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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.
A means of compensating the broker of a program trade solely on the basis of commission
The ratio of accounts receivables to sales, or the total
An estimation of price that uses the average or representative price of a
Net flow of goods (exports minus imports) between countries.
A convention used for quoting bids and offers for Treasury Bills in terms of annualized
A computer message system linking major banks. It is used not for effecting payments, but as a
An international bank headquartered in Basel, Switzerland, which
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
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.
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
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.
Facility provided by the Fed enabling member banks to borrow reserves against collateral
Selling something on a discounted basis is selling below what its value will be at maturity,
Earnings before interest and taxes (EBIT)
A financial measure defined as revenues less cost of goods sold
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
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
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 that are the result of either a reallocation of wealth or an implementation of an
trades in which an investor believes he or she possesses pertinent
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
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
Negotiable order of withdrawal (NOW)
Demand deposits that pay interest.
A day on which notices of intent to deliver pertaining to a specified delivery month may be
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
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,
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.
An agreement in settlement of a lawsuit involving specific payments made over a
Bank borrowing facility to provide finance while the firm replaces U.S. commercial paper
Jargon for the Swiss Franc.
Liquidating an existing position and simultaneously reinstating a position in another futures
Tax anticipation bills (TABs)
Special Bills that the Treasury occasionally issues that mature on corporate
Terms of trade
The weighted average of a nation's export prices relative to its import prices.
A verbal (or electronic) transaction involving one party buying a security from another party. Once a
Written demand that has been accepted by an industrial company to pay a given sum at a future date.
Credit granted by a firm to another firm for the purchase of goods or services.
In an interest rate swap, the date that the counterparties commit to the swap. Also, the date on
A draft addressed to a commercial enterprise. See:draft.
Trade on top of
trade at a narrow or no spread in basis points relative to some other bond yield, usually
A firm which deals in actual commodities.
Persons who take positions in securities and their derivatives with the objective of making profits.
Debt obligations of the U.S. Treasury that have maturities of one year or less. Maturities for TBills
Debt obligations of the U.S. Treasury that have maturities of 10 years or more.
Debt obligations of the U.S. Treasury that have maturities of more than 2 years but less than 10 years.
Securities issued by the U.S. Department of the Treasury.
Common stock that has been repurchased by the company and held in the company's Treasury.
Triple witching hour
The four times a year that the S&P futures contract expires at the same time as the S&P
U.S. Treasury bill
U.S. government debt with a maturity of less than a year.
U.S. Treasury bond
U.S. government debt with a maturity of more than 10 years.
U.S. Treasury note
U.S. government debt with a maturity of one to 10 years.
Wild card option
The right of the seller of a Treasury Bond futures contract to give notice of intent to deliver
A guaranteed investment contract purchased with deposits over some future designated
curse Problem faced by uninformed bidders. For example, in an initial public offering uninformed
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