Zastrzeżenie: Kontrakty CFD są złożonymi instrumentami i wiążą się z wysokim ryzykiem szybkiej utraty pieniędzy z powodu dźwigni.
Powinieneś rozważyć, czy rozumiesz, jak działają kontrakty CFD i czy możesz sobie pozwolić na wysokie ryzyko utraty pieniędzy.
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F
Firm Quote
A firm quote is a binding price at which a market maker must trade immediately. It’s a different kettle of fish from an indicative quotation, which is basically a general estimate to provide a client with an indication of current market depth before a formal request is made.
Firm quotes are the lifeblood of price discovery because trust and certainty are key to market liquidity. Without prices at which you can really execute, markets would seize up.
Example: The treasurer of a huge company calls up a bank’s trading desk to get a firm exchange rate for a big euro transaction. The trader gives a live firm quote of 1.0845. But they have to accept the rate and lock it in as soon as possible.
When they verbally agree or electronically hit the quote, the trade is executed immediately at 1.0845. The firm quote is gone if the treasurer has to leave to talk to their CFO, and they will need to get a new price based on where the market has moved in the meantime.
First-In-First-Out (FIFO)
First-in, First-out (FIFO) is an accounting and inventory method in which the first items added to stock or assets are the first to be used or sold. Whatever comes in first must go out first. It is applied in inventory management, cost accounting, and, most significantly, in trading, where tax laws in some jurisdictions require that shares/units bought first be sold first.
This is important because it will affect your cost basis and, in turn, your taxable gain or loss. FIFO tends to generate more capital gains in an ascending market, as earlier purchases were generally made at lower prices.
In many situations, FIFO is the “standard” approach, though other systems, such as LIFO and specific identification, are permitted in some cases and by brokers and tax systems. Example: A trader purchased 100 shares of a stock for $10 in January and 100 more shares for $15 in March. In June, they sold 100 shares at $20. Under FIFO, the tax calculation will be based on the cost of the January purchase, resulting in a $10 per-share gain.
They would have gained only $5 per share had they used the March lot instead. The method is used quietly but meaningfully changes the tax bill.
Fiscal Dominance
Fiscal dominance occurs when government debt and deficits reach a level at which fiscal policy effectively overrules the central bank’s monetary policy. In a fiscally dominant environment, the central bank is under explicit or tacit pressure to maintain interest rates low in order to cut the government’s borrowing costs—pushing bond prices up and making debt servicing manageable—even if this runs afoul of its inflation mission.
This is the polar opposite of the goal of most developed economies: an independent central bank that makes policy decisions only in reaction to evolving economic circumstances, not to the needs of the government’s budget.
Example: A country that runs huge, chronic deficits ends up with a debt load so large that increased interest rates would render sovereign debt service absolutely impossible. But the central bank is wary of raising rates aggressively, given the risk of a government collapse or a fiscal crisis amid rising inflation.
This restriction is fiscal supremacy in practice, whether or not it is explicitly acknowledged: debt dynamics fully determine monetary policy.
Fiscal year
A 12-month period that a company or organisation uses for financial and accounting purposes, which may or may not coincide with the calendar year.
Fisher effect
The Fisher effect is an economic theory introduced by Irving Fisher that describes the relationship between nominal interest rates and inflation expectations. It’s a basic idea: nominal interest rates go up or down to reflect expected inflation, so that the return in real dollars, or the real interest rate, is generally stable over time.
If they forecast inflation at 3%, investors will want a nominal rate that covers the expected inflation rate. Both bond markets and central banks have to consider the Fisher Effect when thinking about an optimal level of interest rates relative to inflation.
Example: If a government bond pays 4% interest and inflation is 1%, then a bond investor receives a real interest rate of 3%. If inflation predictions climb to 3%, the bond will still pay a fixed 4% coupon, leaving a real return of 1%, which is less attractive.
This means new bonds must pay higher yields to compensate, and the prices of existing bonds drop. That adjustment process is the Fisher Effect in action in the market.
Fitch
Fitch Ratings is one of the “Big Three” credit rating organizations, along with Moody’s and S&P Global Ratings. The agency provides ratings on the financial strength of governments, financial institutions, and enterprises and assigns credit ratings that express the probability that a borrower will satisfy its debt commitments.
It runs from AAA at the top, the best credit quality and lowest default risk, down through investment-grade territory and into speculative or “junk” grade below BBB-.
The importance of these ratings is that many institutional investors have firm mandates that do not allow them to keep debt that falls below a certain rating. So a downgrade can lead to forced selling by institutions, making it far more expensive for the issuer to borrow in the future.
Example: In August 2023, Fitch cut the United States’ long-term credit rating from AAA to AA+, citing a worsening budgetary outlook and frequent political squabbling over the debt ceiling.
But what touched off the market turmoil that followed was not the anticipation of a cataclysmic default just around the corner, but the fact that a major agency had downgraded the issuer of the world’s principal reserve currency, forcing global bond markets to reconsider the parameters of sovereign risk more broadly.
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