At-the-money

{{def|At-the-money||adv|[[File:Bob Cunis 1967.jpg|450px|center|[[Bob Cunis: on the money, as it were.]]}}Of a financial instrument, in the cunisian state: neither one thing nor the other; neither in nor out of the money. All square.

An arm’s-length swap transaction will start out life at-the-money and, when the last payments have been made, will finish there too, but will usually spend the rest of its time swinging wildly in-the-money — at which point one is a creditor — and out-of-the-money — at which point one is a debtor.

See also

• Flawed asset
• The moneyness hokey-cokey: in-the-money, out-of-the-money and at-the-money
• Options