FX Glossary(L)


Leave Order

It is the so-called limit orders. Also includes stop order (reverse limit order).


The rough level of the exchange rate that are traded in foreign exchange market.


The leverage means the "lever". For example, if the one million yen of margin can be traded for 10 times, the tradable amount is in fact will be 10 million yen, also, this kind of trading is said to twist the "leverage". Of course, the risk of the reverse pursuit possibility of the return of investment efficiency and forced loss-cut (system to force the settlement so as not to leave the margin more loss) increases.


The LIBOR (London InterBank Offered Rate) is the interbank in the London market that publishes average lender interest rates once a day in the British Bankers Association (BBA)


The authority in the position given to the dealer.


Refers to the liquidity in the market. When you want to trade, the possibility to trade any time at the current rate refers to "having liquidity." Conversely, if the trading volume is being limited to trading volume small number of market participants, it is called "without liquidity”.


Referred to get a buying position, to hold a buying position. Conversely, to hold a selling position is called short [← → Short]

Long Position

It refers to the state of buying the foreign currency. It is also called holding the buying position. In Japan, if in case you are buying the foreign currency against yen, if it becomes 「weaker yen」(high foreign currency), the foreign exchange gain comes out.

Long-Term Interest

The loan interest rate of more than one year. Stocks amount distribution often has become a typical indicators in the 10-year government bonds (long-term government bonds). It becomes the index of the industry of housing loan interest and interest when borrowing money.

Louvre Accord

In February 1987, France developed seven countries finance ministers and central bank governors meeting (G7), which was held in the Louvre palace in Paris, it was agreed that each country will perform a a policy coordination for the exchange rate stability. Although this Plaza accord put an end to the dollar correction, the weaker yen seem not so preferable. Afterwards, because the policy coordination in each country was also not enough, the dollar also continued to fall after that.

Loss Cut

It is said to be the settlement transactions to determine the estimated loss as realized loss. On the other hand, the settlement transactions to determine the estimated profit as realized gains is called take profit. [← → Take Profit]

Low Price

It is the cheapest rate on a business day. [← → High Price].


It stands for Long Term Capital Management, is a US-based hedge fund that collapsed in October 1998. At this time, the dollar yen fell about 30 yen in two days, one of the slump of the economy is said to be the collapse of LTCM.