Z   -    A Nasdaq stock symbol specifying that it is a miscellaneous situation such as a depositary receipt, stub, additional warrant, or unit.

Z-Spread - Zero Violatility Spread   -   The constant spread that will make the price of a security equal to the present value of its cash flows when added to the yield at each point on the spot rate Treasury curve where a cash flow is received . In other words, each cash flow is discounted at the appropriate Treasury spot rate plus the Z Spread. 
The Z-spread is also known as a "static spread".

ZAR   -   The currency abbreviation for the South African rand (ZAR), the currency for South Africa. The South African rand is made up of 100 cents and is often presented with the symbol R. The rand comes from the word "Witwatersrand" which means "white waters ridge". Johannesburg, the location of the majority of South Africa's gold deposits, is located on this ridge.`

ZBA - Zero Balance Account   -   A checking account in which a balance of zero is maintained by automatically transferring funds from a master account in an amount only large enough to cover checks presented.

ZBB - Zero-Based Budgeting   -   A method of budgeting in which all expenses must be justified for each new period. Zero-based budgeting starts from a "zero base" and every function within an organization is analyzed for its needs and costs. Budgets are then built around what is needed for the upcoming period, regardless of whether the budget is higher or lower than the previous one.
ZBB allows top-level strategic goals to be implemented into the budgeting process by tying them to specific functional areas of the organization, where costs can be first grouped, then measured against previous results and current expectations.

ZEBRA - Zero Basis Risk Swap   -   A swap agreement between a municipality and a financial intermediary.
Also known as a "perfect swap" or "actual rate swap".

ZEW - Zentrum für Europäische Wirtschaftsforschung   -   A nonprofit economic research institution based in Germany involved in providing economic issues and policy advice to its clients with a main focus on the European economies. It covers a wide range of economic areas, including environmental research, public finance, international finance and labor issues among others. English Translation: Centre for European Economic Research

ZMK   -   The currency abbreviation for the Zambian kwacha (ZMK), the currency for Zambia. The Zambian kwacha is made up of 100 ngwee and is often presented with the symbol ZK. The name kwacha is based on the word "dawn" in the Nyanja language.

ZWD   -   The currency abbreviation for the Zimbabwe dollar (ZWD), the currency for Zimbabwe. The Zimbabwe dollar is made up of 100 cents and is often presented with the symbol $, or sometimes Z$ to distinguish it from other currencies denominated in dollars. Even though the Zimbabwe dollar is made up of cents, they are not used in practice.

Z-Score   -   A statistical measure that quantifies the distance (measured in standard deviations) a data point is from the mean of a data set. In a more financial sense, Z-score is the output from a credit-strength test that gauges the likelihood of bankruptcy.

Z-Share   -   A class of mutual fund shares that employees of the fund's management company are allowed to own. Employees may have the option of buying Z-shares or receiving them as a part of compensation or a reward package.

Z-Tranche   -   A special type of bond class in a sequential pay collateralized mortgage obligation. This class of bond does not receive any interest or principal payments until all other tranches have been completely paid off. In a Z-tranche, the interest that is not paid is accrued and added to the principal for future interest calculation purposes.

Zakat   -   A term used in Islamic finance to refer to the obligation that an individual has to donate a certain proportion of wealth each year to charitable causes. Zakat is a mandatory process for Muslims in order to physically and spiritually purify their yearly earnings that are over and above what is required to provide the essential needs of a person or family.

Zaraba method   -   A method of matching orders that involves using an auction-like process to trade securities. The orders are organized by both their prices and the time that they were taken. As soon as an order for a security is delivered, it is compared and matched with orders already in the order book. When a bid comes in that matches the price requested by another order, the two orders are executed and taken out of the order book.

Zero Capital Gains Rate   -   The capital gains tax rate of 0% that is charged to individuals who sell property in an "enterprise zone". The zero capital gains rate can be applied by a given level of government in order to prompt investment in a given area.

Zero Cost Collar   -   A type of positive-carry collar that secures a return through the purchase of a cap and sale of a floor. Also called "zero cost options" or "equity risk reversals."

Zero Minus Tick   -   A securities trade executed on an exchange at the same price as the preceding trade, but at a lower price than the last trade of a different price. For example, if a succession of trades occur in the following order - $10.25, $10.00, and $10.00 - the last trade would be considered a zero minus tick or zero downtick trade.

Zero Plus Tick   -   A security trade that is executed at the same price as the preceding trade but at a higher price than the last trade of a different price. For more than 70 years there was an "uptick rule" as established by the U.S. Securities and Exchange Commission (SEC); the rule stated that stocks could be shorted only on an uptick or a zero plus tick, not on a downtick. This rule was lifted in 2007.

Zero-Beta Portfolio   -   A portfolio constructed to have zero systematic risk or, in other words, a beta of zero.

Zero-Coupon Bond   -   A debt security that doesn't pay interest (a coupon) but is traded at a deep discount, rendering profit at maturity when the bond is redeemed for its full face value.
Also known as an "accrual bond".

Zero-Coupon Convertible   -   A zero-coupon bond issued by a corporation that can be converted into that corporation's common stock. Also known as a "split coupon bond".

Zero-Investment Portfolio   -   A group of investments which, when combined, create a zero net value. Zero-investment portfolios can be achieved by simultaneously purchasing securities and selling equivalent securities. This will achieve lower risk/gains compared to only purchasing or selling the same securities.

Zero-Sum Game   -   A situation in which one participant's gains result only from another participant's equivalent losses. The net change in total wealth among participants is zero; the wealth is just shifted from one to another.

Zeta Model   -   A mathematical formula developed in the 1960s by NYU Professor Edward Altman that attempts to express the chances of a public company going bankrupt within a two-year time period. The number produced by the model is referred to as the company's Z-score, which is a reasonably accurate predictor of future bankruptcy. The model is specified as:

Where:
Z = Score
A = Working Capital/Total Assets
B = Retained Earnings/Total Assets
C = Earnings Before Interest & Tax/Total Assets
D = Market Value of Equity/Total Liabilities
E = Sales/Total Assets

Zig Zag Indicator   -   A trend following indicator that is used to predict when a given security's momentum is reversing. The indicator is used by traders to eliminate random price fluctuations and attempts to profit when the trend changes. The Zig Zag tool is often used in wave analysis to determine the positioning of the stock in the overall cycle.

Zombie Debt   -   A type of  bad debt that is so old a person may have forgotten he or she owed it in the first place. The debt has likely been given up on by the company to which it was owed. Zombie debt can haunt a debtor if a debt collector buys the debt for a low price from the company in attempt to recover the owed funds.

Zombies   -   Companies that continue to operate even though they are insolvent or near bankruptcy. Zombies often become casualties to the high costs associated with certain operations, such as research and development. Most analysts expect zombie companies to be unable to meet their financial obligations.
Also known as the "living dead" or "zombie stocks".

Zone of Possible Agreeement   -   Not a physical place, the zone of possible agreement is considered an area where two or more negotiating parties may find common ground. It is this area where parties will often compromise and strike a deal.

Zoning   -   Government (usually municipal) laws that control the use of land within a jurisdiction.

ZZZZ Best   -   A company owned by Barry Minkow in the 1980s. Through such means as forgery and theft, Minkow appeared to be building a multimillion dollar corporation. ZZZZ Best went public in December of 1986, eventually reaching a market capitalization of over US$200 million.