M

Ml Money supply measure that is composed of currency in circulation

(outside the Treasury, the Fed, and depository institutions),

traveler's checks, demand deposits, and other checkable deposits

[negotiable order of withdrawal (NOW) accounts, automatic transfer

service (ATS) accounts, etc.].

M2 Money supply measure that consists of Ml plus repurchase

agreements, overnight Eurodollars, money market deposit accounts,

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ФОРЕКС. Электронное руководство для успешной торговли на валютном рынке 135

savings and time deposits (in amounts under $100,000), and

balances in general accounts.

M3 Money supply measure that is composed of M2 plus time deposits

over $100,000, term Eurodollar deposits, and all balances in

institutional money market mutual funds.

Margin The amount of money or collateral deposited by a customer with

a broker, by a broker with a clearing member, or by a clearing

member with the clearinghouse in order to insure the broker or

clearinghouse against loss on outstanding futures positions.

Mark-to-market Daily cash flow system used by the U.S. futures

exchanges to maintain a minimum level of margin equity for a

specific currency future or option by calculating the profit and loss at

the end of each trading day in each contract position resulting from

the price fluctuation.

Matched sale-purchase agreements Daily operations executed by the

Federal Reserve, in which the Fed sells a security for immediate

delivery to a dealer or a foreign central bank, with the agreement to

buy back the same security at the same price at a predetermined

time in the future (generally within seven days). This arrangement

amounts to a temporary drain of reserves.

Matching systems Electronic systems duplicating the traditional

brokers' market. A price shown by a bank is available to all traders.

Maturity date The date when a foreign exchange contract expires.

Merchandise Trade Balance An economic indicator that consists of the

net difference between the exports and imports of a certain

economy. The data includes food, raw materials and industrial

supplies, consumer goods, autos, capital goods, and other

merchandise.

Momentum An oscillator designed to measure the rate of price change,

not the actual price level. This oscillator consists of the net difference

between the current closing price and the oldest closing price from a

predetermined period. The momentum is measured on an open scale

around the zero line.

Moving average An average of a predetermined number of prices over

a number of days, divided by the number of entries.

Moving average convergence-divergence (MACD) An oscillator that

consists of two exponential moving averages (other inputs may be

chosen by the trader as well) plotted against the zero line. The zero

line represents the times the values of the two moving averages are

identical. A buying signal is generated when this intersection is

upward, whereas a selling signal occurs when the intersection takes

place on the downside.

Moving averages oscillator An oscillator in which the values of two

consecutive moving averages are subtracted from each other (the

larger number of days from the previous one) and the new values

are plotted.

Ml Money supply measure that is composed of currency in circulation

(outside the Treasury, the Fed, and depository institutions),

traveler's checks, demand deposits, and other checkable deposits

[negotiable order of withdrawal (NOW) accounts, automatic transfer

service (ATS) accounts, etc.].

M2 Money supply measure that consists of Ml plus repurchase

agreements, overnight Eurodollars, money market deposit accounts,

forexSwiss.com Глоссарий и специальные термины

ФОРЕКС. Электронное руководство для успешной торговли на валютном рынке 135

savings and time deposits (in amounts under $100,000), and

balances in general accounts.

M3 Money supply measure that is composed of M2 plus time deposits

over $100,000, term Eurodollar deposits, and all balances in

institutional money market mutual funds.

Margin The amount of money or collateral deposited by a customer with

a broker, by a broker with a clearing member, or by a clearing

member with the clearinghouse in order to insure the broker or

clearinghouse against loss on outstanding futures positions.

Mark-to-market Daily cash flow system used by the U.S. futures

exchanges to maintain a minimum level of margin equity for a

specific currency future or option by calculating the profit and loss at

the end of each trading day in each contract position resulting from

the price fluctuation.

Matched sale-purchase agreements Daily operations executed by the

Federal Reserve, in which the Fed sells a security for immediate

delivery to a dealer or a foreign central bank, with the agreement to

buy back the same security at the same price at a predetermined

time in the future (generally within seven days). This arrangement

amounts to a temporary drain of reserves.

Matching systems Electronic systems duplicating the traditional

brokers' market. A price shown by a bank is available to all traders.

Maturity date The date when a foreign exchange contract expires.

Merchandise Trade Balance An economic indicator that consists of the

net difference between the exports and imports of a certain

economy. The data includes food, raw materials and industrial

supplies, consumer goods, autos, capital goods, and other

merchandise.

Momentum An oscillator designed to measure the rate of price change,

not the actual price level. This oscillator consists of the net difference

between the current closing price and the oldest closing price from a

predetermined period. The momentum is measured on an open scale

around the zero line.

Moving average An average of a predetermined number of prices over

a number of days, divided by the number of entries.

Moving average convergence-divergence (MACD) An oscillator that

consists of two exponential moving averages (other inputs may be

chosen by the trader as well) plotted against the zero line. The zero

line represents the times the values of the two moving averages are

identical. A buying signal is generated when this intersection is

upward, whereas a selling signal occurs when the intersection takes

place on the downside.

Moving averages oscillator An oscillator in which the values of two

consecutive moving averages are subtracted from each other (the

larger number of days from the previous one) and the new values

are plotted.