Delivery notice The written notice given by the seller of his intention to make delivery against an open, short futures position on a particular date. The options available to the seller of an interest rate futures contract, including the quality option, the timing option, and the wild card option. Delivery options make the buyer uncertain of which Treasury bond will be delivered or when it will be delivered. Those points designated by futures exchanges at which the financial instrument or commodity covered by a futures contract may be delivered in fulfillment of such contract. Delta Also called the hedge ratio, the ratio of the change in price of a call option to the change in price of the underlying stock.
Demand deposits Checking accounts that pay no interest and can be withdrawn upon demand.
Derivative markets Markets for derivative instruments. Deterministic models Liability-matching models that assume that the liability payments and the asset cash flows are known with certainty. A conception of the way a stock's price changes that assumes that the price takes on all intermediate values. An auditor's statement disclaiming any opinion regarding the company's financial condition. Discount Referring to the selling price of a bond, a price below its par value.