Definition of Registrar

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Registrar

Financial institution appointed to record issue and ownership of company securities.

Related Terms:

Asset-Backed Securities

Bond or note secured by assets of company.

Benchmark issues

Also called on-the-run or current coupon issues or bellwether issues. In the secondary
market, it's the most recently auctioned Treasury issues for each maturity.

The Treasury and federal agencies are moving to a book-entry system in which securities are not represented by engraved pieces of paper but are maintained in computerized records at the
Fed in the names of member banks, which in turn keep records of the securities they own as well as those they
are holding for customers. In the case of other securities where a book-entry has developed, engraved
securities do exist somewhere in quite a few cases. These securities do not move from holder to holder but are
usually kept in a central clearinghouse or by another agent.

Changes in Financial Position

Sources of funds internally provided from operations that alter a company's
cash flow position: depreciation, deferred taxes, other sources, and capital expenditures.

Cheapest to deliver issue

The acceptable Treasury security with the highest implied repo rate; the rate that a
seller of a futures contract can earn by buying an issue and then delivering it at the settlement date.

chief financial officer (CFO)

Officer who oversees the treasurer and controller and sets overall Financial strategy.

Company Acquisitions

Assets acquired to create money. May include plant, machinery and equipment, shares of another company etc.

company cost of capital

Expected rate of return demanded by investors in a company, determined by the average risk of the company’s assets and operations.

Company-specific risk

Related: Unsystematic risk

Companyspecific Risk

See asset-specific risk

Corporate financial management

The application of Financial principals within a corporation to create and
maintain value through decision making and proper resource management.

Corporate financial planning

Financial planning conducted by a firm that encompasses preparation of both
long- and short-term Financial plans.

Cost company arrangement

Arrangement whereby the shareholders of a project receive output free of
charge but agree to pay all operating and financing charges of the project.

costs of financial distress

Costs arising from bankruptcy or distorted business decisions before bankruptcy.

Country financial risk

The ability of the national economy to generate enough foreign exchange to meet
payments of interest and principal on its foreign debt.

Current-coupon issues

Related: Benchmark issues

Current issue

In Treasury securities, the most recently auctioned issue. Trading is more active in current
issues than in off-the-run issues.

Date of record

Date on which holders of record in a firm's stock ledger are designated as the recipients of
either dividends or stock rights.

Debt securities

IOUs created through loan-type transactions - commercial paper, bank CDs, bills, bonds, and
other instruments.

Depository Trust Company (DTC)

DTC is a user-owned securities depository which accepts deposits of
eligible securities for custody, executes book-entry deliveries and records book-entry pledges of securities in
its custody, and provides for withdrawals of securities from its custody.

Discount securities

Non-interest-bearing money market instruments that are issued at a discount and
redeemed at maturity for full face value, e.g. U.S. Treasury bills.

Dual-currency issues

Eurobonds that pay coupon interest in one currency but pay the principal in a different
currency.

Dupont system of financial control

Highlights the fact that return on assets (ROA) can be expressed in terms
of the profit margin and asset turnover.

Emerging Issues Task Force (EITF)

A special committee of the Financial Accounting Standards Board established to reach consensus of how to account for new and unusual Financial transactions that have the potential for creating differing Financial reporting practices.

Emerging Issues Task Force (EITF)

A separate committee within the Financial Accounting Standards Board composed of 13 members representing CPA firms and preparers of Financial statements
whose purpose is to reach a consensus on how to account for new and unusual Financial transactions
that have the potential for creating differing Financial reporting practices.

Employee stock ownership plan (ESOP)

A company contributes to a trust fund that buys stock on behalf of
employees.

Employee Stock Ownership Plan (ESOP)

a profit-sharing compensation program in which investments are made in
the securities of the employer

Employee Stock Ownership Plan (ESOP)

A fund containing company stock and owned by employees, paid for by ongoing contributions by the employer.

Euroequity issues

securities sold in the Euromarket. That is, securities initially sold to investors
simultaneously in several national markets by an international syndicate. Euromarket.
Related: external market

Exempt securities

Instruments exempt from the registration requirements of the securities Act of 1933 or the
margin requirements of the SEC Act of 1934. Such securities include government bonds, agencies, munis,
commercial paper, and private placements.

External Financial Statements

Corporate Financial statements that have been reported on by an external independent accountant.

Federal agency securities

securities issued by corporations and agencies created by the U.S. government,
such as the Federal Home Loan Bank Board and Ginnie Mae.

