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To: fyodor_ who wrote (32550)	3/21/2001 4:33:20 PM
From: DRBES	Read Replies (1) \| Respond to of 275872

re: "To a physicist, it's a delta." Also to some mathematicians that is true. I count myself as a phuzzicyst having "won" my PHud. in 1974 (WASH YOU, SAN LOUIE). I seem to recall that Newton (not the fig variety) employed them when he derived a good deal of what was to become differential (deltas were the differentials) calculus. Patient Regards, DARBES

To: fyodor_ who wrote (32550)	3/21/2001 5:40:23 PM
From: Neil Booth	Read Replies (1) \| Respond to of 275872

That might be so, but we're not in the physics lab! I'm a mathematician, and delta means a (vanishingly) small change in something (and it's the same thing, not 2 different things!). I believe it's the same for physicists. In fact, I'm sure it is. Anyway, in financial markets there are only two terms: spread and basis. Basis tends to mean something a little different, though. In financial markets, delta means the rate of change of PV w.r.t. the underlying. Very common in swap, futures and option markets; but it tends to be renamed duration in bond markets. Also known as sensitivity to the underlying. Neil.