APFinancial Personal
Poison put
A covenant allowing the bondholder to demand repayment in the event of a hostile takeover.
Policy asset allocation
Way in which an investor seeks to assess an appropriate long-term “normal” mix of assets that represents an ideal blend of controlledrisk and enhanced return.
Policy limit
The maximum dollar amount of coverage provided by an insurance company for a certain policy.
Policy loan
A loan often made at a below-marketinterest rate from an insurance company to a policyholder that is secured by the cash surrender value of a life insurance policy.
APFinancial investment companies
Williams Act
Federal legislation enacted in 1968 (and now constituting Rules 13d and 14d of the Security Exchange Act of 1934) that imposes requirements with respect to public tender offers.
Wilshire indexes
Widely followed performance measurementindexes measuring performance of all U.S.-headquartered equitysecurities with readily available price data, created by Wilshire Associates, Inc.
Windfall profit
A sudden unexpected profit uncontrolled by the profiting party.
Window
A brokerage firm’s cashier department, where delivery of securities and settlement of transactions take place.
APFinancial Asociates
APFinancial Investments: Convexity
Property that a curve is above a straight line connecting two end points. If the curve falls below the straight line, it is called concave.
Cook the books
To deliberately falsify the financial statements of a company. This is an illegal practice.
Cooling-off period
The period of time between the filing of a preliminary prospectus with the Securities and Exchange Commission and the actual public offering of the securities.
Cooperative
An organization owned by its members. Examples are agriculture cooperatives that assist farmers in selling their products more efficiently and apartment buildings owned by the residents who have full control of the property.
Copenhagen Stock Exchange
The only securitiesexchange in Denmark. It features electronic trading of stocks, bonds, futures, and options.
APFinancial Contact
APFinancial Representatives
APFinancial
Load spread option
A method of allocating the annualsales charge on load funds, often through percentage deductions from a customer’s periodic fixed payments.
Loan
Temporary borrowing of a sum of money. If you borrow $1 million you have taken out a loan for $1 million.
Loan amortization schedule
The timetable for repaying the interest and principal on a loan.
Loan commitment
Assurance by a lender to make money available to a borrower on specific terms in return for a fee.
Loan crowd
Historical term. In the 1920’s and 1930’s, it refers to the group of member firms that lend or borrowsecurities needed to cover the positions of customers who have sold shortsecurities. The crowd could be found around the loan post.
Loan Preference Principle
The theory that a coveredloan is less expensive when its cost is calculated in one currency, it will also be less expensive in all other currencies.
Loan syndication
Group of banks sharing a loan. See: Syndicate.
Loan value
The maximum percentage of the value of securities that a broker can lend to a margin account customer, as dictated by the Federal Reserve Board in Regulation T.
Loan-to-value ratio (LTV)
The ratio of moneyborrowed on a property to the property’s fair market value.
Loaned flat
Securities lent interest-free between brokers to cover customers’ short salepositions.
Local
A futuresexchange member who tradessecurities for his or her own account.
Local expectations hypothesis (LEH)
Theory that bonds similar in all aspects except maturity will have the same holding-periodrate of return.
Local expectations theory
A form of the pure expectations theory that suggests that the returns on bonds of different maturities will be the same over a short-term investment horizon.
Local taxes
Property, sewer, school, or other community paid to a locality. Local taxes are usually deductible for federal income tax purposes.
Location-specific advantages
Advantages (natural and created) that are available only or primarily in a particular place.
Locational arbitrage
Attempt to exploit discrepancies in exchange rates between banks.
Lock
Used in the context of general equities. Make a market both ways (bid andoffer) either on the bid, offering, or an in-between price only. Locking on the offering occurs to attract a seller, since the trader is willing to pay (and ask) the offering side when others only ask it. Locking on the bid side attracts buyers for similar reasons. Typically, the sell side requires a plus tick to comply with short sale rules.
