Buyers and sellers seek each other directly and transact directly. Direct stock-purchase programs Investors purchase securities directly from the issuer. Direct terms The price of a unit of foreign currency in domestic currency terms, such as $.9850/Euro for a US resident. See: Indirect terms. Director See: Board of directors. Director Exception A proxy or ballot that withholds its votes from one or more, but not all, individuals on the slate of nominated directors. Directors' Duties In the context of corporate governance, Directors' Duties refers to stated responsibilities of the company'sBoard of Directors. These provisions allow directors to consider constituencies other than shareholders when considering a merger. These constituencies may include, for example, employees, host communities, or suppliers. This provision provides boards of directors with legal basis for rejecting a takeover that would have been beneficial to shareholders. A majority of states have Directors Duties Laws. Directorship Used in the context of general equities. Stock status whereby a trader may not maintain positions in the security, due to an investment bank employee serving as a director on the corporation'sBoard of Directors done to avoid conflicts of interest; signified by a flashing "D" on Quotron. Contrast to restricted. Dirty float A system of floating exchange rates in which a government may intervene to change the direction of the value of the country's currency. Dirty price Bond price including accrued interest, i.e., the price paid by the bond buyer. Dirty stock A stock that fails to fulfill prerequisites to attain good delivery status. Disability income insurance An insurance policy that insures a worker in the event of an occupational mishap resulting in disability. Insurance benefits compensate the injured worker for lost pay. Disbursement float A decrease in book cash but no immediate change in bank cash, generated by checks written by the firm. Discharge of bankruptcy The termination of bankruptcy proceedings, resulting in cancellation of the debtor'sobligations. Discharge of lien An order terminating a lien on property. Disclaimer of opinion An auditor's statement that does not express any opinion regarding the company's financial condition. Disclosure A company's release of all information pertaining to the company's business activity, regardless of how that information may influence investors. Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. Discount Convertible: Difference between gross parity and a given convertible price. Most often invoked when a redemption is expected before the next coupon payment, making it liable for accrued interest. Antithesis of premium.General: Information that has already been taken into account and is built into a stock or market.Straight equity: Price lower than that of the last sale or inside market. Discount Arbitrage A riskless arbitrage in which a discount option is purchased and an opposite position is taken in the underlying security. The arbitrageur may either buy a call at a discount and simultaneously sell the underlying security (basic call arbitrage) or may buy a put at a discount and simultaneously buy the underlying security (basic put arbitrage). See also Discount. Discount bond Debt sold for less