For example, what does "outright" mean in outright OIS swap? Another similar question, what does "USD fedfund is marked as outright" mean? Thank you
When trading derivatives via "voice" sometimes you got asked if the position is outright. The intention behind this is to understand if your trade idea and your request is part of a larger construction.
Simply speaking: If you ask me for a bid/ask for X I'll might ask you if this trade is "outright". Your reaction could be "no i'd like to trade X vs. Y as a pair trade" Then I would price you both instruments at the same time.
A different case could be if you had a fixed income portfolio (consisting from swaps and bonds) and the risk manager asks you "why do you have swap X open?". Your answer could be "This is an outright trade". Therefore the RM knows that this position is not for hedging purposes.