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Definition of Wi wi
Treasury bills trade on a wi basis between the day they are auctioned and the day settlement is made.
The number of days it would take to pay the ending balance
The number of days it would take to collect the ending
Well, frankly, accrual is not a good descriptive
A means of compensating the broker of a program trade solely on the basis of commission
An estimation of price that uses the average or representative price of a
The ratio of accounts receivables to sales, or the total
The difference between exports and imports of goods.
Net flow of goods (exports minus imports) between countries.
See balance of merchandise trade.
A convention used for quoting bids and offers for Treasury Bills in terms of annualized
An international bank headquartered in Basel, Switzerland, which
A computer message system linking major banks. It is used not for effecting payments, but as a
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
Related: Program trades.
Before-tax profit margin
The ratio of net income before taxes to net sales.
A large trading order, defined on the New York Stock Exchange as an order that consists of
The method used for computing the bond-equivalent yield.
Cash settlement contracts
Futures contracts, such as stock index futures, that settle for cash, not involving
The combination of all of the individual opinions about a stock's or security's value.
Conflict between bondholders and stockholders
These two groups may have interests in a corporation that
An asset’s purchase price, plus costs associated with the purchase, like installation fees, taxes, etc.
The exchange of goods for other goods rather than for cash; barter.
An order to buy or sell stock that automatically expires if it can't be executed on the day it is entered.
Refers to establishing and liquidating the same position or positions within one day's trading.
Days in receivables
Average collection period.
Days' sales in inventory ratio
The average number of days' worth of sales that is held in inventory.
Days' sales outstanding
Average collection period.
Measures the number days' worth of sales in accounts receivable (accounts receivable
Central bank switching of government deposits between the central bank and commercial banks.
Facility provided by the Fed enabling member banks to borrow reserves against collateral
The Federal Reserve facility at which reserves are loaned to banks at the discount rate.
Selling something on a discounted basis is selling below what its value will be at maturity,
dollar days (of inventory)
a measurement of the value of inventory for the time that inventory is held
earnings before interest and income tax (EBIT)
A measure of profit that
Earnings before interest and taxes (EBIT)
A financial measure defined as revenues less cost of goods sold
Earnings before interest and taxes (EBIT)
The operating profit before deducting interest and tax.
Earnings before interest, taxes, depreciation and amortization (EBITDA)
The operating profit before deducting interest, tax, depreciation and amortization.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
An earningsbased measure that, for many, serves as a surrogate for cash flow. Actually consists of working
EBBS - Earnings before the bad stuff
An acronym attributed to a member of the Securities and
EBDDT - Earnings before depreciation and deferred taxes
This measure is used principally by
A wire transfer system for high-value payments operated by the Federal Reserve System.
First notice day
The first day, varying by contracts and exchanges, on which notices of intent to deliver
Fixed price basis
An offering of securities at a fixed price.
1) A bond in default trades flat; that is, the price quoted covers both principal and unpaid,
A member who generally trades only for his own account, for an account controlled by him or
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
A transaction in which the settlement will occur on a specified date in the future at a price
The absence of any government restrictions, such as tariffs or quotas, on imports or exports.
GEMs (growing-equity mortgages)
Mortgages in which annual increases in monthly payments are used to
Good delivery and settlement procedures
Refers to PSA Uniform Practices such as cutoff times on delivery
Excess of the purchase price over the fair market value of the net assets acquired under purchase
The excess of the price paid to buy another company over the book value of
Intangible assets of a firm established by the excess of the price paid for the going concern over the value of its assets.
A constant stream of cash flows without end that is expected to rise indefinitely.
Sale of some shares of stock to get cash that would be similar to receiving a cash dividend.
Idea that as long as individuals borrow (or lend) on the same terms as the firm, they can
Delivery and settlement of securities within five business days.
trades in which an investor believes he or she possesses pertinent
trades that are the result of either a reallocation of wealth or an implementation of an
The number of days it would take to sell the ending balance in inventory at the
Last trading day
The final day under an exchange's rules during which trading may take place in a particular
Limitation on subsidiary borrowing
A bond covenant that restricts in some way a firm's ability to borrow at
This is a will which specifically expresses the testator's desire not to be kept alive on life support machines, should the occasion arise.
A strategy that seeks to combine assets a portfolio with returns that are less than
Markowitz efficient frontier
The graphical depiction of the Markowitz efficient set of portfolios
Markowitz efficient portfolio
Also called a mean-variance efficient portfolio, a portfolio that has the highest
Markowitz efficient set of portfolios
The collection of all efficient portfolios, graphically referred to as the
A model for selecting an optimum investment portfolio,
A term used to describe a situation in which a business combination
Negotiable order of withdrawal (NOW)
Demand deposits that pay interest.
North American Free Trade Agreement (NAFTA)
an agreement among Canada, Mexico, and the United States establishing the North American Free trade Zone, with a resulting reduction in trade barriers
A day on which notices of intent to deliver pertaining to a specified delivery month may be
NUMBER OF DAYS SALES IN RECEIVABLES
(also called average collection period). The number of days of net sales that are tied up in credit sales (accounts receivable) that haven’t been collected yet.
Official Settlements Account
An account within the balance of payments accounts showing the change in a country's official foreign exchange reserves. It is used to measure a balance of payments deficit or surplus.
In mutual funds, the ability to transfer shares between funds in the same family by
Prices after the decision to trade.
Prices occurring before or at the decision to trade.
Price value of a basis point (PVBP)
Also called the dollar value of a basis point, a measure of the change in
Profit before interest and taxes (PBIT)
Also called basket trades, orders requiring the execution of trades in a large number of
Publicly traded assets
Assets that can be traded in a public market, such as the stock market.
A member of the exchange who executes frequent trades for his or her own account.
Regular way settlement
In the money and bond markets, the regular basis on which some security trades are
Entering the opposite side of a currently held futures position to close out the position.
When payment is made for a trade.
The date on which payment is made to settle a trade. For stocks traded on US exchanges,
The date when money first changes hands; i.e., when a buyer
A figure determined by the closing range which is used to calculate gains and losses in
The rate suggested in Financial Accounting Standard Board (FASB) 87 for discounting the
The trade is settled one business day beyond what is normal.
Society for Worldwide Interbank Financial Telecommunications (SWIFT)
A dedicated computer network to support funds transfer messages internationally between over 900 member banks worldwide.
Special drawing rights (SDR)
A form of international reserve assets, created by the IMF in 1967, whose
The purchase and sale of a foreign currency, commodity, or other item for immediate delivery.
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