风险声明：差价合约（CFD）是属于复杂的投资产品，因杠杆而存在快速亏损的高度风险。
交易前您应衡量是否了解差价合约以及是否能够承担发生亏损的高风险。
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Last dealing time
The last dealing time is the precise cut-off on the last dealing day, after which a dated contract can no longer be traded. Where the last dealing day tells you which date the deadline falls on, the last dealing time pins down the hour and minute, and the two together define the moment trading in that contract ends. It matters because that final window is often not the platform’s normal close.
A contract might stop trading at, say, the London fix or a set exchange time hours before the rest of the session ends, leaving anyone who assumed they had until the usual close suddenly locked out. After the last dealing time passes, the position can only expire or settle.
Example: A trader plans to exit a commodity future in the afternoon, only to find the last dealing time was 12:30 that day; trading has already halted, and he can no longer close the position himself, so it proceeds straight to settlement at the official price.
Last look
A practice in which liquidity providers have the opportunity to reject trades after receiving them from market participants.
Latency
Latency is the delay between when something happens and when you can act on it. In trading, it is the time it takes for market data to reach you, for your order to travel to the exchange, and for the confirmation to come back. Measured in milliseconds or even microseconds, latency is close to irrelevant for a long-term investor but decisive for anyone competing on speed.
In fast markets, a lower-latency participant may receive price updates and submit orders ahead of a slower one, and that tiny edge, repeated across millions of trades, can contribute to trading performance but does not guarantee profits. This is why high-frequency firms spend heavily to reduce latency, placing their servers physically close to the exchange’s matching engine and paying for the fastest possible data connections.
Example: A high-frequency trading firm pays for co-location, renting rack space in the same data centre as the exchange, so that its orders travel a few metres rather than a few miles and may arrive sooner than orders from competitors located farther away.
Latency-Driven Trading
Latency-driven trading is any strategy whose edge comes primarily from being faster than everyone else, rather than from a better view of value. These approaches seek to take advantage of very short windows in which the same asset is priced differently across venues, or in which fresh information has reached one market but not yet another, and they race to trade on the gap before it closes.
Speed is the entire game, so the firms that do this invest enormous sums in the fastest hardware, co-located servers, and specialised network links, including microwave towers that can offer lower latency than fibre-optic cable over long distances. Critics argue it adds little to real price discovery and amounts to an arms race; defenders say it tightens spreads and links markets together.
Example: When a stock’s price ticks up on one exchange, a latency-driven firm instantly buys the same stock on another exchange where the quote has not yet updated, seeking to sell once the second venue’s quote catches up. The potential gain is a fraction of a cent per share across huge volumes, although execution risks and transaction costs can affect profitability.
Latvian Lati (LVL)
The lats, plural lati, was the currency of Latvia before the country adopted the euro. Carrying the ISO code LVL, it was reintroduced in the early 1990s after Latvia regained its independence, replacing the Soviet rouble, and it became a symbol of the restored national economy. Latvia pegged the lats first to a currency basket and later to the euro as it prepared to join the single currency, and on the first of January 2014 the country switched over, retiring the lats at a fixed conversion rate.
So the LVL is now a historical currency, of interest mainly for context rather than for trading.
Example: A visitor who kept a few lati notes as souvenirs from a trip before 2014 will find they can no longer be spent, though for a limited period the central bank allowed old lats to be exchanged for euros at the official rate that had been locked in when Latvia joined the eurozone.
Leading Economic Indicators
Leading economic indicators are data series that tend to change before the wider economy does, offering an early read on where growth is heading rather than confirming where it has already been. The best-known example is the Conference Board’s Leading Economic Index for the US, a composite that blends ten separate inputs into a single figure designed to help anticipate potential turning points in the business cycle by several months.
Its components include things that naturally move ahead of activity: building permits, new orders for manufacturers, average weekly jobless claims, stock prices, the yield curve, and consumer expectations, among others. Bundling them together smooths out the noise in any single series. Traders and economists watch the index for signals that a slowdown or recovery may be forming.
Example: When the Leading Economic Index falls for several consecutive months while jobless claims climb and building permits sag, analysts start warning that a recession may be on the way, although these indicators do not guarantee that a recession will occur, well before the official GDP figures confirm any contraction.
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