Mine and Yours

What Does Mine and Yours Mean?

The terms "mine" and "yours" were part of the trading jargon used by traders and brokers to signal buy and sell preferences for securities on the trading floor. The term "mine" was a buy reference while "yours" was an indication that an individual wants to sell an order. These terms were commonly used with other similar jargon in the open outcry system and were also used by traders and brokers over the phone and in voice markets. They are still commonly used in the foreign exchange market.

Key Takeaways

  • Traders and brokers have traditionally used jargon to signal trading information, intentions, and acceptances.
  • "Mine" and "yours" are trading terms that indicated someone's intent to buy and sell, respectively.
  • These terms arose during the days of open outcry pit trading, and still remain common in forex markets.
  • "Buy 'em" and "sold" were just as common on the trading floor.
  • Given the scope and complexity of many forex transactions, traders have developed a highly specific lingua franca that enables efficiency and clarity in trades.

Understanding Mine and Yours

Open outcry floor pits were the mainstay for stock markets before many of them went completely electronic. In these markets, crowds of traders and brokers would trade with one another and compete to buy and sell in response to orders. "Mine" and "yours" were audible ways of quickly conveying the intent to buy or sell, respectively. "Buy 'em" and "sold" were also equally common.

For instance, if a dealer in the interbank market wanted to buy a given currency, they would type or say "mine" to a counterparty or broker. If that trader decided to sell, they would say, "yours," meaning, "it's yours." Likewise, if a floor broker offered 100 call options at $1.00 and a market maker chose to buy them, they could shout "mine" in response to signal their intent to buy.

Both of these terms were meant to be quick and easily understandable. As such, they enabled fast and accurate transactions in a market that was often chaotic and fast-moving.

Special Considerations

Both the terms "mine" and "yours" are still commonly used today, primarily found in currency markets. And they are still used in the same context that they were in the open outcry system. The foreign exchange or forex (FX) market is a large and highly liquid one. In fact, it's one of the most liquid markets on the planet where individual, institutional, corporate, and governmental investors trade currencies.

Transactions that take place in this market generally occur online. The market relies heavily on leverage because currency pairs usually experience minimal changes in value on a day-to-day basis, so there is often a high volume of trade.

When a forex investor opens a trade, that individual or organization buys one currency and sells another. To close the deal, they do the opposite. Given the scope and complexity of many forex transactions, traders have developed a highly specific lingua franca that enables efficiency and clarity in trades.

The foreign exchange market is known for having a long list of very specific lingo.

Other Jargon in Forex

Some of the basics of forex trading lingo will be familiar to any trader or investor, although with potentially different connotations when related to foreign exchange markets. As relatable and straightforward as the terms "mine and yours" are, they belong to a long list of unique and often creative slang that is understood by forex traders.

Here are a few other common slang terms that are commonly used among forex traders:

  • A bid is the exchange rate at which a buyer is willing to purchase the base currency in a currency pair.
  • The offer indicates the exchange rate at which a seller is willing to sell the base currency in a currency pair.
  • Going long refers to buying a currency product with the expectation that the asset will rise in value.
  • Going short is selling first and then buying later with the hope that the price will drop.
  • BTFD means to "buy the (expletive) dip" or purchase an asset following a decline in prices.
  • Footsie refers to the Financial Times-Stock Exchange 100 Share Index (FTSE 100).
  • Pari-passu is a Latin expression meaning on equal footing which relates to bondholders having co-equal rights concerning a debt restructuring.
  • Thin is a market with less liquidity than might be expected.
  • Yard indicates a billion and offers a concise method of naming a figure that cannot be confused with the rhyming million or trillion.
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