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 ?
So they oiled his legs until he could move them freely; and he thanked them again and again for his release, for he seemed a very polite creature, and very grateful.
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.
The Saw-Horse now became quiet, and held its legs rigid; so that Tip, after several efforts, was able to roll him over and set him upright.
And Three- Legs and all owners of things paid Dog-Tooth and Sea-Lion and Big- Fat their share in money.
Has that fellow' - to the man with the wooden leg -'been here again?
Creakle was in earnest, or whether he only did it to frighten me, I don't know, but he made a burst out of his chair, before which I precipitately retreated, without waiting for the escort Of the man with the wooden leg, and never once stopped until I reached my own bedroom, where, finding I was not pursued, I went to bed, as it was time, and lay quaking, for a couple of hours.
He landed on his head with his leg in the air, his gun being wedged between two paving-stones.
He did it on a gallop, breaking the gallop off short by fore legs stiffly planted.
And what would you want to saw his leg off for, anyway?
One evening, as he rose from table, his legs failed him.
The deck-full of blacks shrieked their merriment, and Jerry, his rage undiminished, his immediate antagonist out of the battle, mistaking himself as the object of the laughter of the blacks, turned upon them, charging and slashing the many legs that fled before him.
Sometimes he brought his grandfather, who always looked closely at my legs.