declining issues. This, in turn, is divided by the advancing volume divided by the declining volume. If there is considerably more advancing volume relative to declining volume this will tend to reduce the index (i.e. increase the denominator). Hence, a value less than 1.0 is bullish while values greater than 1.0 indicate bearish demand. The index often is smoothed with a simple moving average. Around us Used in context of general equities. See: Away from you. Arranger The senior tier of a syndication. This implies the entity that agreed and negotiated the project financing structure. Also refers to the bank or underwriter entitled to syndicate the loan or bondissue. Also known as the lead underwriter. Arrearage In the context of investments, refers to the amount by which interest on bonds or dividends on cumulative preferred stock is due and unpaid. Articles of incorporation Legal document establishing a corporation and its structure and purpose. Artificial currency A currency substitute, e.g., special drawing rights (SDRs). Artificial Intelligence The creation of models that mimic thought processes. See: Neural Networks, Fuzzy Logic, and Genetic Algorithms. Ascending tops A chart pattern that depicts that each peak in a security's price over a period of time is higher than the preceding peak. Antithesis of descending tops. Asia-Pacific Economic Cooperation Pact (APEC) A loose economic affiliation of Southeast Asian and Far Eastern nations. The most prominent members are China, Japan, and Korea. Asian Currency Units (ACU) Dollar deposits held in Singapore or other Asian centers. Asian Development Bank A financial_institution established in 1966 to reduce poverty in the Asia-Pacific region. The bank is headquartered in Manila, Philippines and consists of 61 member countries. Asian dollar market Asian banks that collect deposits and make loansdenominated in US dollars. Asian option Option based on the average price of the underlying assets during the life of the option. Ask This is the quoted ask, or the lowest price an investor will accept to sell a stock. Practically speaking, this is the quoted offer at which an investor can buyshares of stock; also called the offer price. Asked price In context of general equities, price at which a security or commodity is offered for sale on an exchange or in the OTCMarket. Asked to bid/offer Used in context of general equities. Usually a seller (buyer) looking to aggressively sell (buy) stock, usually asking for a capital commitment from an investment bank. Aspirin Australian Stock Price Riskless Indexed Notes. Zero-coupon four-year bonds repayable at face value plus the percentage increase by which the Australian stock index of all ordinaries (common stocks) rises above a predefined level during the given period. Assay Metal purity test to confirm that the metal meets the standards for trading on a commodities exchange (commodities exchange center). Assessed valuation The value assigned to property by a municipality for the purpose of tax assessment. Such an assessed valuation is important to investors in municipal bonds that are backed by property taxes. Asset Any possession that has value in an exchange. Asset activity ratios Ratios that measure how effectively the firm is