in 1998 to form EUREX, the European derivatives exchange. Deutsche Borse AG (DBAG) Deutsche Borse AG (DBAG) is the operating company for the German cash and derivatives markets. It has four subsidiaries: Deutsche Borse Clearing AG, Deutsche Borse Systems AG, Frankfurter Wertpapierborse (FWB), and the derivatives market, EUREX Deutschland (formerly the Deutsche Terminborse ). Devaluation A decrease in the spot price of a currency. Often initiated by a government announcement. Diagonal spread An optionsstrategy requiring a long and a short position in the same class of option at different strike prices and different expiration dates. For example, buying an XYZ April 50 call and selling an XYZ July 55 call. See: Calendar spread; vertical spread. Dialing and smiling See: Cold calling Dialing for dollars A term used to describe the practice of cold calling, but which has negative implications as it is frequently applied to salespeople selling speculative or fraudulent investments. Diamonds Units of interest in the diamonds trust, a unit investment trust that serves as an index to the Dow Jones Industrial Average in that its holdings consist of the 30 component stocks of the Dow. Diff Short version of Euro rate differential, which is a Chicago Mercantile Exchange Futurescontract that is founded on the interest ratespread between the U.S. dollar and the British pound, the German mark, or the Japanese yen. Difference check The difference in interest payments that is paid to a swapcounterparty to close out a deal. Difference from S&P A mutual fund'sreturnminus the change in the Standard & Poor's 500 index for the same time period. A notation of -5.00 means the fund return is 5 percentage points less than the gain in the S&P, while 0.00 means that the fund and the S&P have the same return. Differential A small charge added to the purchase price and subtracted from the selling price by the dealer for odd-lot quantities. Differential disclosure The practice of reporting conflicting or markedly different information in official corporate statements including annual and quarterly reports and 10-Ks and 10-Qs. Differential swap Swap between two LIBORrates of interest, e.g., yen LIBOR for dollar LIBOR Payments are in one currency. Diffusion process A conception of the way a stock'sprice changes that assumes that the price takes on all intermediate values. Digits deleted Designation on securities exchange tape meaning that because the tape has been delayed, some digits have been dropped (e.g., 26 1/2 becomes 6 1/2). Dilution Diminution in the proportion of income to which each share is entitled. Dilution protection Standard provision that changes the conversion ratio in the case of a stock dividend or extraordinary distribution to avoid dilution of a convertible bondholder's potential equityposition. Adjustment usually requires a split or stock dividend in excess of 5% or issuance of stock below book value. Dilutive effect Result of a transaction that decreases earnings per common share (EPS). Dip Slight drop in securities prices after a sustained uptrend. Analysts often advise investors to buy on dips, meaning to buy when a price is momentarily weak. See: Correction, break, crash. Direct Claim A financial claim