|Towards more picturesque speech™
All-purpose financial services jargon which, if uttered in relation to a point, means one-hundredth of a percentage point, and when comparing two things, means the unhedged difference between them. Hence “basis risk”.
One hundredth of one percent of a given notional or principal amount. More accurate than “per cent” which suffers from a kind of relativistic ambiguity (do you mean a percentage of notional, or of a change in notional etc).