A slang term used in financial markets, particularly in foreign exchange and fixed-income trading, to denote one billion units of a currency. The term originated in interdealer broker markets as a convenient shorthand to avoid confusion between millions and billions during fast-paced verbal trading. When a dealer says 'one yard,' they mean one billion of the base currency in the currency pair being traded.
Example
“The central bank was rumoured to have sold a yard of EUR/USD at the 4 PM London fix, which was enough to push the pair down 30 pips.”