Lock in
To ensure that an individual transacts all his or her business with a sole broker by providing superior services, such as accommodating block buy and sell needs or preparing excellent research (soft-dollar lock). This usually guarantees a certain volume of business.
Lock-out
With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With multifamily loans, the period of time during which prepayment is prohibited.
Lock-up CDs
CDs that are issued with the tacit understanding that the buyer will not trade the certificate. Quite often, the issuing bank will insist that it hold the certificate for safekeeping by it to ensure that the buyer holds the understanding.
Lockup option
Often used in risk arbitrage. Privilege offered a white knight (friendly acquirer) by a target company to buycrown jewels or additional equity. The aim is to discourage a hostile takeover. See: Shark repellent.
Lockbox
A collection and processing service provided to firms by banks, which collect payments from a dedicated postal box to which the firm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the firm’s bank account.
Locked in
When an investor is unable to take advantage of preferential tax treatment because of time remaining on a required holding period. Also, a commoditiesposition in which the market has a limit up or limit down day and investors are unable to move in to or out of the market.
Locked market
A market is locked if the bid price equals the ask price. This can occur, for example, if the market is brokered and one side pays brokerage only, in over-the-counter trading the initiator of the transactions. Highly competitive market environment with inside bid and offering at the same price. Often occurs when an OTC dealer has not updated the market.
Log-linear least-squares method
A statistical technique for fitting a curve to a set of data points. One of the variables is transformed by taking its logarithm, and then a straight line is fitted to the transformed set of data points.
Lognormal distribution
Pattern of frequency of occurrence in which the logarithm of the variable follows a normal distribution. Lognormal distributions are used to describe returns calculated over periods of a year or more.
Lombard rate
Applies mainly to international equities. Interest rate the German Bundesbank uses as an upper limit to the day-to-day money rate, since no bank will pay higher rates in the money market than it has to pay for very short-term recourse to Lombard credit.
London Commodity Exchange (LCE)
Merged with the London International Financial Futures and Options Exchange in 1996.
London Interbank Bid Rate (LIBID)
The bid rate that a Euromarket bank is willing to pay to attract a deposit from another Euromarket bank in London. Related: LIBOR.
London Interbank Offered Rate
A short-terminterest rate often quoted as a 1,3,6-month rate for U.S.dollars.
London International Financial Futures and Options Exchange (LIFFE)
A leading market for trading options and futures on euro money marketderivatives.
London Metal Exchange (LME)
A market for trading base metals, where tradedoptions contracts are available against the underlyingfutures contract.
London Stock Exchange (LSE)
The U.K.’s six regional exchanges joined together in 1973 to form the stock exchange of Great Britain and Ireland, later named the LSE. The FTSE 100 index (known as the footsie) is its dominant index.
Long
One who has bought a contract to establish a marketposition and who has not yet closed out this position through an offsettingsale; the opposite of short.
Long bonds
Bonds with a long current maturity. The “long bond” is the 30-year US Treasury bond.
Long coupons
(1) Bonds or notes with a long current maturity. (2) A bond on which one of the coupon periods, usually the first, is longer than the other periods or the standard period.
Long-term forward contracts
Contracts that state exchange rate at which a specified amount of a particular currency can be exchanged at a future date (more than one year from today).
Long hedge
The purchase of a futures contract in anticipation of actual purchases in the cash market. Used by processors or exporters as protection against an advance in the cash price. Related: hedge, short hedge
Long leg
The part of an option spread in which an agreement to buy the underlying security is made.
Long market value
The market value of a security, excluding options, as of the close of the last business day.
APFinancial Insurance
APFinancial Interests: Take-out
A cashsurplus generated by the sale of one block of securities and the purchase of another, e.g., selling a block of bonds at 99 and buying another block at 95. Also, a bid made to a seller of a security that is designed (and generally agreed) to take the seller out of the market.
