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Offtake Agreement | An offtake agreement is an arrangement between a producer and a buyer to purchase or sell portions of the producer's upcoming goods. An offtake agreement is normally negotiated before the construction of a production facility—such as a mine or a factory—to secure a market for its future output. | 1 |
Net Interest Income | Net interest income is a financial performance measure that reflects the difference between the revenue generated from a bank's interest-bearing assets and the expenses associated with paying on its interest-bearing liabilities. A typical bank's assets consist of all forms of personal and commercial loans, mortgages, a... | 1 |
Cost of Debt | The cost of debt is the effective interest rate a company pays on its debts. It’s the cost of debt, such as bonds and loans, among others. The cost of debt often refers to the before-tax cost of debt, which is the company's cost of debt before taking taxes into account. However, the difference in the cost of debt befor... | 1 |
Social Entrepreneur | A social entrepreneur is a person who pursues novel applications that have the potential to solve community-based problems. These individuals are willing to take on the risk and effort to create positive changes in society through their initiatives. Social entrepreneurs may believe that this practice is a way to connec... | 1 |
CREDIT INVENTORY RISK | The RISK of loss arising from a borrower’s finan- cial deterioration (reflected in a widening of its CREDIT SPREAD) and/or its failure to perform on a LOAN or BOND obligation (reflected in DEFAULT). See also CREDIT DEFAULT RISK, CREDIT SPREAD RISK. | 0 |
Inclusive Method | A method of classifying observations in which an observations equal to the upper class limit of a class as well as the lower class limit is put in that class. | 1 |
credit union | A financial institution that focuses on servicing the banking and lending needs of its members, who must be linked by a common bond. | 0 |
Liquid asset | An asset that is easily convertible to cash with relatively little loss of value in the conversion process. | 1 |
WARRANTY | A PLEDGE by a company, INSURED, or SECURITIES ISSUER indicating that specific conditions related to the commencement or fulfill- ment of a CONTRACT exist. Warranties may be relied upon by another party to the transaction as an element of the contract, and any breach may lead to cancellation. See also REPRESENTATION. | 0 |
Automated Customer Account Transfer Service (ACATS) | The Automated Customer Account Transfer Service (ACATS) is a system that facilitates the transfer of securities from one trading account to another at a different brokerage firm or bank. The National Securities Clearing Corporation (NSCC) developed the ACATS system, replacing the previous manual asset transfer system w... | 1 |
LTD | See LIMITED. | 0 |
Form 4 | SEC Form 4: Statement of Changes in Beneficial Ownership is a document that must be filed with the Securities and Exchange Commission (SEC) whenever there is a material change in the holdings of company insiders. Insiders consist of directors and officers of the company, as well as any shareholders, owning 10% or more ... | 1 |
STRIPPING | The process of separating a BOND’s CORPUS and INTEREST COUPONS so that they can be traded separately. Stripping is done by gov- ernment agencies and FINANCIAL INSTITUTIONS, often by creating separate TRUST vehicles that hold the original SECURITIES and issue new, decomposed securities. See also RECONSTITUTION. | 0 |
NAMED INSURED | The party in an INSURANCE POLICY that is designated as an INSURED. | 0 |
CASH ON DELIVERY OPTION | See CONTINGENT PREMIUM OPTION. | 0 |
Compound interest | If a deposit account of $100 earns an INTEREST RATE of 10% a year, then at the end of the year the account will contain $110. If all of that money is left in the account, then the 10% interest will be paid on the $110, so at the end of the second year $11 of interest will be added, making $121 in all. This is known as ... | 1 |
CURRENT WEIGHTED INDEX | A method of computing a weighted INDEX that uses current period quantities, computed as:⎝where pc is the current period price, qc is the current period quantity, p0 is the base period price. Also known as PAASCHE’S INDEX. See also BASE WEIGHTED INDEX. | 0 |
Voluntary Export Restraint (VER) | A voluntary export restraint (VER) is a trade restriction on the quantity of a good that an exporting country is allowed to export to another country. This limit is self-imposed by the exporting country. | 1 |
Legal Lending Limit | The legal lending limit is the maximum dollar amount that a single bank can lend to a given borrower. This limit is expressed as a percentage of an institution’s capital and surplus. The limits are overseen by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC). | 1 |
