Leg

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Leg

A prolonged trend in stock market prices, such as a multiple-period bull market; or, an option that is one side of a spread transaction. See: Lifting a leg.

Leg

In a swap, the individual future cash flows that are swapped. The legs are calculated over a notional principal amount, which is not exchanged between the counterparties. Thus, in a swap, the only things traded are the two legs, which each party pays the other at set intervals over the life of the contract. For example, in an interest rate swap, one party may agree to pay the other a fixed interest rate over a notional value while the second party may agree to pay a variable interest rate over the same notional value. In this case, the fixed interest rate and the variable interest rate are the swap's two legs.

leg

One side of a combination option. See also leg lifting, leg on, long leg, short leg.
References in periodicals archive ?
When Ruby Walsh remounted Kauto Star on the occasion that's put forward as the highest-profile example, did he go round feeling legs until he was satisfied there was no damage that might be worsened by continuing on his merry way.