailored to individual clients whereas exchanges trade standardised contracts.

A large over-the-counter market has grown up in, for example, Forex and Forex Options.