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Glossary

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  28. 0-9
Interdealer broker
A specialist broker who acts as an intermediary between market-makers who wish to buy or sell securities to improve their book positions, without revealing their identities to other market-makers.
Interdelivery spread
The purchase of one delivery month of a given commodity futures contract and the simultaneous sale of another delivery month of the same commodity futures contract on the same exchange.
Interim dividend
A dividend declared part of the way through a company's financial year, authorised solely by the directors.
Intermarket spread
Intermarket Trading System (ITS)
A computer system that interconnects competing US exchange markets for the purpose of choosing the best market. ITS is operated by the Securities Industry Automation Corporation (SIAC).
Intermediary
An institution acting between 2 or more other entities by assuming certain rights and obligations.
Internal rate of return
The discount rate at which an investment has a zero net present value.
Internalisation
A process where broker-dealers use internal inventories to settle trades, bypassing exchanges.
Intersettle
A sister company of the Swiss Securities Clearing Corporation (SEGA), which has been set up for international settlement purposes.
In-the-money
A call option is in-the-money if the price of the underlying instrument is higher than the exercise/strike price. A put option is in-the-money if the price of the underlying instrument is below the exercise/strike price. See also Out-of-the-money.