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Financial glossary



A warrant is a security offering the right (but not the obligation) to purchase underlying stocks of an issuing company at a specified price and date. Unlike call options, warrants are issued by the underlying entity itself.


A waterfall represents a set of rules which define the prioritisation of payments of an asset. According to a waterfall, subordinated investors start receiving principal only when senior investors are fully reimbursed.

Weighted average life (WAL)

The weighted average life (WAL) of a securitised product measures the time taken for half the security’s principal to be repaid. The weighted average life is the most common figure to assess the maturity of a securitised product.

West Texas Intermediate (WTI)

West Texas Intermediate (WTI) is a sweet light crude oil (lighter than Brent Crude) used as the underlying for oil futures contracts traded in the New York Mercantile Exchange.

Withholding tax

A tax levied on income (interest and dividends) from securities owned by a non-resident