Stocks whose dividends are not paid until the expiration of a stated date, or until a specified event, such as the company's profitability reaching a certain level, has taken place.
Delivery
The settlement of a futures contract by receipt or tender of a financial instrument.
Delivery month
The calendar month in which a futures contract comes to maturity and becomes deliverable.
Delivery points
Those locations designated by futures exchanges at which stocks of a commodity represented by a futures contract may be delivered in fulfilment of the contract.
Delivery versus payment (DVP)
A delivery instruction where the delivery of securities and the payment of the cash consideration are linked.
Delta
The change in the value of the option premium relative to the instantaneous change in the value of the underlying instrument, expressed as a coefficient.
Depository trust company
In the US, a central securities repository, owned by banks and brokerage houses, where stock and bond certificates are exchanged.
Depreciation
The reduction in the book or market value of an asset.
Depth of market
A measure of how much a price has to move in order to execute larger than normal transactions. The smaller the price movement and the larger the transaction, the deeper the market.
Derivatives
Financial instruments or arrangements that derive their value from some underlying stock, bond, commodity or other asset. Futures, swaps, some forwards, options and warrants, and certain mortgage-backed securities are the most common derivative forms.
