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Glossary

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  28. 0-9
Clean price
The price of a bond not including the accrued-interest element.
Clearing
The process of matching, registering and guaranteeing transactions.
Clearing house
An exchange-associated, usually independent organisation through which all contracts are made, offset and delivered.
Clearing margin
Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers' open futures and options contracts. Clearing margins are distinct from customer margins that individual buyers and sellers of futures and options contracts are required to deposit with brokers.
Clearing member
A member firm of a clearing house.
Close out
A transaction which leaves the trade with a zero net commitment to the market. A purchase if the initial transaction was a sale and vice versa.
Closed-end mutual funds
A mutual fund that issues a set number of shares, which then are only re-sold on the secondary market exchanges like regular stock shares.
Closing range
The high and low prices at which transactions took place at the end of the day's trading session.
Collar
A combination of a cap and a floor. A collar sets a band within which interest rates will apply (eg 10.5–13.75%), for a given period.
Collateralised mortgage obligations
CMOs package the mortgage payment stream from a portfolio of mortgages into several series of debt instruments which are prioritised in terms of their right to receive principal payments. In the most basic CMOs, each series must be repaid in full before any principal payments can be made to the holders of the next series.