Risk awareness relative to the reference index has become paramount among fixed income players and arguably a source of alpha in and of itself.

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Instead, the relative shares in the deal were struck by reference to both banks' share-price trading range over the past year.

ECONOMIST: Banks in Spain

Different organizations, ranging from the Bowles-Simpson Fiscal Commission to the House Budget Committee, have considered this current policy baseline to be the appropriate reference point, since it measures changes relative to the status quo, rather than the mix of expiring provisions and policy changes that would likely never be implemented.

WHITEHOUSE: American Taxpayer Relief Act Reduces Deficits by $737 Billion | The White House

Currency traders in Eastern Europe use the euro as their main reference currency, and will typically choose their trades based on what the European currency is doing relative to the dollar.

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