Federally related institutions

Arms of the federal government that are exempt from SEC registration and
whose securities are backed by the full faith and credit of the U.S. government (with the exception of the
Tennessee Valley Authority).

Finance Company

company engaged in making loans to individuals or businesses. Unlike a bank, it does not receive deposits from the public.

Financial accounting

The production of Financial statements, primarily for those interested parties who are external to the business.

financial accounting

a discipline in which historical, monetary
transactions are analyzed and recorded for use in the
preparation of the Financial statements (balance sheet, income
statement, statement of owners’/stockholders’ equity,
and statement of cash flows); it focuses primarily on the
needs of external users (stockholders, creditors, and regulatory
agencies)

Financial analysts

Also called securities analysts and investment analysts, professionals who analyze
Financial statements, interview corporate executives, and attend trade shows, in order to write reports
recommending either purchasing, selling, or holding various stocks.

Financial assets

Claims on real assets.

financial assets

Claims to the income generated by real assets. Also called securities.

Financial Assistance

Economic assistance provided by unrelated third parties, typically government agencies. They may take the form of loans, loan guarantees, subsidies, tax allowances, contributions, or cost-sharing arrangements.

financial budget

a plan that aggregates monetary details
from the operating budgets; includes the cash and capital
budgets of a company as well as the pro forma Financial
statements

Financial control

The management of a firm's costs and expenses in order to control them in relation to
budgeted amounts.

Financial Covenant

A feature of a debt or credit agreement that is designed to protect the lender or creditor. It is common to characterize covenants as either positive or negative covenants.
A positive covenant might require that the debtor maintain a minimum amount of working capital.
A negative covenant might limit dividend payments that may be made.

Financial Covenants

A promise made related to Financial conditions or events. Often a promise not to allow certain balance sheet items or ratios to fall below an agreed level. Usually found in loan documents, as a protection mechanism.

Financial distress

Events preceding and including bankruptcy, such as violation of loan contracts.

Financial distress costs

Legal and administrative costs of liquidation or reorganization. Also includes
implied costs associated with impaired ability to do business (indirect costs).

Financial engineering

Combining or dividing existing instruments to create new Financial products.

Financial future

A contract entered into now that provides for the delivery of a specified asset in exchange
for the selling price at some specified future date.

financial incentive

a monetary reward provided for performance
above targeted objectives

Financial Incentive

An expression of economic benefit that motivates behavior that might otherwise not take place.

Financial intermediaries

institutions that provide the market function of matching borrowers and lenders or
traders.

financial intermediary

Firm that raises money from many small investors and provides financing to businesses or other
organizations by investing in their securities.

Financial Intermediary

Any institution, such as a bank, that takes deposits from savers and loans them to borrowers.

Financial Intermediation

The process whereby Financial intermediaries channel funds from lender/savers to borrower/spenders.

Financial lease

Long-term, non-cancelable lease.

Financial Lease

Lease in which the service provided by the lessor to the lessee is limited to financing equipment. All other responsibilities related to the possession of equipment, such as maintenance, insurance, and taxes, are borne by the lessee. A Financial lease is usually noncancellable and is fully paid out amortized over its term.

Financial leverage

Use of debt to increase the expected return on equity. Financial leverage is measured by
the ratio of debt to debt plus equity.

financial leverage

The equity (ownership) capital of a business can serve
as the basis for securing debt capital (borrowing money). In this way, a
business increases the total capital available to invest in its assets and
can make more sales and more profit. The strategy is to earn operating
profit, or earnings before interest and income tax (EBIT), on the capital
supplied from debt that is more than the interest paid on the debt capital.
A Financial leverage gain equals the EBIT earned on debt capital
minus the interest on the debt. A Financial leverage gain augments earnings
on equity capital. A business must earn a rate of return on its assets
(ROA) that is greater than the interest rate on its debt to make a Financial
leverage gain. If the spread between its ROA and interest rate is unfavorable,
a business suffers a Financial leverage loss.

financial leverage

Debt financing amplifies the effects of changes in operating income on the returns to stockholders.

Financial leverage clientele

A group of investors who have a preference for investing in firms that adhere to
a particular Financial leverage policy.

Financial leverage ratios

Related: capitalization ratios.

Financial market

An organized institutional structure or mechanism for creating and exchanging Financial assets.

financial markets

Markets in which Financial assets are traded.

Financial Numbers Game

The use of creative accounting practices to alter a Financial statement
reader's impression of a firm's business performance.