Game Changer | The term game-changer refers to an individual or company that significantly alters the way things are done as a whole. Individual game-changers find a way to stand out by way of their personality. Game-changing companies are able to switch things up and form new business plans and strategies that place them above their... | 1 |
nominal anchor | A nominal variable such as the in˚a-tion rate, an exchange rate, or the money supply that monetary policy makers use to tie down the price level. | 0 |
BASKET DEDUCTIBLE | A single DEDUCTIBLE on an INSURANCE POLICY that covers multiple lines of coverage for different PERILS. See also BASKET AGGREGATE. | 0 |
Wisdom of Crowds | Wisdom of crowds is the idea that large groups of people are collectively smarter than individual experts when it comes to problem-solving, decision-making, innovating, and predicting. | 1 |
Par | Par value, also known as nominal value, is the face value of a bond or the stock value stated in the corporate charter. | 1 |
Stop Payments | A stop payment is a formal request made to a financial institution to cancel a check or payment that has not yet been processed. A stop payment order is issued by the account holder and can only be enacted if the check or payment has not already been processed by the recipient. | 1 |
RATE-SENSITIVE LIABILITIES | LIABILITIES of a FINANCIAL INSTITUTION that are exposed to changes in INTEREST RATES (e.g., DEPOSITS, REPURCHASE AGREEMENTS, BONDS). Measurement of rate-sensitive liabilities is an essential component of GAP MANAGEMENT; by determining sensitivity to changes in interest rates, a financial institution can manage its expo... | 0 |
First Mover | A first mover is a service or product that gains a competitive advantage by being the first to market with a product or service. Being first typically enables a company to establish strong brand recognition and customer loyalty before competitors enter the arena. Other advantages include additional time to perfect its ... | 1 |
Macro Environment | A macro environment is the condition that exists in the economy as a whole, rather than in a particular sector or region. In general, the macro environment includes trends in the gross domestic product (GDP), inflation, employment, spending, and monetary and fiscal policy. The macro-environment is closely linked to the... | 1 |
AXE | A significant RISK position held on the books of a FINANCIAL INSTITUTION that it wishes to sell or reduce as a matter of priority. Axed posi- tions generally feature attractive pricing or sales credits in order to incent sales- people to aggressively sell them to clients. | 0 |
BILLS PAYABLE | BILLS OF EXCHANGE held by a company or financial insti- tution that must be paid as they come due, classified on the BALANCE SHEET as a CURRENT LIABILITY. See also BILLS RECEIVABLE. | 0 |
FICO credit score | The most widely used credit score. FICO stands for Fair Isaac Corp., the company that developed this system of credit evaluation. FICO scores vary but generally range between 500 and 850. The higher the score, the more likely a borrower is to repay loans/debts. | 1 |
Law of Diminishing Marginal Productivity | The law of diminishing marginal productivity is an economic principle usually considered by managers in productivity management. Generally, it states that advantages gained from slight improvement on the input side of the production equation will only advance marginally per unit and may level off or even decrease after... | 1 |
Trading Platform | A trading platform is software used for trading: opening, closing, and managing market positions through a financial intermediary such as an online broker. Online trading platforms are frequently offered by brokers either for free or at a discount rate in exchange for maintaining a funded account and/or making a specif... | 1 |
Fixed-rate mortgage (FRM) | A mortgage loan in which the interest rate does not change during the entire term. | 1 |
mbo | management buyout. | 0 |
GENERAL EQUILIBRIUM | A MICROECONOMIC framework that focuses on SUPPLY, DEMAND, and prices of individual markets, and how these interact simultaneously at a macroeconomic level. Multiple strands of study support this theory, including theories based on partial equilibrium, competitive equi- librium, and price transfer equilibrium. | 0 |
Bid and Ask | The term bid and ask (also known as bid and offer) refers to a two-way price quotation that indicates the best potential price at which a security can be sold and bought at a given point in time. The bid price represents the maximum price that a buyer is willing to pay for a share of stock or other security. The ask pr... | 1 |
Black Scholes Model | The Black-Scholes model, also known as the Black-Scholes-Merton (BSM) model, is a mathematical model for pricing an options contract. In particular, the model estimates the variation over time of financial instruments. | 1 |
RETROCEDANT | A REINSURER that CEDES RISK to another REINSURER through a RETROCESSION CONTRACT. | 0 |
FORWARD BUNDLE | A BUNDLE of EURODOLLAR FUTURES that does not begin with the FRONT MONTH contract, but with some future CON- TRACT date. | 0 |
