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Settlement
The process by which of a trade is entered into the books and records of the counterparts to a transaction. The settlement of currency trades may or may not involve the actual physical exchange of one currency for another.

Short Position
An investment position that benefits from a decline in market price. When the base currency in the pair is sold, the position is said to be short.

Spot Price
The current market price. Settlement of spot transactions usually occurs within two business days.

Spread
The difference between the bid and offer prices.

Square
Purchase and sales are in balance and thus the dealer has no open position.

Sterling
slang for British Pound.

Stop Loss Order
Order type whereby an open position is automatically liquidated at a specific price. Often used to minimize exposure to losses if the market moves against an investor's position. As an example, if an investor is long USD at 156.27, they might wish to put in a stop loss order for 155.49, which would limit losses should the dollar depreciate, possibly below 155.49.

Support Levels
A technique used in technical analysis that indicates a specific price ceiling and floor at which a given exchange rate will automatically correct itself.Opposite of resistance.

Swap
A currency swap is the simultaneous sale and purchase of the same amount of a given currency at a forward exchange rate.

Swissy
Market slang for Swiss Franc.