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 classic literature ?
He had not gone far before he met a wolf, who was limping disconsolately along on three legs, and who on perceiving Ferko began to howl dismally.
Once more the tinsmith came to my help and made me a body of tin, fastening my tin arms and legs and head to it, by means of joints, so that I could move around as well as ever.
A stick was thrust between her jaws and she was fastened with a leash, as if bridled, her legs were bound together, and Daniel rolled her over once or twice from side to side.
He had but one leg, set just below the middle of his round, fat body; but it was a stout leg and had a broad, flat foot at the bottom of it, on which the man seemed to stand very well.
broke the martingale and enabled him to gain a perpendicular position on his hind legs.
They harangued him for his fall, sneered and jeered at him, rooted him about contemptuously with their feet, made a hollow in the sand out of which he could not roll and desposited him in it on his back, his four tied legs sticking ignominiously in the air above him.
And Three- Legs and all owners of things paid Dog-Tooth and Sea-Lion and Big- Fat their share in money.
Naturalists, however, use such language only in a metaphorical sense: they are far from meaning that during a long course of descent, primordial organs of any kind--vertebrae in the one case and legs in the other--have actually been modified into skulls or jaws.
At last, by sheer luck, a Carabineer[2] happened along, who, hearing all that noise, thought that it might be a runaway colt, and stood bravely in the middle of the street, with legs wide apart, firmly resolved to stop it and prevent any trouble.
The bones of her legs below the knees looked no thicker than a finger from in front, but were extraordinarily thick seen from the side.
And with a footman up behind, with a bar across, to keep his legs from being poled
One of these was the proprietor of a giant, and a little lady without legs or arms, who had jogged forward in a van; the other, a silent gentleman who earned his living by showing tricks upon the cards, and who had rather deranged the natural expression of his countenance by putting small leaden lozenges into his eyes and bringing them out at his mouth, which was one of his professional accomplishments.