a unit or an item of commerce in which prices are measured
Gold was used as the numeraire of the Fund's fixed exchange rate system.
2. finance
a unit of currency against which other currencies are measured
The US dollar is used as the numeraire of the oil trade.
Examples of 'numeraire' in a sentence
numeraire
However, option prices are still calculable by the technique of the change of numeraire.
Donatien Hainaut 2018, 'Calendar Spread Exchange Options Pricing with Gaussian Random Fields', Riskshttp://www.mdpi.com/2227-9091/6/3/77. Retrieved from DOAJ CC BY 4.0 (https://creativecommons.org/licenses/by-sa/4.0/legalcode)
By the change of numeraire and quadratic exponential scheme, this paper develops a new simulation scheme for the extended model.
Zhang Sumei, Zhao Jieqiong 2017, 'Efficient Simulation for Pricing Barrier Options with Two-Factor Stochastic Volatilityand Stochastic Interest Rate', Mathematical Problems in Engineeringhttp://dx.doi.org/10.1155/2017/3912036. Retrieved from DOAJ CC BY 4.0 (https://creativecommons.org/licenses/by-sa/4.0/legalcode)