Page 151 - PRIAA Glossary

SHIPPER
Any entity that contracts with the transporter to convey gas through the gas pipeline network. Shippers need to be registered with the local regulatory body.
SHOCK ABSORBER
A temporary restriction in the trading of stock index futures which becomes effective following a significant intra-day decrease in stock index futures prices. Shock absorbers are designed to provide an adjustment period to digest
new market information and do not permit trading below a specified price level.
SHORT
The sale of a borrowed security, commodity or currency. This action is employed with the expectation that the security value will fall and can be repurchased at a lower price.
SHORT FORM (TRANSACTION SUPPLEMENT)
The transaction supplement is entered into with respect to each trade under a master confirmation agreement (MCA), supplementing the MCA and incorporating by reference the terms of the MCA. The MCA and transaction supplement together constitute the confirmation of a transaction. The MCA and transaction supplement structure remove the need for non-economic terms to be defined on a transaction-by- transaction basis.
SHORT POSITION
The process of selling a borrowed security, commodity
or currency with the anticipation that the asset will decrease in value.
SHORT-RATE MODEL
A family of stochastic interest rate models, where the random variable that characterises the evolution of future interest rates is the instantaneous spot rate, or “short rate”. Short-rate models include the Ho-Lee model and the Hull- White model.
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