UNDISTRIBUTABLE RESERVES | In the United Kingdom, that portion of CAPITAL that cannot be distributed, including SHARE CAPITAL, the SHARE PREMIUM, and certain other RESERVES and unrealized profit accounts. See also RESTRICTED SURPLUS. | 0 |
Macroeconomics | Analysis dealing with the behavior of the economy as a whole with respect to output, income, the price level, foreign trade, unemployment, and other aggregate economic variables. @Contrast with microeconomics. @ Malthusian theory of population growth. rst expressed by Thomas Malthus, that the “natural” tendenc... | 1 |
Non-Cash Charge | A non-cash charge is a write-down or accounting expense that does not involve a cash payment. They can represent meaningful changes to a company's financial standing, weighing on earnings without affecting short-term capital in any way. Depreciation, amortization, depletion, stock-based compensation, and asset impairme... | 1 |
Nonperforming Loan (NPL) | A nonperforming loan (NPL) is a loan in which the borrower is in default due to the fact that they have not made the scheduled payments for a specified period. Although the exact elements of nonperforming status can vary depending on the specific loan's terms, "no payment" is usually defined as zero payments of either ... | 1 |
TAC BOND | See TARGETED AMORTIZATION CLASS BOND. | 0 |
DUOPOLY | A market that only features two sellers of goods or services, sug- gesting the sellers have a considerable degree of influence in setting prices. See also DUOPSONY, MONOPOLY, OLIGOPOLY. | 0 |
DEFERRED REVENUE | See DEFERRED CREDIT. | 0 |
90/10 Strategy | Legendary investor Warren Buffett invented the “90/10" investing strategy for the investment of retirement savings. The method involves deploying 90% of one's investment capital into stock-based index funds while allocating the remaining 10% of money toward lower-risk investments. | 1 |
WRITEOFF | (1) The process of reducing the value of a FIXED ASSET accord- ing to a DEPRECIATION schedule. (2) The process of classifying a CREDIT as uncollectible, and charging it against a BAD DEBT RESERVE or a LOAN LOSS RESERVE. | 0 |
Purchase-Money Mortgage | A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. Also known as a seller or owner financing, this is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels. A purchase-money mortgage can be u... | 1 |
FIXED STRIKE SHOUT OPTION | An OVER-THE-COUNTER COMPLEX OPTION that allows the buyer to lock in any accumulated gains when a “shout” is declared (i.e., the buyer formally declares its intention to lock in); gains are not lost if the market subsequently retraces. This version of the option com- pares the terminal price and shout level against a pr... | 0 |
Greeks | Hedge parameters such as delta, gamma, vega, theta, and rho. | 0 |
CBO | See COLLATERALIZED BOND OBLIGATION. | 0 |
Heroes Earned Retirement Opportunities Act (HERO) | The Heroes Earned Retirement Opportunities Act (HERO) is a 2006 law that allows military personnel to fund their individual retirement accounts (IRAs) with combat pay. It is a tax break designed for those who have served in combat zones. Under the law, combat-related compensation paid since January 2004, which is tax-f... | 1 |
Hyperledger Fabric | Hyperledger Fabric is a modular blockchain framework that acts as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components that are aimed for use within private enterprises. | 1 |
Bond | cate issued by a government or corpo-ration, promising to repay a sum of money @the principal@ plus ed date in the future. | 1 |
SPOT | A transaction in the current, or cash, market. See also MARKET, PRICE, RATE. | 0 |
Hobby Loss | The term hobby loss refers to a loss that results from a business deemed to be a recreational activity or hobby by the Internal Revenue Service (IRS). Taxpayers cannot claim and recoup this money when the agency says it is spent while pursuing a hobby. That's because losses aren't allowed for expenses in excess of hobb... | 1 |
DVP | See DELIVERY VERSUS PAYMENT. | 0 |
NONADMITTED INSURANCE | An INSURANCE POLICY written by an INSURER that is not licensed in the state or jurisdiction where the INSURED’S RISK exists. Also known as UNAUTHORIZED INSURANCE. See also ADMITTED INSURANCE, SURPLUS LINES INSURANCE. | 0 |
John R. Hicks | Sir John R. Hicks was a British neo-Keynesian economist who received the 1972 Nobel Memorial Prize in Economics, along with Kenneth Arrow, for his advancement of general equilibrium theory and welfare theory. During his career, Hicks became well known for his contributions to labor economics, utility and price theory, ... | 1 |
Employment-to-Population Ratio | The employment-to-population ratio, also known as the “employment-population ratio,” is a macroeconomic statistic that measures the civilian labor force currently employed against the total working-age population of a region, municipality, or country. It is calculated by dividing the number of people employed by the to... | 1 |
