<text>A fee that is levied by a mutual fund--usually on a yearly basis and is usually about 1% or less of a fund's assets. The monies collected are usually used to pay broker-dealers for servicing accounts. A mutual fund that charges a 12B-1 fee must disclose this in writing. Mutual funds that assess 12B-1 fees generally are no-load funds. See: Mutual Fund; No Load Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_4295.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A plan whereby an employee may contribute pretax earnings to a qualified tax-deferred retirement plan--also called "cash or deferred arrangement" (CODA) or "salary reduction plan." Withdrawals for other than death, disability, termination of employment, or qualifying hardship prior to the age of 59 1/2 may be subject to a 10% penalty tax.See: Non-Qualified Plan; Qualified Pension Plan or Trust; Tax Deferred </text>
</content>
<name></name>
<script></script>
</card>
card_4551.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The present and future capacity of a municipal bond issuer to generate enough tax revenue to meet its liabilities. To determine a municipality's ability to pay, all factors concerned with property values and municipal income are considered.See: Municipal Bond</text>
</content>
<name></name>
<script></script>
</card>
card_5349.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>During market trading, securities are absorbed when there are corresponding orders to buy and sell. When further absorption is impossible without an adjustment in price, the security has reached its absorption point.See: Undigested Securities</text>
</content>
<name></name>
<script></script>
</card>
card_5659.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limited partnership is classified as an abusive tax shelter by the Internal Revenue Service when it determines that the limited partnership is claiming illegal tax deductions. This usually occurs when the limited partnership values its property beyond the fair market value. If these tax deductions are denied by the IRS, investors must pay back taxes, severe penalties and interest charges.See: Fair Market Value </text>
</content>
<name></name>
<script></script>
</card>
card_6061.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A clause frequently contained within an indenture agreement and other contracts. It stipulates that if certain default events should occur, the unpaid balance will become due and payable. Examples of the type of events are insolvency and failure to meet principal, interest or sinking fund payments.See: Indenture; Insolvency</text>
</content>
<name></name>
<script></script>
</card>
card_6278.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>When a brokerage firm obtains a client, an account must be opened in the name of the client. The account will reflect activities of the client such as the buying and selling of securities.See: Registered Representative</text>
</content>
<name></name>
<script></script>
</card>
card_6516.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An employee of a brokerage firm who must pass specified tests and must be registered with the National Association of Securities Dealers (NASD) before he or she may solicit or accept orders from clients.Account executives working for a full service brokerage firm generally provide their clients with advice, placement of orders and has the legal powers of an agent. In a discount brokerage firm, an account executive generally provides the client with customer service and handles the purchase and sale of securities on an unsolicited basis. Because account executives at discount brokerage firm usually do not provide advice for their clients, the commissions charged for the purchase and sale of securities are customarily much lower.See: Agent; Broker; NASD; Registered Representative</text>
</content>
<name></name>
<script></script>
</card>
card_6803.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A statement that includes all transactions, positions and open orders and indicates the status of a client's account with a brokerage firm. Statements are required to be issued at least quarterly for all accounts. However, statements for active accounts are often provided on a monthly basis.See: Account </text>
</content>
<name></name>
<script></script>
</card>
card_7031.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The amount owed to creditors for goods and services. Analysts look at a company's relationship of accounts payable to purchases for indications of sound financial management.See: Accounts Receivable</text>
</content>
<name></name>
<script></script>
</card>
card_7293.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A component of a corporation's current assets that consists of money owed to the corporation for services or merchandise it sold to customers. It is a key factor in examining a corporation's "liquidity"--its capacity to meet current obligations without receiving additional revenues.See: Accounts Receivable Turnover Ratio; Asset; Balance Sheet; Liquidity</text>
</content>
<name></name>
<script></script>
</card>
card_7541.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>If a corporation is in need of short term financing, it may try to obtain accounts receivable financing. If obtained, the corporation's accounts receivable is used as collateral for working capital advances.See: Working Capital</text>
</content>
<name></name>
<script></script>
</card>
card_7844.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A ratio that denotes how many times a corporation's receivable portfolio has been collected during an accounting period. The ratio is calculated by dividing total credit by accounts receivable.See: Accounts Receivable</text>
</content>
<name></name>
<script></script>
</card>
card_8173.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A method of adjusting the tax cost basis of a bond bought at an original issue discount in equal amounts over the life of the bond. For tax purposes, the annual accretion is treated as interest. See: Original Issue Discount</text>
</content>
<name></name>
<script></script>
</card>
card_8245.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An accounting method in which income and expense items are credited as they are incurred or earned, although they may not have been received or actually paid in cash. Cash Basis accounting is an alternative method. </text>
</content>
<name></name>
<script></script>
</card>
card_8618.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An increase in a discount bond's market value as it approaches its maturity date. The increase is not due to the decline of market interest rates.See: Discount Bond; Maturity Date </text>
</content>
<name></name>
<script></script>
</card>
card_8783.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A dividend due to stockholders of cumulative preferred stock that has not been paid to them. Until the dividend is paid, it is carried on the corporation's books as a liability.See: Cumulative Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_9006.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>With respect to mutual funds, accumulation is when a fixed dollar amount is invested regularly and any capital gains and dividends are reinvested back into the fund. In regard to other types of investments, accumulation occurs when an organization (or individual) purchases a large number of shares in a controlled method. This is done in order to avoid driving up the price of the investment. It may take weeks or months to complete an organization's accumulation program.See: Dollar Cost Averaging; Mutual Funds</text>
</content>
<name></name>
<script></script>
</card>
card_9310.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The sponsor of a Unit Investment Trust uses an accumulation account to deposit securities it has acquired. These securities will eventually become part of the trust itself.See: Unit Investment Trust</text>
</content>
<name></name>
<script></script>
</card>
card_9608.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The price range of a security that indicates buyers are willing to purchase the security at its current price. Technical analysts detect accumulation areas when a security does not fall below a specific price. Technicians advise buying securities that have attained their accumulation area because the securities are likely to draw more buying interest.See: Distribution Area; On Balance Volume; Resistance Level; Support Level; Technical Analysis; Vertical Line Chart</text>
</content>
<name></name>
<script></script>
</card>
card_9776.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A ratio that tests a corporation's liquidity. It is a stricter test than if the current ratio is used. The ratio is calculated by dividing the sum of cash, cash equivalents, accounts receivable and notes receivable by the total current liabilities.See: Current Ratio; Quick Asset Ratio</text>
</content>
<name></name>
<script></script>
</card>
card_10115.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Authentication of a signature on a brokerage document to ensure it is valid and has been sanctioned by an authorized individual. Acknowledgment, for example, is needed when a client wishes to transfer an account from one broker to another.</text>
</content>
<name></name>
<script></script>
</card>
card_10381.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The act of one corporation acquiring a controlling interest in another corporation. In an "unfriendly" takeover, the buying corporation may offer incentives to stockholders such as offering a price well above the current market value.See: Merger; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_10600.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Movement, up or down, in the stock market that affects nearly all stocks in the same direction. That is, nearly all stocks are gainers (or losers).</text>
</content>
<name></name>
<script></script>
</card>
card_10757.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Corporate debt instruments that trade frequently on the floor of the NYSE are classified as active and are assigned certain privileges. Included are substantial issues of established corporations and most convertible bonds.See: Convertible Bond</text>
</content>
<name></name>
<script></script>
</card>
card_11176.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>New York Stock Exchange members who are responsible for the heaviest volume of bond trading. Investors who trade bonds in the active crowd usually tend to get better prices for their securities than in the inactive market. (The spreads between bid and asked prices are wider.)A cabinet crowd, which deals in bonds that are infrequently traded, is the opposite of an active crowd.See: Cabinet Crowd</text>
</content>
<name></name>
<script></script>
</card>
card_11319.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities held by a brokerage firm that meet specific qualifications are used as collateral for securing brokers' loans or customers' margin positions. They are held in safekeeping for clients of a broker/dealer or for the broker/dealer itself in a physical location known as the "open box" or "active box".See: Broker-Dealer</text>
</content>
<name></name>
<script></script>
</card>
card_11637.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An active market occurs when a security, or the exchange as a whole, experiences heavy trading volume. The spread between the securities bid and asked price is usually narrower in an active market than in an inactive market.See: Asked Price; Spread</text>
</content>
<name></name>
<script></script>
</card>
card_11788.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Under Regulation T of the Federal Reserve Board, it is the formula that is used to determine the status of a margin account. An account's ADB is useful for ascertaining whether withdrawals of cash or securities are acceptable based on Special Miscellaneous Account (SMA) entries. The ADB is calculated by netting the balance owed to the brokerage firm with any balance in the SMA plus unrealized profits on short accounts.See: Special Miscellaneous Account</text>
</content>
<name></name>
<script></script>
</card>
card_12104.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A test that is required when additional bonds being issued will be secured by revenues or assets already pledged to existing bonds. The primary requisite is that debt service coverage on the initial bonds and the new bonds need be at a satisfactory level. If the specific financial requirements are not met, the bonds cannot be issued.See: Debt Service; Open End Indenture</text>
</content>
<name></name>
<script></script>
</card>
card_12448.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The base price that is used to assess capital gains and losses when a security is sold. When net proceeds are used for tax purposes, the commissions are deducted at the time of sale. If any stock splits have occurred since the original purchase, the stock's price needs to be adjusted to obtain a correct adjusted basis.See: Capital Gain</text>
</content>
<name></name>
<script></script>
</card>
card_12614.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Under Regulation T of the Federal Reserve Board, it is the formula that is used to determine the status of a margin account. An account's ADB is effectual in ascertaining whether withdrawals of cash or securities are acceptable based on Special Miscellaneous Account (SMA) entries. The ADB is calculated by netting the balance owed to the brokerage firm with any balance in the SMA plus unrealized profits on short accounts. See: Regulation T; Special Miscellaneous Account</text>
</content>
<name></name>
<script></script>
</card>
card_12942.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>When recapitalizing a corporation that faces bankruptcy, if the bondholders approve, adjustment bonds are issued in replacement of outstanding bonds. Bondholders usually will authorize the issuance of adjustment bonds as they are deemed a lesser evil than a corporate bankruptcy. An adjustment bond assures payment of interest only if earned by the corporation. This is one of the characteristics of an income bond.See: Income Bond</text>
</content>
<name></name>
<script></script>
</card>
card_13268.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Receipt for shares of a foreign-based corporation held by a US banking institution. ADRs are created to facilitate transactions and transfers of ownership of foreign securities in the United States.</text>
</content>
<name></name>
<script></script>
</card>
card_13543.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An employee of a brokerage firm who must pass specified tests and must be registered with the National Association of Securities Dealers (NASD) before he or she may solicit or accept orders from clients. Account executives working for a full service brokerage firm generally provide their clients with advice, placement of orders and has the legal powers of an agent. In a discount brokerage firm, an account executive generally provides the client with customer service and handles the purchase and sale of securities on an unsolicited basis. Because account executives at discount brokerage firm usually do not provide advice for their clients, the commissions charged for the purchase and sale of securities are customarily much lower.See: Agent; Broker; NASD; Registered Representative</text>
</content>
<name></name>
<script></script>
</card>
card_13709.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A document that states the residence of the decedent at the time of death. The form is executed by the legal representative of an estate and is required when transferring ownership of a security from a deceased person. The security's transfer agent requires the affidavit to be notarized and dated within 90 days.See: Transfer Agent</text>
</content>
<name></name>
<script></script>
</card>
card_14049.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>It is the basis for comparing the return of a tax-free bond to a corporate bond. The basis lets the investor know what tax-free yield is required in order to receive the equivalent or greater return of a corporate yield. In determining the after-tax basis, one needs to consider the investor's tax bracket.See: Corporate Bond; Tax Exempt Security</text>
</content>
<name></name>
<script></script>
</card>
card_14254.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The amount of money that an investor can keep from an investment's income and capital gains after it has been adjusted for inflation.Generally, investors look for an aftertax real rate of return that will equal if not surpass the rate of inflation.See: Inflation; Rate Of Return</text>
</content>
<name></name>
<script></script>
</card>
card_14516.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A transaction in which the broker-dealer acts as an agent for the account. An agent (broker) acts as an intermediary between a buyer and a seller and charges a commission for this service.2: Government securities issued by entities other than the US Treasury such as the Federal Home Loan Bank. See: Agency Transaction; Government Securities</text>
</content>
<name></name>
<script></script>
</card>
card_14817.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A transaction whereby the same broker acts as agent for both sides (buy and sell) of the trade. As long as the broker first offers the securities publicly at a price higher than the bid, the practice is legal.See: Agency; Agency Transaction</text>
</content>
<name></name>
<script></script>
</card>
card_14982.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The brokerage firm's confirmation report to its clients that it executed an order in the capacity of a broker and charged a commission for the services rendered. The firm acted as an "agent" between the customer and the market maker. It is a requirement to show the commission charged separately on the confirmation report. The commission cannot be added into the execution price.See: Agency</text>
</content>
<name></name>
<script></script>
</card>
card_15175.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A term used to exemplify a stock falling sharply as holders rush to sell and few buyers can be found, likened to an airplane hitting an air pocket. </text>
</content>
<name></name>
<script></script>
</card>
card_15627.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>All or none offerings give an issuer the right to cancel an entire issue if an underwriting is not completely subscribed. A corporation may select this type of offering because it may be uneconomical to complete the distribution unless the entire amount of capital needed can be financed. No purchases can be finalized until it is determined that the entire offering is sold.See: Underwrite; Underwriter</text>
</content>
<name></name>
<script></script>
</card>
card_15899.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of order where the client wants the entire order executed or none of it. The purchase (or sale) order must be greater than one round lot (100 shares). An AON order can be either a "day" order or a "good til canceled" order.PC Financial Network on-line rules require an AON order to be a minimum of 200 shares for securities and a minimum of 11 contracts for options orders. See: Day Order; Fill Or Kill Order; Good Til Canceled Order; Immediate Or Cancel Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_16304.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A specific amount of securities assigned to all underwriters in an investment banking syndicate. The syndicate is formed to distribute a new issue.See: Distributing Syndicate</text>
</content>
<name></name>
<script></script>
</card>
card_16529.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A coefficient measuring a security's price volatility caused by factors other than the stock market in its entirety. Alpha calculates the amount of return expected from an investment's intrinsic value, such as the rate of growth in earnings per share. For instance, an alpha of 1.35 infers that a security is projected to increase 35% in price when the security's "beta" is zero. A security, whose price is low in relation to its alpha, is considered undervalued.</text>
</content>
<name></name>
<script></script>
</card>
card_16649.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The second largest stock exchange in the US is located in the financial district of New York City at 86 Trinity Place. As a general rule, the securities traded on the AMEX are those of small to mid-size corporations. The AMEX also trades options of many NYSE securities and some OTC securities.See: New York Stock Exchange; Over The Counter</text>
</content>
<name></name>
<script></script>
</card>
card_16999.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The AMEX computes an index to measure the aggregate market value changes in all common shares, ADRs and warrants listed on the exchange. The index is computed by totaling the securities' market values, dividing it by the market value at the close from the previous day, and then multiply that figure by the previous closing index. The index represents a relative change in the total value of all shares.See: Dow Jones Industrial Average; Standard & Poor's 500 Index</text>
</content>
<name></name>
<script></script>
</card>
card_17374.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>It is a privilege that allows holders of American Style options to exercise an option at any time during its life.See: European Style Exercise</text>
</content>
<name></name>
<script></script>
</card>
card_17654.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The second largest stock exchange in the US is located in the financial district of New York City at 86 Trinity Place. As a general rule, the securities traded on the AMEX are those of small to mid-size corporations. The AMEX also trades options of many NYSE securities and some OTC securities.See: New York Stock Exchange; Over The Counter</text>
</content>
<name></name>
<script></script>
</card>
card_17900.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: An accounting procedure that gradually decreases the book value of an intangible asset through periodic charges to income. For fixed assets, the term used is depreciation, and for wasting assets, it is depletion. Both terms mean essentially the same thing as amortization. The purpose of amortization is to reflect resale or redemption value.2: In a bond bought at a premium, it is a method of reducing a taxpayer's cost basis (vs. Accretion).3: Amortization also applies to debt reduction through periodic payments of principal and interest sufficient to pay off a loan by maturity.See: Accretion; Depreciation; Intangible Assets</text>
</content>
<name></name>
<script></script>
</card>
card_17986.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A yearly statement of a corporation's financial condition that describes its operations and provides its balance sheet and income statement. In addition, other information that shareholders will be interested in will be furnished.See: Balance Sheet; Income Statement</text>
</content>
<name></name>
<script></script>
</card>
card_18345.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>On a 360-day basis, it is the percentage of discount from par value that US Treasury Bills trade in the securities market at a particular moment in time.See: Par; Treasury Bill </text>
</content>
<name></name>
<script></script>
</card>
card_18533.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The series of payments from the capital that has built up in an annuity. The payments may be a fixed amount, or for a fixed period of time, or for the lifetimes of one or two annuitants.See: Annuitant; Annuity; Deferred Annuity; Fixed Annuity; Immediate Payment Annuity; Variable Annuity</text>
</content>
<name></name>
<script></script>
</card>
card_18959.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A contract between a life insurance company and an individual that guarantees income for a defined period, usually starting at retirement, to the person on whose life the contract is based. In exchange, the individual agrees to make periodic payment to the insurance company. All capital in the annuity grows tax-deferred.See: Annuity Unit; Fixed Annuity; Variable Annuity</text>
</content>
<name></name>
<script></script>
</card>
card_19310.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>All or none offerings give an issuer the right to cancel an entire issue if an underwriting is not completely subscribed. A corporation may select this type of offering because it may be uneconomical to complete the distribution unless the entire amount of capital needed can be financed. No purchases can be finalized until it is determined that the entire offering is sold.See: Underwrite; Underwriter</text>
</content>
<name></name>
<script></script>
</card>
card_19844.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of order where the client wants the entire order executed or none of it. The purchase (or sale) order must be greater than one round lot (100 shares). An AON order can be either a "day" order or a "good til canceled" order.PC Financial Network on-line rules require an AON order to be a minimum of 200 shares for securities and a minimum of 11 contracts for options orders.See: Day Order; Fill Or Kill Order; Good Til Canceled Order; Immediate Or Cancel Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_20011.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A list of investments that a mutual fund or other financial institution is allowed to invest in. When fiduciary responsibility exists, the use of an approved list may be statutory.See: Legal List </text>
</content>
<name></name>
<script></script>
</card>
card_20484.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>This is the practice of simultaneously buying and selling the same (or equivalent securities) to profit from the disparity in their prevailing prices in separate markets. This activity applies to equivalent securities trading in different markets, securities with convertible features, or securities involved in mergers, tender offers, recapitalizations, or corporate divestitures.</text>
</content>
<name></name>
<script></script>
</card>
card_20749.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Past due obligations such as interest on bonds or dividends on cumulative preferred stocks. If a cumulative preferred stock's dividends are in arrears, common dividends cannot be paid.See: Cumulative Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_21005.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A chart pattern that tracks a stock's price over a period of time. The pattern will show that each peak in the stock's price is higher than the preceding peak. This upward movement is considered bullish.See: Descending Tops</text>
</content>
<name></name>
<script></script>
</card>
card_21425.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The second largest stock exchange in the US is located in the financial district of New York City at 86 Trinity Place. As a general rule, the securities traded on the AMEX are those of small to mid-size corporations. The AMEX also trades options of many NYSE securities and some OTC securities.See: New York Stock Exchange; Over The Counter</text>
</content>
<name></name>
<script></script>
</card>
card_21593.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: It is the lowest round lot price at which a dealer will sell a security or commodity on an exchange or in the over-the-counter market. In other words, it is the price that an investor can buy the security. Also called the "asking price", "ask", "offering price" or "offer".2: The per-share price that mutual fund shares are offered to the potential investors. It is usually the "net asset value" per share plus any sales charges.See: Net Asset Value; Offer </text>
</content>
<name></name>
<script></script>
</card>
card_21861.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A dollar value that is given to property by a municipality for the purpose of assessing taxes. Assessed valuation is important to both homeowners and investors in municipal bonds that are backed by property tax.See: Municipal Bond</text>
</content>
<name></name>
<script></script>
</card>
card_22027.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Anything of value owned or is owed to it by a business, institution, or individual. Assets may include cash, investments, accounts receivable, product inventory and other current assets. Patents and goodwill are called intangible assets.See: Capital Asset; Current Assets; Fixed Assets; Intangible Assets</text>
</content>
<name></name>
<script></script>
</card>
card_22430.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The allotment of investment funds amongst various types of assets such as cash equivalents, stock, fixed-income investments, real estate, and precious metals. It also applies to sub-classifications such as industry groupings of common stocks and government, municipal, and corporate bonds. Asset allocation affects both risk and return. See: Cash Equivalent; Common Stock; Fixed Income Investment</text>
</content>
<name></name>
<script></script>
</card>
card_22559.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Extent to which a corporation's net assets cover a specific class of preferred stock, debt obligation or equity position. Asset coverage is significant as a buffer against losses in the event of liquidation.See: Liquidation; Net Assets; Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_22799.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security whose current price does not reflect the value of corporate assets. For instance, analysts may recommend a corporation because its real estate value is greater than is reflected in the stock's current price and not because the corporation is run well. Asset play securities are attractive targets for takeovers because they provide a low-cost way to buy assets.See: Target Company</text>
</content>
<name></name>
<script></script>
</card>
card_23140.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order to execute a buy or sell within the last 30 seconds of the trading day. There is no guarantee that the execution price will be the closing price or that the order will be executed at all.See: Close, The; Execution; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_24099.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option in which the underlying security is trading exactly at the strike (exercise price) of the option.Premiums paid or received and commissions are not considered. Thus, "at the money" should not be confused with an investor's break-even point on the option.See: Deep In The Money; Deep Out Of The Money; In The Money; Out Of The Money</text>
</content>
<name></name>
<script></script>
</card>
card_24448.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order to execute a buy or sell at the opening price. If the order can not be executed at the opening, it will be automatically canceled.See: Execution; Opening, The; Orders </text>
</content>
<name></name>
<script></script>
</card>
card_24630.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>System by which securities are traded through brokers or agents on an exchange such as the New York Stock Exchange. Unlike conventional auctions with one auctioneer and many buyers, here there are many buyers and sellers. Brokers competitively bid for the most advantageous price. It is distinguished from the over-the-counter market, where trades are bought by dealers.See: Over The Counter</text>
</content>
<name></name>
<script></script>
</card>
card_24886.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Often called the accountant's opinion, it is an accounting firm's statement of a corporation's financial documents. The examination assures that the corporation is conforming to the normal and generally accepted practices of accountancy.See: Generally Accepted Accounting Principals</text>
</content>
<name></name>
<script></script>
</card>
card_25106.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>When brokers want to trade large blocks of securities, they will utilize this electronic system to alert other brokers. The actual transaction takes place over-the-counter or on an exchange floor and not on the system.</text>
</content>
<name></name>
<script></script>
</card>
card_25468.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Also called "authorized stock", it is the maximum number of shares of any class that a corporation may issue. This amount is set at the time of incorporation and is part of the Articles of Incorporation. A corporation provides for future increases in authorized stock by the votes of stockholders. The corporation does not have to issue all the authorized shares.See: Articles Of Incorporation</text>
</content>
<name></name>
<script></script>
</card>
card_25705.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A program offered by a mutual fund to its shareholders. It enables shareholders to withdraw a fixed amount of money on a monthly or quarterly basis. The payment consists of dividends, realized capital gains and income generated from securities held by the fund.</text>
</content>
<name></name>
<script></script>
</card>
card_25950.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A strategy used to reduce the average price paid for a security by buying additional shares of the security at lower prices.See: Average Up; Dollar Cost Averaging </text>
</content>
<name></name>
<script></script>
</card>
card_26347.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In a trading account, it is the average daily balance. Although daily fluctuations in equity are normal, average equity is an effective guide in ensuring sufficient equity to meet margin requirements.See: Margin Requirement</text>
</content>
<name></name>
<script></script>
</card>
card_26388.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>On a rising market, averaging up is the act of buying an equal number of shares of a security to lower its overall cost basis. For example, if an investor buys an equal number of shares at $20, $23, $25, and $28, the average cost basis will be $24.See: Average Down; Dollar Cost Averaging</text>
</content>
<name></name>
<script></script>
</card>
card_27131.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A phrase used when a "limit order's" asking price is higher or the bid is lower than the current market price for the security.See: Limit Order</text>
</content>
<name></name>
<script></script>
</card>
card_27219.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An abbreviation used in stock listings of newspapers to indicate a stock's annual rate of return plus dividend.See: Dividend; Rate Of Return</text>
</content>
<name></name>
<script></script>
</card>
card_27630.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bonds with a denomination of less than a $1,000 par value. Baby bonds are a source of funds to corporations that lack access to large institutional markets and bring the bond market within reach of small investors.See: Bond; Institutional Investor; Par; Retail Investor</text>
</content>
<name></name>
<script></script>
</card>
card_28041.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Those departments of a broker-dealer that are not directly involved in sales or trading. Some back office functions include cashiering, accounting, and the record keeping of clients' cash or margin accounts.See: Broker-Dealer; Front Office; Margin Account</text>
</content>
<name></name>
<script></script>
</card>
card_28327.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A fee that an investor pays when redeeming (withdrawing) funds from an investment--also called "deferred sales charge". The fee is usually dependent on how long the investment is held--the longer the time period, the smaller the fee. Mutual funds and annuities are the most common investments with back-end loads.See: Annuity; Deferred Sales Charge; Exit Fee; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_28612.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The failure of a market maker to fulfill its obligation to buy or sell the minimum quantity of a particular security. Backing away is considered an unethical practice under the National Association of Securities Dealers' Rules of Fair Practice.See: Market Maker; National Association Of Securities Dealers; Rules Of Fair Practice </text>
</content>
<name></name>
<script></script>
</card>
card_28770.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Open balance or loan receivable that is considered uncollectible and is written off by a firm. (Reserves are usually maintained for uncollectible accounts.) The relationship of recoveries and write-offs to accounts receivable can indicate a firm's credit and charge-off policies.See: Accounts Receivable</text>
</content>
<name></name>
<script></script>
</card>
card_29393.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A financial report that entails the status of a corporation's assets, liabilities, and owners' equity for a specific date, usually at month end. It only captures this information as of that date; it does not cover a period of time.See: Balance Sheet Equation; Fundamental Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_29454.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A short-term debt instrument that is issued by a municipality or a state. At maturity, the debt is paid from the proceeds of a new bond issue.BANs usually provide an investor with a tax-free yield that may be higher than other comparable tax-exempt debt instruments of the same maturity.See: Debt Instrument; Maturity Date; New Issue; Short Term Debt; Tax Exempt Security; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_30098.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The document furnished by a bank certifying that a put writer has enough funds on deposit at the bank to equal the aggregate exercise price of the put.See: Exercise Price; Options; Put Option</text>
</content>
<name></name>
<script></script>
</card>
card_30454.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An agreement between a bank and corporation involved in a takeover. The bank agrees not to finance another acquirer's bid.See: Acquisition; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_30503.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Group of securities average market price at a specified time. It is used in plotting dollar or percentage changes for purposes of market indexing.See: Indexing </text>
</content>
<name></name>
<script></script>
</card>
card_30901.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A period of time that is used as a measurement yardstick for economic data. A base period may be a month, year or average of years. For example, the US inflation rate is determined by measuring the current Consumer Price Index against those of its base year, 1967.See: Consumer Price Index; Inflation Rate; Producer Price Index </text>
</content>
<name></name>
<script></script>
</card>
card_30979.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Takeover bid so attractive that the target company's directors, who might be adverse to it for other reasons, must approve it or risk shareholder protest.See: Takeover; Target Company</text>
</content>
<name></name>
<script></script>
</card>
card_31585.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A prolonged decline in stock prices that may occur for months or years. A bear market in bonds is usually caused by rising interest rates while a bear market in stocks is usually caused by investors who expect economic activity to decline.See: Bear; Bear Market Strategies; Bull Market; Economic Growth Rate</text>
</content>
<name></name>
<script></script>
</card>
card_31774.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Some common strategies are: Buying Contramarket Stock, Buying Put Options, Writing Call Options, Short SellingSee: Bear Spread; Call Option; Put Option; Selling Short </text>
</content>
<name></name>
<script></script>
</card>
card_32109.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security, usually a bond, that does not have the owner's name registered on the books of the issuer or on the certificate. Interest and principal, when due, are payable to the person in possession of the bond. The holder sends in or presents a coupon for payment. Most securities issued today are in registered form.See: Bond; Certificate; Principal; Registered Security</text>
</content>
<name></name>
<script></script>
</card>
card_32597.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security that is perceived as an indicator of a market's direction. IBM, for example, is considered a bellwether stock. The 20-year US Treasury bond is considered a bellwether bond because it represents the direction in which all other bonds are likely to move.</text>
</content>
<name></name>
<script></script>
</card>
card_33102.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The person(s) entitled to the benefits of ownership even though another party such as a broker or bank--the nominal owner--actually has possession and title to the security.See: Nominee; Street Name</text>
</content>
<name></name>
<script></script>
</card>
card_33654.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A person or entity who is the recipient of or will receive some or all proceeds of money or property held by the current owner upon a specified event or condition. Such vehicles as life insurance policies, inheritances, annuities or trusts may require that a beneficiary be named.</text>
</content>
<name></name>
<script></script>
</card>
card_34003.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Industry lingo that has come to connote a sharp drop in the financial markets. The first Black Friday occurred on September 24, 1869. A group of financiers attempted to corner the gold market, which caused a panic and then an economic depression. The panic of 1873 also began on Friday.See: Bear Market; Black Monday; Cornering the Market; Depression; Volatility </text>
</content>
<name></name>
<script></script>
</card>
card_34686.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Monday, October 19, 1987--the day when the Dow Jones Industrial Average fell a record 508 points. This drop was on top of a series of sharp drops that occurred the previous week. The drop may have represented investors' apprehensions about inflated stock prices, the federal budget and trade deficits. However, there are many who blame program trading for the extreme volatility.See: Bear Market; Black Monday; Dow Jones Industrial Average; Overvalued; Program Trading; Volatility</text>
</content>
<name></name>
<script></script>
</card>
card_35006.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A recommendation made by a brokerage firm to buy or sell a particular stock or stocks in a specific industry. The advice is intended for investors without regard to their investment objectives or portfolio size.See: Broker; Portfolio</text>
</content>
<name></name>
<script></script>
</card>
card_35096.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A large quantity of a security that is either held or traded. Generally, a block is considered to be 10,000 shares or more of stock and 200,000 or more bonds.See: Block Trade</text>
</content>
<name></name>
<script></script>
</card>
card_35429.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A log in which daily activities are recorded. Such daily activities include orders placed and executed and, securities received or delivered.</text>
</content>
<name></name>
<script></script>
</card>
card_36109.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A hot issue--shares of a new securities offering that are sold very quickly. Investors usually do not obtain all the shares they want. During a blowout, a corporation is most likely to obtain a higher price for their securities.See: Hot Issue; Initial Public Offering; New Issue </text>
</content>
<name></name>
<script></script>
</card>
card_36408.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A publicly traded company known for the quality and wide acceptance of its products, services and management, and for its ability to profit and pay dividends to shareholders. Examples of blue chip stocks are IBM and General Electric. The term originates from blue poker chips--the most valuable chips.</text>
</content>
<name></name>
<script></script>
</card>
card_36780.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Employees of the Chicago Board Options Exchange who handle orders that cannot be immediately executed. These types of orders are called "away from the market orders."See: Away From The Market; Chicago Board Options Exchange; Options </text>
</content>
<name></name>
<script></script>
</card>
card_37036.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Individual who is in charge of a branch office of a brokerage firm or a bank. BOMs who supervise the activities of at least three brokers must pass supervisory tests given by the exchanges and the NASD. See: Broker</text>
</content>
<name></name>
<script></script>
</card>
card_37341.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A certificate of indebtedness in which the issuer (borrower) promises to pay the bondholder (creditor) a specified amount of interest for a specified time period and to repay the debt at maturity. Obligations that are due in more than one year are classified as bonds whereas if the debt is for less than one year, it is called a "note." Bondholders are creditors of the issuer and they do not have ownership privileges. A bond may be registered either by issuing certificates in the bondholder's name, book-entry or in bearer certificates.There are many different kinds of bonds and different methods of evidencing bond ownership. The most common types are:* Secured bonds are backed by collateral that may be sold if the issuer fails to pay interest and principal when they are due. * Unsecured bonds or debentures are only backed by the full faith and credit of the issuer. There is no specific collateral.* Convertible bonds give holders the right to exchange the bonds for other securities of the issuer at a future date, under prescribed conditions.See: Bearer Bond; Book-Entry Securities; Collateral; Convertible Bond; Debenture; Debt Security; Full Faith And Credit; General Obligation Bond; Indenture; Maturity Date; Municipal Bond; Principal; Registered Security; Treasuries; Unsecured Debt; Zero Coupon Security</text>
