Kappa	Used in regression analysis, Kappa represents the ratio of the dollar price change in the price of an option to a 1% change in the expected price volatility.
LIBOR	London interbank offer rate. The rate offered by banks on Eurocurrency deposits (i.e., the rate at which a bank is willing to lend to other banks
Limit order	an order that can be executed only at a specified price or one more favorable to the investor
Liquidate	To convert assets into cash or equivalents by selling them on the open market
Liquidation	(1) Offsetting or closing out a futures position; (2) a market in which open interest is declining.
Liquidity	The degree to which an asset or security can be bought or sold in the market without affecting the asset's price. Liquidity is characterized by a high level of trading activity
Long	(1) One who has bought a futures or options contract to establish a market position; (2) a market position that obligates the holder to take delivery; (3) one who owns an inventory of commodities or securities.
Long Position	A position involving the purchase of an asset.
Lot	The number of bonds or shares of stock in a single trade