Glossary

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Net Position
The amount of currency bought or sold which have not yet been offset by opposite transactions.

Non-Client Order
An order on an exchange that is made by a participant firm or on behalf of a partner, officer, director, or employee of the participant firm. Where a participant firm is a firm that is entitled to trade on the exchange, also known as a member firm. While these orders are allowed, priority must be given to client orders for the same securities.

Note
A financial instrument consisting of a promise to pay rather than an order to pay or a certificate of indebtedness.