into an equity trade, options or futures contracts with advance knowledge of a blocktransaction that will influence the price of the underlying security to capitalize on the trade. This practice is expressly forbidden by the SEC. Traders are not allowed to act on nonpublic information to trade ahead of customers lacking that knowledge. Frozen account A disciplinary action taken by the Federal Reserve Board for some violation of Regulation T, an individual investor cannot sell securities until they are paid for in full and certificates delivered. Fry a bigger fish Used in the context of general equities. Work on a trade of larger size than a trade just disclosed. Full Handle. Full compensation Payment for delivery of goods to one party by buying back more than 100 % of the value that was originally sold. Full coupon bond A bond with a coupon equal to the going market rate; the bond is therefore selling at par. Full disclosure Describes exchange and government regulations providing for the release and free exchange of all information pertinent to a given security. Full Employment and Balance Growth Act of 1978(Humphrey-Hawkins Act) Federal legislation that, among other things, specifies the primary objectives of U.S. economic policy-maximum employment, stable prices, and moderate long-term interest rates. Full faith-and-credit obligations The security pledges for larger municipal bondissuers, such as states and large cities that have diverse funding sources. Full-payout lease See: Financial lease Full price Also called dirty price; the price of a bond including accrued interest. Related: Flat price. Full recourse No matter what risk event occurs, the borrower or its guarantors guarantee to repay the debt. This is not a project financing unless the borrower's sole asset is the project. Full-service broker A broker who provides clients an all-inclusive selection of services such as advice on security selection and financial planning. Full-service lease Also called rental lease. Arrangement in which lessor promises to maintain and insure the equipment leased. Full Set of Bills of Lading All originals of an ocean bill of lading. Full trading authorization Indication that a broker with a discretionary account can operate free of all trading guidelines from the client. Fully depreciated An asset that has already been charged with the maximum amount of depreciation allowed by the IRS for accounting purposes. Fully diluted earnings per shares Earnings per share expressed as if all outstandingconvertible securities and warrants have been exercised. Fully distributed A new stockissue that has been completely resold to the investingpublic and is no longer held by dealers. Fully invested Used to describe an investor whose assets are totally committed to investments, typically stock. Fully modified pass-throughs Agency pass-throughs that guarantee the timely payment of both interest and principal. Related: Modified pass-throughs. Fully valued Used in the context of general equities. Said of a stock that has reached a price at which analysts think the underlyingcompany'sfundamentalearnings power has been fully recognized by the market. Functional currency As defined by FASB No. 52, an affiliate'sfunctional currency is the currency of the primary economic environment in which the affiliate generates and expends cash.