</content>
<name></name>
<script></script>
</card>
card_37610.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A short-term debt instrument that is issued by a municipality or a state. At maturity, the debt is paid from the proceeds of a new bond issue.BANs usually provide an investor with a tax-free yield that may be higher than other comparable tax-exempt debt instruments of the same maturity.See: Debt Instrument; Maturity Date; New Issue; Short Term Debt; Tax Exempt Security; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_37680.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Municipal bond indexes that are published daily in "The Bond Buyer," a newspaper that reports on the fixed-income markets. The indexes are a standard by which municipal bond yields are measured. Investors use Bond Buyer Indexes to plot interest rate patterns.See: "Bond Buyer, The"; Fixed Income Investment; Government Bond; Long Term Debt; Municipal Bond; Tax Exempt Security; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_3720.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Daily newspaper that provides statistics and indexes that are utilized in fixed-income markets. The publication also lists long term government bonds and compares their after-tax yield with tax-free municipal yields.See: Bond Buyer's Indexes; Fixed Income Investment; Government Bond; Long Term Debt; Municipal Bond; Tax Exempt Security; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_38263.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A section on the floor of an exchange in which members gather to transact bond orders. Because this area is separate from stock traders, it is called a "bond crowd."See: Cabinet Crowd; Floor</text>
</content>
<name></name>
<script></script>
</card>
card_38788.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund whose objective is to seek high income and preservation of capital by investing mainly in bonds. Some funds may aim to achieve a proper mix between short-term, intermediate-term and long-term maturities. The fund can be taxable or tax-free.See: Bond; Intermediate Term; Long Term Debt; Maturity Date; Mutual Fund; Short Term Debt; Tax Exempt Security</text>
</content>
<name></name>
<script></script>
</card>
card_39052.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A form used in the transfer of registered bonds from one owner to another. A bond power replicates the assignment form on the back of the bond certificate, but it is separated from the certificate. Hence, a bond power is sometimes called an "assignment separate from certificate." Although both achieve the same goal, a bond power has a safety advantage in being separate.See: Certificate; Registered Security; Stock Power</text>
</content>
<name></name>
<script></script>
</card>
card_39393.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An accounting term that states the equity value of an outstanding share of stock. A stock's book value is determined by dividing the amount of stockholders' equity by the number of common shares outstanding. A company's book value may be of no relevance to its to market value.See: Outstanding Stock; Fair Market Value</text>
</content>
<name></name>
<script></script>
</card>
card_39606.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities that are registered to an owner without the issuance of a physical certificate. Ownership is reflected by an entry in the issuer's books. This method of registering securities has grown in popularity because investors need not worry about the location of their certificates and it requires less paperwork for a brokerage firm.See: Certificate; Certificateless Municipal; Registered Security</text>
</content>
<name></name>
<script></script>
</card>
card_39748.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dollar amount that clients can buy securities on margin. The margin limit is dependent on the type of security--usually 50% of a stock's value, 30% of a bond's value and 100% of a cash equivalent's value (i.e., money market funds). Buying power can also refer to securities hypothecated (pledged) to a lender as loan collateral. The lender's policies and the type of security determine the collateral's loan value.See: Cash Equivalent; Collateral; Hypothecation; Margin</text>
</content>
<name></name>
<script></script>
</card>
card_40121.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security's lowest market price or the market's lowest level as determined by any of the major indexes. The bottom can either be for a particular trading day, year or cycle.See: Historical Trading Range; Range</text>
</content>
<name></name>
<script></script>
</card>
card_40607.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person who looks for investments that have fallen to what they perceive to be the security's bottom prices before it starts to turn upward.See: Bottom; Bottom-Up Approach To Investing</text>
</content>
<name></name>
<script></script>
</card>
card_40916.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment approach whereby an investor will search for individual stocks that are performing well. This approach assumes that individual corporations can do well even though its industry is not doing well.See: Bottom Fisher</text>
</content>
<name></name>
<script></script>
</card>
card_41091.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The physical location in a brokerage house where securities or other documents are held in safekeeping. These securities may qualify for stock loans or as bank loan collateral. The determination is dependent upon regulations concerned with the safety and segregation of clients' securities.See: Collateral; Selling Short Against The Box; Transfer And Hold</text>
</content>
<name></name>
<script></script>
</card>
card_41327.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option position composed of four different contracts--a long call/short put with identical exercise prices and expiration dates, combined with a short call/long put with identical exercise prices and expiration dates.See: Call Option; Expiration Date; Exercise Price; Long Position; Options; Option Spread; Put Option; Short Position; Spread Position</text>
</content>
<name></name>
<script></script>
</card>
card_41658.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Individual who is in charge of a branch office of a brokerage firm or a bank. BOMs who supervise the activities of at least three brokers must pass supervisory tests given by the exchanges and the NASD. See: Broker</text>
</content>
<name></name>
<script></script>
</card>
card_41922.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Also called "advance/decline" indexes, it is a percentage of stocks participating in a market move. If 2/3 of the stocks listed on an exchange rise during a trading session, most analysts will consider the move to be a good breadth of the market. See: Fundamental Analysis; Index; Market Analysis; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_42010.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In securities and in options, it is the price where the investor has neither a gain nor a loss from the transaction. However, the break-even point is calculated differently depending on the option strategy. The break-even points are determined by:* Long calls and short uncovered calls--the strike price plus premium. * Long puts and short uncovered puts--the strike price minus premium.* Short covered calls--the purchase price minus premium. * Short put covered by short stock--the short sale price of underlying stock plus premium.See: Call Option; Long Position; Option Premium; Options; Put Option; Selling Short; Short Position; Strike Price; Uncovered Call Option; Uncovered Put Option; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_42555.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Movement of a security's price that is above or below an established trading range. The movement may either be above a resistance level or below a support level. A breakout is considered to indicate a continuing move in the same direction.See: Resistance Level; Support Level; Trading Range</text>
</content>
<name></name>
<script></script>
</card>
card_42800.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dollar levels of investment purchases in a mutual fund that qualify an investor for reduced sales charges. The purchases may either be a lump sum or by accumulating shares.See: Breakpoint Sale; Letter Of Intent; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_43131.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Solicitation of mutual fund purchases at dollar amounts that are just below the eligibility for a breakpoint (reduced sales charges). Sales within $1,000 of breakpoint are usually considered to be breakpoint sales. It is an unethical practice that is in violation of NASD rules.See: Breakpoint; Mutual Fund; Rules Of Fair Practice</text>
</content>
<name></name>
<script></script>
</card>
card_43362.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Total market value of a corporation if each of its divisions operate independently and has its own stock price. Also called private market value (PMV), analysts look for high PMV in relation to market values to identify bargains and potential target companies.See: Private Market Value; Target Company</text>
</content>
<name></name>
<script></script>
</card>
card_43577.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dow Jones news ticker tape used by brokerage firms. The service continuously reports major news developments and financial information. The phrase also refers to comparable information provided by Associated Press (AP), United Press International (UPI) or Reuters.See: Ticker Tape</text>
</content>
<name></name>
<script></script>
</card>
card_43928.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A person who handles investors' orders to buy and sell securities. For this service a commission is usually charged. Brokers specializing in stocks, bonds, options, or commodities act as an agent. See: Account Executive; Dealer; Discount Broker; Full Service Broker; Registered Representative</text>
</content>
<name></name>
<script></script>
</card>
card_44176.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Interest rate charged to brokers when borrowing funds from banks to cover their clients' security positions. The rate is usually approximately a point above short-term interest rates such as the federal funds rate. Broker loans are callable on 24-hour notice. Hence, the broker loan rate is sometimes called the "call loan rate."See: Brokers' Loan; Callable; Call Loan Rate; Interest</text>
</content>
<name></name>
<script></script>
</card>
card_44321.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Certificate of Deposit (CD) that is issued by a bank and bought in bulk by brokerage firms who resell them to their customers. Brokered CD's may pay as much as 1% more than those sold directly by banks, carry federal deposit insurance up to $100,000, are liquid on a secondary market made by the broker, and investors are not charged a commission.See: Broker; Certificate Of Deposit; Liquidity; Secondary Market</text>
</content>
<name></name>
<script></script>
</card>
card_45114.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Money borrowed by brokerage firms from banks or other brokerage firms for financing inventories of stock, a firm's own investments, and customers' purchases of securities on margin.See: Broker Loan Rate; Call Loan; Call Loan Rate; Margin</text>
</content>
<name></name>
<script></script>
</card>
card_45549.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An advancing trend in stock prices that usually occurs for a time period of months or years. Bull markets are generally characterized by high trading volume.See: Bull; Economic Growth Rate; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_46148.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option strategy wherein the investor profits when the underlying security's price rises. (vs. Bear Spread). There are three types of bull spreads:* Vertical Spread: Concurrently buying and writing (selling) the same options class and the same expiration date, but with different exercise prices. * Calendar Spread: Simultaneously buying and writing the same options class and sale of options of the same price but at different expiration dates.* Diagonal Spread: Simultaneously buying and writing the same options class at different exercise prices and different expiration dates. A diagonal spread combines a vertical and a calendar spread.See: Bear Spread; Calendar Spread; Class Of Option; Diagonal Spread; Exercise Price; Expiration Date; Options; Option Spread; Spread Position; Strike Price; Underlying Security; Vertical Spread; Writer</text>
</content>
<name></name>
<script></script>
</card>
card_46576.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A ticker tape pattern that occurs when a series of trades in the same security are displayed consecutively.See: Ticker Tape2: Round lot orders that are combined together to be executed at the same time. Bunching is also used with odd lot orders to save each client the odd lot differential that is sometimes charged for small orders. See: Odd Lot; Odd Lot Differential; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_46785.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A committee, organized under the NASD in each of its 13 districts, that acts as a hearing tribunal for trade practice complaints made under the Code of Procedure--also called the "District Business Conduct Committee." The committee ascertains the facts and, when warranted, imposes discipline. Decisions may be appealed to the NASD's Board of Governors.See: District Business Conduct Committee; NASD</text>
</content>
<name></name>
<script></script>
</card>
card_47067.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The securities industry considers a business day to be any day that the financial markets are open for trading. In determining settlement dates for regular way securities transactions--trade date plus 3 business days--weekends and legal holidays are not counted.See: Financial Market; Settlement Date</text>
</content>
<name></name>
<script></script>
</card>
card_47342.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Leveraged buyout whereby the target company's business activities or assets are sold by the buyer to repay the debt that financed the takeover.See: Debt; Leveraged Buyout; Takeover; Target Company </text>
</content>
<name></name>
<script></script>
</card>
card_47567.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A convertible security whose conversion feature is considered worthless because the price of the common stock to which they convert has dropped so low. Thus, the convertible trades like a fixed-income investment.See: Convertible Securities; Fixed Income Investment</text>
</content>
<name></name>
<script></script>
</card>
card_47683.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Complex option strategy that involves writing (selling) two calls and buying two calls on the same or different markets and several expiration dates. One of the call options has a higher strike price and the other has a lower strike price than the other two call options. If the underlying stock price remains stable, the investor profits from the premium income collected on the options that are written.See: Call Option; Expiration Date; Option Premium; Options; Option Spread; Put Option; Spread Position; Strike Price</text>
</content>
<name></name>
<script></script>
</card>
card_48071.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An options strategy whereby investors write (sell to open) covered call options on securities that they already own. To be considered covered, the number of option contracts may not exceed the equivalent number of shares held (1 contract normally equals 100 shares). If an investor owns 1000 shares of XYZ, for example, he may write up to 10 option call contracts on XYZ for it to be considered covered.The writer may receive both stock dividends from the underlying security and premium income from the call options. The inherent risk of this strategy is that the writer may have to sell their stock below the current market price if the call is exercised by the option buyer. For example, a writer sells a covered XYZ Nov 50 call and a buyer purchases XYZ Nov 50 calls. If the current market price is 53 when the buyer exercises the call options, the writer's stock is called away (sold) at 50--not 53.See: Call Option; Call Premium; Covered Call Option; Options; Option Writer</text>
</content>
<name></name>
<script></script>
</card>
card_48567.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A procedure that occurs when a seller fails to deliver securities sold. The broker must purchase the security on the open market on behalf of the seller to complete the transaction.See: Fail To Deliver</text>
</content>
<name></name>
<script></script>
</card>
card_48799.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order to purchase a security at a lower price than its current market price. Traders will try to execute this type of order when the security's price temporarily drops.See: Away From The Market; Execution; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_49044.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investment strategy established from the belief that a security's price will plunge shortly after the corporation reports bad news. Investors who buy at this time deem that the security's price will rise when the news improves.See: Bottom Fisher; Selling On The Good News </text>
</content>
<name></name>
<script></script>
</card>
card_49185.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order placed with a brokerage firm to purchase a specified quantity of a security at stipulated parameters, for example, price (limit or market) and duration.See: Buy Stop Order; Limit Price; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_49438.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Buy order for a listed security that stipulates that it be held until the security's market price rises to the stop price. Once the stop price is reached, the order is considered to be a market order to buy at the best available price. Buy stop orders are not permitted in the over-the-counter market.See: Buy Order; Market Order; Orders; Over The Counter; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_49779.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order placed with a brokerage firm to buy all available shares from the security's specialist and from other broker-dealers at the security's current offering price. Before the advent of computers, specialists used to keep track of buy and sell orders in a book. Thus, the name "buy the book." This type of order is most likely to be placed by institutional buyers and professional traders.See: Institutional Investor; Specialist </text>
</content>
<name></name>
<script></script>
</card>
card_49945.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security's quick rise in price that draws many buyers, leaving them with no one to sell to at higher prices resulting in a subsequent fall in the security's price. Technical chartists ascertain a buying climax when they see a sharp price rise along with increased trading volume in the security.See: Chartists; Selling Climax; Technical Analysis; Volume </text>
</content>
<name></name>
<script></script>
</card>
card_50675.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The dollar amount available to purchase securities on margin. The amount is calculated by adding the cash held in the brokerage accounts and the amount that could be spent if securities were fully margined to their limit. If an investor uses their buying power, they are purchasing securities on credit. See: Buying Power; Margin; Margin Account</text>
</content>
<name></name>
<script></script>
</card>
card_50962.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A party that purchases a controlling percentage of a corporation's stock, through negotiation or a tender offer, to take over the corporation's assets and operations.See: Leveraged Buyout; Tender Offer</text>
</content>
<name></name>
<script></script>
</card>
card_51307.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Written rules established at the time a company is incorporating or a not-for-profit organization is forming. The rules govern the internal management of the company or organization and detail such items as the election of directors and the duties of officers. In contrast, a corporate charter is concerned with broad issues such as the number of authorized shares.See: Authorized Shares; Corporate Charter; Incorporation</text>
</content>
<name></name>
<script></script>
</card>
card_51620.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A written agreement established by parents that allows them to pass their assets to their children in the event of their death.See: Inter Vivos Trust; Q-TIP Trust; Revocable Trust; Testamentary Trust</text>
</content>
<name></name>
<script></script>
</card>
card_51867.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Any member of the NYSE that trades in bonds that are not traded frequently--also known as an "inactive bond crowd" or "book crowd." The term arose because limit orders are kept in racks called cabinets that are located next to the bond trading floor.See: Cabinet Security; Floor; Inactive Stock/Bond; Limit Order; New York Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_52240.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An infrequently traded bond or stock that is listed on an exchange. There are many inactively traded bonds and just a few of such stocks--primarily those trading in ten share units.See: Cabinet Crowd; Inactive Stock/Bond; Limit Order</text>
</content>
<name></name>
<script></script>
</card>
card_52556.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A schedule of securities that will be offered for sale in the near future. An individual calendar is issued for new stock offerings, municipal bonds, corporate bonds and government securities.See: Corporate Bond; Government Agency Securities; Municipal Bond; New Issue</text>
</content>
<name></name>
<script></script>
</card>
card_53106.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An options trading strategy wherein options are bought and sold on the same underlying security, with the options having identical strike prices but different expiration dates--also called a "Horizontal" or "Time" spread. Investors hope to profit from a narrowing or widening of the spread between the options.See: Horizontal Spread; Options; Option Spread; Spread; Strike Price; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_53302.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: An option in which the holder has the right to buy a specific number of shares of the underlying security at a specified price within a specified time period.See: Call Option; Options; Underlying Stock2: An issuer's right to redeem a bond issue (in full or part) before its maturity date.See: Callable; Call Price; Maturity Date; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_53644.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Part of an agreement, called an indenture, that states the schedule and price at which an issuer may make redemptions before the bond's maturity date. Municipal and corporate bonds usually have call protection periods of 10 years.See: Call Price; Call Protection; Callable; Indenture; Issuer; Maturity Date; Redemption </text>
</content>
<name></name>
<script></script>
</card>
card_53902.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A brokerage firm that borrows money that is collateralized, has no maturity date, may be terminated at any time, and has interest rates that change daily. If the loan is not called, it is automatically renewed for another day. Otherwise, it is payable on demand the day after it is contracted.See: Brokers' Loan; Call; Collateral; Maturity Date</text>
</content>
<name></name>
<script></script>
</card>
card_54195.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The rate of interest a bank charges a brokerage firm on collateralized loans for its margin account clients. The call rate is published daily in the Wall Street Journal.See: Call Loan; Collateral; Margin; Margin Account</text>
</content>
<name></name>
<script></script>
</card>
card_54325.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A contract that gives the holder the right to buy a specified number of shares of a particular stock, stock index, or dollar face value of bonds at a predetermined price--called the "strike price"--on or before the option's expiration date. For this right, the holder (buyer) pays the writer (seller) a premium. The holder profits from the contract if the stock's price rises. If the holder decides to exercise the option (as opposed to selling it), the writer must give up ownership of the security.See: Call Premium; Covered Call Option; Option Premium; Options; Strike Price; Uncovered Call Option; Writer</text>
</content>
<name></name>
<script></script>
</card>
card_54777.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: In call options, it is the dollar amount that a buyer has to pay the writer (seller) for the right to buy a particular stock or stock index at a specific price by a specific date. See: Call Option; Options; Writer 2: In bonds, preferred securities, and convertible securities, it is the dollar amount over par that the issuer pays to a holder for redeeming the security before its maturity.See: Bond; Convertible Securities; Maturity Date; Par; Preferred Stock; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_54790.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The price at which an issuer may redeem a bond prior to its maturity, or a preferred stock that has a call provision--also known as "redemption price." The issuer reimburses holders for their loss of income and ownership by paying a call premium--the call price is usually higher than the security's par value, the difference being the call premium.See: Bond; Call Features Of A Bond; Call Premium; Call Protection; Maturity Date; Par; Preferred Stock; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_55151.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Time during which a security, with a call provision, cannot be redeemed by the issuer. Corporate and municipal issuers typically have a call protection period of 10 years. Before buying a bond, an investor should be sure to check that it has a call protection. Otherwise, the bond can be called away at any time as designated in its indenture.See: Call; Callable; Corporate Bond; Indenture; Municipal Bond; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_55418.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Under pre-stipulated conditions, a bond issue that may be redeemed by the issuer before its maturity date. If the issuer does call the issue, in full or part, the bondholder may receive a premium price. Issuers might call a bond when interest rates fall so drastically that it is worth the expense of issuing new bonds at the lower rates. U.S. government securities are not usually callable. However, 30-year Treasury bonds are an exception. They become callable after 25 years.The term also pertains to preferred shares that may be redeemed by the issuing corporation.See: Call; Call Price; Call Protection; Maturity Date; Redemption; Treasury Bond; US Government Securities</text>
</content>
<name></name>
<script></script>
</card>
card_56033.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Lingo used to indicate that a particular bond issue was redeemed before its maturity date. This mainly occurs when an issuer exercises a right to retire the bond before its maturity.See: Bond; Call Features Of A Bond; Callable; Maturity Date; Redemption; Retirement</text>
</content>
<name></name>
<script></script>
</card>
card_56087.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Regarding individuals, any kind of investment. In relation to corporations, besides security investments, it includes fixed assets such as land, buildings, equipment and furniture. Generally, a capital asset can be any item that is not bought or sold in the normal course of business.See: Asset; Fixed Assets</text>
</content>
<name></name>
<script></script>
</card>
card_56815.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The positive difference between an asset's purchase price and the selling price. Current tax regulations require any gains to be taxed at a rate up to 28%.See: Capital Gains Distribution; Capital Loss</text>
</content>
<name></name>
<script></script>
</card>
card_56997.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A distribution of profits derived from the assets within a mutual fund. Mutual funds usually distribute these gains on a quarterly basis to their shareholders. These gains are currently taxable at a rate up to 28%. See: Capital Gain; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_57120.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A negative difference between an asset's purchase price and its selling price. Current tax regulations allow capital losses to be offset dollar-for-dollar against capital gains and $3,000 of ordinary income.See: Capital Gain</text>
</content>
<name></name>
<script></script>
</card>
card_57508.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>All shares representing ownership in a corporation as authorized by its charter. A corporation's balance sheet normally includes the number and value of the issued shares in the figures for authorized shares.See: Authorized Shares; Balance Sheet; Corporate Charter</text>
</content>
<name></name>
<script></script>
</card>
card_57838.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A brokerage account in which the client pays in full for any purchases. In contrast, in a margin account the broker extends the client credit. Many brokerage clients have both cash and margin accounts. Custodial accounts may not have a margin account.See: Custodial Account; Margin Account</text>
</content>
<name></name>
<script></script>
</card>
card_57898.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A cash payment that is made to shareholders of corporate stock. The dividends are distributed from current earnings or accumulated profits. Current tax regulations require cash dividends to be taxed as income.See: Stock Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_58318.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>On the day that a trade is executed, the securities are required to be delivered.See: Delivery; Regular Way Delivery (Settlement); Settlement; Settlement Date</text>
</content>
<name></name>
<script></script>
</card>
card_58722.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A money market instrument issued by banks that has a set interest rate and maturity date. CDs may be issued for as low as $100. CDs that are in denominations of $100,000 or more are called "jumbo CDs." Maturities can range from a few weeks to several years.See: Brokered CD; Jumbo Certificate Of Deposit; Maturity Date; Money Market</text>
</content>
<name></name>
<script></script>
</card>
card_59578.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The actual paper evidencing ownership of a security. The certificate states the issuer's name, amount of shares, shareholder's rights, the issue's par value (or declaration of no par value) and any responsibilities of the issuer. Certificates may be issued in registered or bearer form.See: Issuer; Par Value; Registered Security; Shareholder</text>
</content>
<name></name>
<script></script>
</card>
card_59865.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A money market instrument issued by banks that has a set interest rate and maturity date. CDs may be issued for as low as $100. CDs that are in denominations of $100,000 or more are called "jumbo CDs." Maturities can range from a few weeks to several years.See: Brokered CD; Jumbo Certificate Of Deposit; Maturity Date; Money Market</text>
</content>
<name></name>
<script></script>
</card>
card_60086.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A municipal bond in which one certificate represents the entire issue. The bondholder does not receive a certificate of ownership. The benefit of certificateless municipals is that investors do not have to transfer certificates when they sell the bonds.See: Book-Entry Securities; Certificate; Municipal Bond</text>
</content>
<name></name>
<script></script>
</card>
card_60415.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Technical analyst who believe recurrent trading patterns can assist them in forecasting future price movements. The analyst will plot the patterns of stocks, bonds and commodities to formulate buy and sell recommendations for clients. See: Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_60602.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Exchange in which foreign currency futures and futures options are traded. Amongst others, some examples are the British pound, Canadian dollar, French franc, and the Japanese yen. In addition, futures and futures options are traded on such vehicles as indexes, live cattle, pork bellies and lumber.See: Futures Contract; Index; Options</text>
</content>
<name></name>
<script></script>
</card>
card_61391.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The first completely automated stock exchange that transacts members' orders without having an actual trading floor. Orders are placed and executed via computers.See: Floor; Over The Counter; Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_61560.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Procedures established to forestall the market from spiraling down. Circuit breakers will "kick-in" when the market has dropped by a specific amount within a certain period. At that time, the major stock and commodities exchanges will temporarily stop trading in stocks and stock index futures to give floor traders time to rebalance buy and sell orders. Circuit breakers were introduced in 1987 after Black Monday. The levels were revised when the market had another steep drop in October 1989.See: Black Monday; Floor Trader; Program Trading; Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_61770.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Option contracts of the same type and underlying security. If the option class also has the same exercise price and expiration date, it is called an "option series."See: Exercise Price; Expiration Date; Option Series; Options; Strike Price</text>
</content>
<name></name>
<script></script>
</card>
card_62043.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Equity that is divided into more than one type of common stock, usually designated as Class A and Class B. The differences between the classes are designated in a corporation's charter and bylaws. Class A usually has an advantage in terms of voting power, although additional dividend and liquidation privileges may also be granted. Class B stock was formed primarily as a means of preserving control as Class B stock usually carries limited voting powers.See: Common Stock; Liquidation; Voting Right</text>
</content>
<name></name>
<script></script>
</card>
card_62317.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The elimination of an investment from a portfolio. If the security is a long position, the investment is sold. If the security is a short position, the investment is bought.See: Closing Transaction; Long Position; Portfolio; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_62473.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The liquidation of a client's position because the client has not met a margin call that was generated because of a margin purchase or a short sale.See: Close A Position; Frozen Account; Liquidation; Margin; Margin Call; Selling Short; Sell Out Procedures</text>
</content>
<name></name>
<script></script>
</card>
card_63125.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment company that issues a fixed number of shares and is usually listed on a stock exchange. An investor who wishes to buy shares must purchase them from investors who wishes to sell their shares. They do not deal with the investment company directly.See: Closed End Management Company; Dual Purpose Investment Company; Investment Company; Open End Management Company</text>
</content>
<name></name>
<script></script>
</card>
card_63315.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term used interchangeably with "closed-end fund." It is an investment company that issues a fixed number of shares and is listed on a major stock exchange. An investor who wishes to buy shares must purchase them from an investor who wishes to sell their shares. They do not deal with the investment company directly.See: Closed End Fund; Investment Company; Open End Management Company</text>
</content>
<name></name>
<script></script>
</card>
card_63568.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An open-end mutual fund that has grown so large that it no longer will issue new shares. However, some funds will allow investors, who are already shareholders, to purchase additional shares.See: Investment Company; Mutual Fund; Open End Management Company</text>
</content>
<name></name>
<script></script>
</card>
card_63758.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option writer's (seller) purchase of an option that has the same features (series) of the option previously sold to affect a liquidation of the writer's position. When an option writer sells an option, it is said that the trade is a "sell to open." When closing the position, the writer places an order to "buy to close." See: Liquidation; Options; Option Series; Option Writer</text>
</content>
<name></name>
<script></script>
</card>
card_64297.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The last bid and offer prices recorded by a market maker or specialist at the trading day's close.See: Closing Sale; Market Maker; Specialist</text>
</content>
<name></name>
<script></script>
</card>
card_64556.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A sale of an option that has the same features (series) as an option previously purchased to affect a liquidation of the option position. When an investor wishes to buy an option, the order is placed as a "buy to open." Conversely, when closing the position, the investor places an order to "sell to close."See: Closing Transaction; Options; Option Series</text>
</content>
<name></name>
<script></script>
</card>
card_64919.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option that is purchased or sold to eliminate an existing long or short position.See: Closing Purchase; Closing Sale; Long Position; Options; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_65151.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The worth of all positions in a client's brokerage account. To determine the portfolio's current market value, stocks and listed bonds are valued at their closing prices. For over-the-counter securities, the bid is used.See: Closing Price; Long Market Value; Over The Counter; Over The Counter Securities; Short Market Value</text>
</content>
<name></name>
<script></script>
</card>
card_65326.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Telephone calls made to unknown individuals by account executives. The account executive prospects these individuals for potential brokerage clients.See: Account Executive</text>
</content>
<name></name>
<script></script>
</card>
card_65620.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Assets, such as securities, that are pledged to a lender by a borrower. The assets secure the loan until the borrower repays it. In the event the borrower defaults, the lender has the legal right to sell the assets to pay off the loan.See: Asset; Default; Pledge</text>
</content>
<name></name>
<script></script>
</card>
card_65849.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option position that is effected by either a purchase of two long positions or two short positions. The investor purchases a call and a put (or sells a call and a put) with different expiration dates and/or different strike prices.See: Call Option; Expiration Date; Long Position; Options; Put Option; Short Position; Strike Price</text>
</content>
<name></name>
<script></script>
</card>
card_66303.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Debt instruments that are issued by established corporations to meet short term financing needs. Such instruments are unsecured and have maturities ranging from 2 to 270 days. Commercial paper is rated by Standard & Poor's and Moody's.See: Debt Instrument; Maturity Date; Moody's Investors Service; Rating; Standard & Poor's Corporation; Unsecured Debt</text>
</content>
<name></name>
<script></script>
</card>
card_66434.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A fee paid to a broker for executing security trades. The commission is usually based on the dollar amount of the trade or the number of shares traded. See: Trade</text>
</content>
<name></name>
<script></script>
</card>
card_66779.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities which represent an ownership interest in a public corporation. Owners are entitled to vote on the selection of directors and other important matters as well as to receive dividends when they are declared. If a corporation is liquidated, the claims of secured and unsecured creditors, bondholders and owners of preferred stock have priority over the claims of common stockholders.See: Appreciation; Captial Stock; Classified Stock; Preferred Stock; Unsecured Debt; Voting Right</text>
</content>
<name></name>
<script></script>
</card>
card_67502.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bond or preferred stock that is convertible into common stock. A warrant (or a right) to purchase common stock at a specified price, usually at a discount from market price, is also common stock equivalents. If common stock equivalents are converted, the equity of existing shareholders may become diluted. Thus, their conversion or exercise is factored in when calculating fully diluted earnings per share.See: Convertible Bond; Convertible Debenture; Convertible Preferred Stock; Convertible Securities; Dilution; Right; Warrant</text>
</content>
<name></name>
<script></script>
</card>
card_67776.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A special ownership for married couples under laws of community property. Not all states have community property laws. Each has equal rights to any appreciation or income derived from those assets. See: Joint Tenancy</text>
</content>
<name></name>
<script></script>
</card>
card_68172.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Price and terms submitted in a sealed bid to an issuer by an underwriter. The issuer will award the contract to the underwriting syndicate who bids the best price or most advantageous terms. The competitive bid process is mostly used by municipalities, utilities, and railroads.See: Issuer; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_68617.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Written notification, from a broker to a client, that summarizes the details of a securities transaction. Some details include the security's name, number of shares, price and whether the broker acted as principal or agent.See: Agency Transaction</text>
</content>
<name></name>
<script></script>
</card>
card_68887.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A measure of price changes in consumer goods--also known as the "cost of living index." The index is calculated monthly by the US Bureau of Labor Statistics. Some CPI components are food, housing costs and transportation.See: Deflation; Inflation; Producer Price Index</text>
</content>
<name></name>
<script></script>
</card>
card_69183.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The placement of two orders in which one of the orders cannot be executed unless other one is executed. A customer, for example, places a buy order at the market and a sell limit order in which the buy cannot be executed unless the sell limit is executed. Contingent orders are discouraged by brokers because the order that cannot be executed immediately also usually cannot be placed until the other order is executed.See: Limit Order; Market Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_69571.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investor who do the opposite of what most other investors are doing. In other words, if most investors are buying, the contrarian will sell and vice versa. The contrarian believes that when the market is going up, most people are already or nearly fully invested and have no additional funds to make more purchases. Thus, if the market has not already reached its peak, it will do so in the near future. Conversely, when other investors believe the market will or is declining, they have already sold their investments. Thus, there are little or no sellers left and the market can only go up.See: Bear Market; Bull Market</text>
</content>
<name></name>
<script></script>
</card>
card_69877.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An association between a broker-dealer and an issuer such that the broker-dealer has influence in the issuance of bonds by the issuer.See: Bond; Broker-Dealer; Issuer</text>
</content>
<name></name>
<script></script>
</card>
card_70209.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that may be exchanged for the common stock of the same company. If the bondholder wishes to convert the bond, it must be done according to the terms of the indenture.See: Bond; Common Stock; Convertible Securities</text>
</content>
<name></name>
<script></script>
</card>
card_70788.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A debenture that may be exchanged into common shares at the owner's option as long as it is in accordance with the issue's terms.See: Common Stock; Convertible Securities; Debenture</text>
</content>
<name></name>
<script></script>
</card>
