Avertissement : les CFD sont des instruments complexes et comportent un risque élevé de perte rapide d'argent en raison de l'effet de levier.
Vous devez vous demander si vous comprenez le fonctionnement des CFD et si vous pouvez vous permettre de prendre le risque élevé de perdre votre argent.
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Circulating Supply
The number of coins or tokens that are in circulation and can be traded in the cryptocurrency market. It does not include coins locked by the founding teams, tokens reserved for future sale, or coins permanently burned.
In calculating market capitalization, the denominator is the circulating supply; that is, market capitalization equals price multiplied by circulating supply. That’s why the market cap of two tokens with the same price can differ significantly, one with 10 million coins in circulation and the other with 10 billion.
The distinction between circulating supply and maximum supply is relevant to tokenomics analysis. A high locked-to-circulating supply ratio indicates that future unlocked supply will be an additional selling force. There is a risk that tokens that appear inexpensive on the circulating market cap will look very expensive when valued on a fully diluted basis.
Investors independently verify circulating supply statements against on-chain data because the category can be manipulated: teams have been known to count locked tokens as circulating to inflate apparent market capitalization rankings.
Example: A DeFi token has a circulating supply of 50 million coins and a maximum supply of 1 billion. The remaining 950 million are in the form of staking rewards for five years. A trader who only factors in the current circulating supply of the token grossly underestimates the dilutive impact of future supply that will hit the market over the life of the contract.
Claimant Count
A measure of the monthly number of people claiming unemployment-related benefits in the United Kingdom, published by the Office for National Statistics (ONS) as part of UK labor market data. (Along with average earnings, employment and unemployment rates, and vacancies).
The claimant count is the most up-to-date of the UK’s labor market indicators as it does not rely on survey responses, but on claims that have actually been processed. It is the least stable as well. Analysts look at trends over several months rather than individual prints because benefit eligibility rules can change, creating sharp shifts that may have nothing to do with the actual economic data.
The claimant count is a tier-two release for sterling traders, but it can cause GBP/USD and GBP/EUR to shift substantially when it comes in much higher or lower than consensus. It directly affects the Bank of England’s assessment of the tightness of the labor market, which in turn influences its decisions on interest rates. The overall unemployment rate, as measured by the Labor Force Survey, is more economically powerful but has a longer lag.
Example: The claimant count increases by far more than anticipated in a month in which other labor surveys had suggested resiliency. Sterling is not faring as well, with traders cutting back on expectations of a rate hike from the BoE amid a weakening jobs market, which will reduce the central bank’s desire for further increases, and cuts may be closer.
Cleared funds
Money that has been settled and is available for use, withdrawal, or investment. Not all the money in an account is cleared funds. A cheque you deposit on a Monday may show up in your balance, but be “uncleared” until Wednesday or Thursday. The bank has credited you provisionally, but the transfer hasn’t gone through yet. This distinction matters because timing matters.
In financial markets, the concept scales up dramatically. Most markets settle their securities trades on a T+2 basis (T+1 in the U.S. starting in 2024), meaning the cash does not actually change hands until two business days after the trade date. Until that time, both sides are exposed to counterparty risk. “CCPs in particular are set up to be in the middle and to make sure cleared trades come through even if one of the parties defaults.
The practical take-away for retail traders is simple: you may see the proceeds of a sale in your account immediately but often won’t be able to withdraw or use the proceeds to buy other instruments until settlement is complete. Brokers offering immediate access to sale proceeds are extending you credit against uncleaned funds, a fact buried in the terms and conditions.
Example: When a trader sells a holding on a Tuesday, the cash appears in their portfolio. They try to wire the money out that very afternoon. The broker rejects on the grounds that it is settled. By Thursday, the funds have cleared, and the wire goes through without issue. That two-day gap was the clearing cycle in action, not a clerical error.
Clearing
The time between the execution of a trade and its settlement. Once the two sides agree on a price, the rest is clearing. Checking that the trade details match, calculating what each side owes, netting off positions where possible that offset, and handling the margin or collateral needed to ensure the trade is done. Settlement is the finish line, the point of actual cash-and-securities exchange. Clearing is the work that clears the way for what is next.
For most exchange-traded instruments, immediately after execution, a central counterparty clearing house (CCP) becomes the buyer of every seller and the seller of every buyer. That is why counterparty risk is much lower in organized markets than in bilateral OTC markets, where there is no CCP in between and both parties are directly exposed to each other’s credit risk.
Clearing failures are rare but catastrophic when they occur. They’re not just impacting the two parties involved. They’re reverberating through every position connected in the system.
Example: Ia trader buys a Nifty future on NSE, the counterparty to both sides of the trade is the National Securities Clearing Corporation (NSCCL) within milliseconds. The buyer doesn’t have to worry about whether the seller will deliver, and the seller doesn’t have to worry about whether the buyer will. That responsibility has already been taken up by NSCCL.
Clearing house
The institution that sits between buyers and sellers in a financial market that ensures trades are completed even if one party defaults. Also known as a central counterparty (CCP). When a trade is matched on an exchange, the clearing house is the legal counterparty to both parties, acting as a counterparty to the buyer and to the seller, and assumes the risk that the transaction will not fall on either side.
This is done safely by the clearing houses, which collect margin from members, mark up positions to market on a daily basis, and hold default funds for all clearing members. In the event of a default, the clearing house will make the surviving counterparties whole with the default member’s margin, and then the default fund. The system is designed to allow a large member failure without bringing down the system.
The 2008 crisis accelerated global efforts to centralize OTC derivatives through CCPs. Uncleared derivatives had formed an intricate pattern of exposures, and no one, until they began to unravel, knew all the implications.
Example: LCH.The bulk of interest-rate swaps are traded on the world’s largest clearing house, Clearnet. In 2008, Lehman Brothers defaulted, and LCH auctioned off its $9 trillion of swaps to the remaining participants in the portfolio without any ripple effect in less than a few weeks. Actually, the system was functioning exactly as specified.
Clearing Price
The price at which supply equals demand, and there are no unsold orders or excess orders in a market. In economics, the equilibrium price. Most commonly, it is used to refer to the price determined by an auction or batch process, where the entire offering sells at a single price.
Clearing price is important in certain situations: during IPO book-building, where one price is set to clear the entire allocation, in Treasury and bond auctions, where one yield or price is set to clear the entire offering, or during options expiry settlements, where all options are valued at the officially determined price at the end of the day, and at daily futures mark-to-market settlements.
The idea is the foundation of double auctions in electricity markets and in some kinds of exchanges, as well as emissions trading. Submissions from both sides happen at once – the exchange then works out the price that gives the most matched volume, and all the people get this price.
A real but sometimes exaggerated risk of large positions clustered around popular clearing prices is options “pinning,” which aims to push or protect a particular strike at expiration.
Example: During a government bond auction, bids will be received at different yields, creating a yield spread. The single yield is the yield calculated by the treasury at which the entire offering is fully subscribed. Any bids accepted are executed at this one yield, regardless of whether they are “aggressive” bids that place below that yield or just “make the cut” at that yield.
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