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In a job description, it lists the sub categories of fixed income products: cash, swap, futures and options. I understand what other three mean but what's "cash" in this context?
In another occasion I came across this term when I worked with "muni cash", which is a team having something to do with munibonds.
I couldn't, however, find "cash" as an asset class type in any fixed income text book.
please advise.
Cash means taking possession (usually in a brokerage account) of actual bonds, such as treasuries, munis, or corporates.
Usually this is no big deal, but the brokerage may have requirements for accounts that trade cash, for example that you be a qualified institutional buyer.
Among people who trade bond options or bond futures, the term "cash" or "the cash market" is used to refer to the actual bonds.
