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Definition of Yard
Slang for one billion dollars. Used particularly in currency trading, e.g. for Japanese yen since on
Abramsâ€™ model for calculating DLOM based on the interaction of discounts from four economic components.
Publicly traded issues that may be collateralized by mortgages and MBSs.
The net present value analysis of an asset if financed solely by equity
Requirement that none of an order be executed unless all of it can be executed at the specified price.
An arrangement whereby a security issue is canceled if the underwriter is unable
Dollar deposits held in Singapore or other Asian centers.
An option is at-the-money if the strike price of the option is equal to the market price of the
A collection of 32 regional electronic interbank networks USed to
Key strategies a firm intends to pursue in carrying out its bUSiness plan.
Brokerage firms that help to find potential buyers or sellers of large block trades.
A currency that is not freely convertible to other currencies due to exchange controls.
The large clearing banks that dominate deposit taking and short-term lending in the domestic
Repetitive cycles of economic expansion and recession.
A bUSiness that has terminated with a loss to creditors.
The risk that the cash flow of an issuer will be impaired becaUSe of adverse economic
Related: Fixed-income equivalent.
Call money rate
Also called the broker loan rate , the interest rate that banks charge brokers to finance
Amounts of directly contributed equity capital in excess of the par value.
A fixed rate currency swap against floating U.S. dollar LIBOR payments.
Clearing House Automated Payments System (CHAPS)
A computerized clearing system for sterling funds
Clearing House Interbank Payments System (CHIPS)
An international wire transfer system for high-value
Clearing house / Clearinghouse
An adjunct to a futures exchange through which transactions executed its floor are settled by a
A statistical technique that identifies clUSters of stocks whose returns are highly correlated
Collateral trust bonds
A bond in which the issuer (often a holding company) grants investors a lien on
A firm which buys and sells future contracts for cUStomer accounts. Related: futures
The mean of all financial analysts' forecasts for a company.
The process of accumulating the time value of money forward in time on a
Continuous random variable
A random value that can take any fractional value within specified ranges, as
Cumulative Translation Adjustment (CTA) account
An entry in a translated balance sheet in which gains
Taking advantage of divergences in exchange rates in different money markets by
The value of a portfolio of specific amounts of individual currencies, USed as the basis for
A financial future contract for the delivery of a specified foreign currency.
An option to buy or sell a foreign currency.
Related: Exchange rate risk
Currency risk sharing
An agreement by the parties to a transaction to share the currency risk associated with
Asset allocation in which the investor chooses among investments denominated in
An agreement to swap a series of specified payment obligations denominated in one currency
High-coupon bonds that sell at only at a moderate premium becaUSe they are callable at a
Custodial fees Fees
charged by an institution that holds securities in safekeeping for an investor.
Customary payout ratios
A range of payout ratios that is typical based on an analysis of comparable firms.
A benchmark that is designed to meet a client's requirements and long-term
An agreement by two or more countries to erect a common external tariff and to abolish
Refers to establishing and liquidating the same position or positions within one day's trading.
Deed of trust
Delivery versus payment
A transaction in which the buyer's payment for securities is due at the time of
Depository Trust Company (DTC)
DTC is a USer-owned securities depository which accepts deposits of
Devaluation A decrease in the spot price of the currency
A conception of the way a stock's price changes that assumes that the price takes on all
Dow Jones industrial average
This is the best known U.S.index of stocks. It contains 30 stocks that trade on
Eurobonds that pay coupon interest in one currency but pay the principal in a different
For any entity, the difference between the market value of all its assets and the market
A value determined within the context of a model.
Equipment trust certificates
Certificates issued by a trUSt that was formed to purchase an asset and lease it
A short-term fixed rate time deposit denominated in a currency other than the local
The money market for borrowing and lending currencies that are held in the form of
European Currency Unit (ECU)
An index of foreign exchange consisting of about 10 European currencies,
European Monetary System (EMS)
An exchange arrangement formed in 1979 that involves the currencies
Eurobonds denominated in Japanese yen.
The firm makes a tender offer for a given amount of its own stock while excluding
A variable whose value is determined outside the model in which it is USed. Also called
WarehoUSe rented by a warehoUSe company on another firm's premises.
Foreign currency option
An option that conveys the right to buy or sell a specified amount of foreign
Foreign currency translation
The process of restating foreign currency accounts of subsidiaries into the
A mechanism of issuing MBS wherein the mortgages' collateral is deposited with a trUStee
A freely convertible currency that is not expected to depreciate in value in the foreseeable future.
Exhibiting a high degree of homogeneity.
Homogenous expectations assumption
An assumption of Markowitz portfolio construction that investors
Money that moves across country borders in response to interest rate differences and that moves
The category describing a company's primary bUSiness activity. This category is USually determined
Industrial revenue bond (IRB)
Bond issued by local government agencies on behalf of corporations.
A claUSe in a contract providing for increases or decreases in inflation based on
trading by officers, directors, major stockholders, or others who hold private inside
Interest-only strip (IO)
A security based solely on the interest payments form a pool of mortgages, Treasury
International Monetary Fund
An organization founded in 1944 to oversee exchange arrangements of
International Monetary Market (IMM)
A division of the CME established in 1972 for trading financial
A put option that has a strike price higher than the underlying futures price, or a call option
A closed-end fund regulated by the Investment Company Act of 1940. These funds have a
In-house processing float
Refers to the time it takes the receiver of a check to process the payment and
Just-in-time inventory systems
Systems that schedule materials/inventory to arrive exactly as they are
Last trading day
The final day under an exchange's rules during which trading may take place in a particular
Law of one price
An economic rule stating that a given security mUSt have the same price regardless of the
A report from management to the shareholders that accompanies the firm's
Manufactured housing securities (MHSs)
Loans on manufactured homes - that is, factory-built or
Gold held by governmental authorities as a financial asset.
Actions taken by the Board of Governors of the Federal Reserve System to influence the
Monetary / non-monetary method
Under this translation method, monetary items (e.g. cash, accounts
Composed of currency and coins outside the banking system plUS liabilities to the deposit money banks.
Money center banks
Banks that raise most of their funds from the domestic and international money markets, relying less on depositors for funds.
Related: Investment management.
Related: Investment manager.
Money markets are for borrowing and lending money for three years or less. The securities in
Money market demand account
An account that pays interest based on short-term interest rates.
Money market fund
A mutual fund that invests only in short term securities, such as bankers' acceptances,
Money market hedge
The USe of borrowing and lending transactions in foreign currencies to lock in the
Money market notes
Publicly traded issues that may be collateralized by mortgages and MBSs.
Money purchase plan
A defined benefit contribution plan in which the participant contributes some part and
Money rate of return
Annual money return as a percentage of asset value.
M1-A: currency plUS demand deposits
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