Glossary Of Terms
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G
GAMMA
The sensitivity of an option’s delta to changes in the price of the underlying futures contract.
GAS
Natural gas is a range of gases which occur naturally and are composed mainly of methane (CH4) and ethane (C2H6). In the UK gas supply industry it refers to the gas supplied through the mains system (mainly methane). North Sea gas usually has a declared heating value of 1035 Btu per cubic foot.
GAS NOMINATIONS
Every day, by a specified time, a shipper has to inform pipeline companies of the amount of gas it wishes to transport and store the next day. During the day the shipper can alter its nominations to take any changes in supply and demand into account. Nomination deadlines are where each pipeline has a scheduled deadline before which shippers must book gas for the following month.
GCV
Gross calorific value
GEARING
The gearing of a derivative is the price of the underlying divided by the price of the derivative. This can be used for crude assessments of leverage and option pricing. A more sophisticated measure is effective gearing (or lambda), which is the traditional gearing multiplied by the derivative’s delta.
GENERATION
The process of producing electric energy by transforming other forms of energy. The amount of energy produced is expressed in watt hours.
GIGAJOULE
One billion joules, approximately equal to 948,000 British thermal units.
GIGAWATT
One billion watts
GOOD TILL THE CLOSE
An order given to a futures broker which stays live until filled, or until the close of the market, whichever is sooner.
GTC
General Terms and Conditions