card_71047.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A preferred stock that may be exchanged into common shares at the owner's option as long as it is in accordance with the issue's terms.See: Common Stock; Convertible Securities; Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_71393.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Corporate securities (usually preferred stock or bonds) that are exchangeable into a fixed number of shares of common stock at a stipulated price. Convertibles may also be exchanged into other forms of the security, but it is unusual. Convertible securities are usually bought by investors who want higher income than what can be received from common stock combined with a greater potential for appreciation than what can be received from regular bonds. A corporation will issue convertibles to enhance the marketability of their securities.See: Common Stock Equivalent; Convertible Bond; Convertible Debenture; Convertible Preferred Stock; Kicker</text>
</content>
<name></name>
<script></script>
</card>
card_71430.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The practice of purchasing a security or commodity in volume such that the purchaser has complete supply and demand control of a security.See: Commodities; Security; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_71748.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Debt instrument issued by a corporation. In contrast to most municipal and government bonds, which are not traded on major exchanges and are tax-free, corporate bonds are traded on major exchanges and the interest paid to the investor is taxable.See: Bond; Debt Instrument; Government Bond; Municipal Bond</text>
</content>
<name></name>
<script></script>
</card>
card_72175.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A document that is prepared during the formation of a corporation. It states the corporation's goals and objectives as well as what the corporation can do and cannot do to fulfill its goals. See: Bylaws; Corporate Resolution; Corporation; Incorporation</text>
</content>
<name></name>
<script></script>
</card>
card_72360.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A document in which a corporation's board of directors states who is authorized to act on behalf of the corporation.See: Corporate Charter; Corporation; Director</text>
</content>
<name></name>
<script></script>
</card>
card_72696.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A legal entity chartered by a state or the federal government and is separate and distinct from the persons who own it. A corporation is considered an artificial person--it may own property, incur debts, sue or be sued. Some distinguishing features of corporations are:* Ownership is held by stockholders who have limited liability--that is, they can only lose what they invest.* Transfer of ownership is accomplished through the sale of stock shares.* Perpetual existence (unless ended through bankruptcy, a merger, tender or takeover).See: Bylaws; Corporate Charter; Corporate Resolution; Limited Liability</text>
</content>
<name></name>
<script></script>
</card>
card_72711.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Reverse movement, usually downward, in an individual security's price. If the overall market has been rising and then has a sharp fall, this is said to be a "correction within an upward trend." Technical analysts note that, in a bull market, corrections should be expected--no market, or security, moves straight up or down.See: Bull Market; Technical Analysis; Trend</text>
</content>
<name></name>
<script></script>
</card>
card_73021.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Paper that evidences an issuer's promise to pay interest when due. A coupon is usually attached to the debt security. When the due date arrives, the coupon is detached and submitted for payment.See: Coupon Bond; Coupon Rate; Debt Security</text>
</content>
<name></name>
<script></script>
</card>
card_73268.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond in a form that has interest coupons attached. The coupons are clipped as they come due (usually semiannually) and are submitted by the bondholder for payment of interest.See: Bearer Bond; Book-Entry Securities; Certificateless Municipal; Coupon; Registered Security</text>
</content>
<name></name>
<script></script>
</card>
card_73605.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Interest rate on a debt security that the issuer promises to pay the holder until maturity. The rate is expressed as an annual percentage of face value. For example, a bond with a 9% coupon will pay $9 per $100 of the face amount per year. The annual payment is usually divided into semiannual installments.See: Coupon; Debt Security; Face Value; Issuer </text>
</content>
<name></name>
<script></script>
</card>
card_73780.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said of a short call option position in which the investor owns the underlying security or a security convertible into the underlying security. For example, an investor owns 500 shares of XYZ and writes (sells) 5 XYZ call options. The 500 shares cover the call options sold--that is, if the writer is assigned (the option is exercised), the 500 shares will meet the obligation of the option contract. The writer does not have to go into the market to obtain the shares to deliver to the option exerciser. See: Call Option; Convertible Securities; Exercise; Naked Option; Options; Option Writer; Put Option; Short Position; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_74187.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said of a short put option position in which the investor has a short position in the underlying security or a security convertible into the underlying security. For example, an investor is short 500 shares of XYZ (from selling short) and writes (sells) 5 XYZ put options. The short position covers the put options sold--that is, if the writer is assigned (the option is exercised), the short position will meet the obligation of the option contract. When the put writer is assigned, the XYZ is bought from the long put holder and the stock covers (closes) the investor's original short position in the underlying security. Put writers are also considered to be covered if they obtain a bank guarantee letter.See: Call Option; Exercise; Guarantee Letter; Long Position; Naked Option; Option Writer; Options; Put Option; Short Position; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_74375.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Buying securities to close a short position in which an investor previously sold short.See: Close A Position; Selling Short; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_74722.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A measure of price changes in consumer goods--also known as the "cost of living index." The index is calculated monthly by the US Bureau of Labor Statistics. Some CPI components are food, housing costs and transportation.See: Deflation; Inflation; Consumer Price Index</text>
</content>
<name></name>
<script></script>
</card>
card_74756.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A precipitous drop in stock prices. Crashes usually occur after periods of inflated stock prices followed by a loss in investor confidence.See: Bear Market; Black Monday; Black Friday; Overvalued</text>
</content>
<name></name>
<script></script>
</card>
card_75102.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: In a client's cash account at a brokerage firm, the amount that the firm owes to the client. This equals money deposited and remaining after any purchases are paid, plus uninvested proceeds from securities sold and not sent to the client.2: In a client's margin account at a brokerage firm a credit balance may mean either:* Proceeds from short sales that are held in escrow for the securities borrowed for these sales, plus the required margin for the trade.* Any free credit balances, or net balances, which can be withdrawn at any time. A free credit balance occurs when all previously margined securities have been paid for in full. Special miscellaneous account (SMA) balances are not free credit balances. If money is withdrawn, a new or increased debit balance will be incurred. SMA is generated from the borrowing power of margin securities within the client's accountSee: Debit Balance; Margin; Margin Account; Selling Short; Special Miscellaneous Account</text>
</content>
<name></name>
<script></script>
</card>
card_75413.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Assessment of an individual's or corporation's credit history and ability to pay its obligations. There are several firms that investigate, analyze, and maintain records on the credit status of individuals and businesses--for example, Equifax for individuals, and Dun & Bradstreet for commercial firms. Standard & Poor's and Moody's assign ratings to bonds. In rating the bonds, credit worthiness is an important factor.See: Dun & Bradstreet; Moody's Investors Service; Rating; Standard & Poor's Corporation</text>
</content>
<name></name>
<script></script>
</card>
card_75527.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The risk that the issuer of a security, such as a bond, may default on interest and/or principal payments or become bankrupt. If either event occurs, the investor stands to lose part or all of the investment.See: Default</text>
</content>
<name></name>
<script></script>
</card>
card_75782.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option spread position whereby the premium of the option sold exceeds the premium of the option purchased--thus, creating a credit to the investor.See: Debit Spread; Options; Option Premium; Option Spread; Spread</text>
</content>
<name></name>
<script></script>
</card>
card_76244.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The first completely automated stock exchange that transacts members' orders without having an actual trading floor. Orders are placed and executed via computers.See: Floor; Over The Counter; Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_76609.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The literal translation is "with dividend"--that is, a stock whose buyer is eligible to receive a declared dividend. Stocks are cum-dividend when a buy trade is made on or before the third day preceding the record date. After the third day, trades are executed ex-dividend (without dividend).See: Declaration Date; Dividend; Ex-Dividend; Record Date</text>
</content>
<name></name>
<script></script>
</card>
card_77022.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The literal translation is "with rights"--that is, during a rights offering, the period in which the purchaser of stock will receive the rights. The rights entitle the purchaser to buy a fixed amount of shares of stock that has not yet been issued. The prospectus that accompanies a rights distribution states when the rights become ex-rights (without rights). On the ex-right date, a purchaser will not receive the rights.See: Ex-Rights; Prospectus; Subscription Right</text>
</content>
<name></name>
<script></script>
</card>
card_77107.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A preferred stock that has a provision stipulating if one or more dividends are omitted (arrearage) because of insufficient earnings or any other reason, the dividends will accumulate until they are paid to shareholders. Cumulative preferred stocks have seniority over common stocks--that is, a common stock dividend cannot be paid until all cumulative preferred dividends are current.See: Arrearage; Common Stock; Non-Cumulative Preferred Stock; Omitted Dividend; Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_77366.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A method of voting for corporate directors. In contrast to statutory voting, cumulative voting allows shareholders to multiply the number of shares owned by the number of directorships being voted. The votes may be cast in any manner that the holder chooses--all for one director or any combination thereof. If a corporation, for example, has 6 openings to the Board of Directors, in statutory voting, a stockholder who owns 100 shares may cast 100 votes for each opening, thus having 600 votes. In cumulative voting, the stockholder may vote in the same manner as statutory voting or cast 600 votes for only one nominee, 300 for two, 200 for three, or any other combination. Cumulative voting allows small shareholders to have a better chance of naming representatives on the board of directors. Cumulative voting is required under the corporate laws of some states, and is at the discretion of the corporation in most others.See: Nonvoting Stock; Statutory Voting; Voting Right</text>
</content>
<name></name>
<script></script>
</card>
card_77633.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Corporate assets that are expected to be converted to cash within twelve months. These assets include cash, accounts receivable, marketable securities and inventories.See: Accounts Receivable; Asset; Marketable Securities</text>
</content>
<name></name>
<script></script>
</card>
card_77965.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A municipal, corporate or government bond that has a coupon within half a percentage point of current market rates. Because these bonds have an interest rate that is competitive with current market instruments, they are less volatile than comparably rated bonds with lower coupons.See: Corporate Bond; Coupon; Government Bond; Municipal Bond; Rating; Risk; Volatility</text>
</content>
<name></name>
<script></script>
</card>
card_78255.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The worth of all positions in a client's brokerage account. To determine the portfolio's current market value, stocks and bonds are valued at their closing prices. For over-the-counter securities, the bid is used.See: Closing Price; Long Market Value; Over The Counter; Over The Counter Securities; Short Market Value</text>
</content>
<name></name>
<script></script>
</card>
card_78770.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A test of a corporation's liquidity--that is, a corporation's ability to pay its current obligations from current assets. The ratio is calculated by dividing current assets by current liabilities.See: Acid Test Ratio; Current Assets; Current Liabilities; Liquidity Ratio; Quick Asset Ratio </text>
</content>
<name></name>
<script></script>
</card>
card_78917.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A theory which asserts that if many investors have short positions in a stock, the stock's price must inevitably rise because the short positions must eventually be covered by purchases of the stock. If the number of short positions in a stock is twice as high as the stock daily trading volume, most technical analysts will be bullish on the stock--that is, any price rise will force short sellers to cover their short positions, making the stock's price rise even more.See: Bull; Selling Short; Short Position; Short Squeeze; Technical Analysis; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_79321.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An account opened on the behalf of a minor by an adult who acts as custodian. The custodian is usually one of the child's parents--both parents cannot be custodian. This type of account is opened because minors cannot enter into contracts. Thus, they cannot make securities transactions for themselves. Any assets placed into a custodial account are irrevocable. Once the minor is of majority (usually 18, but some states are 21), they may do what they please with the assets. See: Uniform Gift To Minors Act</text>
</content>
<name></name>
<script></script>
</card>
card_79629.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A financial institution, such as a brokerage firm, or a bank that holds stock certificates and other assets on the behalf of a mutual fund, corporation or individual. An individual may also act as a custodian in the case of an account for an minor.</text>
</content>
<name></name>
<script></script>
</card>
card_80022.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bank assigned by a mutual fund to act as its custodian. The bank performs clerical functions and holds the fund's cash and securities.See: Custodian; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_80214.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Agreement signed by a margin customer allowing a broker to borrow their margined securities to complete delivery of certain failures and to cover other customers' short positions.See: Delivery; Fail To Deliver; Margin; Margin Security; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_80543.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The total amount of credit extended by New York Stock Exchange member firms to finance customers' security purchases.See: Debit Balance; Margin</text>
</content>
<name></name>
<script></script>
</card>
card_80838.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Stock that is strongly affected by changes in economic activity. The stock's price will rise when the economy turns up, and will fall when the economy turns down. Examples are automobiles and paper stocks. Non-cyclical stocks, such as stocks within the food and hospital industries, are not directly affected by economic changes.See: Seasonal Stock</text>
</content>
<name></name>
<script></script>
</card>
card_81307.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Company that provides subscribers with a ratings directory and credit reports of corporations. It also publishes financial composite ratios and offers an accounts receivable collection service. Moody's Investors Service, which rates bonds and commercial paper, is a subsidiary of D & B.See: Moody's Investors Service; Rating</text>
</content>
<name></name>
<script></script>
</card>
card_81466.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A daily municipal industry newspaper that contains news and announcements. The paper basically concentrates on new issues and publishes a variety of municipal industry statistics. These statistics include: Eleven Bond Index, Revenue Bond Index, Twenty Bond Index and Visible Supply.See: Eleven Bond Index; Visible Supply</text>
</content>
<name></name>
<script></script>
</card>
card_82103.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The daily maximum amount that many options and commodities markets are allowed to rise or fall. When a market reaches the upper limit and remains there all day, it is said to be having an up-limit day. Conversely, when a market reaches the lower limit and remains there all day, it is said to be having a down-limit day. </text>
</content>
<name></name>
<script></script>
</card>
card_82324.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage lingo used to describe a pattern of fictitious trading by a group of persons buying and selling to create the appearance of active volume to entice legitimate investors. The unsuspicious investor drawn into the daisy chain bails out the market manipulators--that is, when these traders drive the price up, they sell their holdings and leave innocent investors without buyers.</text>
</content>
<name></name>
<script></script>
</card>
card_82657.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The date from which interest begins accruing on new municipal bonds and other debt instruments. The buyer makes a payment to the issuer for the interest accrued from the dated date to the issue's settlement date. On the bond's first interest payment the buyer is reimbursed.</text>
</content>
<name></name>
<script></script>
</card>
card_82742.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A loan--also known as a "morning loan"--that a bank makes to a broker to purchase securities while it awaits afternoon delivery of the securities. After the securities are delivered and pledged as collateral, the loan becomes a regular broker's call loan.See: Call Loan; Call Loan Rate</text>
</content>
<name></name>
<script></script>
</card>
card_83041.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Security buy or sell orders that expire at the end of the trading day on which they were entered unless already executed or canceled during the day.See: Execution; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_83317.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The purchase and sale of a position in an account during the same trading day. A day trade may also be a short sale followed by a short cover (buy).See: Selling Short; Short Covering</text>
</content>
<name></name>
<script></script>
</card>
card_83539.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>National Association of Securities Dealers (NASD) committee that has jurisdiction in handling complaints against, or violations by NASD members within its district.See: National Association of Securities Dealers</text>
</content>
<name></name>
<script></script>
</card>
card_83790.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A self-regulatory body that has surveillance responsibility for specific broker-dealers. As some firms have memberships on several exchanges, and in the NASD and MSRB, one regulator is designated to a firm.See: MSRB; NASD</text>
</content>
<name></name>
<script></script>
</card>
card_84271.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An individual or firm in the securities business who acts as a principal rather than as an agent in a specific transaction. Principals buy and sell securities for their own account and risk.A dealer's profit or loss is derived from the difference between the price he/she pays for the security and the price he/she receives when selling the security to a customer.Because most individuals and firms act as both brokers and dealers, the term broker-dealer is commonly used.See: Principal</text>
</content>
<name></name>
<script></script>
</card>
card_84770.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An unsecured (without collateral) bond backed only by the integrity of the issuer (borrower). The parameters of the bond are set forth in an agreement called an indenture.See: Indenture</text>
</content>
<name></name>
<script></script>
</card>
card_85078.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A stock issued under an agreement that provides for fixed payments at scheduled intervals. A debenture stock is more similar to a preferred stock than a debenture. In the case of a company's liquidation, it is treated as an equity. Investors will not receive payment until all debt is paid.See: Debenture</text>
</content>
<name></name>
<script></script>
</card>
card_85255.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Money owed to a broker from the purchase of stock or bonds in a customer's margin account. This money is a loan extended by the broker to the margin customer and the customer pays interest on the debit balance in the account.See: Margin; Margin Account</text>
</content>
<name></name>
<script></script>
</card>
card_85549.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option spread in which the premium of the bought option is greater than the premium of the one sold.See: Credit Spread; Option Premium; Option Spread</text>
</content>
<name></name>
<script></script>
</card>
card_85804.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Common name for bonds and other forms of paper evidencing the amount owed and whether it is payable on a specific date or on demand.2: One party's legal obligation to pay another party in accordance with an expressed or implied agreement. The debt may or may not be secured.</text>
</content>
<name></name>
<script></script>
</card>
card_86094.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A written agreement denoting that the issuer promises to reimburse a debt. Examples are Treasury Bills, Notes and Bonds, Banker's Acceptances, Commercial Paper and Certificate of Deposits.See: Certificate Of Deposit; Commercial Paper; Treasury Bill; Treasury Bond; Treasury Note</text>
</content>
<name></name>
<script></script>
</card>
card_86416.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The repayment of specific debt. There are two methods used to retire debt--sinking fund and serial. Sinking fund and serial bonds are not types of bonds, just methods of retiring them. The sinking fund method, in which money is set aside each year to retire debt, is most commonly used for corporate debt. Conversely, the serial method is more commonly used in the debt retirement of municipal bonds. When bonds are issued in serial form, parts of the issue, known as a "series," are retired in various time schedules, usually semiannually or annually.</text>
</content>
<name></name>
<script></script>
</card>
card_86946.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities, such as Treasury Bills and Commercial Paper, that represent money borrowed by the issuer. This money must be repaid by the maturity date at a specified interest rate unless it was an original issue discount purchase.See: Commercial Paper; Original Issue Discount; Treasury Bill</text>
</content>
<name></name>
<script></script>
</card>
card_87184.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: The ratio of a company's securities with fixed charges to the company's common stock equity. To calculate, divide the total amount of preferred stock and bonds by the amount of common stock equity.2: In the case of liquidation, the ratio indicates the extent owner's equity can cover creditors' claims. It is calculated by dividing total liabilities by total shareholders' equity.See: Liquidation3: A ratio that is used to measure leverage. Leverage is the use of borrowed money to increase the return on owners' equity. To calculate, divide the total amount of long term debt by the total amount of shareholders' equity.See: Shareholder's Equity</text>
</content>
<name></name>
<script></script>
</card>
card_87590.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A specified date that the board of directors of a corporation declares and authorizes a dividend payment. At this time, the dividend becomes a corporate obligation.See: Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_88181.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An expense that can be subtracted from an individual's adjusted gross income to obtain their taxable income. The type of expense deductions allowed is determined by the Internal Revenue Service (IRS). Examples include state and local taxes, charitable contributions and mortgage interest paid.</text>
</content>
<name></name>
<script></script>
</card>
card_88467.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that trades substantially below its face value--usually more than 20% from its face value. The term is usually used in reference to zero coupon bonds. Although original issue discount bonds and deep discount bonds are similar, deep discount bonds are issued at a par value of $1,000. The value of a deep discount bond generally increases faster as interest rates fall and declines faster as rates rise.See: Discount; Current Coupon Bond; Original Issue Discount </text>
</content>
<name></name>
<script></script>
</card>
card_88802.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A call option whose exercise (strike) price is considerably below the underlying security's current market price--that is, the strike price is 5 or more points below the underlying security's current market price. In regard to a put option, the exercise price is well above the underlying security's current market price--that is, the strike price is 5 or more points above the underlying security's current market price.When buying a deep-in-the-money call option, the premium is high because the holder has the right to purchase the stock at an exercise price that is substantially below the underlying security's current market price. See: Call Option; Deep Out Of The Money; Exercise; In The Money; Options; Out Of The Money; Put Option; Strike Price; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_89071.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A call option whose exercise (strike) price is considerably above the underlying security's current market price--that is, the strike price is 5 or more points above the underlying security's current market price. In regard to a put option, the exercise price is well below the underlying security's current market price--that is, the strike price is 5 or more points below the underlying security's current market price.When buying a deep-out-of-the-money option, the premium is small because the option may never be profitable.See: Call Option; Deep In The Money; Exercise; In The Money; Options; Out Of The Money; Put Option; Strike Price; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_89179.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The failure of a debtor to make timely payments of principal and/or interest. If the debtor defaults, the bondholders may make claims against the issuer's assets to get back their principal.</text>
</content>
<name></name>
<script></script>
</card>
card_89517.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A process whereby a corporation gets rid of old, low-rate debt without paying it back before maturity--another term for "advance refunded bonds."The corporation uses newly purchased bonds that have a lower face value and pay higher interest or have a higher market value. In doing this, the corporation's balance sheet becomes more debt free and earnings will increase by the amount that the old debt's face value exceeds the cost of the new debt.Another type of defeasance occurs when a corporation solicits a brokerage firm to buy the outstanding bonds of the old corporate debt issue. The brokerage firm will then exchange the old debt issue for a new corporate stock issue equal to the market value of the old debt. The broker will then sell the stock at a profit.</text>
</content>
<name></name>
<script></script>
</card>
card_89628.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities that are steadier than the average stock or bond and provide the investor a safe return on their money. Because of the corporation's business (e.g. utility and food industries), its securities are relatively resistant to general economic changes. Thus, when the stock market is weak, defensive securities are apt to decline less than the overall market.</text>
</content>
<name></name>
<script></script>
</card>
card_90019.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The deferment of making tax payments from this year to a later year. For example, money in an Individual Retirement Account (IRA) grows tax deferred until the money is withdrawn from the account.See: IRA</text>
</content>
<name></name>
<script></script>
</card>
card_90132.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An account, such as an Individual Retirement Account or Profit Sharing Plan, that delays taxes until a later date.See: Annuity; Individual Retirement Account; Profit Sharing Retirement Plan</text>
</content>
<name></name>
<script></script>
</card>
card_90407.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An annuity in which its contract provides that payments to the annuitant are delayed until certain thresholds have been attained (e.g., when the annuitant attains a certain age)--also called a "deferred payment annuity."See: Annuity</text>
</content>
<name></name>
<script></script>
</card>
card_90707.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond, such as a zero coupon bond, that pays interest and repays principal in one lump sum at maturity. See: Current Coupon Bond; Zero Coupon Security</text>
</content>
<name></name>
<script></script>
</card>
card_90933.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A written notice sent by the Securities and Exchange Commission (SEC) to the issuer of an anticipated new issue. The notice states that there are omissions of material fact in the registration statement and/or that the preliminary prospectus needs revision. If immediate action is not taken by the issuer, the registration period may need to be extended. See: SEC</text>
</content>
<name></name>
<script></script>
</card>
card_91583.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The amount by which expenditures exceed the amount budgeted or the amount by which liabilities exceed income and assets. Deficits can be corrected by borrowing money or by selling assets. See: Asset; Liability</text>
</content>
<name></name>
<script></script>
</card>
card_91878.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The borrowing of money by government agencies to procure revenue shortages. Deficit financing may stimulate the economy for a while, but usually ends up being an economic hindrance by pushing up interest rates. See: Deficit Spending</text>
</content>
<name></name>
<script></script>
</card>
card_91950.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A shortage that is financed by government borrowing. This shortage occurs when the amount of government expenditures exceeds government revenues. See: Deficit Financing</text>
</content>
<name></name>
<script></script>
</card>
card_92554.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A retirement plan that stipulates that each participant will receive a set payment after a predetermined number of years of service. It does not pay taxes on investments within the plan. Contributions to the plan may be by employer only, employee only or both.See: 401(K) Plan; IRA</text>
</content>
<name></name>
<script></script>
</card>
card_92783.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A persistent price decline of goods and services--the inverse to inflation. Deflation usually occurs during a recession and is characterized by supply exceeding demand, and while there is increased buying power, the amount of currency in circulation is greatly reduced. Marked deflation generally affects production and employment negatively. Deflation should not be confused with disinflation, which is a result of a slow down in the rate that prices increase. See: Disinflation; Inflation</text>
</content>
<name></name>
<script></script>
</card>
card_93138.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Delivery of securities later than the settlement date of the sell transaction. Delayed delivery is acceptable only when there is an agreed upon contract by both parties to the trade--known as a "seller's option."See: Delivery Date; Seller's Option Contract; Settlement Date</text>
</content>
<name></name>
<script></script>
</card>
card_93514.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The postponement of the start of trading in a stock beyond the normal opening of a day's trading because exchange officials judge that market conditions justify such a delay. Such market conditions may be caused by a great influx (or an extreme imbalance) in buy and sell orders, or pending corporate news that requires time for dissemination.See: Suspended Trading; Trading Halt</text>
</content>
<name></name>
<script></script>
</card>
card_93920.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Elimination of a corporation's security from an exchange because the security no longer meets specific financial ratios, sales levels, or other qualifications. See: Listing Requirements</text>
</content>
<name></name>
<script></script>
</card>
card_94190.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The physical exchange of money and securities on the brokerage transaction's settlement date. Industry standards stipulate what is an acceptable condition for the securities being delivered--otherwise known as being in "good deliverable form."See: Delivery Date; Good Delivery Of Securities</text>
</content>
<name></name>
<script></script>
</card>
card_94406.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Currently, it is the fifth business day following a "regular way" transaction on the New York Stock Exchange in which money and securities need to be exchanged. However, on June 1, 1995, new industry regulations will be in effect. The regulation change stipulates that the delivery date for regular way transactions--for most securities--will occur on the third business day following the transaction. Moreover, in regard to other types of securities, the term regular way delivery does not necessarily mean three business days following the transaction. Government securities, for instance, have a regular way delivery on the next business day following the transaction. See: Delayed Delivery; Regular Way Delivery (Settlement); Seller's Option Contract</text>
</content>
<name></name>
<script></script>
</card>
card_94631.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Notification from the seller to the buyer of the date when the actual commodity in a futures contract will be delivered.See: Commoditities</text>
</content>
<name></name>
<script></script>
</card>
card_94731.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities industry procedure whereby the sold securities are delivered to the buyer's bank in exchange for payment. From the seller's perspective, it is called "receive versus payment." Institutional customers customarily use delivery versus payment to make settlement on transactions. It is also referred to as COD (cash on delivery) transactions. </text>
</content>
<name></name>
<script></script>
</card>
card_95010.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A statistical measure of the relationship between an option contract's price movement to the price movement of the underlying futures contract or stock price. To illustrate, if the option's underlying stock increased by 2 points and the call option increased by 1 point, the call option would have a delta of .5. As an in-the-money option near expiration, it advances to a delta of 1.See: In The Money</text>
</content>
<name></name>
<script></script>
</card>
card_95338.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of bank account whereby the account balance can be withdrawn by the depositor without prior notice to the bank (e.g. checking accounts). The balance can be withdrawn via check, automatic teller machine or by transfers to other accounts using a PC or telephone. The Federal Reserve uses demand deposits as a primary indicator as to when to implement monetary policy because they are the largest component of the money supply.</text>
</content>
<name></name>
<script></script>
</card>
card_95633.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A provision within Regulation T of the Federal Reserve that allows margin deficiencies of $1000 or less. Brokers may not have to liquidate securities to correct the situation. However, a broker does have to obtain the funds within a reasonable period. This rule is in effect for cases in which the client may be unavailable because of vacations or some other extraordinary event.See: Liquidation; Margin Call; Regulation T; Sell Out Procedures</text>
</content>
<name></name>
<script></script>
</card>
card_96119.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An accounting practice that allows for charges against earnings based on the amount of assets taken out of reserves to reductions in taxable income. This practice is only available to companies that extract natural resources such as oil and gas.</text>
</content>
<name></name>
<script></script>
</card>
card_96560.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Securities put into a customer's account at a financial institution (e.g., brokerage firm).2: Cash, checks, or drafts credited to a customer's account at a financial institution (e.g., bank checking and saving accounts).3: Money put down as an indication of good faith in contracts and vendors, such as utility and telephone companies, to protect the other party against nonpayment, property damage and contract defaults.</text>
</content>
<name></name>
<script></script>
</card>
card_96951.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A central securities certificate repository that is a member of the Federal Reserve System and is industry-owned. The New York Stock Exchange is the majority owner. DTC members deliver securities to each other via computerized debit and credit entries. This reduces the need to actually move paper certificates. See: Federal Reserve System</text>
</content>
<name></name>
<script></script>
</card>
card_97225.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bookkeeping entry that does not require cash outlay nor funds to be earmarked. The entry is a charge against earnings to write off the cost of an asset over its assessed useful life over a set time period. It reduces taxable income but does not reduce cash. The most commonly used depreciation methods are Straight-line Depreciation and Accelerated Cost Recovery System (ACRS). </text>
</content>
<name></name>
<script></script>
</card>
card_97534.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Economic situation characterized by rising unemployment, an excess of supply over demand, deflation, reduced purchasing power, contraction of general business activity and public fear.See: Deflation</text>
</content>
<name></name>
<script></script>
</card>
card_97719.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Financial instrument whose price is based on an underlying security--for example, an option's value can be derived either from its underlying stock, stock index, or future (dependent upon the type of option).See: Options; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_97868.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Chart pattern where each new high price for a security is lower than the former high price. In other words, from the stock's high price, it falls and then rises. However, the price never reaches the stock's previous high price. If this pattern continues, technical analysts consider this type of trend to be bearish.See: Technical Analysts</text>
</content>
<name></name>
<script></script>
</card>
card_98291.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A self-regulatory body that has surveillance responsibility for specific broker-dealers. As some firms have memberships on several exchanges, and in the NASD and MSRB, one regulator is designated to a firm.See: MSRB; NASD</text>
</content>
<name></name>
<script></script>
</card>
card_98374.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Electronic system provided by the New York Stock Exchange (NYSE) and used by NYSE members to expedite execution of market orders for 1 to 2,099 shares. The system routes the orders directly from the member firm to the specialist. A similar system called "Super Dot" routes limit orders. See: Limit Order; Market Order; Specialist</text>
</content>
<name></name>
<script></script>
</card>
card_98878.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In relation to the currencies of other countries, the declining value of a particular country's currency. It can also be caused by another country's currency rising in value as compared to the currency value of a specific country. </text>
</content>
<name></name>
<script></script>
</card>
card_99271.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment strategy that entails buying or selling of two different option positions of the same class (two call positions or two put positions in the same stock). Both the strike prices and the expiration dates of the options are different. For instance, a three month ABC call sold with a strike price of 30 and a two month call sold with a strike price of 25. Investors gain or lose as the difference in price narrows or widens.See: Calendar Spread; Vertical Spread</text>
</content>
<name></name>
<script></script>
</card>
card_99452.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Specification on the exchange tape indicating that some digits are not being displayed because the tape is delayed. For example, 15 1/4...15 3/8...26 1/8 becomes 5 1/4... 5 3/8... 5 1/8.See: Late Tape; Tape</text>
</content>
<name></name>
<script></script>
</card>
card_99834.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The effect on book value per share and earnings per share if all stock options or warrants are exercised or all convertible securities are converted.See: Convertible Securities; Warrant</text>
</content>
<name></name>
<script></script>
</card>
card_99937.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>After a security's prolonged up-trend, a small drop in its price.Analysts frequently advise investors to buy on dips because it is seen as only a temporary price weakness.See: Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_100097.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A business venture, usually organized as a limited partnership, that is structured to pass-through income and "tax losses" of the underlying investments to investors. However, its use as a tax shelter has been severely reduced by tax legislation.See: Limited Partnership</text>
</content>
<name></name>
<script></script>
</card>
card_100517.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An individual elected by corporate shareholders to serve on that corporation's Board of Directors. The Board of Directors decide when dividends will be paid, appoint the corporation's president, vice president and all other officers.</text>
</content>
<name></name>
<script></script>
</card>
card_101351.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A bond that trades in the market at a price below its face or redemption value. A bond selling below par is said to be "selling at a discount."See: Discount Bond; Par2: Securities, such as treasury bills, that are issued for less than their face value and mature at face value. At maturity, the difference between the purchase price and the face value is the interest.See: Original Issue Discount; Zero Coupon Security3: To evaluate a security's current price, all applicable news and information about the corporation are used.4: Relationship between two countries' currencies. For example, the French Franc may sell at a discount to the German Mark.</text>
</content>
<name></name>
<script></script>
</card>
card_102445.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A brokerage firm that executes buy and sell orders at lower commission rates than those charged by a full service broker.See: Full Service Broker</text>
</content>
<name></name>
<script></script>
</card>
card_102997.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The rate of interest charged by a Federal Reserve Bank on a loan to a member bank, using government securities or eligible paper as collateral.See: Eligible Paper</text>