Post-Money Valuation | Post-money valuation is a company's estimated worth after outside financing and/or capital injections are added to its balance sheet. Post-money valuation refers to the approximate market value given to a start-up after a round of financing from venture capitalists or angel investors have been completed. Valuations tha... | 1 |
National Association of State Boards of Accountancy (NASBA) | The National Association of State Boards of Accountancy (NASBA) is a nonprofit group that serves the 55 state and U.S. territory boards of accountancy, which are responsible for overseeing the accountancy profession in the United States and administering the Uniform CPA Examination. | 1 |
Google Tax | A Google tax, also known as a diverted profits tax, refers to anti-avoidance tax provisions that have been introduced in several jurisdictions to deal with the practice of profits or royalties being diverted to other jurisdictions that have lower or zero tax rates. For example, internet giant Alphabet Inc.'s (GOOGL) Go... | 1 |
Payroll | Payroll is the compensation a business must pay to its employees for a set period or on a given date. It is usually managed by the accounting or human resources department of a company. Small-business payrolls may be handled directly by the owner or an associate. | 1 |
Medium Term Note (MTN) | A medium-term note (MTN) is a note that usually matures in five to 10 years. A corporate MTN can be continuously offered by a company to investors through a dealer with investors being able to choose from differing maturities, ranging from nine months to 30 years, though most MTNs range in maturity from one to 10 years... | 1 |
DELIVERY RISK | See SETTLEMENT RISK. | 0 |
banks | Financial institutions that accept deposits and make loans @such as commercial banks, savings and loan associations, and credit unions@. | 0 |
Basel Committee | Committee responsible for regulation of banks internationally. | 0 |
Savings account | An account with a bank or credit union in which people can deposit their money for future use and earn interest. | 1 |
REFUNDING | A process where the ISSUER of a BOND repays INVESTORS at a predefined REDEMPTION price. Refunding can only occur when a bond issue is CALLABLE, and is generally arranged in a declining INTEREST RATE envir- onment, when a NEW ISSUE of cheaper bonds can be floated to replace the refunded bonds. See also PROTECTION. | 0 |
SWITCH TRADE | (1) A transaction that involves replacing one INVESTMENT with a different investment. (2) A process where an importer that is unable to make payment on goods purchased is permitted by the exporter to transfer the OBLIGATION to a second importer. | 0 |
Equity Premium Puzzle (EPP) | The equity premium puzzle (EPP) refers to the excessively high historical outperformance of stocks over Treasury bills, which is difficult to explain. The equity risk premium, which is usually defined as equity returns minus the return of Treasury bills, is estimated to be between 5% and 8% in the United States. The pr... | 1 |
DELEVERAGING | See RECAPITALIZATION.DELIVERY VERSUS PAYMENT. | 0 |
Low-Income Housing Tax Credit | The Low-Income Housing Tax Credit (LIHTC) is a tax incentive for housing developers to construct, purchase, or renovate housing for low-income individuals and families. The Low-Income Housing Tax Credit was written into the Tax Reform Act of 1986. | 1 |
Market Cannibalization | Market cannibalization is a loss in sales caused by a company's introduction of a new product that displaces one of its own older products. The cannibalization of existing products leads to no increase in the company's market share despite sales growth for the new product. | 1 |
Inventory Financing | The term inventory financing refers to a short-term loan or a revolving line of credit that is acquired by a company so it can purchase products to sell at a later date. These products serve as the collateral for the loan. | 1 |
On-the-Run Treasury | On-the-run Treasuries are the most recently issued U.S. Treasury bonds or notes of a particular maturity. On-the-run Treasuries are the opposite of "off-the-run" Treasuries, which refer to Treasury securities that have been issued before the most recent issue and are still outstanding. Media mentions about Treasury yie... | 1 |
Oman Rial (OMR) | The currency of Oman. The Omani rial is broken into smaller units, called baisa, and is found in both coin and banknote form. It is managed by the Central Bank of Oman. | 1 |
Fixed costs | Production costs that do not change when the quantity of output produced changes, for instance, the cost of renting an office or factory space. Contrast with variable costs. | 1 |
fixed-income security | A security such as a bond that pays a specified cash flow over a specific period. | 0 |
Non-Covered Security | A non-covered security is an SEC designation under which the cost basis of securities that are small and of limited scope may not be reported to the IRS. The adjusted cost basis of non-covered securities is only reported to the taxpayer, and not the IRS. | 1 |
