Finans
Cift Yonlu Kotasyon (Quote)
İngilizce: quote
Türkçe Tanım
Bir piyasa yapicinin, ayni anda hem alim hem satim fiyatini ilan ettigi cift yonlu kotasyondur; ikisi arasindaki fark, aracinin kar marjini ve piyasanin likiditesini yansitan bid-ask spread'idir. Spread'in genisligi, islem goren aracin likiditesi ve fiyat belirsizligi hakkinda dogrudan bilgi tasir; nitekim proje finansmaninda ikincil piyasasi sig olan bir tahvilin genis bid-ask spread'i, yatirimcinin vadesinden once cikis maliyetini yukselttiginden, birincil ihracta talep edilen getiri primine sessizce eklenir.
English Definition
A two-way quote in which a market maker simultaneously announces both a bid, or buying, and an ask, or selling, price, the gap between them being the bid-ask spread that reflects the intermediary's margin and the market's liquidity. The width of the spread carries direct information about the traded instrument's liquidity and price uncertainty, since in project finance the wide bid-ask spread on a bond with a shallow secondary market raises the investor's cost of exiting before maturity and is quietly added to the yield premium demanded at primary issuance.