</content>
<name></name>
<script></script>
</card>
card_103175.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Yield on a security sold at a discount--most notably T-bills. To calculate the annual yield, divide the discount by the face amount and multiply that number by the approximate number of days in the year divided by the number of days to maturity.See: Yield To Maturity</text>
</content>
<name></name>
<script></script>
</card>
card_103916.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Future value of anticipated cash receipts and expenditures on a specified date. It is computed using net present value (NPV) or internal rate of return (IRR) and is a consideration in analyses of capital and securities investments. The NPV method uses a discounted rate of interest based on the marginal cost of capital to future cash flows to bring them into to the present. The IRR formula finds an investment's average return for the life of the investment. It identifies the discount rate that matches the present value of future cash flows to the investment's cost.</text>
</content>
<name></name>
<script></script>
</card>
card_104092.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The act of bidding a stock's price up or down in the anticipation of news about the stock's corporate financial outlook. This process may occur regardless of whether the news is good or bad.</text>
</content>
<name></name>
<script></script>
</card>
card_104239.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of brokerage account whereby clients authorize their broker to buy and sell securities or commodities when the broker deems it is appropriate. The broker will decide when and which securities, the amount of shares, and price to be paid or received without the client's prior knowledge or consent. Some clients may set guidelines for the broker, such as limiting the type of securities in which to invest.See: Discretionary Order</text>
</content>
<name></name>
<script></script>
</card>
card_104508.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The amount of income leftover after essential commitments, such as housing and food, have been paid. Spending discretionary income can spur the economy. Thus, the amount of discretionary income can be a key economic indicator.See: Economic Indicators</text>
</content>
<name></name>
<script></script>
</card>
card_104936.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order to buy or sell a security for a customer that lets the broker, who has limited power of attorney over the customer's account, decide when to execute the trade and at what price. See: Discretionary Account</text>
</content>
<name></name>
<script></script>
</card>
card_105004.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mutual fund or unit trust where the management decides on the best way to invest the assets. The fund is not limited to a specific kind of security.See: Mutual Fund; Unit Investment Trust</text>
</content>
<name></name>
<script></script>
</card>
card_105294.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A process that commonly occurs during a recession whereby price increases slow down--as sales decrease, retailers may not be able to pass on higher prices to customers.See: Deflation; Inflation; Recession</text>
</content>
<name></name>
<script></script>
</card>
card_105591.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The withdrawal of money from low yielding financial accounts, such as saving accounts, and the reinvestment into higher yielding securities such as Treasury bills. Banks, in an effort to keep the money, may pay depositors higher rates. In order to afford the higher rate, banks will then charge their borrowers higher interest rates. This can possibly lead to tight money and reduced economic activity. </text>
</content>
<name></name>
<script></script>
</card>
card_105950.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Capital investment shrinkage caused by a firm's failure to maintain or replace capital assets being used up or by the firm's sale of capital goods such as equipment.See: Capital Asset</text>
</content>
<name></name>
<script></script>
</card>
card_106048.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Income that remains after tax payments. This money may be spent on essentials (e.g., food and shelter), nonessentials (e.g., dining in a restaurant) or it can be saved.See: Discretionary Income</text>
</content>
<name></name>
<script></script>
</card>
card_106383.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An arrangement in an oil and gas direct participation program (DPP) whereby the general partner carries a portion of the program's cost in return for a larger percentage of the income.See: Direct Participation Program</text>
</content>
<name></name>
<script></script>
</card>
card_106628.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Group of brokerage firms or investment bankers that work together to expedite the distribution of securities in an offering. See: Distributions</text>
</content>
<name></name>
<script></script>
</card>
card_107069.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Price range in which a security trades for an extended time period. Distribution areas are a factor in a technical analysts' prediction of when a security may decline from that price range. To avoid pushing a security's price below its range, a seller will want to be mindful not to sell below it. Accumulation of shares in the range aids in the stability of the security's price.See: Accumulation Area</text>
</content>
<name></name>
<script></script>
</card>
card_107420.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: The payment, to investors, of realized capital gains on securities within the portfolio of a mutual fund or closed-end investment company.See: Closed End Management Company; Mutual Fund2: Sale of a large block of securities over a period to avoid a decline in their prices. Technical analysts consider distribution patterns to predict when the security's price will fall.See: Accumulation Area; Distribution Area</text>
</content>
<name></name>
<script></script>
</card>
card_107670.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>District Business Conduct Committee (DBCC)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>National Association of Securities Dealers (NASD) committee that has jurisdiction in handling complaints against, or violations by NASD members within its district.See: National Association of Securities Dealers</text>
</content>
<name></name>
<script></script>
</card>
card_107868.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Spreading risk by placing assets in different types of investments (i.e., mutual funds, stocks, bonds, etc.) and various companies in different industry groups (i.e., pharmaceutical, utility, airline, etc.).See: Diversified Investment Company</text>
</content>
<name></name>
<script></script>
</card>
card_108062.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term used for either closed or open-ended mutual funds or unit trusts that invest in many different kinds of securities and companies. Under the Investment Company Act of 1940, an investment company, with respect to 75% of its portfolio, may not have more than 5% of its assets invested in the securities of any one issuer and may not own more than 10% of the voting shares of any one issuer.See: Diversification</text>
</content>
<name></name>
<script></script>
</card>
card_108470.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Disposal of an investment by sale, liquidation or other means. This legal term is also used to describe a corporation's systematic distribution of large blocks of another company's stock which were being held as an investment.See: Liquidation</text>
</content>
<name></name>
<script></script>
</card>
card_108637.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of a new issue syndicate--also known as a "Western Account"--where all members are liable for selling a percentage of the issue commensurate to their participation. The member's liability ends once it has sold its percentage of the issue.See: Western Account</text>
</content>
<name></name>
<script></script>
</card>
card_109018.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Distribution of a company's earnings to its shareholders, usually in the form of a quarterly check. The company's board of directors authorize and determine the amount of the dividend. Dividends are taxed as income in the year they are received by the shareholder. A mutual fund dividend is paid out of income and the shareholder's tax is dependent on whether the distributions originated from interest income, capital gains, or dividends received by the fund.See: Cash Dividend; Cum-Dividend; Dividend Record; Dividend Reinvestment Plan; Dividends Payable; Equalizing Dividend; Ex-Dividend; Extra Dividend; Omitted Dividend; Stock Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_109113.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investment strategy whereby the investor buys the stock roughly two weeks before it goes ex-dividend and then sells it about two weeks after it has gone ex-dividend in order to collect the dividend and make a small profit on the trade. On the stock's ex-dividend date, its price will drop by the amount of the dividend. The theory is that the stock's price will work its way back up to the price it was at before the ex-dividend date. This allows the investor to sell slightly above the purchase price. Thus, the investor is able to collect the dividend and realize a small capital gain in about four weeks. Also referred to as a "dividend rollover plan." See: Dividend; Ex-Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_109509.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mathematical model used to identify undervalued stocks. It determines the price that a stock should be selling at based on the discounted value of projected future dividend payments.See: Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_109630.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Percentage of earnings paid in cash to shareholders. It is calculated by dividing the dividends paid on common stock by the earnings per share. In general, a corporation with a higher payout ratio will be more mature. A company in a growth phase usually reinvests all earnings and pays little or no dividends. See: Dividend; Earnings Per Share</text>
</content>
<name></name>
<script></script>
</card>
card_110191.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A program in which a dividend paying company (especially mutual funds) will automatically reinvest an investor's dividend to purchase additional shares of the company's stock. The dividend is still taxable by the IRS. In participating in a DRIP, investors use dollar cost averaging to increase their amount of capital in the stock. See: Dollar Cost Averaging</text>
</content>
<name></name>
<script></script>
</card>
card_110830.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The annual percentage of return that the dividend provides to the investor on either common or preferred stock-often referred to as just "yield." The yield is calculated by dividing the annual cash dividend per share by the stock's market price at the time of purchase.See: Yield</text>
</content>
<name></name>
<script></script>
</card>
card_111358.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dollar amount of dividends that are obligated to be paid once a dividend is declared by the board of directors. The dollar amount is listed as a liability in the annual and quarterly reports.See: Dividend Record</text>
</content>
<name></name>
<script></script>
</card>
card_111404.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Average of the prices of 30 well-known, predominantly blue-chip, industrial stocks. The following 30 stocks make up the DJIA as of February 1995: Allied Signal; Alcoa; American Express; A T & T; Bethlehem Steel; Boeing; Caterpillar; Chevron; Coca Cola; Disney; Dupont; Exxon; General Electric; General Motors; Goodyear; IBM; International Paper; Kodak; McDonalds; Merck; 3M; JP Morgan; Philip Morris; Proctor Gamble; Sears; Texaco; Union Carbide; United Tech; Westinghouse and Woolworth.See: DJTA; DJUA</text>
</content>
<name></name>
<script></script>
</card>
card_111678.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage lingo used when dealers, or dealer to custodian, compare a transaction and the trade is unknown by one side. When a dealer receives a comparison for a trade that it does not recognize, the dealer will send the other party a DK notice.</text>
</content>
<name></name>
<script></script>
</card>
card_112409.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A designation used on an order (specifically--buy limit, sell stop and sell stop-limit orders) to specify that an order's limit price should not be reduced by the amount of the dividend. When the stock goes ex-dividend, its price is reduced by the amount of the cash dividend. DNRs only apply to cash dividends.See: Cash Dividend; Ex-Dividend; Stop Limit Order; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_112645.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A designation used on an order (specifically--buy limit, sell stop and sell stop-limit orders) to specify that an order's limit price should not be reduced by the amount of the dividend. When the stock goes ex-dividend, its price is reduced by the amount of the cash dividend. DNRs only apply to cash dividends.See: Cash Dividend; Ex-Dividend; Stop Limit Order; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_113117.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Municipal revenue bonds that are quoted and traded at a dollar price rather than at a yield to maturity.2: Bonds that are issued in the United States by foreign companies and denominated in US dollars.3: Bonds that are issued outside the United States and denominated in US dollars.See: Eurobond; Eurodollar Bond</text>
</content>
<name></name>
<script></script>
</card>
card_113263.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment method that involves consistently buying at regular intervals equal dollar amounts of a security, rather than a certain number of shares, regardless of the price. As a result, more shares are bought when prices are low than at high prices. Thus, the average cost is less than the average of the prices paid. However, the method does not guarantee a profit. The investor only profits if the sale price exceeds the average cost per share.See: Accumulation; Average Down; Average Up; Dividend Reinvestment Plan; Monthly Investment Plan</text>
</content>
<name></name>
<script></script>
</card>
card_113552.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond's price stated as a percentage of face value. For example, a dollar price of 95 represents 95% of face value or $950 per $1,000 face value.See: Face Value</text>
</content>
<name></name>
<script></script>
</card>
card_113812.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage lingo meaning that an investor should not buy aggressively when the market is falling and conversely, the investor should not sell short when during a market rally.See: Tape</text>
</content>
<name></name>
<script></script>
</card>
card_114065.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage lingo used when dealers, or dealer to custodian, compare a transaction and the trade is unknown by one side. When a dealer receives a comparison for a trade that it does not recognize, the dealer will send the other party a DK notice.</text>
</content>
<name></name>
<script></script>
</card>
card_114369.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An average of major money market fund yields that is issued weekly in many newspapers for 7 and 30-day yields. Donoghue also tracks the maturities of the securities in the portfolios. Portfolios with short maturities are an indication that fund managers have the opinion that interest rates are going to rise.See: Money Market Fund</text>
</content>
<name></name>
<script></script>
</card>
card_114500.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Electronic system provided by the New York Stock Exchange (NYSE) and used by NYSE members to expedite execution of market orders for 1 to 2,099 shares. The system routes the orders directly from the member firm to the specialist. A similar system called "Super Dot" routes limit orders. See: Limit Order; Market Order; Specialist</text>
</content>
<name></name>
<script></script>
</card>
card_114860.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Used in technical analysis, it is chart pattern of a stock's prices showing a drop in price, then a rebound, then another drop to the same low price. The pattern usually means the stock has support at that low price and should not decline further. However, if the stock's price does drop through that same low price, the security is expected to reach a new low.See: Double Top; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_115094.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Used in technical analysis, it is chart pattern of a stock's prices showing a rise to a high price, then a drop, then rebound to the same high price. The pattern usually means the stock is resisting a move to go higher. However, if the stock's price does move through that same high price, the security is expected to achieve a new high.See: Double Bottom; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_115494.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A municipal revenue bond that has two separate entities making a financial commitment. The project's revenues provide the initial security and the secondary guarantee is provided by the general obligation taxing powers of the issuer. To illustrate, a revenue bond would be double-barreled if a highway authority issues a bond that is secured by toll revenues and if the state also secures the bonds. Thus, if highway usage is low and toll revenues are insufficient to cover principal and interest payments, investors are safeguarded against default because of the state's guarantee.</text>
</content>
<name></name>
<script></script>
</card>
card_115959.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Combination of the Dow Jones Industrial Average (DJIA), Dow Jones Transportation Average (DJTA) and the Dow Jones Utility Average (DJUA). See: Dow Jones Industrial Average; Dow Jones Transportation Average; Dow Jones Utility Average</text>
</content>
<name></name>
<script></script>
</card>
card_115974.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Average of the prices of 30 well-known, predominantly blue-chip, industrial stocks. The following 30 stocks make up the DJIA as of February 1995: Allied Signal; Alcoa; American Express; A T & T; Bethlehem Steel; Boeing; Caterpillar; Chevron; Coca Cola; Disney; Dupont; Exxon; General Electric; General Motors; Goodyear; IBM; International Paper; Kodak; McDonalds; Merck; 3M; JP Morgan; Philip Morris; Proctor Gamble; Sears; Texaco; Union Carbide; United Tech; Westinghouse and Woolworth.See: Dow Jones Composite; Dow Jones Transportation Average; Dow Jones Utility Average</text>
</content>
<name></name>
<script></script>
</card>
card_116407.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dow Jones Transportation Average (DJTA)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Average of the prices of 20 representative transportation companies. See: Dow Jones Composite; Dow Jones Industrial Average; Dow Jones Utility Average</text>
</content>
<name></name>
<script></script>
</card>
card_116557.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Average of the prices of 15 geographically representative gas and electric utility companies.See: Dow Jones Composite; Dow Jones Industrial Average; Dow Jones Transportation Average</text>
</content>
<name></name>
<script></script>
</card>
card_116867.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Market theory whereby a major stock market trend must be corroborated by a similar movement in the Dow Jones Industrial Average and the Dow Jones Transportation Average. A trend is confirmed only when both Dow Jones indexes obtain new highs or lows. If they do not, the market will return to its previous trading range. Believers of the Dow Theory frequently disagree on when a true trend is taking place.See: Dow Jones Industrial Average; Dow Jones Transportation Average</text>
</content>
<name></name>
<script></script>
</card>
card_117186.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An assessment as to the extent that a security could decline in value--considering all possible factors that could affect the security's market price.</text>
</content>
<name></name>
<script></script>
</card>
card_117395.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Also called "minus tick," the sale of a listed stock at a price that is less than the previous sale price. For example, if a stock traded at $12 a share, the next trade would be a downtick if it is at 11 7/8.See: Minus Tick</text>
</content>
<name></name>
<script></script>
</card>
card_117693.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A business venture, usually organized as a limited partnership, that is structured to pass-through income and "tax losses" of the underlying investments to investors. However, its use as a tax shelter has been severely reduced by tax legislation.See: Limited Partnership</text>
</content>
<name></name>
<script></script>
</card>
card_118241.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Actions that are taken by the Federal Reserve to reduce the money supply in order to cut the funds available to banks for lending purposes. The Fed accomplishes this by:* Raising reserve requirements--banks will need to keep more money on deposit with Federal Reserve banks; * Escalating the rate that banks borrow to maintain reserves--making it unattractive to drain reserves by making loans; and * Selling bonds at such attractive rates that dealers will reduce their bank balances to buy them.See: Federal Reserve System</text>
</content>
<name></name>
<script></script>
</card>
card_118357.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A program in which a dividend paying company (especially mutual funds) will automatically reinvest an investor's dividend to purchase additional shares of the company's stock. The dividend is still taxable by the IRS. In participating in a DRIP, an investor uses dollar cost averaging to increase their amount of capital in the stock.See: Dollar Cost Averaging</text>
</content>
<name></name>
<script></script>
</card>
card_118763.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A central securities certificate repository that is a member of the Federal Reserve System and is industry-owned. The New York Stock Exchange is the majority owner. DTC members deliver securities to each other via computerized debit and credit entries. This reduces the need to actually move paper certificates. See: Federal Reserve System</text>
</content>
<name></name>
<script></script>
</card>
card_118955.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security that is listed on more than one exchange--either the New York Stock Exchange and a regional exchange or the American Stock Exchange and a regional exchange. However, a security may not be listed on both the New York and American stock exchanges. Being dual listed increases the liquidity of a security. See: American Stock Exchange; Listing Requirements; New York Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_119130.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An exchange listed closed-end investment company that issues two classes of shares--income and capital. The income (preferred) shareholders receive all the income (dividends and interest) from the portfolio, and the capital (common) shareholders receive all the capital gains. As dual purpose funds are not highly traded, many analysts do not follow them closely. See: Closed End Fund</text>
</content>
<name></name>
<script></script>
</card>
card_119305.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A written notification that either dividends, interest, or other distributions are owed by the seller to the buyer or vice versa. For example, a security is purchased prior to its ex-dividend date and the seller does not deliver the security until after the dividend's record date. The security is delivered with a due bill attached because the seller will receive the dividend in which he is not entitled. The seller's name was on the company books even though he no longer owned the security. The due-bill is a notification that the purchaser is entitled to receive the dividend. Conversely, if a security is purchased ex-dividend (without dividend) and the security is delivered before the record date, the buyer's name will be on the company books on the record date. The buyer will receive a dividend in which he is not entitled. The buyer signs a due bill stating that the dividend he receives is payable to the seller.See: Ex-Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_119717.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Event that occurs when a seller offers a large amount of stock for sale with no concern as to how it will affect the stock's price or the market.</text>
</content>
<name></name>
<script></script>
</card>
card_119844.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Company that provides subscribers with a ratings directory and credit reports of corporations. It also publishes financial composite ratios and offers an accounts receivable collection service. Moody's Investors Service, which rates bonds and commercial paper, is a subsidiary of D & B.See: Moody's Investors Service; Rating</text>
</content>
<name></name>
<script></script>
</card>
card_120086.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Auction method used in which the security's price is gradually lowered until it meets an acceptable bid and is sold. The Treasury uses this auction system when selling new notes or bonds to determine the lowest bid price (stop-out price). The opposite is the "auction market" system used by major stock exchanges.See: Treasury Bill</text>
</content>
<name></name>
<script></script>
</card>
card_120485.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Type of adjustable rate preferred stock whereby the dividend to be paid is determined in a Dutch Auction process that occurs every seven weeks. Shares are bought and sold at face values that range from $100,000 to $500,000 per share.See: Dutch Auction; Face Value; Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_120795.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities industry procedure whereby the sold securities are delivered to the buyer's bank in exchange for payment. From the seller's perspective, it is called "receive versus payment." Institutional customers customarily use delivery versus payment to make settlement on transactions. It is also referred to as COD (cash on delivery) transactions. </text>
</content>
<name></name>
<script></script>
</card>
card_121048.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An abbreviation used in stock listings of newspapers to indicate that items, such as dividends, were declared or occurred in the preceding 12 months.See: Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_121340.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An assessment charged to an investor when they withdraw their money from a fixed-term investment before its maturity. For example, if investors who have a one year certificate of deposit withdraw their money after eight months, the banking institution would assess a penalty.See: Certificate Of Deposit</text>
</content>
<name></name>
<script></script>
</card>
card_121635.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's earnings per share that continuously increases from one period to another. The usual effect is that a stock's price will rise. A corporation has earnings momentum, for instance, when its earnings per share are 24% this year, with the previous year being 16%. Its stock should see a rise in its price.See: Earnings Per Share</text>
</content>
<name></name>
<script></script>
</card>
card_122983.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Amount of a corporation's earnings that are apportioned to each outstanding share of common stock. It is calculated by dividing net income minus preferred dividends and bond interest by the number of outstanding common shares. If all common stock equivalents--such as convertible bonds, preferred stock, rights and warrants--have been exchanged into common stock, earnings per share is considered to be "fully diluted."See: Net Income Per Share of Common Stock</text>
</content>
<name></name>
<script></script>
</card>
card_123242.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's earnings per share related to its current stock price. It is used to compare the attractiveness of stocks, bonds, and money market instruments--also called "earnings yield."See: Earnings Per Share</text>
</content>
<name></name>
<script></script>
</card>
card_123545.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's profit and loss statement that displays its earnings or losses for a specific time period--also called an income statement. The report provides details on revenues, expenses, and the net result.See: Income Statement; Profit And Loss Statement</text>
</content>
<name></name>
<script></script>
</card>
card_123754.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An underwriting account for a new issue of municipal securities whereby the underwriting group, as a whole, assumes financial responsibility for successful distribution of the issue--also called an "undivided account." A member's profits are contingent upon their percentage of participation in the account regardless of how much they sell. Member A, for example, has a 15% participation and sells 20% of the bonds. If the group sells only 90% of the bonds, member A is still responsible to sell unsold bonds equal to the same percentage of his original participation--that is 15%.See: Municipal Bond; New Issue; Underwrite; Western Account</text>
</content>
<name></name>
<script></script>
</card>
card_124076.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mathematical computerized models used to illustrate the relationship between key economic conditions such as employment rates, interest rates, and government policies. It is then used to conduct analyses on various economic situations. An econometric model, for example, might be used to show the relationship between consumer spending and unemployment rates.See: Economic Indicators</text>
</content>
<name></name>
<script></script>
</card>
card_124624.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Annual percentage change in the gross national product (GNP). If the rate rises in two consecutive quarters, it is considered to indicate an expanding economy. If the rate drops in two consecutive quarters, it is considered to mean a recession. A "real economic growth rate" is obtained when the rate is adjusted for inflation.See: Gross National Product</text>
</content>
<name></name>
<script></script>
</card>
card_124778.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Key statistics indicating the direction (expanding or contracting) of the economy. Some indicators are the unemployment rate, inflation rate and balance of trade. See: Consumer Price Index; Econometrics; Economic Growth Rate; Leading Indicators; Producer Price Index</text>
</content>
<name></name>
<script></script>
</card>
card_124973.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The date on which a new security issue may begin trading in the secondary market. It is usually the 20th day following the registration statement filing with the SEC, unless the SEC issues a deficiency letter requiring the issuer to make revisions to the registration statement.See: Secondary Market</text>
</content>
<name></name>
<script></script>
</card>
card_125284.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Yield on a debt instrument that is calculated by using the purchase price, the coupon rate, the number of days between interest payments, and the length of time until maturity. Because these other factors are considered in determining the yield, the effective rate represents a more accurate yield than the coupon rate.See: Coupon Rate; Debt Instrument; Rate Of Return</text>
</content>
<name></name>
<script></script>
</card>
card_125728.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security's round lot price that determines the selling price for the next odd lot. The additional amount above (buying) or below (selling) the round lot's price is the "odd-lot differential." For example, if the last round lot price is 10, the odd-lot price would be at least 10 1/8.See: Odd Lot; Odd Lot Differential; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_125956.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Philosophy that it is useless to conduct market analyses as all investors' knowledge and expectations are already reflected in the market and the stock's price. Thus, it is not feasible to outperform the market. The theory also suggests that if investors randomly select stocks from a newspaper's stock listings, they would have as good a chance of outperforming the market as any professional investor.See: Inefficiency In The Market</text>
</content>
<name></name>
<script></script>
</card>
card_126332.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Portfolio with a maximum expected return for any specific risk level, or a minimum risk level for any specific expected return.See: Required Rate Of Return; Return</text>
</content>
<name></name>
<script></script>
</card>
card_126534.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A trading technique involving index futures and the stocks composing the index. Complex computer programs show deviations in the spread between the futures and the stocks. The trader attempts to profit through arbitrage--buying the index future and selling the stocks short, or vice versa. As the spread returns to its norm, the positions are closed out at a profit.See: Arbitrage; Index; Index Arbitrage</text>
</content>
<name></name>
<script></script>
</card>
card_126821.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order that involves entry of a limit order and a stop order on the same ticket for the same security at different prices--also called an "alternative order." The order is either to buy or to sell, never both. In an either/or buy limit/buy stop order, for example, the buy limit is below the current price and the buy stop is above. The execution of the buy limit cancels the buy stop and vice versa. To illustrate, if a stock is trading at 32, an investor may place an order to either buy at 30 or 33 stop. If the price rises to 33 (or above), the stop is chosen--the security is purchased at the market and the limit is canceled. If the price falls to 30, the limit is executed and the stop is canceled. If there is a partial execution of one, the number of shares executed is automatically canceled from the other.An either/or order is used by an investor who is uneasy about a stock's price movement and wants to protect an interest or position if the price fluctuates in an unexpected manner.See: Limit Order; Market Order; Orders; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_127138.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Consumers' receptiveness to price changes. As the price of luxury items increase, demand for items such as luxury cars and stereo systems usually decline because these goods are not essential and can be delayed. However, for inelastic items such as food and shelter, if the price rises, the need still exists and consumers will continue to make these purchases.See: Elasticity Of Supply; Equilibrium Price</text>
</content>
<name></name>
<script></script>
</card>
card_127423.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Sensitivity of production to price changes. As prices increase, production supply rises (e.g., luxury cars) because the demand for such items decreases. If the production supply does not increase, the goods are considered to be inelastic (e.g., food).See: Elasticity Of Demand; Equilibrium Price</text>
</content>
<name></name>
<script></script>
</card>
card_127707.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The average yield of eleven general obligation municipal bonds with 20 year maturities. The eleven bonds are taken from the twenty bonds within the Twenty Bond Index. The yield is computed Thursday afternoons and is published every Friday in the "Daily Bond Buyer." See: Daily Bond Buyer</text>
</content>
<name></name>
<script></script>
</card>
card_127772.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Negotiable instruments such as commercial paper, drafts, and banker's acceptances that a bank obtains at a discount and in which the Federal Reserve Bank will accept for rediscount.See: Commercial Paper</text>
</content>
<name></name>
<script></script>
</card>
card_128204.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Employee Retirement Income Security Act (ERISA)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Federal law passed in 1974 that regulates the establishment, management, operation, and funding of most non-government pension and benefit plans.See: Profit Sharing Retirement Plan</text>
</content>
<name></name>
<script></script>
</card>
card_128478.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A plan that encourages employees to purchase stock of their employer. By participating in the plan, employees are able to partake in the company's management.</text>
</content>
<name></name>
<script></script>
</card>
card_128752.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The transfer of an asset's ownership by signing the back of a negotiable instrument. For instance, an individual signs the back of a stock or bond certificate to transfer ownership.See: Bond Power; Stock Power</text>
</content>
<name></name>
<script></script>
</card>
card_128783.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mutual fund that aims to profit from stock investments in companies whose business is energy related. For example, oil, gas, solar energy, and coal companies.See: Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_129071.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An analysis and a report completed by an engineering firm as part of the feasibility study for a proposed municipal revenue issue.See: Municipal Bond</text>
</content>
<name></name>
<script></script>
</card>
card_129320.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Individual who starts a new business. Venture capital is often used to finance the startup costs in return for an equity share. Once the business is established, an entrepreneur may choose to raise additional capital by selling equity shares to the public through an initial public offering.See: Initial Public Offering; Venture Capital</text>
</content>
<name></name>
<script></script>
</card>
card_129746.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mutual fund that aims to profit from stock investments in companies that have a role in improving the environment, or are considered environmentally sound.See: Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_129825.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's earnings per share related to its current stock price. It is used to compare the attractiveness of stocks, bonds, and money market instruments--also called "earnings yield."See: Earnings Per Share</text>
</content>
<name></name>
<script></script>
</card>
card_130089.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Amount of a corporation's earnings that is apportioned to each outstanding share of common stock. It is calculated by dividing net income minus preferred dividends and bond interest by the number of outstanding common shares. If all common stock equivalents--such as convertible bonds, preferred stock, rights and warrants--have been exchanged into common stock, earnings per share is considered to be "fully diluted."See: Net Income Per Share of Common Stock</text>
</content>
<name></name>
<script></script>
</card>
card_130556.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Monthly ratio of the Standard & Poor's (S & P) 500 earnings per share yield to the 3 month Treasury bill yield. It is calculated by dividing the latest 12 month earnings per share of the S&P 500 Index by the index's monthly average price for the current month. This will determine "earnings yield." Once the earnings yield is obtained, it is divided by the average 3 month T-bill yield for the same time period. If the ratio is 1.2 or greater, it is considered a good time to buy stocks. If the ratio is .9 or lower, it is considered a good time to sell stocks. See: Earnings Per Share; Standard & Poor's 500 Index; Treasury Bill</text>
</content>
<name></name>
<script></script>
</card>
card_130712.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Limited partnership that buys equipment such as computers and then leases it to businesses. Limited partners earn income from the lease payments. They also receive tax benefits such as depreciation. An equipment leasing partnership's profitability is dependent upon the general partner's ability to buy the right type of equipment--the type that corporations will lease. See: General Partner; Limited Partnership</text>
</content>
<name></name>
<script></script>
</card>
card_131441.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of bond that is commonly issued by transportation companies to pay for new equipment. Title to the equipment, such as a rail car, is held by a trustee, usually a bank, until the bond is repaid. An equipment trust certificate gives the bondholder first claim on the equipment in the event that interest and principal payments are in default.</text>
</content>
<name></name>
<script></script>
</card>
card_131731.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Ownership interest in a business endeavor; net worth. See: Net Worth2: Ownership interest in a corporation through the purchase of shares of stock.3: A customers ownership in an account at a brokerage firm. The customer's equity is the account's market value of long positions (commonly just referred to as "long market value") minus the account's debit balance, or the credit balance minus market value of short positions ("short market value"). See: Credit Balance; Debit Balance; Long Market Value; Short Market Value</text>
</content>
<name></name>
<script></script>
</card>
card_131896.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's issuance of shares of common or preferred stock to raise money. Equity financing is commonly done when its per share prices are high--the most money that can be raised for the smallest number of shares.See: Equity</text>
</content>
<name></name>
<script></script>
</card>
card_132154.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment that combines a life insurance policy with a mutual fund. The fund shares are used as collateral for a loan to pay the insurance premiums. Equity funding gives the investor the insurance protection benefits along with potential investment appreciation.</text>
</content>
<name></name>
<script></script>
</card>
card_132591.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment trust in which it has ownership in the property bought within the trust. REIT is an abbreviation for "real estate investment trust." Shareholders invested in equity REITs receive dividends on a building's rental income and earn appreciation on properties sold at profit.</text>
</content>
<name></name>
<script></script>
</card>
card_132685.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Comparison between a corporate bond's taxable yield and a municipal bond's tax-free yield. Depending on the investor's tax bracket, the after-tax return may be greater with a municipal bond than with a corporate bond that has a higher interest rate. The equivalent taxable yield is equal to the municipal yield divided by 100% minus the tax bracket. For an investor who is in a 28% tax bracket, for example, a 9% municipal bond would have an equivalent taxable yield of 12.5% (9%/72%).See: Yield Equivalence</text>
</content>
<name></name>
<script></script>
</card>
card_133073.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Abandoned property (e.g., bank account balances) that is turned over to the state. This will also occur when a person dies without a will. If the owner or heirs later appear, the property can be claimed from the state.</text>
</content>
<name></name>
<script></script>
</card>
card_133972.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A certificate issued by a bank guaranteeing that the options writer has the option's underlying securities on deposit at the bank and that they will be delivered to the broker if the option is exercised.See: Bank Guarantee Letter; Escrow</text>
</content>
<name></name>
<script></script>
</card>
card_134427.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A plan that encourages employees to purchase stock of their employer. By participating in the plan, employees are able to partake in the company's management.</text>
</content>
<name></name>
<script></script>
</card>
card_134794.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Tax imposed by a state or the federal government on assets left to heirs in a will. There currently (as of February 1995) is not estate tax on property transfers between spouses and assets up to $600,000 are excluded.See: Asset</text>
</content>
<name></name>
<script></script>
</card>
card_135085.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Specified US Treasury bond issues that are accepted at par value for estate tax payments if the bonds were owned by the decedent at the time of death. Also called "flower bonds," the last of these bond issues will mature in 1998.See: Flower Bond</text>
</content>
<name></name>
<script></script>
</card>
card_135368.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The anticipated amount of tax for the coming tax year that is based on the higher of regular or alternative minimum tax (AMT) minus any tax credits. Persons or entities, for whom an employer does not withhold a fixed percentage of income, need to calculate estimated tax and make quarterly payments. Total withholdings and estimated taxes paid must equal the prior year's actual tax or 90% of the estimated year's tax. </text>