Take-and-pay contract
An agreement that obligates the purchaser to take any product that is offered (and pay the cash purchase price) and pay a specified amount if the product is not taken.
Spot futures parity theorem
Describes the theoretically correct relationship between spot and futures prices. Violation of the parity relationship gives rise to arbitrage opportunities.
Spot interest rate
Interest rate fixed today on a loan that is made today. Related: Forward interest rates.
Spot lending
Originating mortgages by processing applications taken directly from prospective borrowers.
APFinancial Job Offers
Carve out
Usually occurs when a company decides to IPO one of their subsidiaries or divisions. The company usually only offers a minority share to the equity market. Also known as equity carve out.
Cash
The value of assets that can be converted into cash immediately, as reported by a company. Usually includes bank accounts and marketable securities, such as government bonds and banker’s acceptances. Cash equivalents on balance sheets include securities that mature within 90 days (e.g., notes).
Cash account
A brokerage account that settles transactions on a cash-rather than credit-basis.
APFinancial traditional bank instruments
Tax-equivalent yield
The pre-tax yield required from a taxable bond in order to equal the tax-free yield of a municipal bond.
Tax evasion
Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters.
Tax-exempt bond
A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax.
Tax-exempt income
Dividends and interest not subject to federal and, in some cases, state and local income taxes.
APFinancial Work places
APFinancial traditional bank instruments: Automatic funds transfer
A transfer of funds from one account or investment vehicle to another using electronic or telecommunications technology.
Automatic investment program
A program in which an investor can invest or withdraw funds automatically. A mutual fund, for example, automatically withdraws a pre determined specified amount from the investor’s bank account on a regular basis.
Automatic reinvestment
See: Constant dollar plan.
APFinancial growth rate
APFinancial Investment
APFinancial investment products
Secondary market
The market in which securities are traded after they are initially offered in the primary market. Most trading occurs in the secondary market. The New York Stock Exchange, as well as all other stock exchanges and the bond markets, are secondary markets. Seasoned securities are traded in the secondary market.
Secondary mortgage market
Buying and selling existing mortgage loans, which are often pooled and traded as mortgage-backed securities.
Secondary stocks
Stocks with smaller market capitalization, less quality and more risk than blue chipissues that behave differently than larger corporations’ stocks.
Second mortgage lending
Loanssecured by real estate previously pledged in a first mortgage.
APFinancial Comprehensive Proposals
APFinancial Interests: Targeted repurchase
Buying back of a firm’sstock from a potential acquirer, usually at a substantial premium, to forestall a takeover attempt. Related: Greenmail.
Targeted Amortization Class (TAC) bonds
Bonds offered as a trancheclass of some CMOs, according to a sinking fund schedule. They differ from PAC bonds whose amortization is guaranteed as long as prepayments on the underlyingmortgages do not exceed certain limits. A TAC’s schedule is met at only one prepayment rate.
Tax anticipation bills (Tabs)
Special bills that the Treasury occasionally issues that mature on corporate quarterlyincome tax dates and can be used at face value by corporations to pay their tax liabilities.
Warrant
A security entitling the holder to buy a proportionate amount of stock at some specified future date at a specified price, usually one higher than current market price. Warrants are traded as securities whose price reflects the value of the underlying stock. Corporations often bundle warrants with another class of security to enhance the marketability of the other class. Warrants are like call options, but with much longer time spans-sometimes years. And, warrants are offered by corporations, while exchange-tradedcall options are not issued by firms.
Warranty
A guarantee by a seller to a buyer that if a product requires repair or remedy of a problem within a certain period after its purchase, the seller will repair the problem at no cost to the buyer.
Warsaw Stock Exchange
The major securities market of Poland.