Outputs | The various useful goods or services that are either consumed or used in further production. P Paradox of thrift. The principle, rst proposed by John Maynard Keynes, that an attempt by a soci-ety to increase its saving may result in a reduction in the amount which it actually saves. Paradox of value. ... | 1 |
IRA Rollover | An individual retirement account rollover is a transfer of funds from a retirement account into a traditional IRA or a Roth IRA. This can occur through a direct transfer or by a check, which the custodian of the distributing account writes to the account holder who then deposits it into another IRA account. | 1 |
PUTABLE COMMON STOCK | A form of COMMON STOCK where the issu- ing company floats SHARES that feature a PUT OPTION agreement, giving INVESTORS the right to sell the stock back to the company at a future time and STRIKE price. Such issues are not particularly common, as a falling stock price moves the investor’s option IN-THE-MONEY, precisely ... | 0 |
Ask | The ask is the price a seller is willing to accept for a security, which is often referred to as the offer price. Along with the price, the ask quote might also stipulate the amount of the security available to be sold at the stated price. The bid is the price a buyer is willing to pay for a security, and the ask will ... | 1 |
Special Economic Zones (SEZ) | A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country. The SEZ economic regulations tend to be conducive to—and attract—foreign direct investment (FDI). FDI refers to any investment made by a firm or individual in one country i... | 1 |
Universal Default | The term “universal default” refers to a provision found in some credit cards’ cardholder agreements. According to this provision, the credit card company is permitted to increase the interest rate on the credit card if the cardholder fails to make their minimum monthly payment. | 1 |
Market Capitalization-to-GDP Ratio | The stock market capitalization-to-GDP ratio is a ratio used to determine whether an overall market is undervalued or overvalued compared to a historical average. The ratio can be used to focus on specific markets, such as the U.S. market, or it can be applied to the global market, depending on what values are used in ... | 1 |
SCALPER | (1) A MARKET MAKER or DEALER that charges an exces- sive SPREAD on a transaction, in contravention of established rules. (2) An INVESTMENT ADVISOR or BROKER that takes a position in an INVESTMENT before advising clients to do so, and then exits at a profit; such pre-positioning is illegal in certain national systems. | 0 |
Intercontinental Exchange (ICE) | The Intercontinental Exchange (ICE) is an American company that owns and operates financial and commodity marketplaces and exchanges. It was founded in May 2000 in Atlanta, Georgia. ICE operations include futures exchanges, cash exchanges, central clearing houses, and market services for off-exchange trading. ICE opera... | 1 |
Merger Arbitrage | Merger arbitrage, often considered a hedge fund strategy, involves simultaneously purchasing and selling the respective stock of two merging companies to create "riskless" profits. Because there is the uncertainty of the deal being completed, the stock price of the target company typically sells at a price below the ac... | 1 |
Buy Limit Order | A buy limit order is an order to purchase an asset at or below a specified price, allowing traders to control how much they pay. By using a limit order to make a purchase, the investor is guaranteed to pay that price or less. | 1 |
Treasury Yield | Treasury yield is the return on investment, expressed as a percentage, on the U.S. government's debt obligations. Looked at another way, the Treasury yield is the effective interest rate that the U.S. government pays to borrow money for different lengths of time. | 1 |
Offer Price | See Ask Price. | 0 |
Open Trade Equity (OTE) | Open Trade Equity (OTE) is the net of unrealized gain or loss on open derivatives positions. Put differently, OTE is the paper gains and losses represented by the current market value and the price paid (or received) for a position. Once the position is closed, the gain or loss will become realized. | 1 |
Government Grant | A government grant is a financial award given by a federal, state, or local government authority for a beneficial project. It is effectively a transfer payment. A grant does not include technical assistance or other financial assistance, such as a loan or loan guarantee, an interest rate subsidy, direct appropriation, ... | 1 |
LEAD | The first UNDERWRITER or SYNDICATE on an INSURANCE POLICY underwritten via LLOYD’S OF LONDON, and the party responsible for estab- lishing the PREMIUM, issuing the policy, and collecting premiums. | 0 |
On Account | On account is an accounting term that denotes partial payment of an amount owed or the purchase/sale of merchandise or services on credit. On account can also be referred to as “on credit.” | 1 |
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