</content>
<name></name>
<script></script>
</card>
card_135551.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bond that is denominated in a specific country's currency and sold to investors outside the country whose currency is used. The bonds are usually issued by large underwriting groups from many countries. The entity issuing the bonds does not have to be from the country whose currency is being used. Eurobonds provide an important capital source for multinational companies and foreign governments.See: Eurodollar Bond</text>
</content>
<name></name>
<script></script>
</card>
card_135685.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Money--also called "Euromoney"--deposited by corporations and governments in banks not located in their home countries. These banks are called "Eurobanks." The currencies or the banks are not necessarily European. For example, dollars deposited in a Japanese bank are considered to be Eurocurrency.See: Eurodollar</text>
</content>
<name></name>
<script></script>
</card>
card_136160.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bond paying interest and principal in Eurodollars--US dollars held in banks outside the US. Eurodollar bonds do not have to register with the Securities and Exchange Commission.See: Eurobond</text>
</content>
<name></name>
<script></script>
</card>
card_136497.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A stipulation that only allows holders to exercise some US listed and almost all European options on the last day (or the day before) they expire.See: American Style Exercise</text>
</content>
<name></name>
<script></script>
</card>
card_136707.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An independent expert who assesses a property's value for which there is limited trading--such as antiques or rarely traded stocks. For the evaluator's services, either a flat fee may be charged or a percentage of the item's appraised value.</text>
</content>
<name></name>
<script></script>
</card>
card_137111.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In the case of an associated takeover development, such as additional debt issuance, risk that a bond's credit quality will decline and a lower rating will be justified. Corporate bonds that include protective covenants, such as poison puts, are given event risk covenant rankings by Standard & Poor's. Ratings range from E-1 (highest) to E-5 (lowest). Covenant rankings are supplemental to basic bond ratings.See: Indenture; Rating; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_137219.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A purchase of a stock while it is trading without dividends, rights, warrants, or any other privileges connected with that stock.See: Ex-Dividend; Ex-Rights; Ex-Warrants</text>
</content>
<name></name>
<script></script>
</card>
card_137700.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A synonym for "without dividend," it is the time period between a dividend announcement and payment during which an investor who buys the stock's shares is not entitled to receive the dividend. For example, a dividend may be declared as payable to holders of record on the company's books on a given Friday (the record date). The New York Stock Exchange would declare the stock "ex-dividend" as of the opening of the market on the preceding Wednesday (two business days prior to the record date). Therefore, an investor who buys the stock on or after that Wednesday is not be entitled to that dividend. It is common for a stock's price to increase by the dividend amount as the ex-dividend date gets closer. It then usually drops by the dividend amount after the ex-dividend date. A stock that is ex-dividend is marked with an "x" in the stock table listings in newspapers.See: Cum-Dividend; Dividend; Dividend Record</text>
</content>
<name></name>
<script></script>
</card>
card_137856.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Situation in which a municipal bond does not have a legal opinion printed on it. Buyers of these bonds must be forewarned that there is not a legal opinion.See: Legal Opinion; Qualified Legal Opinion</text>
</content>
<name></name>
<script></script>
</card>
card_138197.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage lingo meaning "without rights." During a rights offering, if the common stock is purchased on or after the ex-rights date (four business days prior to the record date), the investor does not receive rights that enable an investor to buy the company's common stock at a discount from the prevailing market price. As a rule, after the ex-rights date, the rights will trade separately from the common stock.See: Ex-All; Record Date; Right</text>
</content>
<name></name>
<script></script>
</card>
card_138419.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage lingo meaning "without warrants." An investor who buys a stock that is ex-warrants are not entitled to the stock's warrants. An investor, for example, who buys a stock on April 25 that has gone ex-warrants on April 23, will not be entitled to receive those warrants. The warrants belong to the shareholder of record on April 23. Warrants permit the holder to buy stock at a specified price at a future date.See: Ex-All; Record Date; Warrant</text>
</content>
<name></name>
<script></script>
</card>
card_138692.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A financial institution's interest payments in which the interest is calculated on a 365 day basis as opposed to a 360 day basis. The difference--the ratio is 1.0139--is substantial when calculating daily interest on large amounts of money.See: Interest</text>
</content>
<name></name>
<script></script>
</card>
card_138925.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Equity in a customer's margin account at a brokerage firm that is above the Regulation T minimum or the New York Stock Exchange maintenance requirement. With a Regulation T margin requirement of $50,000 and an exchange maintenance requirement of $25,000, for example, the customer whose equity is $100,000 would have excess margin of 50,000 and 75,000, respectively.See: Margin; Margin Account; Margin Requirement; Minimum Maintenance Requirement</text>
</content>
<name></name>
<script></script>
</card>
card_139212.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Additional federal taxes levied on business earnings. The purpose of the tax is to increase national revenues during a time of national emergencies. </text>
</content>
<name></name>
<script></script>
</card>
card_139369.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Block trade completed on an exchange floor. An investor who wishes to sell a large block of stock in one transaction will request a broker to solicit and group orders. The seller sells the securities to the buyers all at the same time, and the trade is announced on the broad tape as an exchange distribution. The seller pays a special commission to the executing broker.See: Broad Tape</text>
</content>
<name></name>
<script></script>
</card>
card_139693.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A trading technique involving index futures and the stocks composing the index. Complex computer programs show deviations in the spread between the futures and the stocks. The trader attempts to profit through arbitrage--buying the index future and selling the stocks short, or vice versa. As the spread returns to its norm, the positions are closed out at a profit.See: Arbitrage; Index; Index Arbitrage</text>
</content>
<name></name>
<script></script>
</card>
card_139902.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund feature that allows a shareholder to convert from one fund to another fund within the same mutual fund family. For example, in a bull market an investor placed their money in an aggressive growth fund. If they expected the market to take a downturn, an exchange privilege would allow them to move the money to a conservative fund such as a money market. Mutual funds do not usually charge when an investor takes advantage of an exchange privilege. However, some funds do have specific parameters as to when or how many times an investor may use the exchange privileges.See: Mutual Fund "Family"</text>
</content>
<name></name>
<script></script>
</card>
card_140254.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Price at which the currency of a particular country can be converted into another country's currency. Exchange rates usually vary slightly each day and are influenced by a wide range of economic factors.</text>
</content>
<name></name>
<script></script>
</card>
card_140406.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A NYSE term used to describe a customer who is not subject to exchange margin rules for US government issues and mortgage-backed securities. The customers may be individuals who have at least $16 million net tangible assets, broker-dealers and entities that are regulated by the US government or any of its agencies, states or municipalities.See: Margin</text>
</content>
<name></name>
<script></script>
</card>
card_141216.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities that are not subject to the registration requirements of the Securities Act of 1933. Exempt securities also include securities that do not have to follow certain provisions of the Securities Exchange Act of 1934 in terms of margin, registration of dealers who make a market in them, and certain reporting requirements. Examples of exempt securities are municipal bonds, governments and bank securities.See: Securities Exchange Act of 1933; Securities Exchange Act of 1934</text>
</content>
<name></name>
<script></script>
</card>
card_141450.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In options trading, the holder of a long contract has the right to buy (call option) or sell (put option) the underlying shares at the exercise price by notifying the option seller (writer). In making notification to the seller, the holder is exercising the option contract.See: Exercise Limit; Exercise Notice; Exercise Price; Options</text>
</content>
<name></name>
<script></script>
</card>
card_141936.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Maximum number of option contracts of the same class that can be exercised within five consecutive business days. Stock options usually have an exercise limit of 2000 contracts.See: Class Of Option; Exercise</text>
</content>
<name></name>
<script></script>
</card>
card_142125.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Notification by a broker that a client who holds a long option wants to exercise a right to buy (if call) or sell (if put) the underlying stock in an option contract. The notice is sent to the Options Clearing Corporation (OCC) which in return notifies the option seller (writer) to make sure that the stock is delivered.See: Class Of Option; Exercise; Options; Options Clearing Corporation</text>
</content>
<name></name>
<script></script>
</card>
card_142485.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dollar value per share at which the underlying security in a long option contract can be exercised over the specified period. If it is a call option, when exercising, the underlying security is bought, and if it is a put option, it is sold. The holder of 1 ABC January 65 put, for example, can exercise the contract before January's expiration date. Thus, when exercising the contract, the holder sells 100 shares of ABC at the exercise or strike price of $65.See: Exercise; Strike Price</text>
</content>
<name></name>
<script></script>
</card>
card_142822.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bank that facilitates US trade with foreign countries by providing financing for exports and imports. It borrows money from the US Treasury and is backed by the full faith and credit of the US Government.</text>
</content>
<name></name>
<script></script>
</card>
card_142860.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mutual fund lingo used when a penalty (in cents per share) is charged to investors who redeem their investment within the fund's first few years of operation. Not to be confused with a back-end load.See: Back-End Load; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_143215.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Charge, stated as a percentage of total investment, that shareholders pay for a mutual fund's operating expenses, management fees and other overhead expenses. The money is withheld from the fund's current income and is not an out-of-pocket cost to the investor. It is normally disclosed in the fund's annual report to shareholders.See: Expense; Management Fee</text>
</content>
<name></name>
<script></script>
</card>
card_143743.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The last day on which an option can be exercised. If it is not, the option is said to have "expired worthless."See: Expiration Cycle; Expiration Date</text>
</content>
<name></name>
<script></script>
</card>
card_143933.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Cycles used to designate expiration dates in options trading. Corporations and indexes that have options trading are assigned a specific cycle to follow. There are three cycles: 1: January, April, July, October; 2: February, May, August, November; 3: March June September, December. Only three of the four months in a set are traded at one time. For example, when February options expire, trading in November options will begin.See: Expiration; Expiration Date; Options</text>
</content>
<name></name>
<script></script>
</card>
card_144132.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The date on which an option expires. In most cases, an options expiration date is on the Saturday immediately following the third Friday of the expiration month. However, the last day the option can be traded is the third Friday of the expiration month.See: Expiration; Expiration Cycle; Options</text>
</content>
<name></name>
<script></script>
</card>
card_144605.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bank that facilitates US trade with foreign countries by providing financing for exports and imports. It borrows money from the US Treasury and is backed by the full faith and credit of the US Government.</text>
</content>
<name></name>
<script></script>
</card>
card_144838.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Outside funds infused into a corporation to supplement the firm's cash flow. They are used for expansion and working capital needs. The external funds can originate from a bank loan, a bond offering, or from venture capitalists.See: Venture Capital; Working Capital</text>
</content>
<name></name>
<script></script>
</card>
card_144908.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A stock or cash dividend paid to shareholders. It is in addition to the company's regular dividend. An extra dividend may be paid by a company after an especially profitable year to reward its shareholders.See: Dividend </text>
</content>
<name></name>
<script></script>
</card>
card_145312.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An irregular event, such as a division write-off or acquisition of another company, that needs to be explained to shareholders in an annual or quarterly report. Earnings will normally be calculated and reported before the effect and after the effect of extraordinary items.See: Write-Off</text>
</content>
<name></name>
<script></script>
</card>
card_145629.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A debt instrument issued by a face amount certificate company, which is a type of investment company. Face amount certificates offer a predetermined rate of interest and may be purchased in lump-sums, or more commonly, in periodic installments. Certificate holders are entitled to redeem their certificates at maturity for the face amount, or they may redeem them prior to maturity for their surrender value.See: Debt Instrument; Face Amount Certificate Company; Investment Company</text>
</content>
<name></name>
<script></script>
</card>
card_146115.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>One of three basic types of investment companies defined by the Investment Company Act of 1940. This kind of investment company issues debt certificates, called face amount certificates, at a predetermined rate of interest to investors. They may be purchased in lump-sums, or more commonly, in periodic installments. Certificate holders are entitled to redeem their certificates at maturity for the face amount, or they may redeem them prior to maturity for their surrender value.See: Face Amount Certificate; Investment Company; Investment Company Act Of 1940</text>
</content>
<name></name>
<script></script>
</card>
card_146252.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The value of a bond (or other debt instrument) that appears on the front, or face, of the certificate. Although a bond's price may change due to market conditions, the face value does not change. At maturity, the issuer redeems the bond at the face value amount. If the bonds are retired before maturity, the bondholder usually receives a slight premium over the face value. The face value is also the amount used to compute interest payments. For instance, a 10% bond with a face value of $1,000 pays $100 interest annually. Corporate bonds usually are issued with $1,000 face values, municipals with $5,000 face values, and federal government bonds with $10,000 face values. Other terms for face value include par value, nominal value and principal amount.See: Debt Instrument; Municipal Bond; Par; Principal Amount</text>
</content>
<name></name>
<script></script>
</card>
card_146552.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A position that is the result of a broker-dealer's failure to settle a transaction with another broker. Generally a broker has a fail when his client fails to either make payment or deliver securities in time to meet the settlement date of a trade. A fail position may be either a fail to deliver or a fail to receive.See: Fail To Deliver; Fail To Receive; Settlement</text>
</content>
<name></name>
<script></script>
</card>
card_146824.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A situation that occurs when the broker-dealer on the sell side of a transaction does not deliver securities to the broker-dealer on the buy side by the settlement date of the transaction. Usually this occurs because the selling broker-dealer has not received the certificates from the selling customer. The buying broker-dealer will not pay for the securities until the fail to deliver is eliminated by delivery of the certificates.See: Fail Position; Fail To Receive; Partial Delivery; Settlement</text>
</content>
<name></name>
<script></script>
</card>
card_146958.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A situation that occurs when the broker-dealer on the buy side of a transaction has not received securities from the broker-dealer on the sell side by the settlement date of the transaction. The buying broker-dealer will not pay for the securities until the fail to receive is eliminated by delivery of the certificates.See: Fail Position; Fail To Deliver; Settlement</text>
</content>
<name></name>
<script></script>
</card>
card_147385.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The price of an asset or service as determined by the buyer and seller of the asset or service, where both parties have sufficient information to make a rational decision.See: Market</text>
</content>
<name></name>
<script></script>
</card>
card_147535.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that was rated investment grade (AAA to BBB) at issuance, but has fallen below investment grade (BB or lower). Bonds rated below investment grade are called junk bonds.See: Investment Grade; Junk Bond</text>
</content>
<name></name>
<script></script>
</card>
card_147880.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A group of mutual funds in which each fund has a different objective, yet all are managed by the same investment company. Usually shareholders of one fund can switch their money into one of the family's other funds, sometimes without incurring a charge. This makes it easier for investors to move their assets in response to changes in the market or in their needs. There may be tax consequences when money is transferred from one fund to another.See: Investment Company; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_148039.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Terms used to describe the length of option contracts relative to the present. For example, in February, an option expiring in May would be farther in than an option expiring in August. The August option, on the other hand, would be farther out.See: Options</text>
</content>
<name></name>
<script></script>
</card>
card_148567.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A debt instrument issued by an agency of the federal government such as the Federal National Mortgage Association. Although these securities generally have high credit ratings due to the fact that they are sponsored by the federal government, they are not backed by the full faith and credit of the U.S. government, unlike Treasury securities.See: Debt Instrument; Federal National Mortgage Association; Governments; Treasuries</text>
</content>
<name></name>
<script></script>
</card>
card_148916.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Federal National Mortgage Association (FNMA)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>A government-sponsored corporation that purchases mortgages from lenders, repackages them and sells them. The agency, which is known as Fannie Mae, deals in both government-backed and conventional mortgages</text>
</content>
<name></name>
<script></script>
</card>
card_149211.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The governing body of the Federal Reserve System. The Board is comprised of seven members appointed by the President and subject to confirmation by the Senate. In order to ensure members' independence from political influence, each member serves a 14-year term. The Board is responsible for setting monetary policy for the U.S. and has the authority to determine bank reserve requirements, set the discount rate, regulate the availability of credit, and control the purchase of securities on margin.See: Discount Rate; Federal Reserve System </text>
</content>
<name></name>
<script></script>
</card>
card_149350.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A system established by the Federal Reserve Act of 1913 to manage the monetary and banking system within the U.S. The Federal Reserve System, also known as the Fed, is broken up into 12 regions and is governed by the Federal Reserve Board. National banks are stockholders of the Federal Reserve Bank in their region.The Fed is responsible for regulating the national money supply, setting bank reserve requirements, controlling the printing of currency and acting as a clearinghouse for the transfer of funds throughout the banking system. The Fed also establishes and enforces bank regulations.See: Discount Rate; Federal Reserve Board</text>
</content>
<name></name>
<script></script>
</card>
card_149511.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The credit balance in a margin account is known as a fictitious credit because it cannot be withdrawn by the customer since it is held as collateral to secure the broker's loan of funds and securities to the customer. A fictitious credit is comprised of the proceeds from short sales and the margin requirement, which is established by Regulation T of the Federal Reserve Board. A free credit balance, on the other hand, may be withdrawn at any time.See: Federal Reserve Board; Margin; Regulation T; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_149932.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person, company, or association entrusted with the control of assets for the benefit of another, known as the beneficiary. Most states have laws governing the conduct of fiduciaries. Some states maintain a list of securities, known as the legal list, which are permissible investments for fiduciaries acting on behalf of their beneficiaries. Other states simply use the prudent man rule which requires that fiduciaries act as a prudent man or woman would with regard to how they invest on behalf of their beneficiary. In addition, the document appointing the fiduciary will establish parameters and guidelines for their activities with respect to the beneficiary's assets. Some examples of fiduciaries are executors of wills, administrators of estates, receivers in bankruptcy, trustees, and custodians for minors.See: Legal List; Prudent Man Rule</text>
</content>
<name></name>
<script></script>
</card>
card_150197.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Method of accounting for the purchase and sale of securities for tax purposes whereby the first security purchased is assumed to be the first security sold. For instance, under FIFO, or first in, first out accounting, an investor who purchased 100 shares of XYZ in January and another 100 shares of XYZ in March, and then sold 100 shares of XYZ in November, would have sold the first 100 shares bought in January. In contrast, the LIFO method, or last in, first out would allocate the shares bought in March as the shares sold.See: LIFO</text>
</content>
<name></name>
<script></script>
</card>
card_150409.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The execution of a client's order to buy or sell a security. An order is considered filled when the total number of shares is completely bought or sold. If less than the order's full amount is executed, it is known as a "partial fill."See: Execution</text>
</content>
<name></name>
<script></script>
</card>
card_150675.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limit order to buy or sell a security in which the client instructs the broker to execute the order immediately in its entirety. If the order cannot be executed, it is canceled. FOK orders are usually used when a client wants to transact a large quantity of a security--one that would cause a significant price change if a market order to buy or sell were entered.See: Fill; Limit Order; Market Order</text>
</content>
<name></name>
<script></script>
</card>
card_151015.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Market for the exchange of capital and credit in the economy. Financial markets include the stock market, bond market, commodities market, and foreign exchange market. Financial markets may also be categorized as either money markets or capital markets. Money markets deal in short term debt instruments whereas capital markets trade in long term debt and equity instruments.See: Debt Instrument; Money Market</text>
</content>
<name></name>
<script></script>
</card>
card_151092.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment strategy which apportions an investor's assets based on four categories of risk. The largest portion of assets are invested in safe, liquid investments. The second largest portion of assets is allotted to low-risk investments with the objectives of income and long-term growth. Third are assets categorized as medium-risk, and fourth, the smallest portion of assets, is comprised of high-risk investments.See: Liquidity; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_151521.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A record of the financial status of an individual, company or association. The financial statement includes a balance sheet, an income statement and may also include other financial analysis such as a cash flow statement.See: Balance Sheet; Income Statement</text>
</content>
<name></name>
<script></script>
</card>
card_151661.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A company that offers a large variety of financial services. For instance, some financial supermarkets may offer banking services, securities brokerage, real estate brokerage, and insurance products--all under the same roof.See: Broker</text>
</content>
<name></name>
<script></script>
</card>
card_151961.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of underwriting whereby the underwriter agrees to purchase the entire issue from the issuer, regardless of his ability to sell the securities to the public. Any unsold shares cannot be returned to the issuer. Also called a "Firm Commitment Underwriting."See: Firm Commitment Underwriting; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_152094.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A type of underwriting whereby the underwriter agrees to purchase the entire issue from the issuer, regardless of his ability to sell the securities to the public. Any unsold shares cannot be returned to the issuer.See: Firm Commitment; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_152361.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A quote by a market maker for a security which requires the market maker to purchase or sell a round lot of the security at the quoted bid or offer. This is in contrast to a nominal or subject quote which may require further negotiation or review and must be identified as such.See: Market Maker; Nominal Quotation; Round Lot; Subject </text>
</content>
<name></name>
<script></script>
</card>
card_152966.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>First date on which part or all of a bond may be redeemed, or called, by the issuer, at a prespecified price. The first call date is specified in the bond's indenture. Bond brokers generally will quote callable bonds by giving both the yield to maturity and the yield to call.See: Call; Indenture; Yield To Call; Yield To Maturity</text>
</content>
<name></name>
<script></script>
</card>
card_153239.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A class of preferred stock that has preferential claim over other classes of preferred stock and common stock with regard to claims on dividends and assets.See: Dividend; Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_153425.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Method of accounting for the purchase and sale of securities for tax purposes whereby the first security purchased is assumed to be the first security sold. For instance, under first in, first out accounting, or FIFO, an investor who purchased 100 shares of XYZ in January and another 100 shares of XYZ in March, and then sold 100 shares of XYZ in November, would have sold the first 100 shares bought in January. In contrast, the LIFO method, or last in, first out would allocate the shares bought in March as the shares sold.See: Last-In First-Out</text>
</content>
<name></name>
<script></script>
</card>
card_153789.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A rating agency for municipal and corporate bonds, preferred stock, commercial paper, and other debt instruments.See: Moody's Investors Service; Rating; Standard & Poor's Corporation</text>
</content>
<name></name>
<script></script>
</card>
card_153878.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment contract sold by an insurance company which makes fixed payments to the annuitant for a prespecified period of time, usually for life. In contrast, a variable annuity makes payments which are directly related to the performance of the vehicles in which the annuity has invested.See: Annuitant; Annuity; Variable Annuity</text>
</content>
<name></name>
<script></script>
</card>
card_154145.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Assets owned by a corporation which are not generally intended for sale in the normal course of the business. These assets represent tangible property and are highly illiquid. Buildings, machinery, equipment, furniture and fixtures are examples of fixed assets.See: Illiquid; Liquidity </text>
</content>
<name></name>
<script></script>
</card>
card_154386.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security that pays a fixed rate of return, such as a bond or preferred stock. Fixed income investments offer protection against market risk, but do not protect holders against the risk of inflation.See: Debt Security; Inflation; Preferred Stock; Rate Of Return; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_154685.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond term that means it is trading without accrued interest. Bonds which are in default of interest or principal are traded flat. This means that accrued interest will be received by the buyer if and when it is paid, but no accrued interest will be paid to the seller.See: Income Bond; Principal</text>
</content>
<name></name>
<script></script>
</card>
card_154972.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The movement of capital by investors to the safest possible investment. Flights to quality usually occur when the market is declining or a specific situation occurs within the marketplace that unsettles investors. Money market investors, for example, may only buy government securities if a major bank fails.See: Bear Market; Government Agency Securities; Money Market; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_155632.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A member of an exchange who may or may not be employed by a member firm and executes orders on the floor of the exchange. The floor broker executes orders for customers and is therefore acting as agent. In contrast, the floor trader is buying and selling for his own account and is acting as principal.See: Agency; Floor; Floor Trader; Principal</text>
</content>
<name></name>
<script></script>
</card>
card_156236.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A member of an exchange who trades on the floor of the exchange for his own account. In contrast, the floor broker is buying and selling for the accounts of customers and is acting as agent.See: Agency; Floor; Floor Broker</text>
</content>
<name></name>
<script></script>
</card>
card_156631.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A US Treasury bond that is accepted at face value to pay estate tax if the bonds were owned by the decedent at the time of death. Flower bonds are no longer issued and the last of them will mature in 1998. The bonds trade at a discount since they have a relatively low interest rate (3% to 4%).See: Debt Security; Discount; Treasury Bond</text>
</content>
<name></name>
<script></script>
</card>
card_156833.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A government sponsored corporation that purchases mortgages from lenders, repackages them and then sells them. The agency, which is known as Fannie Mae, deals in both government-backed and conventional mortgages.</text>
</content>
<name></name>
<script></script>
</card>
card_157100.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limit order to buy or sell a security in which the client instructs the broker to execute the order immediately in its entirety. If the order cannot be executed, it is canceled. FOK orders are usually used when a client wants to transact a large quantity of a security--one that would cause a significant price change if a market order to buy or sell were entered.See: Fill; Limit Order; Market Order</text>
</content>
<name></name>
<script></script>
</card>
card_157379.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A nickname for the "Financial Times' " FT-SE 100 Index (Financial Times-Stock Exchange 100 stock index). It is a market value-weighted index of 100 alpha stocks traded on the London Stock Exchange.See: Alpha; Index</text>
</content>
<name></name>
<script></script>
</card>
card_157640.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A listing prepared annually by Forbes magazine of the largest U.S. publicly-owned corporations. Corporations are ranked by sales, assets, profits, and market value.See: Fortune 500</text>
</content>
<name></name>
<script></script>
</card>
card_157803.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Predicting current and future market trends using existing data and facts. Analysts rely on technical and fundamental statistics to predict the directions of the economy, stock market and individual securities.See: Fundamental Analysis; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_158086.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Document that broker-dealers must file and keep current with the SEC. It provides details about the firm's principals and officers, net capital compliance, and financial statements.See: Broker-Dealer; Financial Statement; Principal</text>
</content>
<name></name>
<script></script>
</card>
card_158398.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A listing prepared annually by Fortune magazine of the 500 largest U.S. industrial corporations, ranked by sales. Fortune also prepares a listing called the Fortune Service 500 for non-industrial corporations.See: Forbes 500</text>
</content>
<name></name>
<script></script>
</card>
card_158491.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Direct trading of large blocks of securities between institutional investors to avoid brokerage commissions. Quotes can be obtained through a service called Instinet, an acronym for Institutional Networks Corporation.See: Commission; Instinet </text>
</content>
<name></name>
<script></script>
</card>
card_158951.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Less than one full share of stock. An investor may have a fractional share as the result of a dividend reinvestment program. If the amount of the dividend is not sufficient to purchase a full share of stock, the investor will be credited with a fractional share until enough dividends are received to purchase a full share. For instance, if XYZ stock issues a $1.00 dividend and the stock is trading at $10.00, a customer with dividend reinvestment will be credited a fractional share of 1/10.See: Dividend; Dividend Reinvestment Plan</text>
</content>
<name></name>
<script></script>
</card>
card_159119.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Acronym for the Federal Reserve Board, the governing body of the Federal Reserve System. The Federal Reserve Board is comprised of seven members appointed by the President and subject to confirmation by the Senate. In order to ensure members' independence from political influence, each member serves a 14-year term. The FRB is responsible for setting monetary policy for the U.S. and has the authority to determine bank reserve requirements, set the discount rate, regulate the availability of credit, and control the purchase of securities on margin.See: Discount Rate; Federal Reserve System</text>
</content>
<name></name>
<script></script>
</card>
card_159357.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A situation that occurs when a member of an underwriting syndicate withholds a portion of a public offering of a new securities issue with the intent to sell it at a price higher than the initial offering price. This is a violation of securities regulations because the underwriter is not making a legitimate offering to the public.2: A situation that occurs when a customer purchases a security, then sells the same security and uses the proceeds to pay for the purchase. This practice is prohibited by Federal Regulation T which requires that customers pay for securities within prespecified time frames. Firms are required to freeze or restrict customer accounts that engage in this practice for 90 days.See: Frozen Account; Initial Public Offering</text>
</content>
<name></name>
<script></script>
</card>
card_159715.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term used to identify brokerage industry personnel who deal directly with the public, such as sales and trading personnel.See: Back Office</text>
</content>
<name></name>
<script></script>
</card>
card_159867.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A situation that occurs when a securities or commodities trader takes a position in a security in order to take advantage of a large upcoming transaction of which he is aware.</text>
</content>
<name></name>
<script></script>
</card>
card_160092.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A sales charge in connection with the purchase of an investment, which is applied at the time of purchase. Generally this term is associated with mutual funds, but may also apply to life insurance policies and limited partnerships.See: Investment Company; Limited Partnership; Load Mutual Fund; Mutual Fund; No Load Mutual Fund; Sales Charge</text>
</content>
<name></name>
<script></script>
</card>
card_160359.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A brokerage account in which the customer may only purchase securities up to the amount of cash in the account and only sell securities if the certificates are held in the account. Generally, an account is frozen for freeriding, which is a violation of Federal Regulation T. Frozen accounts may also be called restricted accounts.See: Freeriding; Regulation T</text>
</content>
<name></name>
<script></script>
</card>
card_160568.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term which refers to the requirements established by the Securities and Exchange Commission regarding public divulgence of material facts by corporations.</text>
</content>
<name></name>
<script></script>
</card>
card_160893.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term used to describe a security for which a government entity pledges its full taxing and borrowing power, plus revenue other than taxes to support the payment of interest and repayment of principal. For instance, Treasury securities are backed by the full faith and credit of the U.S. government.See: Principal; Treasuries</text>
</content>
<name></name>
<script></script>
</card>
card_161185.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A broker that provides a variety of brokerage and financial services to clients, including offering advice on investment decisions. Generally full service brokers charge higher commissions than discount brokers who execute trades but do not give any investment advice.See: Broker; Discount Broker; Retail House</text>
</content>
<name></name>
<script></script>
</card>
card_161382.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Price at which a corporation's fundamental earnings power is fully reflected in the security's market price. If the stock goes up from that price, it is considered to be overvalued. If the stock goes down, it is undervalued. See: Overvalued; Undervalued</text>
</content>
<name></name>
<script></script>
</card>
card_161554.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Research and examination of a corporation's financial statements and balance sheets to predict the future price movements of their securities. Among other indicators, fundamental analysts study past records of assets, earnings, sales, products, management and markets to predict future trends. By assessing a firm's prospects, fundamentalists can evaluate whether a security is overvalued or undervalued. In contrast to fundamental analysis, technical analysis does not consider a corporation's financial data. Technical analysts rely on price and volume movements of stocks.See: Balance Sheet; Financial Statement; Fully Valued; Income Statement; Market Analysis; Technical Analysis; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_161886.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A person who thinks that a corporation's security prices are determined by its future earnings and dividend abilities. Besides studying a corporation's financial data, they will also examine its industry and how the economy will affect the company's core business. See: Dividend; Fundamental Analysis; Technical Analyst</text>
</content>
<name></name>
<script></script>
</card>
card_162194.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A contract to buy or sell a prespecified amount of a commodity or financial instrument at a particular price on an agreed upon date in the future. Futures differ from options in that the holder of an option has a choice whether or not to exercise the option, but the parties involved in a futures contract are obligated to complete the transaction.See: Futures Market; Options</text>
</content>
<name></name>
<script></script>
</card>
card_162515.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Detailed rules and procedures as defined by accepted accounting practices. Although the principles were established by the Accounting Principles Board, the board has since been superseded by the Financial Accounting Standards Board (FASB), a self-regulatory organization.</text>
</content>
<name></name>
<script></script>
</card>
card_163214.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Class of stocks traded on the London Stock Exchange that are less regulated and only require two market makers quoting indicative prices. Gamma stocks rank third behind Alpha and Beta stocks in terms of capitalization and activity.See: Alpha</text>
</content>
<name></name>
<script></script>
</card>
card_163534.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Securities industry term used to depict a security's price movement when its one day's trading range does not overlap the next day's, causing a range (gap) in which no trade has occurred. This usually occurs because of extraordinary positive or negative news about a corporation or a commodity.See: Trading Range2: Financial term representing the dollar amount needed for which provisions have yet to be made. For example, XYZ corporation needs $2.5 million to purchase a new facility. It obtains a loan of $1.25 million and new equity of $750,000. That leaves a gap of $500,000 in which it needs gap financing.</text>
</content>
<name></name>
<script></script>
</card>
card_163806.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Traders' lingo--a combination of the words garbage and arbitrage--that represents stocks that rise because of a major takover. These stocks do not have any significant involvement in the target corporation or in its industry. Hence, they have no real reason to rise.See: Arbitrage; In Play; Rumortrage; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_163974.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Trading strategy that entails selling enough shares of a stock to drive its price down to a point where stop orders are believed to be. The stop orders are then activated and become market orders that create movement that activates other stop orders in a process called snowballing. Because this can cause major trading swings, exchange floor officials, if they deem it prudent, have the authority to suspend stop orders in individual securities.See: Market Order; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_164336.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Federal Reserve Board term for customer's margin account subject to Regulation T (rules governing credit extensions to brokerage customers for the purchase and short sale of securities). The Fed requires that all margin transactions be made in this account.See: Federal Reserve Board; Margin Account; Regulation T </text>
