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Definition of Agency basis
A means of compensating the broker of a program trade solely on the basis of commission
Well, frankly, accrual is not a good descriptive
A grouping of sales producers according to region. Compare with Branch.
A form of organization commonly used by foreign banks to enter the U.S. market. An agency
The argument that specifies that the various agency costs create a complex environment in
The incremental costs of having an agent make decisions for a principal.
Mortgage pass-through securities whose principal and interest payments are
Conflicts of interest among stockholders, bondholders, and managers.
Conflicts of interest between the firm’s owners and managers.
The analysis of principal-agent relationships, wherein one person, an agent, acts on behalf of
A convention used for quoting bids and offers for treasury bills in terms of annualized
Regarding a futures contract, the difference between the cash price and the futures price observed in the
In the bond market, the smallest measure used for quoting yields is a basis point. Each percentage
One one-hundredth of one percent
One hundredth of one percentage point, or 0.0001.
One one-hundredth of a percentage point, used to express variations in yields. For example, the difference between 5.36 percent and 5.38 percent is 2 basis points.
Price expressed in terms of yield to maturity or annual rate of return.
The uncertainty about the basis at the time a hedge may be lifted. Hedging substitutes basis risk for
The method used for computing the bond-equivalent yield.
An asset’s purchase price, plus costs associated with the purchase, like installation fees, taxes, etc.
Selling something on a discounted basis is selling below what its value will be at maturity,
Federal agency securities
Securities issued by corporations and agencies created by the U.S. government,
Fiscal agency agreement
An alternative to a bond trust deed. Unlike the trustee, the fiscal agent acts as an
Fixed price basis
An offering of securities at a fixed price.
An account for the investment credit to show all income statement benefits of the credit
A method of selling a new issue of common stock in which the SEC declares the registration
Price value of a basis point (PVBP)
Also called the dollar value of a basis point, a measure of the change in
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