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Glossary: P

These are common terms used in the financial services industry

Partly-Paid Shares

Shares which have been issued with only part of their value paid, for example shares may be issued with a par value of $1.00, of which only 50 cents has been paid, with a further 50 cents still owing. Also known as Contributing Shares.


Normally used in reference to forex rates, a 'percentage in point' is generally, though not always, the fourth decimal place, i.e. 0.0001. Traditionally a pip was the smallest point by which a forex rate could move, but this is no longer the case.

Pivot points

Used in technical analysis, pivot points use the previous period’s high, low and close to calculate the current period’s support and resistance levels.


A collection of investments owned by an individual or company.


An open trade that you have in the market.

Position margin

The amount of equity that a CFD trader is required to pay in order to open a new position.

Position sizing

The size of a position within a particular portfolio. It’s also associated with a risk management technique where an investor calculates the size of each new position so that the maximum likely loss on the position does not exceed a certain amount or a certain percentage of their capital.


The period before the market in a security opens. Bid and offers can be placed, but no trades will occur

Preference Shares

Shares that rank before ordinary shares in the event of liquidation.

Price depth

The feature of our platform which quotes multiple prices for a particular product, reflecting the prices available for orders of different sizes.

Price/Earnings ratio (PE)

The number of times the price covers the earnings per security over a twelve month period. Investors commonly use this ratio to measure the attractiveness of particular shares and to compare shares in one company with those in another.

Producer Price Index (PPI)

A statistic that measures changes in the price of finished goods and services sold by producers.

Profit and loss (P&L)

An account compiled at the end of an accounting period to show gross and net profit or loss. In CFD trading, it indicates money gained or loss incurred on a position.

Purchasing Managers Index (PMI)

An indicator of economic activity created through surveys completed by mangers in a number of manufacturing companies. It provides a picture of economic conditions within the manufacturing sector, and is often used by investors to predict future GDP numbers for a country's economy.
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