Savings share on Italian stock exchanges normally issued in bearer form and enjoying privileged rights on the distribution of profits. Holders of these shares have no right to vote in shareholder meetings.
Backwardation
On futures markets, a market where a commodity is in shortage, causing near contract months to sell at a premium and distant contract months to sell at discount.
Bai al-Salam
Payment for future delivery, which in its simplest form is the advance payment in full of the purchase price by the purchaser for specified assets which the seller undertakes to supply to the purchaser at a later date.
Balloon maturity
The last bonds of an issue maturing in a substantially larger amount than those of earlier maturities.
Bandhani
An Indian form of trading in which the contract price is not allowed to go beyond floor and ceiling prices, set on the first day, throughout the life of the contract, thus restricting excessive volatility.
Bank Interchange Code (BIC)
A unique code identifying a market participant.
Bargain
A transaction dealt through the London Stock Exchange which is a contract to buy or sell an agreed quantity of stock at an agreed price.
Basis
The difference between the cash price and futures price.
Basis grade
The grade of a commodity used as the standard of the futures contract.
