Orders 

Where a client leaves instructions to buy or sell a security at a given price for a given time. Attracts much higher salescredits.

OTC 

Over the Counter – used in Derivatives to denote a bespoke contract bypassing an exchange.

Par Curve

Yield curve adjusted by mathematical algorithms to eliminate yield variations caused by high and low coupon deviations.

Parabolic SAR 

A branch of technical analysis.

Parallel Markets

Two markets that usually have a close correlation in their price movements.

Position 

The overall longness or shortness of the book. Usually expressed as units of one of the benchmarks.

Positional Risk 

Risks that can affect the profitability of the book such as interest rates, changes in credit ratings etc.

Positive Carry

Where the coupon accrual is higher than the financing cost.

Pricing Trees 

A hierarchy of securities such that the more active determines the price of a less active instrument. Hierarchies can be four or five levels deep and price changes cascade down the tree but not up.