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OSC Glossary


Acronym Category Description

Leadership Competency Assessment (OSC staff tool).

Legislation Act Law

Legislation Act, 2006, S.O.2006, c. 21, Sched. F. Replaced the former Interpretation Act. The Legislation Act, 2006 assembles in one Act provisions about the publication, citation and interpretation of Ontario legislation.

LEI Markets

Leading economic index or a CB Lending Index is an index that is a composite average of ten leading indicators in the US. It one of the key elements in the Conference Board's analytic system, which is designed to signal peaks and troughs in the business cycle. Since it is an average, the leading index smooths out some of the volatility of individual components, thereby revealing turning points in the economic data more convincingly than any individual component.

(Source: Investopedia)

Levy Regulatory

Levy is to assess or collect (a fine or a tax).

(Source: A Brief Overview of the Regulatory Structure of Securities Regulation in Ontario)

LGD Markets

Loss given default is the percentage of an exposure that a lender expects to lose in the event of obligor default.

(Source: Morgan Stanley Intuition website)

Libor Markets

Libor stands for London interbank offered rate. The interest rate at which banks offer to lend funds (wholesale money) to one another in the international interbank market is set daily at 11 am. A bank wishing to borrow funds (or take deposits) from another bank will quote the London interbank bid rate (Libid), while the London interbank mean rate (Limean) is the average of the two. In 2012, regulators from around the world were probing alleged manipulation by big US and European banks of the London interbank offered rate and other key benchmark lending rates. By the beginning of 2013 a worldwide investigation stretching from New York to Switzerland to Tokyo had discovered widespread manipulation of benchmark interbank lending rates by traders and brokers. For further information, consult the FT Lexicon.     

Canadian equivalent is the CDOR – Canadian Dealer Offered Rate 

London Whale  

The London Whale was a UK-based trader called Bruno Iksil who worked for JPMorgan. He was known as the London whale among hedge funds and other traders, due to his big, and as it turned out, ill-advised position in a credit derivatives index. 

(Source: FT Lexicon)


Law Society of Upper Canada is the governing body for lawyers in Ontario. LSUC regulates, licenses and disciplines lawyers and paralegals under the Law Society Act and the Law Society’s Rules, Regulations and Guidelines.   

(Source: LSUC, website)