</content>
<name></name>
<script></script>
</card>
card_164464.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Formal ledger that includes all the financial statement accounts of a business. It contains offsetting debit and credit accounts.See: Financial Statement</text>
</content>
<name></name>
<script></script>
</card>
card_164693.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Lien against an individual that gives the right to seize personal property to pay off a debt. The property seized does not have to be the property that causes the debt. The lien does not give the right to seize real property such as land. See: Discharge of Lien</text>
</content>
<name></name>
<script></script>
</card>
card_165085.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>General Loan And Collateral Agreement</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Also called a "broker's loan," it is an on-going agreement in which broker-dealers borrow money from a bank to buy securities, finance new issue underwriting, carry inventory, or carry customer margin accounts.See: Broker Loan Rate; Margin Account; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_165351.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mortgage that covers all (blanket) the eligible properties of a borrower and not one particular property. If a liquidation should occur, a blanket mortgage may have a lower priority claim than a mortgage on specific properties.See: General Mortgage Bond; Liquidation</text>
</content>
<name></name>
<script></script>
</card>
card_165483.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that is secured by a blanket mortgage on a corporation's property, but which may be outranked by another mortgage.See: Debt Security; General Mortgage </text>
</content>
<name></name>
<script></script>
</card>
card_165687.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Commonly abbreviated as "GO" bond, it is a municipal bond secured by the "full faith and credit" (taxing and borrowing power of the issuer) of the municipality. In comparison to revenue bonds that are repaid from a specific facility (i.e., a sewer system) built with the borrowed funds, a GO bond is repaid with general revenue and borrowings.See: Full Faith And Credit; Municipal Bond </text>
</content>
<name></name>
<script></script>
</card>
card_166269.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The partner in a limited or general partnership who is responsible for the management and operation of the partnership. The partner also has a fiduciary responsibility to act for the benefit of the limited partners and, ultimately, any debts taken on by the partnership. See: Fiduciary; Limited Partnership</text>
</content>
<name></name>
<script></script>
</card>
card_166598.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Detailed rules and procedures as defined by accepted accounting practices. Although the principles were established by the Accounting Principles Board, the board has since been superseded by the Financial Accounting Standards Board (FASB), a self-regulatory organization.</text>
</content>
<name></name>
<script></script>
</card>
card_166875.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A graduated tax assessed to a donor by the federal government and most state governments when assets are gifted from one person to another. As the gift's value increases, so does the tax rate. The Economic Recovery Tax Act of 1981 permits a donor to give $10,000 a year per recipient free of the federal gift tax ($20,000 to a married couple). The gift tax is calculated on the dollar value of the asset being transferred above the $10,000 exemption level.</text>
</content>
<name></name>
<script></script>
</card>
card_166954.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporate security that has been established over a period of years so that it earns sufficient profits to pay its bondholders their interest without interruptions. The term can also be used for a stock that pays a reliable dividend. However, the term blue chip is more commonly used when referring to stocks.See: Blue Chip; Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_167419.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security backed by a pool of mortgages and guaranteed by the Government National Mortgage Association (Ginnie Mae). Homeowners make their mortgage payments to the originator of their mortgage. After deducting a service charge, the bank forwards the mortgage payments to the pass-through investors--usually institutional investors or individuals. Ginnie Mae guarantees that investors will receive timely principal and interest payments even if homeowners do not make timely mortgage payments.Although Ginnie Mae pass-throughs have benefited the home mortgage market (increased capital available for lending), an investor's rate of principal repayment may be uncertain. If interest rates rise, homeowners will hold onto their original mortgages and the principal will be repaid more slowly. If interest rates fall, homeowners will refinance their mortgages at a lower rate and the principal will be repaid faster than expected.See: Government National Mortgage Association; Half-Life; Institutional Investor; Principal</text>
</content>
<name></name>
<script></script>
</card>
card_167723.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Stocks that achieve a wide following by consistently producing rising sales and earnings over a long time period. In a bull market, glamor stocks usually rise faster than the overall market. A glamor stock may also be categorized as a blue chip stock. However, it is often distinguished by a higher earnings growth rate.See: Blue Chip; Bull Market </text>
</content>
<name></name>
<script></script>
</card>
card_167994.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>GNMA (Government National Mortgage Association)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Nicknamed Ginnie Mae, a government-owned corporation that is an agency of the Department of Housing and Urban Development. Ginnie Maes are pools of residential mortgages. GNMA guarantees, with the full faith and credit of the US Government, that investors will receive full and timely principal and interest payments even if mortgages in the pool are not paid on a timely basis.See: Federal National Mortgage Association; Full Faith And Credit; Ginnie Mae Pass Through; Principal </text>
</content>
<name></name>
<script></script>
</card>
card_168671.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The total value of goods and services produced by the economy in a given period. It is a primary indicator of an economy's status. "Real GNP" measures economic production that is adjusted for inflation. Real GNP and GNP figures are stated on an annual basis and are updated every quarter.See: Consumer Price Index; Deflation; Economic Growth Rate; Inflation; Producer Price Index; Recession</text>
</content>
<name></name>
<script></script>
</card>
card_168800.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund that invests in highly risky but potentially lucrative stocks. The investments are highly speculative.See: Mutual Fund; Risk; Speculation</text>
</content>
<name></name>
<script></script>
</card>
card_169020.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Unethical practice whereby the broker trades for his own account before filling his customers' orders.See: National Association of Securities Dealers; Rules of Fair Practice</text>
</content>
<name></name>
<script></script>
</card>
card_169354.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bonds bought by dealers for immediate sale to investors, as opposed to being held in inventory for resale at future date. The importance of the difference is that bonds bought going away will not cause adverse pressure on prices.See: Debt Security</text>
</content>
<name></name>
<script></script>
</card>
card_169611.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's value as an operating business as opposed to the value of its assets or its liquidating value. In accounting, going-concern value in excess of asset value is considered an intangible asset and is called goodwill. Goodwill represents the value of a corporation's name, customer service, employee morale, and other such factors that are anticipated to translate into higher earning power. However, as an intangible asset, it does not have a liquidation value and accounting principles require that it is written off over a specific time period.See: Goodwill; Intangible Assets; Private Market Value</text>
</content>
<name></name>
<script></script>
</card>
card_169916.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A purchase of a security that creates a "long position." The opposite of going long is "going short," when investors sell a security they do not own and hence, a short position is created.See: Going Short; Long Position; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_170156.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Going from public to private ownership of a corporation's shares. It is usually accomplished by either the company's repurchase of shares or a private investor purchasing the public shares. A corporation will usually go private when its shares are priced considerably below their book value and thus the assets can be bought cheaply. Another reason a company's management may decide to go private is to ensure their own existence by removing the company as a takeover prospect.See: Book Value; Going Public; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_170305.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Industry lingo used to describe the initial sale of shares of a privately held corporation to the public. To fund corporate expansion, a company may go public to raise the needed money. In exchange, the corporation's management gives up some decision-making control to public shareholders. The stock being sold to the public is called an "initial public offering" (IPO).See: Going Private; Initial Public Offering; New Issue</text>
</content>
<name></name>
<script></script>
</card>
card_170613.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Selling a security that is not owned and hence, a short position is created. An investor who goes short borrows the security from their broker and hopes to buy other shares of the security at a lower price. The investor replaces the borrowed security with the lower priced security. The difference is the investor's profit.See: Going Long; Long Position; Selling Short; Short Position </text>
</content>
<name></name>
<script></script>
</card>
card_170763.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A debt obligation that is issued by gold-mining companies. The interest payments are determined by gold prices. These bonds are bought by investors who believe gold prices are going to rise. Similarly, silver mining companies issue silver-backed bonds.See: Debt Securitiy</text>
</content>
<name></name>
<script></script>
</card>
card_171240.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The daily price setting of gold by selected gold specialist and bank officials in London. The price is fixed at 10:30 am and 3:30 p.m. London time every business day, and is determined by the forces of supply and demand. The gold fix price is used to set the prices of gold bullion, gold-related contracts and products.</text>
</content>
<name></name>
<script></script>
</card>
card_171470.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mutual fund that invests in gold mining firms. Some funds only invest in US and Canadian firms while others invest in North American and South African firms. Funds investing in South African mines usually pay high dividends because they typically pay out almost all of their earnings as dividends. Gold funds typically perform best during periods of rising inflation. They offer the investor an inflationary hedge, without the risks incurred by investing directly in gold commodities, bullion, or individual gold stocks.See: Hedging</text>
</content>
<name></name>
<script></script>
</card>
card_171715.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A monetary system in which currency is convertible into fixed amounts of gold. The US used to be on the gold standard but was taken off in 1971.</text>
</content>
<name></name>
<script></script>
</card>
card_171878.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An analyst that is smitten with gold as an investment and recommends it as a hedge. Goldbugs are usually anxious about either the world economy, depression or hyperinflation.See: Hedging</text>
</content>
<name></name>
<script></script>
</card>
card_172108.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Lucrative contract that is given to top executives in the event that the company is taken over by another corporation and results in job loss. The contract usually includes a large amount of severance pay, stock options, and a bonus. Golden Parachutes are usually a part of an anti-takeover strategy.</text>
</content>
<name></name>
<script></script>
</card>
card_172396.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Industry lingo meaning that a certificate is endorsed properly, has a signature guarantee and has met other qualifications. The certificates must be in good form to conform with the sale contract so that ownership can be transferred to the buyer. Certificates not in good form are said to be a "bad delivery."See: Delivery; Legal Transfer</text>
</content>
<name></name>
<script></script>
</card>
card_172728.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Customer order to buy or sell securities at a limit or stop price for specific time period, unless canceled, executed, or changed. It is a type of limit order and may be specified GTW (good-this-week), GTM (good-this-month order), GTC (good-til-canceled), GTC-90 (good-til-canceled for a 90 day period), or for shorter or longer periods.See: Good-Til-Canceled Order</text>
</content>
<name></name>
<script></script>
</card>
card_172919.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Customer order to buy or sell securities at a limit or stop price that will remain in effect until it is either executed or canceled. If it is not executed, the order can be canceled or changed at any time. Also called an "open order."See: Day Order; Good Through; Limit Order; Limit Price; Open Order; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_173201.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An intangible asset that represents the value of a corporation's name, customer service, employee morale, and other such factors that are anticipated to translate into higher earning power. However, as an intangible asset, it does not have a liquidation value and accounting principles require that it is written off over a specific time period.See: Going Concern Value; Liquidation </text>
</content>
<name></name>
<script></script>
</card>
card_173367.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Also called "agency securities," they are securities issued by US government agencies--for example, the Federal National Mortgage Association. Although agency securities have high credit ratings, they are not government obligations. Hence, they are not directly backed by the full faith and credit of the US government.See: Federal National Mortgage Association; Full Faith And Credit; Government Obligations</text>
</content>
<name></name>
<script></script>
</card>
card_173746.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Debt obligation of the US Government that are regarded as the highest grade of securities issues.See: Debt Insrument; Government Obligations</text>
</content>
<name></name>
<script></script>
</card>
card_173993.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Government National Mortgage Association (GNMA)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Nicknamed Ginnie Mae, a government-owned corporation that is an agency of the Department of Housing and Urban Development. Ginnie Maes are pools of residential mortgages. GNMA guarantees, with the full faith and credit of the US Government, that investors will receive full and timely principal and interest payments even if mortgages in the pool are not paid on a timely basis.See: Federal National Mortgage Association; Full Faith And Credit; Ginnie Mae Pass Through; Principal</text>
</content>
<name></name>
<script></script>
</card>
card_174221.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities issued and backed by the full faith and credit of the US government. Examples of such obligations are Treasury bonds, bills, and savings bonds. Because governments are backed by the US government, they are considered the most credit-worthy of all debt instruments.See: Full Faith And Credit; Government Agency Securities; Treasuries</text>
</content>
<name></name>
<script></script>
</card>
card_174673.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's security listing that has been upgraded by moving from one exchange to a more notable exchange--for instance, a security's move from a regional exchange to a national exchange. A graduated security usually sees an expansion of its trading volume.</text>
</content>
<name></name>
<script></script>
</card>
card_174876.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investment theory established in the 1930s by Benjamin Graham and David Dodd that is summarized in their book "Security Analysis." Graham and Dodd believed that investors should buy stocks in corporations that have undervalued assets that will inevitably appreciate to their true market value. Graham and Dodd recommended buying stocks in corporations that have current assets exceeding current liabilities, all long-term debt, and a low price/earnings ratio. Analysts who call themselves Graham and Dodd investors search for stocks selling below their liquidating value and do not consider their earnings growth potential.See: Current Assets; Current Liabilities; Fundamental Analysis; Long Term Debt; Price/Earnings Ratio; Technical Analysis; Undervalued</text>
</content>
<name></name>
<script></script>
</card>
card_175125.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In investments, an options trader who sells a call or a put option and receives premium income for doing so. In the case of a call, the grantor sells the right to buy a security at a specified price. In the case of a put, the grantor sells the right to sell a security at a specified price.See: Call Option; Grantor; Premium Income; Put Option</text>
</content>
<name></name>
<script></script>
</card>
card_175485.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Termed a graveyard market because investors who are in the market cannot get out and those who are out have no desire to get in the market. This can happen in a bear market when investors who wish to sell will be faced with large losses and when potential investors prefer to stay liquid until the market improves. See: Bear Market; Liquidity</text>
</content>
<name></name>
<script></script>
</card>
card_175701.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Believers of this theory feel that even though a stock or the overall market is fully valued, speculation is warranted because there are enough fools (greater fools) to push prices further upward.See: Fully Valued; Overvalued; Speculation; Undervalued</text>
</content>
<name></name>
<script></script>
</card>
card_175876.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An underwriting agreement provision stipulating that, in the case of huge public demand, additional shares will be authorized by the issuer for distribution by the syndicate.See: Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_176224.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An act of buying a corporation's stock, threatening to take control, and then demanding that those shares be purchased back by the corporation--usually at a price higher than can be obtained on the open market. In exchange, the acquirer agrees not to proceed with the takeover bid.See: Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_176609.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The total value of goods and services produced by the economy in a given period. It is a primary indicator of an economy's status. "Real GNP" measures economic production that is adjusted for inflation. Real GNP and GNP figures are stated on an annual basis and are updated every quarter.See: Consumer Price Index; Deflation; Economic Growth Rate; Inflation; Producer Price Index; Recession </text>
</content>
<name></name>
<script></script>
</card>
card_176882.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Gross commission revenues generated by a registered representative during a given time period.See: Broker; Commission; Registered Representative</text>
</content>
<name></name>
<script></script>
</card>
card_177098.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Also called "gross margin," it is profits earned from the service or manufacturing operation--before the deduction of selling costs and other expenses and before taxes are paid.See: Earned Before Taxes</text>
</content>
<name></name>
<script></script>
</card>
card_177396.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The difference (spread) between a security's public offering price and the price paid to the issuer by an underwriter. The spread consists of the syndicate manager's fee, the underwriter's discount, and the selling concession--the discount offered to a selling group.See: Investment Banker; Spread; Underwriter</text>
</content>
<name></name>
<script></script>
</card>
card_177523.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Also known as the "Paris Club," the group consists of Belgium, Canada, France, Italy, Japan, The Netherlands, Sweden, the United Kingdom, the United States, and West Germany. These major industrialized countries try to coordinate monetary and fiscal policies to create a more stable world economy. </text>
</content>
<name></name>
<script></script>
</card>
card_177839.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term used in securities underwriting that refers to block sales made by the syndicate manager to institutional investors. The securities come from the syndicate "pot." Credit for the sale is pro-rated amongst syndicate members in proportion to their original allotments.See: Institutional Investor; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_178126.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund that seeks long-term capital appreciation by selecting corporations to invest in that should grow more quickly than the general economy. Growth funds are more volatile than conservative funds such as income or money markets. However, they usually rise more quickly than conservative funds in bull markets and fall more sharply in bear markets. See: Appreciation; Bear Market; Bull Market; Growth And Income Fund; Growth Stock; Money Market; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_178461.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Stock of a company with earnings' growth at a fairly rapid rate that is anticipated to continue to grow at high levels. Growth stocks are riskier investments than average stocks, however, because they generally have higher price/earnings ratios and make little or no dividend payments to shareholders.See: Dividend; Growth And Income Fund; Growth Fund; Growth Stock Theory; Price/Earnings Ratio; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_178852.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Theory that corporate stocks should be selected for investment purposes based on the fact that the corporation's earnings and dividends are continuously increasing at a faster rate than the growth of the general economy.See: Dividend; Fundamental Analysis; Growth Stock</text>
</content>
<name></name>
<script></script>
</card>
card_178952.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Customer order to buy or sell securities at a limit or stop price that will remain in effect until it is either executed or canceled. If it is not executed, the order can be canceled or changed at any time. Also called an "open order."See: Day Order; Good Through; Limit Order; Limit Price; Open Order; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_179374.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Letter issued by a bank guaranteeing aggregate payment if a put option is exercised and an assignment notice is presented to the option writer. A guarantee letter covers the put writer thereby making it a covered put.See: Covered Put Option; Option Writer; Put Option</text>
</content>
<name></name>
<script></script>
</card>
card_179652.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bond in which principal and interest are guaranteed by an entity other than the issuer. Guaranteed bonds are in effect debenture bonds (unsecured) of the guarantor. However, if the guarantor has stronger credit than the issuer whose bonds are being guaranteed, the bonds have greater value. An example of a guaranteed bond would be in the case of corporate parent-subsidiary relationships where the bonds are issued by the subsidiary with the parent's guarantee.See: Debenture; Debt Instrument; Principal; Unsecured Debt</text>
</content>
<name></name>
<script></script>
</card>
card_179720.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Stock in which its dividends are guaranteed by an entity other than the issuer. Guaranteed stock becomes, in effect, debenture (unsecured) bonds of the guarantor. See: Debenture; Liquidation; Unsecured Debt </text>
</content>
<name></name>
<script></script>
</card>
card_179988.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Industry lingo for: 1: The act of soliciting buy orders in an underwriting before an SEC registration is effective. See: Underwrite2: Trading securities based on inside information.See: Inside Information</text>
</content>
<name></name>
<script></script>
</card>
card_180310.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Industry term for the valuation of securities used to calculate a broker/dealer's net capital. The haircut will change depending on the class of a security, its market risk, and the time to maturity. The haircut may fluctuate from 0% to 30% (common for equity securities) to 100% for fail positions (securities with past due delivery) that have prospect of settlement.See: Equity; Fail Position; Maturity Date; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_180815.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Point in time when the principal on a mortgage backed security (issued or guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association, or the Federal Home Loan Mortgage Association) has been repaid. It is presumed that the security has a half life of 12 years. However, depending on interest rate trends, specific mortgage pools can have longer or shorter half lives. If interest rates rise, homeowners will hold onto their mortgages longer than predicted, and half lives will rise. If interest rates fall, more homeowners will refinance their mortgages. Thus, principal will be paid off more quickly, and half lives will drop.See: Federal National Mortgage Association; Government National Mortgage Association; Principal</text>
</content>
<name></name>
<script></script>
</card>
card_181133.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Intense selling by investors who believe stock prices are inflated. Also, speculators anticipating a market drop will sell short, and are said to be hammering the market.See: Selling Short; Speculator; Undervalued</text>
</content>
<name></name>
<script></script>
</card>
card_181555.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Customers' payments for services rendered by a brokerage firm. For example, a customer's payment to a broker for a financial plan produced for them. Conversely, with soft dollars, a broker is compensated by commissions received if he places any of the trades specified in that financial plan.See: Commission </text>
</content>
<name></name>
<script></script>
</card>
card_181941.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A technical trading pattern used to chart stock price trends. It resembles the head and shoulders outline of a person. In a head and shoulders top formation, the stock reaches one plateau (the left shoulder), then goes higher (the top of the head), and then drops back to the plateau again (the right shoulder). The head and shoulders top pattern signifies the reversal of an upward trend--prices should be falling. A head and shoulders bottom pattern signifies the reversal of a downward trend--prices should be rising.See: Chartist; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_182097.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A disclaimer used in market letters, research reports, or other printed materials relating to the evaluation of investments. Its intent is to exonerate the writer from responsibility for the information's accuracy.See: Research Department</text>
</content>
<name></name>
<script></script>
</card>
card_182604.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities term that describes funds that use hedging techniques. For example, an option fund may use futures contracts on stock market indexes and short sales with stock options to limit risks.See: Futures Contract; Hedging; Index; Options; Risk; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_182987.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The use of almost opposite direction securities, instruments, or futures contracts as a method of attempting to reduce market risk. A perfect hedge is one that eliminates the prospects of any future gains or losses. Investors frequently try to hedge against inflation by purchasing assets (e.g, gold) that will rise in value faster than inflation.See: Futures Contract; Hedge Fund; Inflation; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_183226.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Capricious idea that stock prices move in the same direction as women's dress hemlines. Short dresses and skirts are considered bullish signs that stock prices will rise. Longer dresses and skirts are considered bearish signs that stock prices will decline. Notwithstanding that it is occasionally correct, the hemline theory has endured more as wishful thinking than serious market analysis.See: Bear Market; Bull Market; Market Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_183414.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A long term bond that has a high premium common stock conversion feature and offers a competitive interest rate. Premium refers to the difference between the convertible bond's market value and the value at which it is convertible into common stock. The "Kicker" (convertibility to stock) is designed as an inflation hedge.See: Convertible Securities; Common Stock; Debt Security; Hedging; Inflation; Kicker</text>
</content>
<name></name>
<script></script>
</card>
card_184094.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bond that has ratings of BB or lower and pays higher yields to offset its greater risk.See: Investment Grade; Junk Bond; Rating; Risk; Yield </text>
</content>
<name></name>
<script></script>
</card>
card_184448.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Companies whose business is in high technology fields such as biotechnology, computers and robotics. High-tech companies that are successful may have above average earnings growth and volatile stock prices.See: Price/Earnings Ratio; Volatile</text>
</content>
<name></name>
<script></script>
</card>
card_184769.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In daily trading, stocks that have reached new high prices for the current 52 week time period. To identify stock market trends, technical analysts observe the ratio between new highs and new lows.See: Low; Techincal Analysis; Trading Range</text>
</content>
<name></name>
<script></script>
</card>
card_184900.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Price range that a security has traded since going public. Technical analysts perceive the top of a historical range as the resistance level and the bottom as the support level. It is deemed as significant if a security breaks above the resistance level or below the support level. Analysts usually interpret this to mean that the security will reach new highs or lows and thus, its historical trading range expands.See: Gap; Resistance Level; Support Level; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_185318.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Seller's acceptance of the highest price offered for a stock. For example, if a stock's ask price is $24 1/4 and the current bid price is $24, sellers will hit the bid if they accept $24 a share.See: Asked Price</text>
</content>
<name></name>
<script></script>
</card>
card_185679.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Owner of a company's securities that is recorded on the books of the issuing company or its transfer agent as of a specific date--called the "record date." For example, dividend and stock splits always specify whether they are payable to holders as of the record date.See: Dividend; Holder; Record Date; Stock Split; Transfer Agent</text>
</content>
<name></name>
<script></script>
</card>
card_186363.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Length of time an asset is held by its owner. It determines whether a gain or loss is considered short term or long term.See: Holder; Long Term; Short Term</text>
</content>
<name></name>
<script></script>
</card>
card_186615.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Large gains obtained by an investor in a short time period. For example, an investor who aims to hit a home run may look for possible takeover candidates as most takeover bids result in sudden price rises. Such investing strategies are intrinsically more risky than the strategy of holding for the long term.See: Risk; Risk/Reward Ratio; Takeover </text>
</content>
<name></name>
<script></script>
</card>
card_186871.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security's price movement within a narrow range over extended time periods--also called "sideways price movement." See: Flat Market; Sideways Market</text>
</content>
<name></name>
<script></script>
</card>
card_186947.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Options strategy--also known as a "calendar spread"--that includes buying and selling the same number of options contracts with the same exercise price, but with maturity dates that are different. The investor hopes to profit by price moves in the underlying security.See: Calendar Spread; Exercise Price; Maturity Date; Options</text>
</content>
<name></name>
<script></script>
</card>
card_187348.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A new security issue that trades at an immediate premium above its fixed public offering price. In other words, the secondary market price on the initial sale date is above the new issue's offering price. It is caused by great public demand for more shares than are available.See: Initial Public Offering; Secondary Market; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_187562.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investment funds seeking high yields that are short term. Borrowers enticing hot money should be ready to lose it when another borrower offers a higher rate.See: Risk/Reward Ratio; Short Term; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_187888.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Firm or individual, as a broker-dealer, engaged in the securities business and/or investment banking and related services.See: Broker-Dealer; Investment Banker2: Nickname for the London Stock Exchange.</text>
</content>
<name></name>
<script></script>
</card>
card_188341.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Account that is managed by a brokerage firm's main office or by an executive of the firm and not one that is normally handled by a salesperson in the territory. Normally, salespeople do not receive commissions from house accounts, even though the accounts may be in their region.See: Broker; Commission</text>
</content>
<name></name>
<script></script>
</card>
card_188575.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage firm notification that a client's margin account equity is below the firm's maintenance level. Once the equity declines below that point, the client must deposit additional funds or securities. If the client fails to deliver the required margin, securities in the account will be liquidated to cover the call. Normally, house call limits are higher than the limits set by the National Association of Securities Dealers (NASD) and the exchanges with jurisdiction over these rules.See: Equity; House Maintenance Requirement; Liquidation; Margin Account; National Association Of Securities Dealers; Sell Out Procedures</text>
</content>
<name></name>
<script></script>
</card>
card_188777.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage house rules that are internally set in regard to a client's margin account. The required equity level should be maintained by client. Normally, house call requirements are higher than those set by the National Association of Securities Dealers (NASD) and the exchanges with jurisdiction over these rules.See: House Call; House Rules; Margin Account; Minimum Maintenance Requirement; National Association Of Securities Dealers</text>
</content>
<name></name>
<script></script>
</card>
card_189030.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities industry term for an individual brokerage firm's internal rules, policies and procedures regarding the opening and management of clients' accounts and the clients' activities in such accounts.See: House Call; House Maintenance Requirement</text>
</content>
<name></name>
<script></script>
</card>
card_189285.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Ratings of different investment advisory newsletters that are published by "Hulbert Financial Digest." The "Digest" ranks the performance of the newsletters by totaling the profits and losses that would have been incurred if one followed the individual newsletter's recommendations.See: Rating</text>
</content>
<name></name>
<script></script>
</card>
card_189593.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Annuity offered by an insurance company that permits investors to combine the benefits of both fixed and variable annuities--also called "combination annuity." The amount placed in the fixed portion will provide a specified rate of return while the variable portion offers a chance for higher returns (and risks) through the investment in securities. See: Annuity; Fixed Annuity; Risk/Reward Ratio; Variable Annuity</text>
</content>
<name></name>
<script></script>
</card>
card_190041.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Pledging of securities to a brokerage firm as collateral for margin loans made to purchase securities or to cover short sales.See: Collateral; Margin Agreement; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_190460.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An abbreviation used in stock listings of newspapers to indicate dividends paid this year, dividends omitted or deferred, or no action taken at the last dividend meeting.See: Dividend; Omitted Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_190670.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A service provided by Lynch, Jones and Ryan. The brokerage firm gathers analysts' future earnings estimates on publicly traded companies and determines which companies' estimates have changed substantially.See: Rating</text>
</content>
<name></name>
<script></script>
</card>
card_190772.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dividend declared by the board of directors of a corporation that is in violation of its corporate charter or the state laws in which it is incorporated. See: Corporation; Corporate Charter; Director; Dividend; Incorporation</text>
</content>
<name></name>
<script></script>
</card>
card_191005.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said of investments such as a stock, bond or commodity that cannot be readily converted into cash. A security becomes illiquid when a lack of trading activity in the security makes it hard to sell without taking a large loss. Other assets such as real estate can also be considered to be illiquid because there is not a ready market and they may take time to sell.See: Cash Equivalent; Commodities; Liquidity</text>
</content>
<name></name>
<script></script>
</card>
card_191327.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Too many buy orders without matching sell orders or vice versa. An imbalance of orders can occur because of extraordinary corporate events such as a takeover, loss of a lawsuit that was expected to be won, or the death of a key executive. If the imbalance occurs before the market opens, the stock may have a delayed opening. However, if it occurs during the trading day, trading may be suspended until the specialist can make an orderly market. See: Delayed Opening; Specialist; Suspended Trading</text>
</content>
<name></name>
<script></script>
</card>
card_191525.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>As defined in the NASD Rules Of Fair Practice, an immediate family member includes parents, brothers, sisters, children, father-in-law, mother-in-law, sister-in-law, brother-in-law, and any other relatives who are financially supported. The Rules of Fair Practice use this definition when dealing with practices such as freeriding and withholding. The rules prohibit the sale of hot issues to members of a broker-dealer's immediate family or to persons trading for institutional accounts and their families.See: Freeriding; Institutional Investor; NASD; Rules Of Fair Practice; Withholding </text>
</content>
<name></name>
<script></script>
</card>
card_191957.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Annuity contract purchased with a single payment and a pay-out plan that starts immediately. Payments, usually on a monthly basis, are either for a specified time or until the annuitant passes away.See: Annuitant; Annuitize; Annuity</text>
</content>
<name></name>
<script></script>
</card>
card_192223.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limit order to buy or sell a security that requires all or part of the order to be executed immediately. Any part of the order that is not executed, is automatically canceled. An IOC order is usually for a significant share quantity.See: Fill Or Kill Order; Limit Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_192343.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Interest that is considered to have been paid although no actual payment was made. A zero coupon bond, for instance, has imputed annual interest that the IRS requires the bondholder to report. See: Zero Coupon Security</text>
</content>
<name></name>
<script></script>
</card>
card_192873.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Expression used for any option series with intrinsic value--the option's strike (exercise) price and market price of the underlying security are such that the holder can exercise the option at a profit. For example, if a call option with a strike price of 30 and the underlying stock's market price is currently 33, the call is in the money. A put option is considered in the money when the underlying stock is selling below the strike price. Premiums and other transaction costs are not considered in determining whether the option is in the money or out of the money.See: Call Option; Exercise Price; Intrinsic Value; Options; Out Of The Money; Put Option; Strike Price; Time Value; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_193374.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person who buys and sells the same security in the same day in hopes of profiting from steep price moves.See: Day Trade; Speculator; Trader</text>
</content>
<name></name>
<script></script>
</card>
card_193878.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>New York Stock Exchange trading post where inactive stocks are traded in 10-share lots instead of the regular 100 share round lots.See: Inactive Stock/Bond; New York Stock Exchange; Normal Trading Unit; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_194434.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Plan created by the Economic Recovery Tax Act of 1981 (ERTA) whereby qualifying options are free of taxes when granted and when exercised. Profits on exercised shares sold are taxed as ordinary income--until 1987, it was subject to capital gains tax if the shares were held at least one year. See: Capital Gain</text>
</content>
<name></name>
<script></script>
</card>
card_194858.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that only pays interest if the corporation has sufficient earnings. These bonds are usually traded flat (without accrued interest) and are an alternative to bankruptcy.See: Accrued Interest; Adjustment Bond; Flat</text>
</content>
<name></name>
<script></script>
</card>
card_195261.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limited partnership, such as real estate, whose objective is to generate high taxable income. These types of partnerships are usually designed for tax sheltered accounts such as IRAs and pension plans.See: Income Property; Limited Partnership</text>
</content>
<name></name>
<script></script>
</card>
