in the market values of certain futures contracts qualifying as hedges (SFAS 80). Comptroller The corporate manager responsible for the firm's accounting activities. Sometimes referred to as the contoller (which means the same thing). Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. Computerized market timing system A computer system that compiles large amounts of trading data in search of patterns and trends to make buy and sell recommendations. Concave Property that a curve is below a straight line connecting two end points. If the curve falls above the straight line, it is called convex. Concentration account A single centralized account into which funds collected at regional locations (lockboxes) are transferred. Concentration Banks A small number of large banks a firm contracts with to periodically collect the firm's deposit balances from a group of smaller banks. Concentration services Movement of cash from different lockbox locations into a single concentration account from which disbursements and investments are made. Concession The per-share or per- bondcompensation of a selling group for participating in a corporate underwriting. Concession agreement An understanding between a company and the host government that specifies the rules under which the company can operate locally. Conditional call Applies mainly to convertible securities. Circumstances under which a company can effect an earlier call, usually stated as percentage of a stock'strading price during a particular period, such as 140% of the exercise price during a 40-day trading span. Conditional call options A protective guarantee that, in the event a high yield bond is called, the issuingcorporation will replace the bond with a non callable bond of the same life and terms as the bond that is being called. Conditional sales contracts Similar to equipment trust certificates, except that the lender is either the equipment manufacturer or a bank or finance company to which the manufacturer has sold the conditional sales contract. Condor Applies to derivative products. Optionstrategy consisting of both puts and calls at different strike prices to capitalize on a narrow range of volatility. The payoff diagram takes the shape of a bird. Conduit theory A theory that because investmentcompanies are merely conduits for capital gains, dividends, and interest, which are in fact passed through to shareholders, the investmentcompany should not be taxed at the corporate level. Confidence indicator A measure of investors' faith in the economy and the securities market. A low or deteriorating level of confidence is considered by many technical analysts as a bearish sign. Confidence letter Statement by an investment bank that it is highly confident that the financing for its client/acquirer'stakeover can and will be obtained. Often used in risk arbitrage. Confidence level In risk analysis, the degree of assurance that a specified failure rate is not exceeded. "Confirm me out" Used for listed equity securities. "Go to the floor and check with the specialist or floor broker that my previously activeorder has been canceled and was not executed". One does