APFinancial a wide variety of investment
Ten-Day Rule
The New York Stock Exchange rule permitting member firms (brokers) to vote in favor of management ten days or less before the meeting, provided that the member firm mailed proxy material to beneficial owners at least 15 business days before the meeting. The rule allows many shares to be voted, which would otherwise not be, to reach a quorum, approve the choice of directors and auditors and handle other routine matters. This rule does not apply to banks, their nominees or their depository positions, nor to non-routine proposals such as approval for the corporation to issue more shares.
Tenant
A partial owner of a security, or the holder of some property. See: Lessee.
Tenants by Entireties (TEN ENT)
Joint ownership of property or securities by a husband and wife where, upon the death of one, the property goes to the survivor.
APFinancial Investments
National Market Advisory Board
Group that advises the SEC on establishing a national exchange market system, which is a highly automated, continuous national exchange, but that preserves the regional exchanges.
National Market System (NMS)
Refers to over-the-counter trading. System of trading OTC stocks under the sponsorship of the NASD. Must meet certain criteria for size, profitability and trading activity. More comprehensive information is available for NMS stocks than for non-NMS stocks traded OTC (high, low, and last-saleprices, cumulative volume figures, and bid and askquotations throughout the day). This is due to the fact that market makers must report the actual price and number of shares in each transaction within 90 seconds verses nonreal-time reporting for non-NMS stocks (thus, last sales prices and minute-to-minute volume updates are not possible).
APFinancial Seminars & Workshops
APFinancial investment companies: Small Order Execution System (SOES)
Three-tiered system of automatic execution of an order at the best price. Size is either 200, 500, or, most often, 1000 shares.
Smart money
Investors who make consistent profits in the market, regardless of the investing environment, by making wise, educated moves.
Smidge
Small amount of price, usually +/- 1/8 or 1/4.
Smithsonian Agreement
A revision to the Bretton Woodsinternational monetary system that was signed at the Smithsonian Institution in Washington, D.C., in December 1971. Included were a new set of par values, widened bands to +/- 2.25% of par, and an increase in the official value of gold to US$38.00 per ounce.
APFinancial Interests
APFinancial Net
APFinancial growth rate
“Take it down”
Reduce the offering price or hit others’ bids to such an extent as to lower the inside market.
“Take me along”
“Allow me to participate in the side of a particular trade.
Take off
A sharp increase in the price of a stock, or a positive movement of the market as a whole.
Take the offer
Buystock by accepting a floor broker’s (listed) or dealer’s (OTC) offer at an agreed-upon volume. Antithesis of hit the bid.
APFinancial Investments
APFinancial a wide variety of investment: Roll forward
To move to an optionposition with a later expiration date.
Roll, Richard
Author of path-breaking work on asset pricing including the famous Roll critique. Finance professor at UCLA.
Roll order
(1) Dividend roll; (2) Replacement of a maturing position with an identical one in the new maturity; (3) Recognizition of capital gain or loss while reestablishing the position at the risk of the market.
APFinancial investment companies
Bear raid
In the context of general equities, attempt by investors to move the price of a stock opportunistically by selling large numbers of sharesshort. The investors pocket the difference between the initial price and the new, lower price after this maneuver. This technique is illegal under SEC rules, which stipulate that every shortsale must be on an uptick.
Bear spread
Applies to derivative products. Strategy in the options or futures markets designed to take advantage of a fall in the price of a security or commodity. A bear spread with call options is created by buying a call option with a certain strike price and selling a call option on the same stock with a lower strike price (with the same expiration date). A bear spread with put options is where an investor buys a put with a high strike price and sells a put with a low strike price. With futures, the investor sells the nearby contract and purchases the next out contract. All of these strategies are designed to profit from a fall in the underlying asset’s price.
Bear trap
The predicament facing short sellers when a bear market reverses its trend and becomes bullish. The assets continue to sell in anticipation of further declines in price, and short sellers then are forced to cover at higher prices.
APFinancial Net
Arbitrage Pricing Theory (APT)
An alternative model to the capital asset pricing model developed by Stephen Ross and based purely on arbitrage arguments. The APT implies that there are multiple risk factors that need to be taken into account when calculating risk-adjusted performance or alpha.
