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cap
(redirected from caps of liberty)

    Also found in: Dictionary/thesaurus, Medical, Legal, Idioms, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
Cap
An upper limit on the interest rate on a floating-rate note (FRN) or an adjustable-rate mortgage (ARM). Also, an OTC derivatives contract consisting of a series of European interest rate call options; used to protect an issuer of floating-rate debt from interest rate increases. Each individual call option within the cap is called a caplet. Opposite of a floor.
cap
1. An upper limit on the interest rate to be paid on a floating-rate note.
2. See capitalization.
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