Page 46 - PRIAA Glossary

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DARK POOLS
Private or alternative trading venues which operate in parallel to the mainstream exchange-traded market and allow participants to transact without publicly displaying quotes. Orders are anonymously matched and there is no obligation for either party to report executed transactions or the prices at which they are executed to a regulatory body. Price discovery in the mainstream markets can be distorted by such venues, as the transactions processed within them have effectively become over-the-counter (OTC ) in nature.
DARK SPREAD
The price difference between the market price of electricity and the market price of the coal used to generate the electricity.
DATED BRENT
A term for a physical cargo of Brent blend crude that has received its loading date range. This occurs 15 working days ahead of loading (not including weekends and bank holidays).
DAY COUNT FRACTION
The number of days in the calculation period divided by the number of days in the year (as modified by the applicable business day convention). The day count fraction is then used to calculate payments due on a transaction.
DAY ORDER
An order that expires automatically at the end of each day’s trading session if it has not met its conditions for execution.
DAY TRADING
When a security or commodity underlying is bought and sold within the space of a single trading day.
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