Arbitrage Trading Program (ATP)
See: Program trading.
Arbitrageur
One who profits from the differences in price when the same, or extremely similar, security, currency, or commodity is traded on two or more markets. The arbitrageur profits by simultaneously purchasing and selling these securities to take advantage of pricing differentials (spreads) created by market conditions. See: Risk arbitrage,convertible arbitrage,index arbitrage, and international arbitrage.
Are you open?
Used in context of general equities. “Can a new customer still participate on opposing side of the trade from that which the first customer initiated?”, Inquiring as to whether any portion of that trade is still available See: Open.
APFinancial Representatives
Stock Exchange Automated Quotation System (SEAQ)
London’s Nasdaq system.
Stock Exchange of Hong Kong (SEHK)
Only stock exchange located in Hong Kong.
Stock Exchange, Mumbai (BSE)
Formerly the Bombay stock exchange, the BSE accounts for more than one-third of Indian tradingvolume.
Stock Exchange of Singapore (SES)
The only stock exchange in Singapore.
APFinancial Contact
: Utility revenue bond
A municipal bondissued to finance the construction of publicutility services. These bonds are repaid from the operating revenues the project produces after the utility is finished.
Utility value
The welfare a given investor assigns to an investment with a particular expected return and risk.
Validated Export License
Document issued by the U.S. government (BXA), authorizing the export of specific commoditites to a specified foreign country within a specified time period.
APFinancial
APFinancial Insurance
APFinancial Personal
12B-1 fees
The percent of a mutual fund’sassets used to defray marketing and distributionexpenses. The amount of the fee is stated in the fund’s prospectus. The SEC has recently proposed that 12B-1 fees in excess of 0.25% be classed as a load. A true no load fund has neither a sales charge nor a 12b-1 fee.
12B-1 funds
Mutual funds that do not charge an up-front or back-end commission, but instead take out up to 1.25% of average daily fund assets each year to cover the costs of selling and marketing shares, an arrangement allowed by the SEC’s Rule 12B-1 (passed in 1980).
APFinancial Asociates
APFinancial a wide variety of investment: Self-Similar
When small parts of an object are qualitatively the same, or similar to the whole object. In certain deterministic fractals, like the Sierpinski Triangle, small pieces look the same as the entire object. In random fractals, small increments of time will be statistically similar to larger increments of time. See: Fractal.
Self-supporting debt
Bonds sold to finance a project that will produce enough revenue through tolls or other charges to retire the debt . See: revenue bond.
Self Tender
A companybuys back a certain percentage of its own shares through a tender offer.
APFinancial Comprehensive Proposals
Underwriter
A firm, usually an investment bank, that buys an issue of securities from a company and resells it to investors. In general, a party that guarantees the proceeds to the firm from a security sale, thereby in effect taking ownership of the securities.
Underwriter’s discount
See: Gross spread
Underwriting
Acting as the underwriter in the issue of new securities for a firm.
APFinancial Seminars & Workshops
National bank
A commercial bank approved by the U.S. Comptroller of the Currency, which is required to be a member of and purchasestocks in the Federal Reserve System.
National Credit Union Administration
Federal agency that oversees and insures the federal credit union system, and is funded by its members.
National debt
Treasury bills, notes, bonds, and other debtobligations that constitute the debt owed by the federal government.
APFinancial Investment
Reset bonds
Bonds that allow the initial interest rates to be adjusted on specific dates in order that the bondstrade at the value they had when they were issued.
Reset frequency
The frequency with which the floating rate changes.
Residential mortgage
Residential property
Property that consists of homes, apartments, townhouses, and condominiums.
APFinancial traditional bank instruments
: Chinese hedge
Applies mainly to convertible securities. Trading hedge in which one is short the convertible and long the underlying common, in the hope that the convertible’s premium will fall. Antithesis of set-up.
