1. The market decline on Tuesday, February 27th, 2007, was triggered by the 'Shanghai .......... ', a steep fall in stock prices on China's Shanghai market, which triggered big declines in other stock markets around the world.

2. Style .......... is a serious problem for clients because it distorts asset allocation and undermines performance when styles rotate; value managers who have slowly changed over the past three years toward more favored growth stocks are regretting those moves, but not as much as their clients.

3. On a recent Friday, the foreign currencies and exchange floor looked like a large frat party without beer: runners in yellow jackets gave each other backrubs, frisked each others' pockets for bid cards, and flung waste paper aside while traders flung themselves around the .......... conducting their business by the time-honored means of 'open outcry.'

4. Traders often times will adopt a simple buy low, sell high' range bound approach, but when we strive to pick the next major top or bottom, we may encounter a fairly frustrating event: our trade is stopped .......... as the market continues to slightly new highs or lows.

5. China has just announced that it is going to come off the dollar peg currency arrangement, but in fact this is a very .......... float, since the trading price of the US dollar against the renminbi will now float within a trading band of plus or minus 0.3 per cent, while the band of other currencies against the renminbi will be set by the central bank.

6. The appropriate procedure in evaluating returns adjusted for risk is to subtract from a fund's return the risk-.......... return (here taken as the return on United States government money market funds), and to divide the surplus return by the fund's beta, the measure of risk.

7. Many start-up companies issue stock warrants or options under one of two scenarios: (1) as a .......... to induce potential investors to purchase stock in an offering or (2) as compensation for executives, directors or other service providers; when these situations are distinct, the tax treatment is very straightforward.

8. When he was a U.S. attorney, Rudolph Giuliani is credited with patenting the .......... walk for white-collar defendants: when three prominent Wall Street traders and bankers were accused of insider trading, Giuliani had the defendants arrested at their offices, handcuffed and escorted from the building to a mob of press that had been previously alerted.

9. The markets that consistently show the largest amounts of inefficiency are the dollar-pound-yen, dollar-mark-yen, and dollar-yen- franc markets; inefficiencies in .......... arbitrage imply that risk-free profitable opportunities exist, and attentive traders can take advantage of these.

10. Energy exchanges offer .......... spreads as futures, where both legs of the combination (crude oil and an oil product) can be traded in one single transaction; these derivatives help refineries to offset or manage their risks, but investors can also use these instruments.