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Odd Lot A non-standard amount for a transaction.
Offer  The price, or rate, that a willing seller is prepared to sell at. 
"One Cancels the Other Order" or "OCO Order." Two orders that are linked. If one order is executed, the other is canceled.
Open position Any deal that has not been offset by an equal and opposite deal.
Overnight Position Traderís open long or short position that is not closed by the end of a trading day.
Overnight Trading Refers to a purchase or sale between the hours of 9:00 p.m. and 8:00 a.m. on the following day.
Opening Transaction An order that, when executed, establishes a long position or a short position, or increases an existing position.
Order Generally an instruction by a customer (or a customerís authorized agent) to attempt to execute a trade for the customerís account.
Over-the-Counter or "OTC" Off-exchange markets in which market participants, such as Delta Stock and the customer, enter into privately negotiated contracts or other transactions directly with each other.
Overnight Position A traderís open long or short position that is not closed by the end of a trading day.
Odd Coupon: Sometimes, the first or last coupon period is either longer or shorter than a normal coupon period and therefore the coupon payment is more or less than a normal coupon payment. Calculating the odd coupon payment is roughly the same as calculating accrued
 
Odd Lot: A non standard amount for a transaction. A premium is often charged.
Odd Maturity or date: see broken dates
OECD: Organisation of Economic Cooperation and Development, membership is the more than developed countries
Offer: The price at which a seller is willing to sell. The best offer is the lowest such price available.
Offered market: Temporary situation where offers exceed bid.
Offset: The closing-out or liquidation of a futures position.
Official Settlements Account: A US balance of payments measure based on movement of dollars in foreign official holdings and US reserves. Also referred to as reserve transaction account.
Off-shore: The operations of a financial institution which although physically located in a country, has little connection with that country's financial systems. In certain countries a bank is not permitted to do business in the domestic market but only with other f
Old Lady: Old lady of Threadneedle Street, a term for the Bank of England.
Omnibus Account: An account maintained by one broker with another in which all of the accounts of the former are combined and carried only in its name, rather than designated separately.
Open interest: The total number of outstanding option or futures contracts that have not been closed out by offset or fulfilled by delivery.
Open outcry: A public auction method of trading conducted by calling out bids and offers across a trading ring or pit and having them accepted.
Open Market Committee: See Federal Open Market Committee.
Open Market Operations: Central Bank operations in the markets to influence exchange and interest rates.
Open position: The difference between assets and liabilities in a particular currency. This may be measured on a per currency basis or the position of all currencies when calculated in base currency.
Option class: All options of the same type - calls or puts -listed on the same underlying instrument.
Option series: All options of the same class having the same exercise/strike price and expiration date.
Option: A contract conferring the right but not the obligation to buy (call) or to sell (put) a specified amount of an instrument at a specified price within a predetermined time period.
Optionspreis: German for premium. The price a put or call buyer must pay to a put or call seller for an option contract.
Original Margin: see Initial Margin
OTC: Over the Counter, the term used to describe futures and options not traded on an exchange. Trade is directly between buyers and sellers and there is no standardisation of strikes or expirations.
Out-of the money: A put option is out-of-the-money if the exercise/strike price is below the price of the underlying instrument. A call option is out-of-the money if the exercise/strike price is higher than the price of the underlying instrument. See In-the-money.
Outright deal: A forward deal that is not part of a swap operation.
Over bought or over sold: See long and short.
Overhang: A holding of foreign exchange that is temporarily unable to be converted from the reserve currency into other reserve assets.
Overheated Economy: Is an economy where high growth rates placing pressure on production capacity resulting in increased inflationary pressures and higher interest rates.
Overnight limit: Net long or short position in one or more currencies that a dealer can carry over into the next dealing day. Passing the book to other bank dealing rooms in the next trading time zone reduces the need for dealers to maintain these unmonitored exposures.
 
Overnight: A deal from today until the next business day.
Over the counter: See OTC
Package deal: When a number of exchange and /or deposit orders have to be fulfilled simultaneously.

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