Financial objectives

Objectives of a Financial nature that the firm will strive to accomplish during the period
covered by its Financial plan.

Financial plan

A Financial blueprint for the Financial future of a firm.

Financial planning

The process of evaluating the investing and financing options available to a firm. It
includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in
the form of a Financial plan, and then comparing future performance against that plan.

Financial Position

Status of a firm's assets, liabilities, and equity accounts as of a certain time, as shown in its Financial statement.

Financial press

That portion of the media devoted to reporting Financial news.

Financial ratio

The result of dividing one Financial statement item by another. Ratios help analysts interpret
Financial statements by focussing on specific relationships.

financial reports and statements

Financial means having to do with
money and economic wealth. Statement means a formal presentation.
Financial reports are printed and a copy is sent to each owner and each
major lender of the business. Most public corporations make their Financial
reports available on a web site, so all or part of the Financial report
can be downloaded by anyone. Businesses prepare three primary Financial
statements: the statement of Financial condition, or balance sheet;
the statement of cash flows; and the income statement. These three key
Financial statements constitute the core of the periodic Financial reports
that are distributed outside a business to its shareowners and lenders.
Financial reports also include footnotes to the Financial statements and
much other information. Financial statements are prepared according to
generally accepted accounting principles (GAAP), which are the authoritative
rules that govern the measurement of net income and the reporting
of profit-making activities, Financial condition, and cash flows.
Internal Financial statements, although based on the same profit
accounting methods, report more information to managers for decision
making and control. Sometimes, Financial statements are called simply
Financials.

Financial reports or statements

The Profit and Loss account, Balance Sheet and Cash Flow statement of a business.

Financial risk

The risk that the cash flow of an issuer will not be adequate to meet its Financial obligations.
Also referred to as the additional risk that a firm's stockholder bears when the firm utilizes debt and equity.

financial risk

Risk to shareholders resulting from the use of debt.

financial slack

Ready access to cash or debt financing.

Financial Trend Analysis

Process of analyzing Financial statements of a company for any continuing relationship.

Financial year

The accounting period adopted by a business for the production of its Financial statements.
Finished goods Inventory that is ready for sale, either having been purchased as such or the result of a conversion from raw materials through a manufacturing process.

Fraudulent Financial Reporting

Intentional misstatements or omissions of amounts or disclosures
in Financial statements done to deceive Financial statement users. The term is used interchangeably
with accounting irregularities. A technical difference exists in that with fraud, it
must be shown that a reader of Financial statements that contain intentional and material misstatements
must have used those Financial statements to his or her detriment. In this book, accounting
practices are not alleged to be fraudulent until done so by an administrative, civil, or
criminal proceeding, such as that of the securities and Exchange Commission, or a court.

Future-Oriented Financial Information

Information about prospective results of operations, Financial position and/or changes in Financial position, based on assumptions about future economic conditions and courses of action. Future-oriented Financial information is presented as either a forecast or a projection.

Government securities

Negotiable U.S. Treasury securities.

Holder-of-record date

The date on which holders of record in a firm's stock ledger are designated as the
recipients of either dividends or stock rights. Also called date of record.

Holding company

A corporation that owns enough voting stock in another firm to control management and
operations by influencing or electing its board of directors.

Institutional investors

Organizations that invest, including insurance companies, depository institutions,
pension funds, investment companies, mutual funds, and endowment funds.

Institutionalization

The gradual domination of Financial markets by institutional investors, as opposed to
individual investors. This process has occurred throughout the industrialized world.

Institutionally Induced Unemployment

Unemployment due to institutional phenomena such as the degree of labor force unionization, the level of discrimination, and government policies such as unemployment insurance programs, minimum wages, or regulations on business.

Insurance Company

A firm licensed to sell insurance to the public.

Intercompany loan

Loan made by one unit of a corporation to another unit of the same corporation.

Intercompany transaction

Transaction carried out between two units of the same corporation.

Inventory issue

A transaction used to record the reduction in inventory from a location,
because of its release for processing or transfer to another location.

Issue

A particular Financial asset.

Issue

When an item is approved and released for sale, or when a policy or sales contract is accepted.

Issue Age

Age of an insured as at the policy issue date, using "age nearest" next birthday formula.

Issue date

The date a security is first offered for sale. That date usually
determines when interest payments, known as coupons, are made.

Issue Date

Date on which a policy is approved.

Issued share capital

Total amount of shares that are in issue. Related: outstanding shares.

Issued shares

The number of shares that the company has sold to the public.

issued shares

Shares that have been issued by the company.

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