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Glossary

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  28. 0-9
Lakh
An Indian measurement equating to a hundred
Lamfalussy Report
The Committee of Wise Men on the Regulation of European Securities Markets under the chairmanship of Alexandre Lamfalussy was established by ECOFIN with a mandate to assess the current conditions for the implementation of the regulation of securities markets in the European Union. It was asked to assess how the mechanism for regulating those markets can best respond to developments, and, in order to eliminate barriers, to propose scenarios for adapting current practices to ensure greater convergence and co-operation in day-to-day implementation.
Lapsed rights
Rights for which call payments have not been made by the acceptance date.
Last notice day
The final day on which notices of intent to deliver on futures contracts may be issued.
Last trading day
The day on which trading ceases for an expiring contract.
Latency
Latency is the technical term for the delays in computer systems caused by both distance and processing. Distance creates latency because of simple physics. Messages travel at the speed of light and over long distances the delays are measurable. Processing creates latency by delaying messages at every instance where a process occurs.
Less liquid stocks
The London Stock Exchange has classified those of its listed and USM company shares that have a normal market size of 1,000 or less as liquid stocks.
Letter of renunciation
On the London Stock Exchange this applies to a rights issue and is the form attached to an allotment letter which is completed should the original holder wish to pass his entitlement to someone else, or to renounce his rights absolutely.
Leverage
The ability to control large amounts of a financial asset with a comparatively small amount of capital.
LIBID
The rate charged by one bank to another for a deposit.