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Y:
 Yankee Bonds - bonds issued in the United States by foreign banks and corporations, but denominated in U.S. dollars. Such bonds must usually be registered with the U.S. Securities and Exchange Commission (SEC).

Yankee CD's - CD's issued in the domestic U.S. market, typically New York, by a branch of a foreign bank.

Yard - industry jargon for one billion units of a currency. Especially used in currency trading to reduce the risk of error in voice communications due to confusion on pronunciation of 'billion' rather than 'million' units traded.

Yield - the annual return on an investment, typically expressed as a percentage.

Yield Curve Option-Pricing Models - models that can incorporate different volatility assumptions along the yield curve, such as the Black-Derman-Toy model. Also called arbitrage-free option-pricing models.

Yield Curve - a graphic representation of market yield for a fixed income security plotted against the maturity of the security.

Yield Curve Strategies - positioning a portfolio to capitalize on expected changes in the shape of the yield curve.

Yield to Maturity - the percentage rate of return paid on a bond, note or other fixed income security which is bought and held to its maturity date. The calculation for the yield to maturity is based on the coupon rate, length of time to maturity, and market price. The calculation assumes that coupon interest paid over the life of the bond will be reinvested at the same rate, which is a simplifying assumption that may at times differ significantly from actual conditions.


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