card_195557.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund that invests in income producing securities such as bonds, preferred stocks, high dividend yielding common stock, or covered call stock options. See: Bond; Common Stock; Covered Call Option; Dividend; Mutual Fund; Options Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_195628.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Real estate bought specifically to generate income. The property may be bought by individuals, corporations or income limited partnership. When selling the property, the owners also hope to sell at a profit.See: Income Limitied Partnership; Limited Partnership</text>
</content>
<name></name>
<script></script>
</card>
card_195951.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A class of capital stock that is issued by a split investment company or a dual purpose mutual fund. Owners receive dividends and interest generated from the income shares and from capital shares, another class of capital stock. Owners of capital shares receive capital gain generated from both classes. See: Capital Stock; Dividend; Dual Purpose Investment; Company Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_196327.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A quarterly or annual financial statement that shows a corporation's business results. It specifically shows all revenues, earnings, expenses, costs and taxes.See: Balance Sheet Financial Statement</text>
</content>
<name></name>
<script></script>
</card>
card_196441.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The process by which a company receives a state's permission to function as a corporation. After incorporation, the company will show that it is incorporated by adding the word "incorporated" into its name. "Inc." or other acceptable abbreviations may be used.See: Articles Of Incorporation</text>
</content>
<name></name>
<script></script>
</card>
card_197090.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A written contract, also known as a "Deed of Trust", under which bonds and debentures are issued, setting forth maturity date, interest rate, redemption rights, call privileges and other terms. Under the rules of the Trust Indenture Act of 1939, the contract is executed by the issuer and a trustee who acts on behalf of the bondholders.See: Bond; Call Features Of A Bond; Debenture; Maturity Date; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_197791.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>NYSE member who executes orders for other floor brokers who currently have more business than they can manage themselves, or for firms whose floor brokers are not on the floor. Previously known as "Two-Dollar Brokers", these brokers used to receive $2 per hundred shares for executing such orders. These fees, paid by the commission brokers, were once fixed but are now negotiable.See: Broker's Broker; Floor; Floor Broker; Member Firm; NYSE; Two-Dollar Broker</text>
</content>
<name></name>
<script></script>
</card>
card_198127.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A statistical yardstick that measures the economy. It is usually expressed as a percentage change from a base year or from the previous month. An example of an economy index is the Consumer Price Index . Using 1967 as its base year, the index consists of key consumer goods and services that measures price movements to changes in inflation rates. See: Base Period; Consumer Price Index; Inflation2: Statistical measurement of groups of securities, industries or markets that reflect market prices and the number of shares outstanding for the companies in the index. Indexes may either be broad-based (a wide range of firms in many industries aiming to mirror the overall market) or narrow-based (consisting of securities from a specific industry). Stock indexes are used as a base for trading index options.See: Index Arbitrage; Index Fund; Indexing; Index Option; Standard & Poor's 500 Index</text>
</content>
<name></name>
<script></script>
</card>
card_198297.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A trading technique in which baskets of stocks and stock futures contracts are bought and/or sold according to their conformity and deviation from a stock index. To keep the position fully hedged, the stocks are bought and the futures are usually sold and vice versa. In doing this, the arbitrageur is locking in a profit (or loss).See: Arbitrage; Futures Contract; Hedging; Index</text>
</content>
<name></name>
<script></script>
</card>
card_198790.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund that buys securities to match that of a broad-based index such as the Standard & Poor's Index. The fund aims to achieve the same return as the general market.See: Mutual Fund, Index; Standard & Poor's 500 Index</text>
</content>
<name></name>
<script></script>
</card>
card_199133.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Call and put option contracts traded on an underlying index, such as the S & P 100, and not a specific security. Investors who trade index options invest in a particular market or industry group without having to buy all the underlying securities. A narrow-based index allows an investor to trade in a particular industry while a broad-based index will scope many industries.See: Call Option; Index; Options; Put Option</text>
</content>
<name></name>
<script></script>
</card>
card_199355.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investor who buys individual securities or index funds to mirror a broad-based index such as the S & P 500. The investor aims to match the index's performance. See: Index Fund; Standard & Poor's 500 Index</text>
</content>
<name></name>
<script></script>
</card>
card_199613.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The dividend or coupon rate stated as a percentage of the security's present market price. The type of security determines how the indicated yield is calculated. The indicated yield for common stock is calculated by dividing its annual dividend by its market price . For preferred stocks, the contractual dividend is divided by the market price. And, for fixed rate bonds, the indicated yield is the same as the current yield.See: Common Stock; Coupon; Current Yield; Dividend; Fixed Income Investment; Preferred Stock; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_199898.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Estimation of what a security's bid and offer prices will be when trading resumes after a delayed opening or trading halt--also called "indicated market".See: Delayed Opening; Imbalance Of Orders; Trading Halt; Trading Range</text>
</content>
<name></name>
<script></script>
</card>
card_200013.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Underwriting term meaning a non-binding indication of a client's interest in purchasing securities that are in registration (awaiting effectiveness by the Securities and Exchange Commission). The broker is required to provide the client with a preliminary prospectus on the securities. The indication of interest is non-binding because it is illegal to sell a security that is in the registration process.See: Prospectus; Registered Security; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_200431.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Measures of economic activity utilized by economists to forecast the general direction of the economy. See: Econometrics; Economic Growth Rate; Leading Indicators2: Measurement utilized by technical analysts to make forecasts regarding the direction of the overall market or the movement of a particular stock.See: Forecasting; Technical Analysis; Technical Analyst</text>
</content>
<name></name>
<script></script>
</card>
card_200532.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A retirement account that an employed person can establish in which the funds within the account grow on a tax-deferred basis. Deposits are limited to $2000 per year ($4000 for a couple when both work or $2250 for a couple when one works and the spouse's income is $250 or less). An IRA allows investment through intermediaries like mutual funds, insurance companies, and banks or directly in stocks and bonds through stockbrokers. Individuals who withdraw funds from their IRAs prior to achieving the age of 59 1/2 are usually subject to a 10% penalty tax.See: IRA Rollover; Qualified Pension Plan Or Trust; Self-Directed IRA; Spousal IRA; Tax Deferred </text>
</content>
<name></name>
<script></script>
</card>
card_200799.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Stock market lingo that is a catch-all category that includes all firms that have businesses that are not classified as utility, transportation, or financial companies.</text>
</content>
<name></name>
<script></script>
</card>
card_201094.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond issued by a municipality to finance fixed assets that are secured by a lease agreement with a corporation whose payments amortize the debt. IDBs used to be tax-exempt to holders. However, under current tax laws, they are no longer tax-exempt.See: Amortization; Fixed Assets; Municipal Bond; Tax Exempt Security</text>
</content>
<name></name>
<script></script>
</card>
card_201330.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A key economic indicator that is a released monthly by the Federal Reserve Board. The indicater relates the total output of all US factories and mines. See: Economic Indicators; Federal Reserve Board; Indicator; Producer Price Index</text>
</content>
<name></name>
<script></script>
</card>
card_201488.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investor's failure to ascertain that a security may be having difficulties or has good prospects. Some analysts believe that investors who identify a security first can profit by exploiting that information--with corporate stocks that have substantial growth opportunities reflecting most clearly the market's inefficiency. However, followers of the Efficient Market Theory believe current prices already reflect all knowledge about a security.See: Efficient Market Theory; Market Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_201780.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The persistent and appreciable rise in the prices of goods and services. Moderate inflation is normally associated with periods of expansion and high employment--increasing dollars chasing a dwindling supply of goods. Hyperinflation, when prices rise 100% or more a year, causes people to lose confidence in the currency. During inflationary times, people often divert their investments into real estate and gold because they usually retain their value.See: Base Period; Demand-Pull Inflation; Goldbug; Hedging</text>
</content>
<name></name>
<script></script>
</card>
card_202113.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Rate of price changes usually calculated on a monthly or annual basis. The Consumer Price Index and the Producer Price Index are two principle US indicators of inflation rates. They track changes in prices paid by consumers and producers.See: Consumer Price Index; Inflation; Producer Price Index</text>
</content>
<name></name>
<script></script>
</card>
card_202383.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bar of metal. Gold reserves of the Federal Reserve are stored in ingot form. Investors who purchase a precious metal may take delivery of an ingot.</text>
</content>
<name></name>
<script></script>
</card>
card_202684.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Initial dollar amount or marginable securities that a brokerage client is required to deposit with a broker before placing margin transactions--one in which the broker extends credit to the client in a margin account. The initial margin requirement, according to the Federal Reserve Board's Regulation T, is presently 50% of the purchase price (or $2000--whichever is higher) when buying marginable securities or 50% of the proceeds of a short sale.See: Margin; Margin Account; Margin Call; Margin Requirement; Margin Security; Regulation T; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_202929.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The first public issuance of stock from a company that has not been publicly traded before.See: Going Public; Hot Issue; Publicly Held; Underwriting; Venture Capital</text>
</content>
<name></name>
<script></script>
</card>
card_203099.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Material corporate information that has not yet been made public in a widely used medium. Use of this information would influence the purchase or sale of a company's security. An example of inside information is a company who has a large quarterly loss and this fact has not yet been made public. If this information was used to trade the security, under SEC rules, it may be deemed as illegal.See: Insider; Securities and Exchange Commission</text>
</content>
<name></name>
<script></script>
</card>
card_203381.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bid and asked quotes at which one dealer will buy from or sell to another--also called "wholesale" or "interdealer market". In contrast, retail market quotes are the prices that customers pay to dealers to buy or sell a security.See: Asked Price; Dealer; Inside Quote</text>
</content>
<name></name>
<script></script>
</card>
card_203694.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The highest bid to buy and the lowest offer to sell a security at a given time. If one asks for a "quote" on a stock, one will receive something like "15 1/4 to 15 1/2." This means that $15.25 is the highest price any buyer is willing to pay and that $15.50 is the lowest price any seller will accept.See: Firm Quote; Nominal Quotation</text>
</content>
<name></name>
<script></script>
</card>
card_203883.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Anyone who is either an officer, director or key employee of a corporation, a person owning 10% of the company's stock (and their families), or anyone with inside (non-public) information.See: Immediate Family; Inside Information; Rule 144</text>
</content>
<name></name>
<script></script>
</card>
card_204138.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Broker who trades securities for institutional clients such as banks, mutual funds, pension funds and insurance companies.See: Institutional Broker's Estimate System; Institutional Investor; Retail Investor</text>
</content>
<name></name>
<script></script>
</card>
card_205190.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A service provided by Lynch, Jones and Ryan. The brokerage firm gathers analysts' future earnings estimates on publicly traded companies and determines which companies' estimates have changed substantially.See: Rating</text>
</content>
<name></name>
<script></script>
</card>
card_205403.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund, bank, pension fund, insurance company, university or other institution. Institutional investors usually invest large volumes in the securities markets.See: Retail Investor</text>
</content>
<name></name>
<script></script>
</card>
card_205741.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A legal document that states a contractual relationship or that specific rights are granted such as notes, agreements or contracts.See: Instrumentality</text>
</content>
<name></name>
<script></script>
</card>
card_205921.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Obligations of government agencies that are backed by the full faith and credit of the government. However, these obligations are not direct obligations of the government. Examples of such instumentalities are the Student Loan Marketing Association, Federal Intermediate Credit and Federal Land Banks.See: Full Faith And Credit; Government Obligations</text>
</content>
<name></name>
<script></script>
</card>
card_206221.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Plan in which individuals and organization who are concerned about potential risks will pay premiums to an insurance company, who in return, will reimburse them if there is loss. To generate a profit, the insurer will invest the premiums it receives. Examples of the different types of insurance available are automobile, home, health and worker's compensation. Whereas in most cases the insured is paid for their loss, with life insurance a beneficiary is paid when the insured person passes away.See: Beneficiary </text>
</content>
<name></name>
<script></script>
</card>
card_206340.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Account at a brokerage firm, bank, savings and loan association or credit union that is insured either by a federal or private insurance organization. If the institution becomes insolvent, it protects depositors against losses. Brokerage accounts are insured by the Securities Investor Protection Corporation (SIPC). SIPC does not protect the investor from market declines. The Federal Deposit Insurance Corporation (FDIC) administers the Bank Insurance Fund (BIF) and the Savings Association Insurance Fund (SAIF)--insurance for bank and for savings and loan accounts.See: Insolvency; Securities Investor Protection Corporation</text>
</content>
<name></name>
<script></script>
</card>
card_206834.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Municipal bonds covered by an insurance policy. The policy guarantees that should the issuer default in making payments, the insurance company will pay all interest and prinicipal due. Insured bonds usually are rated very high as the risk to the investor is minimal.See: Municipal Bond; Municipal Bond Insurance; Rating; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_206925.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Assets of a corporation that are not physical. They are considered to enhance the company's position in the marketplace. Such assets include goodwill, trademarks, patents, copyrights, franchises, leases, licenses, and permits.See: Asset; Going Concern Value; Goodwill</text>
</content>
<name></name>
<script></script>
</card>
card_207111.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A trust established between two or more individuals that are alive--also called "living trust". The opposite is a testamentary trust, which is effective when the individual who established the trust dies.See: Living Trust; Testamentary Trust</text>
</content>
<name></name>
<script></script>
</card>
card_207523.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A spread that includes a long position and a short position in related commodities--for instance, a long position in silver futures and a short position in gold futures. The investor aims to profit from the changing price relationship between the commodities.See: Commodities; Futures Contract; Long Position; Short Position; Spread</text>
</content>
<name></name>
<script></script>
</card>
card_207848.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Technique used in trading options or futures. Contracts expiring in one month are bought and the same contracts expiring in a different month are sold--for example, buying a May cotton contract and simultaneously selling an August cotton contract. The investor aims to profit when the price between the two contracts narrows or widens.See: Futures Contract; Options; Spread</text>
</content>
<name></name>
<script></script>
</card>
card_207985.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's stock whose earnings change when interest rates change. Upon news of rate increases or decreases, the stock will go up or down in price. Examples of interest-sensitive stocks include bank and utility companies.</text>
</content>
<name></name>
<script></script>
</card>
card_208748.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A dividend that is declared and paid before annual earnings are determined. Most companies plan quarterly dividends they know they can afford.See: Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_209084.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A report that presents a corporation's income statement for the period and, sometimes the balance sheet. A corporation usually issues three interim reports (quarterly) and one annual report.See: Annual Report; Balance Sheet; Financial Statement; Fundamental Analysis; Income Statement</text>
</content>
<name></name>
<script></script>
</card>
card_209184.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An electronic communications network that links the posts of specialists who are market makers for the same securities at the floors of seven registered exchanges to foster competition among them. Quotes are displayed and are firm (good) for at least one round lot (100 shares). Through ITS, a broker at one exchange may direct an order to another exchange where the quote is better.See: Firm Quote; Market Maker; Round Lot; Specialist</text>
</content>
<name></name>
<script></script>
</card>
card_209801.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Individual or entity that is sanctioned to make investment decisions for others--also called "financial intermediary". An intermediary is used because they are investment specialists that usually can obtain higher returns than the average investor. Moreover, because they deal in large dollar volumes, they can easily diversify the assets. Examples of some intermediaries are brokerage firms, mutual funds, banks, and insurance companies.See: Diversification; Intermediation</text>
</content>
<name></name>
<script></script>
</card>
card_209965.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Time between short and long term with the length dependent on the context. A bond analyst, for instance, usually considers an intermediate term to be between 3 to 10 years. A stock analyst would consider it to mean 6 to 12 months.See: Long Term; Long Term Debt; Short Term; Short Term Debt</text>
</content>
<name></name>
<script></script>
</card>
card_210298.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Money deposited with financial intermediaries--such as brokerage firms, banks, insurance companies--which invest in stock, bonds, money market securities, government obligations and/or mortgages to obtain a targeted return. In contrast, disintermediation is the withdrawal of money from an intermediary.See: Disintermediation; Intermediary</text>
</content>
<name></name>
<script></script>
</card>
card_210557.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An organization's procedures that are designed to increase its efficiency, ensure its policies are implemented, and its assets are safeguarded.</text>
</content>
<name></name>
<script></script>
</card>
card_210937.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Growth of an organization's assets through cash generated internally from either internal financing, appreciation or accretion.See: Accretion; Appreciation; Asset; Internal Financing</text>
</content>
<name></name>
<script></script>
</card>
card_210945.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund that invests in nondomestic securities markets throughout the world. If investments are chosen carefully, this type of fund may be profitable when some markets are rising and others are declining. However, fund managers must watch foreign currencies as well as world markets--profitable investments in a rising market can lose money if the foreign currency rises against the dollar.See: Hedging; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_211656.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A new securities' issue that will only be sold to investors in one state and who are residents of that state. An intra-state offering is exempt from filing provisions of the Securities Exchange Act of 1933 under Rule 147.See: Initial Public Offering; New Issue; Securities Exchange Act of 1933</text>
</content>
<name></name>
<script></script>
</card>
card_211834.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Within the day. The term is often used when stating high and low prices of a security. When stating, for example, that a stock hit a new intraday low, it means that during the day the stock reached an all-time low price but rose back to a higher price by the end of the day.See: Historical Trading Range; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_212221.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The amount whereby an underlying security's current market price is above the call option's strike (exercise) price or below the put option's strike price. If the strike price of a call option, for example, is $40 and the stock is $43, the option's intrinsic value is $3. An option that has intrinsic value is "in the money." If the option is at or out of the money, it does not have an intrinsic value.See: At The Money; Call Option; Exercise Price; In The Money; Options;Out Of The Money; Put Option; Strike Price; Time Value; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_212314.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>It is a company's cost of goods sold (from the income statement) divided by the year-end inventory (from the balance sheet). The number is used by fundamental analysts when examining a company's financial statement.See: Balance Sheet; Financial Statement; Fundamental Analysis; Income Statement</text>
</content>
<name></name>
<script></script>
</card>
card_212732.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The use of money through various vehicles, or an individual's time and effort, to make more income or increase capital, or both. The term "investment" infers that the safety of principal is important. On the other hand, speculation connotes that risking principal is acceptable.See: Principal; Speculation</text>
</content>
<name></name>
<script></script>
</card>
card_213066.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Individual or organization who provides investment advice for a fee. In most cases, investment advisors with more than 15 clients must register with the SEC and abide by the Investment Advisors Act of 1940. Brokers, banks and general circulation periodicals are exempted from registration with SEC. Most states require an investment advisor to pass an examination.See: Investment Advisors Act</text>
</content>
<name></name>
<script></script>
</card>
card_213276.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Act passed by Congress in 1940 that requires investment advisers to register with the SEC. The intent of the Act is to protect investors from fraud or misrepresentation by investment advisors.See: Investment Advisor</text>
</content>
<name></name>
<script></script>
</card>
card_213739.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A firm, acting as an underwriter or an agent, who serves as intermediary between an issuer of new securities and the investing public. The usual practice is for one or more investment bankers to form a syndicate to buy a corporation's new issue and then sell the issue to individuals and institutions--commonly called a "firm commitment underwriting". In a provisional arrangement--called "best effort"--the investment banker acts as an agent rather than principal and markets a new issue without underwriting it. Under another provisional arrangement--called "standby commitment"--the investment banker agrees to buy for resale any securities not taken by existing holders of rights.If a client relationship exists, the investment banker's role starts with pre-underwriting counseling and continues after the distribution of securities is completed by offering ongoing advice and guidance. Some underwriting responsibilities include preparing the SEC registration statement, pricing the securities, forming and managing the syndicate, and pegging (stablizing) the price of the issue during the offering and distribution period.Besides new securities offerings, investment bankers manage the distribution of secondary offerings, maintain markets for already distributed securities and act as finders for private placements. Most investment bankers also maintain broker-dealer operations that serve wholesale and retail clients in brokerage and advisory capacities.See: Firm Commitment; Initial Public Offering; New Issue; Secondary Distribution; Secondary Market; Underwrite; Underwriter</text>
</content>
<name></name>
<script></script>
</card>
card_213847.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Certificate that evidences investment in a savings and loan association and states the dollar amount invested. The certificates do not involve shareholder responsibility nor do they have voting rights.See: Voting Rights</text>
</content>
<name></name>
<script></script>
</card>
card_214220.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Individuals who pool their funds to make joint investments. Each member of the club contributes a certain dollar amount periodically, with the additional money usually invested in growth stocks using a dollar cost averaging approach. Dividends and capital gains are reinvested in most cases. Security purchases are determined by a vote of the members. The clubs permit investors with small dollar amounts to participate in larger investments and thus pay lower commissions. It also assists the club member in becoming more knowledgeable about investing. There are approximately 28,000 investment clubs in US today with about 7000 belonging to the National Association of Investment Clubs (NAIC), a nonprofit organization that provides guidance and literature to its membership. For information about establishing an investment club, the NAIC can be contacted by calling (313) 543-0612 or by writing 1515 E. Eleven Mile Rd. Royal Oak, Michigan 48067.See: Capital Gains; Dividend Reinvestment Plan; Dollar Cost Averaging; Growth Stock; National Association Of Investment Clubs</text>
</content>
<name></name>
<script></script>
</card>
card_214432.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A company or trust, such as unit investment trusts and management companies, engaged in the business of investing the pooled funds of small investors in securities appropriate for stated investment objectives. For a fee, it provides investors with more diversification, liquidity, and professional management service than would normally be available to them as individuals.There are two types of management companies--closed-end and open-end mutual funds. Closed-end investment companies are traded in the open market and are bought and sold like any other stock. The capitalization of a closed-end fund usually remains constant and has a fixed number of outstanding shares. Open-end mutual funds sell their shares directly to investors, are ready to buy back their old shares at their current net asset value, and are not listed. The capitalization is open-end funds are not fixed--they issue more shares as investors want them.Open-end management companies may either be "load" or "no-load" mutual funds. Load funds are sold by broker-dealers who receive a percentage that is added into the net asset value. The percentage is determined by the amount of the client's investment into the fund. Load funds often can be redeemed free of any charges from the fund. No-load funds are usually bought from the mutual fund and do not charge a loading fee. However, small redemption fees are not uncommon.Every investment company states its specific investment objectives in its registration statement and prospectus. An investment company usually falls within one of the following categories: * Diversified common stock funds; * Balanced funds that mix bonds and preferred and common stocks; * Bond and preferred stock funds that feature fixed income; * Specialized funds by industry, groups of industries, geography or size of company; * Income funds--income generated from high-yield securities; * Performance funds (growth stocks); * Dual-purpose funds--a closed-end investment company that offers a choice between dividend shares or capital gain shares and; * Money market funds (money market instruments).See: Closed End Management Company; Diversification; Dual Purpose Investment Company; Growth Fund; Growth Stock; Investment Company Act Of 1940; Liquidity; Load Mutual Fund; Money Market Fund; Mutual Fund; Net Asset Value; No Load Mutual Fund; Open End Management Company; Performance Fund; Unit Investment Trust; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_214549.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Federal law that regulates investment companies. The Act regulates how mutual funds and other investment vehicles of investment companies operate.See: Investment Company; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_214996.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person whose principal business consists of acting as investment adviser and providing investment supervisory services.See: Investment Advisor</text>
</content>
<name></name>
<script></script>
</card>
card_215293.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that is rated within the top four categories by Moody's or Standard & Poor's.See: Junk Bond; Legal List; Moody's Invesment Grade; Rating; Standard & Poor's Corporation</text>
</content>
<name></name>
<script></script>
</card>
card_215367.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Income, such as dividends, interest and capital gains amongst other sources, that is generated from securities and other investments. Under current tax regulations, an investor's interest charges from a margin account can be used to offset investment income.See: Capital Gains; Dividend; Margin Account</text>
</content>
<name></name>
<script></script>
</card>
card_215803.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A letter that is an agreement between a seller and a buyer who is purchasing private placement securities (unregistered securities under Regulation D). The investor affirms that the purchase is a long-term investment and not for resale. The securities are also called "letter stock". See: Letter Security; Registered Security; Rule 144</text>
</content>
<name></name>
<script></script>
</card>
card_215821.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Strategy used to allocate funds among such vehicles as stocks, bonds, cash equivalents and commodities. An investor's strategy should be based on their view of the direction of economic factors such as economic growth, interest rates and inflation. At the same time, the investor may also take into account their age, tolerance for risk, funds available for investment and future needs.See: Cash Equivalent; Economic Growth Rate; Inflation; Risk; Risk/Reward Ratio</text>
</content>
<name></name>
<script></script>
</card>
card_216292.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Committee in a brokerage firm's research department that sets the investment strategy that the firm recommends to its clients. The committee typically consists of the firm's research director, chief economist, and top analysts. The group recommends industry groups and individual securities that appear especially attractive. They will also advise how much money should be invested into stocks, bonds, or cash equivalents.See: Cash Equivalent; Fundamental Analysis; Research Department; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_216439.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investment Value Of A Convertible Security</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>The estimated price at which a convertible security would be valued if it did not have a stock conversion feature. A convertibles' investment value is determined by investment advisory services. Theoretically, it should not fall lower than the related stock's price. It is set by estimating the price at which a non-convertible bond or preferred stock of the same issuing company would sell.See: Convertible Securities; Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_216680.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A department within a listed corporation that is responsible for investor relations. Some of the department's functions may include:* Assuring that a company's activities and objectives are understood and are regarded favorably by the investment community.* Ensuring full and timely disclosure of material information, and assisting the legal staff with compliance of SEC rules and industry regulations.* Responding to requests from shareholders, institutional investors, brokers and the media for information and written material such as its quarterly and annual reports.See: Annual Report; Full Disclosure; Institutional Investor; SEC; Shareholder</text>
</content>
<name></name>
<script></script>
</card>
card_216997.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limit order to buy or sell a security that requires all or part of the order to be executed immediately. Any part of the order that is not executed, is automatically canceled. An IOC order is usually for a significant share quantity.See: Fill Or Kill Order; Limit Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_217552.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The first public issuance of stock from a company that has not been publicly traded before.See: Going Public; Hot Issue; Publicly Held; Underwriting; Venture Capital</text>
</content>
<name></name>
<script></script>
</card>
card_217702.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A retirement account that an employed person can establish in which the funds within the account grow on a tax-deferred basis. Deposits are limited to $2000 per year ($4000 for a couple when both work or $2250 for a couple when one works and the spouse's income is $250 or less). An IRA allows investment through intermediaries like mutual funds, insurance companies, and banks or directly in stocks and bonds through stockbrokers. Individuals who withdraw funds from their IRAs prior to achieving the age of 59 1/2 are usually subject to a 10% penalty tax.See: IRA Rollover; Qualified Pension Plan Or Trust; Self-Directed IRA; Spousal IRA; Tax Deferred</text>
</content>
<name></name>
<script></script>
</card>
card_217883.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An individual's reinvestment of assets received as a lump-sum distribution from a qualified tax-deferred retirement plan such as a corporate pension plan. The assets must have been received because of either the individual's retirement or employment termination. If the assets are deposited in an IRA within 60 days from the time they are withdrawn, the individual will not have any tax consequences and the assets will continue to accumulate on a tax-deferred basis.See: IRA; Qualified Pension Plan Or Trust; Self-Directed IRA; Spousal IRA; Tax Deferred</text>
</content>
<name></name>
<script></script>
</card>
card_218174.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that does not have a call feature or a redemption privilege. A call feature allows an issuer to redeem the bond before its maturity and a redemption privilege allows a bondholder to redeem the bond before its maturity. See: Call Features Of A Bond; Maturity Date; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_218568.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A process by which new securities of an entity, such as a corporation or a municipality, are sold and distributed. The securities are distributed through an underwriter or by a private placement.See: Underwriter</text>
</content>
<name></name>
<script></script>
</card>
card_218713.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Corporate shares that have been authorized within the corporate charter and have already been issued. The share may represent all or only part of the number of shares authorized. Authorized shares not yet issued are called "unissued stock". Issued shares repurchased by the corporation are called "treasury stock". Treasury stock is held in the corporate treasury pending reissue or retirement. Although these shares are issued, when making calculations such as earnings per share and dividends, they are not considered to be outstanding. Authorized, issued and outstanding, and treasury shares are usually noted in a corporation's annual reports.See: Annual Report; Authorized Shares; Earnings Per Share; Issued Shares; Outstanding Stock; Retirement; Treasury Stock; Unissued Stock</text>
</content>
<name></name>
<script></script>
</card>
card_218989.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Entities, such as corporations, municipalities, governments and investment trusts, that may issue and distribute securities. Stock issuers are required to report corporate developments to its shareholders and, if declared, pay dividends. Bond issuers must make timely payments of interest and principal to its bondholders.See: Issue; New Issue</text>
</content>
<name></name>
<script></script>
</card>
card_219504.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Market forecasting tool whose statistics show that the market rises in years when the Standard & Poor's 500 Index is up in January and will drop when the index is down for that month.See: Forecasting; Standard & Poor's 500; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_219870.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Event that starts on the last day of December and ends on the fourth trading day of January--stock prices have historically tended to rise considerably. The January Effect is caused by year end selling for tax losses, recognizing capital gains, or effecting portfolio window dressing. Even though the sell off depresses the stocks, it has nothing to do with their basic worth. Bargain hunters may quickly buy in and thus, cause the January rally.See: Capital Gain; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_220159.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An account that is owned jointly by two or more clients. Joint accounts may be set up two ways.See: Joint Account Agreement; Joint Tenancy</text>
</content>
<name></name>
<script></script>
</card>
card_220287.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Form used to establish a joint account at a brokerage firm or a bank. It must be signed by all account owners.See: Joint Account; Joint Tenancy </text>
</content>
<name></name>
<script></script>
</card>
card_220600.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Annuity that makes payments for the lifetime of two or more beneficiaries (frequently husband and wife). If one annuitant passes away, payments continue to the survivor as specified in the contract.See: Annuitant; Annuity; Beneficiary</text>
</content>
<name></name>
<script></script>
</card>
card_220908.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bond that is guaranteed by a party other than the issuer or has more than one obligator--also called "joint and several bond". Prevalent use of joint bonds can be found when a parent corporation wants to guarantee the bonds of a subsidiary.See: Debt Instrument; Guaranteed Bond; Obligator</text>
</content>
<name></name>
<script></script>
</card>
card_221098.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An account or ownership of property where there are two or more owners. There are several types of joint tenancy. State laws and the relationship between the owners will determine the type of joint account one will want to establish.See: Joint Account; Joint Tenants By Entirety; Joint Tenants In Common; Joint Tenants With Rights of Survivorship</text>
</content>
<name></name>
<script></script>
</card>
card_221252.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Ownership of assets by a married couple where the husband or wife automatically acquires the other's share upon death.See: Joint Tenancy; Probate</text>
</content>
<name></name>
<script></script>
</card>
card_221682.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Ownership of assets by two or more individuals. A specific ownership percentage is assigned to each individual. In the event of the death of one party, the deceased's interest passes to their estate and not to the surviving tenant(s).See: Joint Tenancy </text>
</content>
<name></name>
<script></script>
</card>
card_221845.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Joint Tenants with Right of Survivorship (JTWROS)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Ownership of assets by two or more individuals where there is not specific fractional financial interest. In the event of the death of one party, the survivor(s) receives total ownership.See: Joint Tenancy; Probate</text>
</content>
<name></name>
<script></script>
</card>
card_222171.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An account or ownership of property where there are two or more owners.See: Joint Account; Joint Tenants By Entirety; Joint Tenants In Common; Joint Tenants With Rights Of Survivorship</text>
</content>
<name></name>
<script></script>
</card>
card_222211.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Ownership of assets by two or more individuals. A specific ownership percentage is assigned to each individual. In the event of the death of one party, the deceased's interest passes to their estate and not to the surviving tenant(s).See: Joint Tenancy</text>
</content>
<name></name>
<script></script>
</card>
card_222552.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>JTWROS (Joint Tenants With Right Of Survivorship)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Ownership of assets by two or more individuals where there is not specific fractional financial interest. In the event of the death of one party, the survivor(s) receives total ownership.See: Joint Tenancy; Probate</text>
</content>
<name></name>
<script></script>
</card>
card_222863.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Debt or equity issue of a corporation that is subordinate in claim to another issue of the same corporation in regard to dividends, interest, principal, or security in the event of liquidation.See: Junior Security; Liquidation; Preferred Stock; Principal; Priority Prior Lien Bond; Prior Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_223367.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The refinancing of government debt maturing in one to five years by issuing new securities that mature in five or more years.See: Debt Instrument; Government Obligations</text>
</content>
<name></name>
<script></script>
</card>
card_223685.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Security that has a subordinate claim on assets to that of a "senior security". For instance, a preferred stock is junior to a debenture, but a debenture, being an unsecured bond, is junior to all corporate securities.See: Debenture; Junior Issue; Preferred Stock; Senior Securities; Unsecured Debt </text>
</content>
<name></name>
<script></script>
</card>
