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Definition of Regulation Q
Fed regulation imposing caps on the rates that banks may pay on savings and time deposits.
Money owed to suppliers.
Process in corporate financial planning whereby the smaller investment proposals of each of the
Using past data to predict future data.
A statistical compilation formulated by a sovereign nation of all economic transactions
The lease payment at which a party to a prospective lease is indifferent between
The prepayment rate of a MBS coupon that will produce the same CFY as that of
Related: Premium payback period.
Line depicting the operating activities and cash flows for a firm over a particular period.
A computerized clearing system for sterling funds
An international wire transfer system for high-value
A merchant banking subsidiary set up by several banks that may or may not be of the
A bond's interest payments.
The exchange rate between two currencies expressed as the ratio of two foreign exchange rates
A range of payout ratios that is typical based on an analysis of comparable firms.
Date dividend checks are mailed.
Delivery versus payment
A transaction in which the buyer's payment for securities is due at the time of
Checking accounts that pay no interest and can be withdrawn upon demand.
Discounted payback period rule
An investment decision rule in which the cash flows are discounted at an
Dividend payout ratio
Percentage of earnings paid out as dividends.
Instruments exempt from the Registration requirements of the Securities Act of 1933 or the
Feasible target payout ratios
payout ratios that are consistent with the availability of excess funds to make
Federal agency securities
Securities issued by corporations and agencies created by the U.S. government,
Federal credit agencies
Agencies of the Federal government set up to supply credit to various classes of
Federal Deposit Insurance Corporation (FDIC)
A Federal institution that insures bank deposits.
Federal Financing Bank
A Federal institution that lends to a wide array of Federal credit agencies funds it
Non-interest bearing deposits held in reserve for depository institutions at their district Federal
Federal funds market
The market where banks can borrow or lend reserves, allowing banks temporarily
Federal funds rate
This is the interest rate that banks with excess reserves at a Federal Reserve district bank
Federal Home Loan Banks
The institutions that Regulate and lend to savings and loan associations. The
Federal Reserve System
The central bank of the U.S., established in 1913, and governed by the Federal
Federally related institutions
Arms of the Federal government that are exempt from SEC Registration and
A wire transfer system for high-value payments operated by the Federal Reserve System.
FHA prepayment experience
The percentage of loans in a pool of mortgages outstanding at the origination
A time series Regression to estimate the betas of securities portfolios.
In an interest rate swap the counterparty who pays a fixed rate, usually in exchange for a
In an interest rate swap, the counterparty who pays a rate based on a reference rate,
Forward Fed funds
Fed funds traded for future delivery.
Freddie Mac (Federal Home Loan Mortgage Corporation)
A Congressionally chartered corporation that
See: financial lease.
Graduated-payment mortgages (GPMs)
A type of stepped-payment loan in which the borrower's payments
Compound annual growth rate for the number of full fiscal years shown. If there is a negative
Contractual debt payments based on the coupon rate of interest and the principal amount.
Just-in-time inventory systems
Systems that schedule materials/inventory to arrive exactly as they are
Lag response of prepayments
There is typically a lag of about three months between the time the weighted
The characteristic of the scheduled principal and interest payments due under a mortgage such that
A statistical technique for fitting a straight line to a set of data points.
A money manager who assumes he or she can forecast when the stock market will go up and down.
Money center banks
banks that raise most of their funds from the domestic and international money markets, relying less on depositors for funds.
Multiple rates of return
more than one rate of return from the same project that make the net present value
The estimated relationship between a dependent variable and more than one explanatory variable.
Payable through drafts
A method of making payment that is used to maintain control over payments made
Related: Accounts payable.
The length of time it takes to recover the initial cost of a project, without Regard to the time value of money.
In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that
The date on which each shareholder of record will be sent a check for the declared dividend.
Company-written checks that have not yet cleared.
Reducing fund transfers between affiliates to only a netted amount. Netting can be done on
escribes the lagged collection pattern of receivables, for instance the probability that a
Generally, the proportion of earnings paid out to the common stockholders as cash dividends.
The loss of cash resulting from a swap into higher price bonds or the need/willingness of a bank or
bond A bond that gives the issuer an option (during an initial period) either to make
Also called speed, the estimated rate at which mortgagors pay off their loans ahead of
payments made in excess of scheduled mortgage principal repayments.
Production payment financing
A method of nonrecourse asset-based financing in which a specified
Real exchange rates
Exchange rates that have been adjusted for the inflation differential between two countries.
A real time stock or bond quote is one that states a security's most recent offer to sell or bid (buy).
A mutual fund that invests in a specific geographical area overseas, such as Asia or Europe.
A bond whose issuer records ownership and interest payments. Differs from a bearer bond
A person Registered with the CFTC who is employed by, and soliciting business
A member of the exchange who executes frequent trades for his or her own account.
Financial institution appointed to record issue and ownership of company securities.
A legal document that is filed with the SEC to Register securities for public offering.
A statistical technique that can be used to estimate relationships between variables.
An equation that describes the average relationship between a dependent variable and a
Regression toward the mean
The tendency for subsequent observations of a random variable to be closer to its mean.
Regular way settlement
In the money and bond markets, the Regular basis on which some security trades are
The securities Regulation that exempts small public offerings, those valued at less than
Fed Regulation Currently that required member banks to hold reserves against their net
Fed Regulation Currently requiring member banks to hold reserves against their net borrowings
Regulatory accounting procedures
Accounting principals required by the FHLB that allow S&Ls to elect
Regulatory pricing risk
Risk that arises when Regulators restrict the premium rates that insurance companies
The surplus as measured using Regulatory accounting principles (RAP) which may allow
Savings and Loan association
National- or state-chartered institution that accepts savings deposits and
Accounts that pay interest, typically at below-market interest rates, that do not have a
Second pass regression
A cross-sectional Regression of portfolio returns on betas. The estimated slope is the
A procedure that allows firms to file one Registration statement covering several issues of
Short-term tax exempts
Short-term securities issued by states, municipalities, local housing agencies, and
Simple linear regression
A Regression analysis between only two variables, one dependent and the other explanatory.
A bond that will make only one payment of principal and interest.
Small issues exemption
Securities issues that involve less than $1.5 million are not required to file a
Spot exchange rates
Exchange rate on currency for immediate delivery. Related: forward exchange rate.
A contract that obligates the purchaser to take any product that is offered to it (and pay
Target payout ratio
A firm's long-run dividend-to-earnings ratio. The firm's policy is to attempt to pay out a
The municipal bond market where state and local governments raise funds. Bonds issued
Term Fed Funds
Fed Funds sold for a period of time longer than overnight.
Interest-bearing deposit at a savings institution that has a specific maturity.
Demand for payment at a stated future date.
Also called time value, the amount by which the option price exceeds its intrinsic value. The
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