Jeremy Stevens

It’s the third and final instalment of our market dictionary, in which we translate highfalutin and confusing terms used in the world of rands and cents.

Amortisation

It is a word I should be familiar with but am not. It is the repayment of a loan over time, through instalments.

Churning

To ‘churn’ is to trade an investor's portfolio excessively, often in order to raise trader's commissions. Also a process of turning milk into butter.

Fiduciary

To say that you have a fiduciary should not raise alarm; this is no fungal infection, as much as it might sound like one. A fiduciary is, rather, a person who has been legally appointed to act on behalf of another person.

"Hit the bid"

A phrase meaning the acceptance of purchasing at the offer or selling at the bid.

Lot

I know this one, I know this one. A lot is more than a little, right? No. It is a unit to measure the amount of the trade.

Testator

Not a person who has just swallowed a testicle, but someone who has written a will.

Swissy

A word to ask your friend with a lisp to repeat for your amusement. That, and the market slang for the Swiss Franc.

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