Chinese wall
Communication barrier between financiers at a firm (investment bankers) and traders. This barrier is erected to prevent the sharing of inside information that bankers are likely to have.
Choice market
Applies mainly to international equities. Locked market in London terminology.
Changning
Excessive trading of a client’s account in order to increase the broker’scommissions.
Cincinnati Stock Exchange (CSE)
Stock exchange based in Cincinnati that is the only fully automated stock exchange in the US. It has no tradingfloor, but handles all members’transactions using computers.
APFinancial Careers
APFinancial Work places
APFinancial Job Offers
Put-call parity
Applies to derivative products. Option pricing principle that says, given a stock’s price, a put and call of the same class must have a static price relationship because arbitrage opportunities or activities will always reestablish such a relationship.
Put-call parity relationship
The relationship between the price of a put and the price of a call on the same underlying security with the same expiration date, which prevents arbitrage opportunities. Holding the underlying stock and buying a put will deliver the exact payoff as buying one call and investing the present value (PV) of the exercise price. The call value equals C = S + P - PV(k).
Put-call ratio
The ratio of the volume of put optionstraded to the volume of call options traded, which is used as an indicator of investor sentiment (bullish or bearish).
APFinancial Interests
APFinancial a wide variety of investment: Monthly income preferred security (MIP)
Preferred stockissued by a subsidiary located in a tax haven. The subsidiaryrelends the money to the parent.
Monthly investment plan
A plan in which a certain amount is invested each month in order to benefit from dollar cost averaging.
Montreal Exchange/Bourse de Montreal
The oldest stock exchange in Canada tradingstocks, bonds, futures, and options. The Canadian Market Portfolio Index (XXM) tracks the market performance of the 25 highest capitalized stocks traded on at least two Canadian exchanges.
Moody’s investment grade
A rating of one through four assigned by Moody’s Investors Service to bonds.
Moody’s Investors Service
A leading global credit rating, research and risk analysis firm.
APFinancial investment products
On an exchange, the member firm that is designated as the market maker (or dealer for a listedcommon stock). Member of a stock exchange who maintains a “fair and orderly market” in one or more securities. Only one specialist can be designated for a given stock, but dealers may be specialists for several stocks. In contrast, there can be multiple market makers in the OTC market. Major functions include executinglimit orders on behalf of other exchange members for a portion of the floor broker’scommission, and buying or selling for the specialist’s own account to counteract temporary imbalances in supply and demand and thus prevent wide swings in stock prices.
Specialist block purchase and sale
Purchase of a large number of securities by a specialist for himself or to pass on to another floor trader or blockbuyer.
Market in a stock made solely by the specialist, as no publicorders, and henceforth no depth, exist in the market.
Specialist unit
A specialist who maintains a stable market by acting as a principal and agent for other brokers in one or many stocks.
Specialist’s book
APFinancial a wide variety of investment
Net transaction
A securitiestransaction in which no commissions or extra fees are paid, such as in an initial public offering.
Net transaction exposure
Offsetting inflows against outflows in a given currency to determine extent of exposure to risk.
Net Weight
The weight of goods being shipped that does not include the weight of wrapping material, container, or other packaging.
Net working capital
Current assetsminuscurrent liabilities. Often simply referred to as working capital.
APFinancial mutual funds
Working capital management
The deployment of current assets and current liabilities so as to maximize short-term liquidity.
Working capital ratio
Working capital expressed as a percentage of sales.
Working control
Control of a corporation by a shareholder or shareholders having less than 51% voting interest because of the wide dispersion of share ownership.
Working order
Standingorder in the marketplace, through which a brokerbids or offers to fill the order in a series of lots at opportune times in hopes of obtaining the best price.
APFinancial Net
: Value investing
In the context of asset management, mutual funds, and hedge funds, the a style of investment that focuses on securities with low price to earnings ratios or low price to book ratios. Some of these securities are deemed cheap and are viewed by manager as having a lot of profit potential.
