FLOOR Definition

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FLOOR a series of European interest rate put options used to protect against rate moves below a set strike level.

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SERIAL BOND is a bond issue in which the bonds mature periodically over a number of years.

SWAPS is when one currency is temporarily exchanged for another, then the currency is held and exchanged later after a fixed period of time. To calculate the swap take the interest rate differential between the two underlying currencies, thus it may be used for speculative purposes to exploit anticipated movement in the interest rates. See INTEREST RATE SWAPS.

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