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M0

Cash in circulation; only used by the UK.

M1

Cash in circulation plus demand deposits at commercial banks.

M2

Includes demand deposits, time deposits and money market mutual funds, excluding large CDs.

M3

M2 plus large time deposits, repos of maturity greater than one day and institutional money market accounts.

M4

M2 plus negotiable CDs.

MACROECONOMICS

Analysis of a country's economy as a whole.

MAINTENANCE MARGIN

The minimum margin which an investor must keep on deposit in a margin account at all times for of each open contract.

MARGIN

Difference between the buying and selling rates; or the initial deposit made brokerage firm upon establishing an account.

MARGIN CALL

A demand for additional funds to be deposited in a margin account to meet margin requirements because of adverse price movements.

MARGINAL RISK

The risk that a customer goes bankrupt after entering into a forward contract.

MARK UP

The difference between the lowest current offered price and the higher price that a dealer charges to a customer.

MARKED-TO-MARKET

An arrangement whereby the profits or losses on a futures contract are settled each day.

MARKET AMOUNT

The conventional amount dealt between banks.

MARKET IF TOUCHED (MIT)

An exchange order that automatically becomes a market order if the specified price is reached.

MARKET MAKER

A brokerage company or a bank that maintains a firm bid and ask price and is ready, willing, and able to buy or sell at publicly quoted prices.

MARKET ON CLOSE (MOC)

An exchange order that is filled as close as possible to the close.

MARKET ORDER

An order to buy or sell a financial instrument immediately at the best possible price.

MATIF

Marche a Terme International de France.

MATURITY DATE

The last trading day of a futures contract.

MEDIUM TERM NOTE

A corporate debt instrument that has maturity bands of: 9 months to 1 year, more than 1 year to 18 months, more than 18 months to 2 years, etc., up to 30 years.

MICRO ECONOMICS

The study of the behavior of small economic units such as individual consumers or households.

MIDDLE OFFICE

The group of employees responsible for calculating profits and losses and for managing risks.

MID-PRICE

The average of both buying and selling prices.

MINE

Expression used to indicate that the willingness to buy at the rate offered by the counter party.

MINIMUM PRICE FLUCTUATION

The smallest increment of market price movement possible.

MINIMUM RESERVE

Reserves required to be deposited at central banks by commercial banks and other financial institutions.

MIO

Traders' reference for a Million.

MM

Money Markets.

MODERN PORTFOLIO THEORY

Principals underlying the analysis and evaluation of rational portfolio choices based on risk-return trade-offs and efficient diversification.

MOMENTUM INDICATORS

Indicators used in market analysis to quantify the momentum of upward and downward price movements.

MONEY MARKET

Market for short-term debt securities with maturity of one year or less and often 30 days or less.

MONEY SUPPLY

The total supply of money in circulation in a given country's economy at a given time.

MOVING AVERAGE

Moving averages are used on charts to that show whether an instrument's price is trending up or down. It is a technical analysis term meaning the average price of an instrument over a specified time period, used in order to spot pricing trends by flattening out large fluctuations.

MUTUAL FUND

An open-ended fund operated by an investment company that raises money from shareholders and invests in a group of assets in accordance with a stated set of objectives.