Value Line investment survey
A proprietary service that ranks stocks for timeliness and safety.
Value manager
A manager who seeks to buystocks that are at a discount to their “fair value” and to sell them at or in excess of that value. Often a value stock is one with a low price-to-book value ratio. Opposite of to growth stock.
APFinancial Investment
APFinancial Seminars & Workshops
APFinancial investment companies
Phantom Stock Award
A type of incentive grant in which the recipient is not issued actual shares of stock on the grant date but receives an account credited with a certain number of hypothetical shares. The value of the account increases over time based on the appreciation of the stock price and the crediting of phantom dividends. Payout may be settled in cash or stock.
Phantom stock plan
An incentive scheme that awards management bonuses based on increases in the market price of the company’s stock.
Phase space
A graph which shows all possible states of a system. In phase space we plot the value of a variable against possible values of the other variables at the same time. If a system had three descriptive variables, we plot the phase space in three dimensions, with each variable taking one dimension.
APFinancial Asociates
APFinancial Job Offers: Spontaneous Liabilities
Obligations that arise automatically in the course of operating a business when a firmbuys goods and services on credit.
Spot commodity
A commodity that is traded with the expectation of actual delivery, as opposed to a commodityfuture that is usually not delivered.
Spot exchange rates
Exchange rate on currency for immediate delivery. Related: Forward exchange rate.
Commodity Bundle
One unit of the collection of the complete set of goods produced and sold in the world market.
Commodity Channel Index
An index used in technical analysis. High values mean a potential future correction (downward movement in underlying asset) and low values potentially forecast a rally. Details in Donald Lambert’s October 1980 article in Commodities Magazine.
Commodity futures contract
An agreement to buy a specific amount of a commodity at a specified price on a particular date in the future, allowing a producer to guarantee the price of a product or raw material used in production.
Commodity Futures Trading Commission (CFTC)
An agency created by the US Congress in 1974 to regulate exchange trading in futures.
Commodity indices
Indices measuring the price and performance of physical commodities, often by the price of futures contracts for the commodities that are listed on commodityexchanges.
APFinancial growth rate
On the tape
Used in the context of general equities. (1) Trade printed on the ticker tape; (2) news displayed on Reuters or the Dow Jones News Service.
One-decision stock
A quality stock that is not activelytraded, but rather held for its growth potential.
One-factor APT
A special case of the arbitrage pricing theory that is derived from the one-factor model by using diversification and arbitrage. It shows that the expected return on any riskyasset is a linear function of a single factor.
144 stock
Used in the context of general equities. Restricted stock.
One-man picture
When both bid and the offeredprices of a broker come from the same source.
1/f Noise
See: Anti-Persistence
One-share-one-vote rule
The principle that all shareholders should have equal voting rights in publiccompanies and each shareholder should have one vote.
APFinancial Investments
League tables
A ranking of lenders and advisors according to the underwriting, final take, or number of project financeloans or advisory mandates.
Leakage
Release of information selectively or not before official public announcement.
Lease
A long-termrental agreement, and a form of securedlong-termdebt.
Lease acquisition cost
The legal fees and other expenses incurred when acquiring a lease.
APFinancial Work places
: Unrelated Business Tax Income
Income earned by a tax-exempt entity that does not result from tax-exempt activities. The entity may owe taxes on this income.
Usance
Usance Draft
See: Time Draft
Usance Letter of Credit
A letter of credit payable at a determined future date after presentation of conforming documents.
APFinancial Representatives
APFinancial
APFinancial Comprehensive Proposals
Yo-yo stock
A highly volatile stock that moves up and down like a yo-yo.
Z bond
A bond on which interest accrues but is not currently paid to the investor but rather is added to the principal balance of the Z bond and becoming payable upon satisfaction of all prior bond classes.
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