Account in which the bank takes all of the excess available funds at the close of
each business day and invests them for the firm.
SWIFT
See: Society for Worldwide Interbank Financial Telecommunications
Swingline facility
Bank borrowing facility to provide finance while the firm replaces U.S.
commercial paper with eurocommercial paper.
Swissy
Jargon for the Swiss Franc.
Switching
Liquidating an existing position and simultaneously reinstating a position in
another futures contract of the same type. Symmetric cash matching, an
extension of cash flow matching that allows for the short-term borrowing of funds
to satisfy a liability prior to the liability due date, resulting in a reduction in the
cost of funding liabilities.
Switch order
Used in the context of general equities. Order for the purchase (sale) of one
stock and the sale (purchase) of another stock at a stipulated price difference.
Contingent order, swap. For equities, selling one security to purchase another,
usually to enhance yield while
Symbol
Used in the context of general equities. Letters used to identify companies used
on the consolidated tape and other locations.
Symbol book special
Used in the context of general equities. Illiquid, inactively traded stock that lacks
market familiarity.
Symmetric cash matching
An extension of cash flow matching that allows for the short-term borrowing of
funds to satisfy a liability prior to the liability due date, resulting in a reduction in
the cost of funding liabilities.
