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Forward FX Swap

A forward swap in which a near-date foreign exchange transaction is settled not on a spot basis two days hence…

Creation Unit

A subset of an exchange-traded fund (ETF) that is representative of the shares comprising the fund. ETFs shares are redeemed…

Nazilah

Arabic (نازلة) for a new occurrence that requires a new shari’ah ruling (hukm) or nomination (takyeef). A new occurrence refers…

ETO

It stands for exchange-traded option; an option (exchange-traded derivative) that trades on organized and regulated exchanges, as opposed to options…

Pink Sheet Shell

A public shell company whose shares trade on the Pink Sheets, i.e., it is listed by the National Quotation Bureau…

EFP

It stands for exchange of futures for physicals. By definition, it is a transaction that involves simultaneously taking a cash…

Seed Funding

A securities offering whereby one or more parties invest in a new business by securing enough funds to start and…

Exchangeable Zero-Coupon Swap

A zero-coupon swap in which the fixed rate receiver sells a third party (a dealer) an embedded option to convert…

Proceeds

The dollar amount that is raised during an initial public offering (IPO) process. An issuer will be keen to maximize…

Escrow Receipt

A certificate which is issued by a bank to confirm that a customer, who has written a call option, actually…