card_223876.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bonds that have little or no collateral or liquidation value and are typically very risky. For this risk, they offer a high rate of return. They are issued by corporations without sales and earnings track records, or by those with questionable credit. Moreover, in the 1980s, junk bonds were popular instruments for corporate mergers and acquisitions. The bonds usually have a credit rating of BB or lower. Because the term has an unfavorable connotation, issuers and holders prefer the bonds to be called "high yield bonds." See: Acquisition; Collateral; High Yield Bond; Liquidation; Merger; Rate of Return; Risk; Risk/Reward Ratio</text>
</content>
<name></name>
<script></script>
</card>
card_224023.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The abbreviation "K" is used to indicate declared or paid this year on a cumulative issue with dividends in arrears in newspaper listings.See: Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_224698.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Industry that is fundamental to a nation's economy and well-being. The defense industry, for instance, is a key industry because it provides the means in which to preserve a country's safety.See:</text>
</content>
<name></name>
<script></script>
</card>
card_224830.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Additional feature of a security that is intended to strengthen its marketability by offering the possibility of equity participation. For example, a bond may be convertible to stock if the shares reach a specified price. The kicker makes the bond more attractive to investors--the bondholder, in addition to interest payments, potentially gets ownership benefits of an equity security. Some other types of equity kickers are rights and warrants. See: Convertible Bond; Equity; Right; Sweetner; Warrant </text>
</content>
<name></name>
<script></script>
</card>
card_225062.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Those who assist a corporation in fighting off a takeover bid--usually investment bankers. They concoct strategies to make the target corporation less enticing or more difficult to acquire.See: Acquisition; Investment Banker; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_225428.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities industry ethics established by exchange rules, NASD Rules of Fair Practice and other authorities regulating broker-dealer practices. In order to satisfy the "know your customer" rules, when opening an account with a brokerage firm, the customer must provide information regarding his financial situation. Based upon the facts disclosed by the customer, the broker must have a reasonable belief that the recommendation they are making is suitable for the customer.See: National Association Of Securities Dealers; Rules Of Fair Practice; Suitability</text>
</content>
<name></name>
<script></script>
</card>
card_225822.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Gold bullion coin minted by the Republic of South Africa that contains one troy ounce of gold. They usually sell a little above their current gold content value. Although Krugerrands were banned for import into the US in 1985, existing coins in the US can be traded.See: Gold Fix</text>
</content>
<name></name>
<script></script>
</card>
card_226139.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The most recent transaction in a specific security.In contrast, the term "closing sale" is the final trade for a security in a trading day.See: Closing Sale; Minus Tick; Plus Tick; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_226804.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A method used to determine the cost of goods sold. In making this evaluation, the method assumes that company's newest inventory (last in) is sold first (first out). When prices are rising, a company using the LIFO method will have lower gross profits and taxable income because the cost of goods sold will be higher (the newest inventory was costlier to produce).See: First In, First Out; Inventory Turnover</text>
</content>
<name></name>
<script></script>
</card>
card_227028.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A delay is displaying price changes of securities. This usually occurs on an especially heavy trading day. When the tape is greater than five minutes late, the security's price is shown without its first number. For example, a trade that occurred at 43 1/8 will be displayed as 3 1/8.See: Digits Deleted; Tape</text>
</content>
<name></name>
<script></script>
</card>
card_227258.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A takeover of a corporation in which the acquirer uses borrowed funds. The target firm's assets are commonly used to secure the acquirer's loan. However, they may also use their own assets as collateral. A company's management might also use this technique to takeover their own company--that is, the management takes the company from being publicly owned to privately owned. In most LBOs, shareholders will receive a premium above the security's current market value.See: Acquisition; Collateral; Current Market Value; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_227402.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Stock or group of stocks that are spearheading a rising or declining market. Institutions who want to demonstrate their own market leadership may trade heavily in leaders.See: Bear Market; Bull Market2: A company's whose product has a large market share.</text>
</content>
<name></name>
<script></script>
</card>
card_227641.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Twelve components of an index that forecast ups and downs in a business cycle. The numbers, adjusted for inflation, are released monthly by the US Commerce Department's Bureau of Economic Analysis. Its full name is the "Composite Index of 12 Leading Indicators". Some of the components are unemployment, new orders for consumer goods and money supply (M-2).See: Consumer Price Index; Economic Indicators; Gross National Product; Indicator; Inflation; Money Supply; Producer Price Index</text>
</content>
<name></name>
<script></script>
</card>
card_228033.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: One part of a spread option. A trader, for example, buys a call option and combines it with another call option on the same underlying security that has the same strike price and a different expiration date. Each of the two options is a leg of the spread. Selling one of the legs is termed "Legging Out".See: Call Option; Expiration Date; Legging Out; Options; Put Option; Spread Option; Strike Price2: A prolonged stock market trend. A bull or bear market may have multiple legs.See: Bear Market; Bull Market; Trend</text>
</content>
<name></name>
<script></script>
</card>
card_228104.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A New York Stock Exchange computerized database that tracks member firm audits, customer complaints and enforcement actions against member firms. LEGAL is written in all capitals. However, it is not an acronym.See: Member Firm; NYSE</text>
</content>
<name></name>
<script></script>
</card>
card_228557.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Individuals or organizations that can enter into a contract and may be sued for not performing in accordance with the contract. A minor is not a legal entity and cannot sign a contract.</text>
</content>
<name></name>
<script></script>
</card>
card_228721.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment vehicle that a person with fiduciary responsibilities may purchase. Each state has legal investment guidelines that a fiduciary must follow. Investment grade bonds are an example of a legal investment. See: Bond; Fiduciary; Investment Grade; Legal List</text>
</content>
<name></name>
<script></script>
</card>
card_229002.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A list of legal investments that are selected by various states in which institutions and fiduciaries, such as insurance companies and banks, may invest. The list is usually comprised of high quality debt and equity securities. Instead of a legal list, some states apply the Prudent Man Rule--the security has to be one that a reasonable man would invest in. In either case, both are used to protect the money that individuals place with fiduciaries and institutions.See: Fiduciary, Legal Investment; Prudent Man Rule; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_229210.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Written opinion by an attorney who attests to a municipal bond issue's legality--that is, it is authorized and the interest's tax status is correct.See: Municipal Bond; Qualified Legal Opinion</text>
</content>
<name></name>
<script></script>
</card>
card_229451.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities that require more documentation than just a stock or bond power to transfer the certificates from the seller to the buyer. Among others, these certificates may be registered in the name of trusts, decedents, corporations, partnerships, or investment clubs. A corporation who has sold a stock, for example, would need to submit a corporate resolution with a raised seal along with a stock power. See: Bond Power; Corporate Resolution; Stock Power; Transfer</text>
</content>
<name></name>
<script></script>
</card>
card_229674.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Closing one side of a hedge position that leaves the other side as a long or short position. A leg, according to Wall Street lingo, is one side of a hedge transaction. A trader, for example, has an option spread in which he bought an XYZ May 50 call and a sold an XYZ July 65 call. If the XYZ May 50 call (one side of the hedge) is closed (sold), the trader is legging out. The trader is left with a short leg.See: Hedging; Leg; Long Position; Option Spread; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_230072.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A contract signed by a mutual fund shareholder that indicates that the shareholder intends to invest at least a certain amount of money, during a 13-month period, to qualify for a reduced percentage sales charge. A letter of intent may be backdated a maximum of 90 days. Any shares, bought before the letter of intent was signed and within the 90 days, will be adjusted to reflect the reduced sales charge.See: Breakpoint; Monthly Investment Plan; Mutual Fund2: A letter of intent may also refer to a preliminary contract between two parties negotiating a merger or an acquisition.See: Acquisition; Merger; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_230319.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security that is not registered with the SEC and thus, cannot be sold in the marketplace. The issues are sold under an investment letter in which the purchaser states the purchase is for investment purposes and not for resale. The certificates have a restrictive legend that indicates they are not registered. Because the investment letter is essential to the security's issuance, this type of security is called either "letter security", "letter stock", or "letter bond".See: Registered Security; Unregistered Stock</text>
</content>
<name></name>
<script></script>
</card>
card_230790.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A stipulation in a municipal charter stating that each year's interest and principal payments on municipal debt must be relatively equal. This attempts to make it easier to project the amount of tax revenue needed to meet obligations.See: Debt; Interest; Municipal Bond; Principal Amount</text>
</content>
<name></name>
<script></script>
</card>
card_231300.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An electronic subscription service that provides the highest bid and lowest offer on NASDAQ traded securities. Brokerage firms use this service to give current quotes to its brokers and clients.See: Level II Service Of NASDAQ; Level III Service Of NASDAQ; NASDAQ</text>
</content>
<name></name>
<script></script>
</card>
card_231519.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An electronic subscription service that identifies market makers and provides their bids and offers on NASDAQ trade securities. The service gives competitive information on NASDAQ traded securities. It is only accessible to traders of NASD members and institutional investors.See: Institutional Investor; Level I Service Of NASDAQ; Level III Service Of NASDAQ; Market Maker; NASDAQ; NASD</text>
</content>
<name></name>
<script></script>
</card>
card_231758.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An electronic subscription service that is accessible only to registered market makers. It allows them to enter their own bids and offers for securities in which they are registered. In effect, Level III is an electronic marketplace.See: Level I Service Of NASDAQ; Level II Service Of NASDAQ; Market Maker; NASDAQ</text>
</content>
<name></name>
<script></script>
</card>
card_232020.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A takeover of a corporation in which the acquirer uses borrowed funds. The target firm's assets are commonly used to secure the acquirer's loan. However, they may also use their own assets as collateral. A company's management might also use this technique to takeover their own company--that is, the management takes the company from being publicly owned to privately owned. In most LBOs, shareholders will receive a premium above the security's current market value.See: Acquisition; Collateral; Current Market Value; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_232430.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A company that has debt in its capital structure. A company whose capital structure consists of more than one third debt is commonly considered to be highly leveraged.See: Debt; Working Capital</text>
</content>
<name></name>
<script></script>
</card>
card_232458.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: An open-end investment company or mutual fund that is allowed to borrow capital from a lender. This provision must be stated in its charter. 2: A dual-purpose investment company that issues both income and capital shares. Holders of income shares receive dividends and interest on investments. Holders of capital shares receive all capital gains on investments. Essentially, each class of shareholder leverages the other.See: Dual Purpose Investment Company; Investment Company; Mutual Fund; Open End Management Company;</text>
</content>
<name></name>
<script></script>
</card>
card_232770.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The claims by creditors against a corporation or an individual. A corporation's liabilities include accounts payable, wages payable, dividends declared payable, accrued taxes payable, and long-term liabilities (bank loans and debentures).See: Accounts Payable; Debenture; Dividend; Long Term Debt</text>
</content>
<name></name>
<script></script>
</card>
card_232982.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A method used to determine the cost of a good sold. In making this evaluation, the method assumes that company's newest inventory (last in) is sold first (first out). When prices are rising, a company using the LIFO method will have lower gross profits and taxable income because the cost of goods sold will be higher (the newest inventory was costlier to produce).See: First-In First-Out; Inventory Turnover</text>
</content>
<name></name>
<script></script>
</card>
card_233441.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investment lingo used to indicate a rise in securities prices as measured by the Dow Jones Industrial Average or other market averages. A lift is usually caused by good economic or business news.See: Bull Market; Dow Jones Industrial Average</text>
</content>
<name></name>
<script></script>
</card>
card_233473.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order that instructs a broker to buy or sell a specified amount of a security at a specified price or at a better price. In the case of a buy, it will never be executed above the limit price. Conversely, in a sell, the order will never be executed below the limit price.If the limit price is not within the current market quote, it is said to be "away from the market". The order is entered on the specialist's book beneath any similar orders received earlier. These similar orders are said to be "shares ahead of you". Thus, the limit order may not be executed immediately or only partially, or not at all. See: Away From The Market; Limit Price; Orders; Specialist</text>
</content>
<name></name>
<script></script>
</card>
card_233954.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The price that is set in a limit order. The price stipulates to the broker to execute the order only at the limit price or better.See: Limit Order</text>
</content>
<name></name>
<script></script>
</card>
card_234063.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The maximum price that a commodity futures contract is permitted to move in one trading day. In extraordinary circumstances, a future may move limit up or limit down for several days in a row.See: Commodities; Futures Contract</text>
</content>
<name></name>
<script></script>
</card>
card_234477.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An agreement whereby a client allows their broker to make certain types of transactions without first notifying the client. For example, the broker will sell an option position that is about to expire when it is in-the-money.See: Discretionary Account; Discretionary Order; Expiration Date; In The Money; Options</text>
</content>
<name></name>
<script></script>
</card>
card_234624.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investor in a limited partnership who does not participate in the management of the partnership and have limited liability.See: General Partner; Limited Liability; Limited Partnership</text>
</content>
<name></name>
<script></script>
</card>
card_235042.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Organization that consists of a general partner and limited partners. The general partner manages one or more projects for which the organization was formed. Limited partners invest money into the project; their risk is usually limited to the amount that they invested, and they do not have any day-to-day responsibilities of running the partnership. Limited partners typically receive income, capital gains, and tax benefits while the general partner collects fees and a percentage of capital gains and income. Common limited partnerships are in real estate, oil and gas, and equipment leasing, but there are other kinds of projects.See: Capital Gain; General Partner; Income Limited Partnership; Limited Partner; Venture Capital Limited Partnerships</text>
</content>
<name></name>
<script></script>
</card>
card_235349.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>When buying options contracts, the amount of the premium paid. For example, the buyer of a call option cannot lose more than the premium even if the underlying security does not rise during the option's life. A buyer of a put option also cannot lose more than the premium even if the underlying security does not drop. Naked (uncovered) put writers are limited to the strike price less the option premium received. Naked call writers have unlimited risk as the value of a security can infinitely increase.See: Call Option; Naked Option; Option Premium; Option Writer; Options; Put Option; Uncovered Option; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_235602.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Actual cash or an investment vehicle that is easily converitble into cash such as bank deposits and money market fund shares. A corporation's liquid assets, in reference to its financial statement, are cash, marketable securities, and accounts receivable.See: Accounts Receivable; Balance Sheet; Corporation; Financial Statement; Income Statement; Liquidity; Money Market Fund</text>
</content>
<name></name>
<script></script>
</card>
card_235959.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Upon a brokerage client's failure to meet a margin call, the closing of positions within the account. If the position is long, the security is sold. If the position is short, the security is bought.See: Buy In; Close A Position; Long Position; Margin; Margin Call; Sell Out Procedures; Short Position2: The dissolution of a company in which its assets are sold to pay its debts. Any remaining cash is distributed to its shareholders.See: Asset; Debt; Junior Securities; Preferred Stock; Prior Lien Bond; Prior Preferred Stock</text>
</content>
<name></name>
<script></script>
</card>
card_236348.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The ability of a stock to absorb a large amount of buying or selling without substantial price movement. Institutional investors are inclined to seek securities that have liquidity so that their trading activity will not have an effect on the stock's market price.See: Cash Equivalents; Institutional Investor</text>
</content>
<name></name>
<script></script>
</card>
card_236750.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A call or put option that has been authorized for trading on, and by, a registered exchange. Its proper name is an "exchange-traded option". See: Call Option; Options; Put Option</text>
</content>
<name></name>
<script></script>
</card>
card_237096.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A stock or bond that has been authorized for trading on, and by, a registered exchange. Each stock exchange has different criteria to determine a security's eligibility for listing.See: Liquidity; Listing Requirements; Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_237438.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Rules of eligibility that a corporation must meet before its stock can be listed for trading on an exchange. Each exchange has different requirements--the New York Stock Exchange (NYSE) being one of the stringent. Some of the NYSE's requirements are that a corporation must have:* At least 1,100,000 shares publicly held with a minimum market value of $18 million; * A minimum of 2,000 round lot shareholders or a total of 2,200 shareholders and;* A minimum pretax annual net income of at least $2.5 million.See: Market Price; New York Stock Exchange; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_237576.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Sales charge paid by investors when purchasing shares of a load mutual fund or units of an annuity--sometimes called "front-end load". This contrasts with a back-end load which charges a fee when the investor redeems their investment. A mutual fund that does not charge a fee is called a "no-load" fund.See: Annuity; Back-End Load; Front-End Load; Investment Company; Load Mutual Fund; Mutual Fund; No-Load Fund; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_238275.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mutual fund that charges a fee when investors make purchases. This fee (or "load" as it is called) is used primarily to compensate salespeople selling the fund. See: Back-End Load; Front End Load; Investment Company; Load; Mutual Fund; No-Load Fund</text>
</content>
<name></name>
<script></script>
</card>
card_238389.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Process used to allocate a contractual mutual fund's annual sales charge. In a contractual plan, fund shares are accumulated through periodic fixed payments. The maximum sales charge is limited to 9% for the life of the contract. However, up to 20% of any year's investment can be credited against the sales charge as long as the total charge for the first four years does not exceed 64% of one year's investment.See: Load; Mutual Fund</text>
</content>
<name></name>
<script></script>
</card>
card_238644.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Transaction whereby an owner of property (lender) grants another party (borrower) to use the property for a specified length of time. The borrower promises to return the property and to pay a fee (interest) for its use. When the property is cash, the borrower signs a promissory note. A loan may be secured with collateral or unsecured.See: Collateral; Obligator; Unsecured Debt</text>
</content>
<name></name>
<script></script>
</card>
card_238904.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An agreement that is signed by a brokerage client as part of a their margin account documentation. By signing the agreement, the client agrees the broker-dealer may lend the securities.See: Margin Account; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_239197.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The maximum amount of credit that a lender may lend against collateral. For example, at 50% of appraised value, a piece of property worth $500,000 has a loan value of $250,000.With respect to the brokerage industry, Regulation T of the Federal Reserve Board stipulates the maximum percentage of eligible securities that a brokerage firm may lend to a margin account client.See: Collateral; Federal Reserve Board; Margin Account; Regulation T</text>
</content>
<name></name>
<script></script>
</card>
card_239407.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Process whereby a firm's customers mail payments to a post office box. The bank collects the checks from the lock box and deposits them into the firm's account. The company is then notified of the deposits either by telephone or electronically.2: Service provided by a bank in which they hold a customer's securities and deposit any income or dividends received.See: Box</text>
</content>
<name></name>
<script></script>
</card>
card_239697.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Lingo used to indicate that a rate of return on an investment has been guaranteed for a specific length of time. Examples of such investments are certificate of deposits (CDs) and fixed rate bonds.See: Certificate Of Deposit; Fixed Income Investment; Rate Of Return2: Said of a security whose profits or yields have been secured through use of a hedge. See: Hedging; Yield3: Said about an investor who does not sell a profitable security because the profit would immediately be subject to capital gains tax.See: Capital Gain</text>
</content>
<name></name>
<script></script>
</card>
card_240113.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A situation that occurs in a highly competitive market in which a security's bid and ask prices are the same. Once more buyers and sellers submit their orders, the market will unlock.See: Asked Price</text>
</content>
<name></name>
<script></script>
</card>
card_240293.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A contract signed by a mutual fund shareholder that indicates that the shareholder intends to invest at least a certain amount of money, during a 13-month period, to qualify for a reduced percentage sales charge. A letter of intent may be backdated a maximum of 90 days. Any shares, bought before the letter of intent was signed and within the 90 days, will be adjusted to reflect the reduced sales charge.See: Breakpoint; Monthly Investment Plan; Mutual Fund2: A letter of intent may also refer to a preliminary contract between two parties negotiating a merger or an acquisition.See: Acquisition; Merger; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_240563.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Brokerage lingo signifying that an investor has ownership of a security. Ownership rights entitle the investor to receive any income and dividends paid by the security and, once sold, to profit or to lose money. The owner also may transfer ownership of the security by sale or by gift.See: Long Position; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_240785.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond maturing in 10 or more years. Because an investor's money is tied up for a long time, the bonds are riskier than shorter term bonds of the same quality. Thus, they usually pay a higher yield.See: Bond; Long Term Debt; Maturity Date; Risk/Reward Ratio; Short Term Debt; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_240919.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The first interest payment on a bond that represents interest for more than six months. A long coupon occurs when a bond's issuance date is more than six months before the first scheduled payment. A short coupon is interest covering less than six months.See: Coupon; Interest</text>
</content>
<name></name>
<script></script>
</card>
card_241313.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option or futures contract that is bought to protect against an investment risk. For example, if interest rates are expected to decline, a call option will be bought to lock in a fixed income security's present yield.See: Fixed Income Investment; Futures Contract; Hedging; Interest; Options; Risk; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_241627.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The long part of an option spread (the buying and selling of options within the same class at the same time). In other words, the part of the spread that is bought as opposed to written (sold). For example, if a spread is composed of a long call option and a short call option, the long call is the long leg.See: Call Option; Class Of Option; Leg; Long Position; Option Spread; Put Option; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_241868.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: Referring to bonds--a bond with a maturity of ten years or longer.2: Referring to stocks--a stock which is held for a year or more by an investor.See: Intermediate Term; Maturity Date; Short Term</text>
</content>
<name></name>
<script></script>
</card>
card_242650.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Liabilities that are due to be repaid after more than one year. This is inclusive of bonds and long-term loans.See: Bond; Liability; Loan; Medium Term Bond; Short Term Debt</text>
</content>
<name></name>
<script></script>
</card>
card_242928.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The lowest price per share for a security during a period of time. When talking about a security's low, it may be in regards to the "day's low", the "annual low" or the "historical low". The day's low is the lowest price that a security reached during the current day's trading session. An annual low is the security's lowest price over the past 52 weeks. The historical low represents the security's lowest price since the security came into existence.See: Highs; Historical Trading Range</text>
</content>
<name></name>
<script></script>
</card>
card_243122.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Organization that consists of a general partner and limited partners. The general partner manages one or more projects for which the organization was formed. Limited partners invest money into the project; their risk is usually limited to the amount that they invested, and they do not have any day-to-day responsibilities of running the partnership. Limited partners typically receive income, capital gains, and tax benefits while the general partner collects fees and a percentage of capital gains and income. Common limited partnerships are in real estate, oil and gas, and equipment leasing, but there are other kinds of projects.See: Capital Gain; General Partner; Income Limited Partnership; Limited Partner; Venture Capital Limited Partnerships</text>
</content>
<name></name>
<script></script>
</card>
card_243463.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A single payment of all funds to an owner of such accounts like an IRA, a pension plan or a profit sharing plan. See: Individual Retirement Account; Profit Sharing Retirement Plan; Qualified Pension Plan Or Trust</text>
</content>
<name></name>
<script></script>
</card>
card_243930.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Basic money supply figure that includes currency in circulation, demand deposits (checking accounts), credit union share drafts, and non-bank travelers' checks. NOW accounts and Super-NOW accounts are included in demand deposits.See: Demand Deposit; Money Supply</text>
</content>
<name></name>
<script></script>
</card>
card_244457.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A wider definition of money supply than M1, it includes M1 plus savings accounts, time deposits under $100,000, money market mutual funds shares, overnight repurchase agreements and overnight Eurodollars.See: Eurodollar; M1; Money Market Fund; Money Supply; Mutual Fund; Time Deposit</text>
</content>
<name></name>
<script></script>
</card>
card_244694.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Analysis of the overall economy using information such as unemployment, inflation, production and price levels.See: Inflation; Microeconomics</text>
</content>
<name></name>
<script></script>
</card>
card_244790.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A call for more money or securities to be deposited into brokerage client's margin account. A call will be made when the account's margin equity falls below exchange requirements or the brokerage firm's house requirements. Currently, NYSE maintenance requirements are 25% in a long account (client has long positions) and 30% in a short account (client has short positions generated from selling short). The brokerage firm's house requirements are usually more stringent than the exchanges. If the account is not brought up to maintenance levels, some of the client's securities may be sold to eliminate the deficiency.See: House Call; House Maintenance Requirement; Margin; Margin Account; Margin Call; Margin Requirement; Margin Security; Minimum Maintenance Requirement; Sell Out Procedures; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_245216.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Yearly charge to maintain certain types of brokerage or bank accounts such as an IRA or an asset management account. See: Asset Management Account; IRA</text>
</content>
<name></name>
<script></script>
</card>
card_245319.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A shareholder who controls more than half of the outstanding shares of a corporation--commonly considered 51% of the outstanding shares. However, if ownership is widely distributed such that there are no majority shareholders, control may be gained with far less than 51% of the outstanding shares.See: Minority Interest; Outstanding Stock; Working Control</text>
</content>
<name></name>
<script></script>
</card>
card_245701.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The process of maintaining firm bid and asked prices in a given security by standing ready to buy or sell round lots at publicly quoted prices. In the over-the-counter market, the dealer is called a "market maker", and on the exchanges, a "specialist".See: Asked Price; Market Maker; Over The Counter; Round Lot; Specialist</text>
</content>
<name></name>
<script></script>
</card>
card_245772.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An amendment to the Securities Exchange Act of 1934 that allows self-regulation by securities firms dealing in the over-the-counter market. As a result, the National Association of Securities Dealers was created.See: NASD; Over The Counter; Securities Exchange Act Of 1934</text>
</content>
<name></name>
<script></script>
</card>
card_246146.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An expense paid by an investment company to the investment advisor for managing a portfolio. As disclosed in the prospectus, this fee is past onto the investor and is a fixed percentage of the fund's asset value.See: Asset; Investment Company; Mutual Fund; Portfolio</text>
</content>
<name></name>
<script></script>
</card>
card_246484.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In the securities industry, it usually refers to the illegal process of buying or selling a security to create a false or misleading appearance of active trading for the purpose of raising or depressing the price to induce purchase or sale by others.</text>
</content>
<name></name>
<script></script>
</card>
card_246688.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An account with a brokerage firm that allows its clients to buy securities with money borrowed from the broker. Depending on the security, an investor can sometimes borrow up to 50% or more of the market value. Margin accounts are governed by Regulation T of the Federal Reserve Board, by the NYSE, and by the brokerage firm's house rules. Margin requirements can be met with cash, eligible securities, or any combination thereof.See: Margin; Margin Agreement; Regulation T</text>
</content>
<name></name>
<script></script>
</card>
card_247159.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Document that must be signed by a brokerage client who wished to trade on margin--also called a "hypothecation agreement". The document details the rules governing a margin account, including the hypothecation of securities, how much equity the customer must keep in the account, and the interest rate on margin loans.See: Hypothecation; Initial Margin Requirement; Interest; Margin; Margin Account</text>
</content>
<name></name>
<script></script>
</card>
card_247369.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A demand for a client to deposit money or eligible securities with the broker to bring a margin account up to the initial margin or minimum maintenance requirements. A Regulation T margin call is sent when a purchase is made and a maintenance margin call is sent when the margin account's equity falls below specific levels. If the client does not respond to the call, securities in the account may be liquidated.See: DeMinimus Exception; House Call; Initial Margin Requirement; Liquidation; Maintenance Call; Margin; Regulation T; Sell Out Procedures</text>
</content>
<name></name>
<script></script>
</card>
card_247560.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Department within a brokerage firm that monitors:* Customer compliance with margin regulations;* Purchases of stock on margin;* Short sales;* Extensions of credit by the broker. See: Margin; Margin Call; Mark To Market; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_248022.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>According to Regulation T of the Federal Reserve Board, it is the minimum of $2,000 or 50% of the purchase price of eligible securities bought on margin or 50% of the proceeds of short sales. This amount must be deposited in the client's margin account in the form of cash or eligible securities. See: House Maintenance Requirement; Initial Margin Requirement; Margin; Margin Account; Margin Security; Minimum Maintenance Requirement; Regulation T; Selling Short</text>
</content>
<name></name>
<script></script>
</card>
card_248266.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security that may be bought or sold in a margin account. Regulation T of the Federal Reserve Board determines which securities are eligible.See: Federal Reserve Board; Margin; OTC Margin Stock; Regulation T</text>
</content>
<name></name>
<script></script>
</card>
card_248356.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The comparison and adjustment of a position to reflect current market values. Mark to market is conducted on stocks that were sold short, uncovered calls and puts and when-issued securities. The adjustment may cause a margin call to be issued. See: Margin; Margin Call; Market Price; Selling Short; Uncovered Call Option; Uncovered Put Option</text>
</content>
<name></name>
<script></script>
</card>
card_248591.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: The overall security markets, also called "marketplace", or the New York Stock Exchange in particular.See: New York Stock Exchange; Street2: Short for "market value"--the value of an asset based on the price it would command on the open market. It is usually set by the market price at which comparable assets have recently been bought or sold.See: Asset; Market Price</text>
</content>
<name></name>
<script></script>
</card>
card_248841.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Research used to assist in predicting the direction of the markets based on technical data relating to price movements of the market, or on fundamental data such as corporate earnings.See: Fundamental Analysis; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_249197.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The scope of change in stock prices as measured by analyzing the number of stocks that advanced or declined during the period or by the number of stocks hitting new highs or new lows.See: Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_249597.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities dealer in a specific over-the-counter stock who makes a market--that is, one who maintains firm bid and asked prices in a given security by standing ready to buy or sell round lots.See: Asked Price; Make A Market; Over The Counter; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_249602.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An order to buy or sell a specific number of shares at the best available price once the order is received in the marketplace. Normally, a market order is executed at the quoted price given before the order was entered, or at a price quite close to the quote. However, if the security is volatile, the execution price could be better or worse than anticipated.See: Day Order; Execution; Market Price; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_249860.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The chance that a security's value will decline. With fixed income securities, market risk is closely tied to interest rate risk--as interest rates rise, prices decline and vice versa. See: Risk; Systematic Risk</text>
</content>
<name></name>
<script></script>
</card>
card_250386.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Determination of when to buy or sell securities through use of fundamental or technical indicators. Mutual funds investors can accomplish market timing decisions by switching from different types of funds within a family as the market outlook changes. For example, the investor can switch from a stock fund to a money market fund and back again.See: Fundamental Analysis; Indicator; Market Analysis; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_250842.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Securities that can be easily sold--that is, any asset that can be readily converted into cash, for example--government securities and commercial paper.See: Asset; Cash Equivalent; Commercial Paper; Government Securities; Liquidity</text>
</content>
<name></name>
<script></script>
</card>
card_251058.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The date on which the principal amount of a loan, bond, or any other debt instrument becomes due and is to be paid in full.See: Debt Instrument; Loan; Principal</text>
</content>
<name></name>
<script></script>
</card>
card_251342.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A brokerage firm that has at least one general partner, officer, or employee who is a member of the New York Stock Exchange. Although it is technically the employee who is a member, the firm enjoys the privileges of membership as well as the obligations of membership.See: Broker-Dealer; New York Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_252132.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The ratio of the total shares sold short for the accounts of NYSE members in one week divided by the total short sales for the same week. The ratio is considered an indicator of market trends. A ratio of 68% or lower is considered bullish and a ratio of 82% or higher is considered bearish. The member short ratio is issued in the Monday edition of "The Wall Street Journal". See: Selling Short; Trend</text>
</content>
<name></name>
<script></script>
</card>
card_252253.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Two or more companies combined to achieve greater efficiencies of scale and productivity. This is accomplished through the elimination of duplicated plant, equipment, and staff, and the reallocation of capital assets to increase sales and profits in the enlarged company.See: Capital Asset; Takeover</text>
</content>
<name></name>
<script></script>
</card>
card_252638.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>As required by the NYSE, the NASD, and brokerage firms, the amount of equity that must be maintained in brokerage clients' margin accounts. Regulation T of the Federal Reserve Board requires $2,000 in cash or eligible securities to be deposited in margin accounts before brokers can extend credit. Additionally, upon a margin transaction, an initial margin requirement must be met, presently 50% of the market value of eligible securities long or short in customers' accounts. The NYSE and NASD require a margin account's equity to equal at least 25% of the market value of securities in margin accounts. Brokerage firm requirements are usually a more conservative 30%. When the market value of margined securities falls below these minimums, margin calls are issued to clients requesting additional equity to be delivered by a specified date. If customers fail to comply, brokers may sell margined securities or close out short positions (from short sales).See: Close A Position; Equity; DeMinimus Exception; Initial Margin Requirement; Long Position; Maintenance Call; Margin Account; Margin Call; Margin Requirement; Margin Security; Mark To The Market; Market Price; Regulation T; Sell Out Procedures; Selling Short; Short Position</text>
</content>
<name></name>
<script></script>
</card>
card_253131.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said when a broker, acting as agent, fails to execute a transaction at a price that was available, and the resultant transaction is unfavorable to the client. The agent is required to make the client whole by reimbursing the amount lost. See: Agency Transaction</text>
</content>
<name></name>
<script></script>
</card>
card_253725.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The market for short term debt instruments maturing in one year or less. Examples of money market instruments include Treasury bills, commercial paper, and certificate of deposits.See: Cash Equivalent; Certificate Of Deposit; Commercial Paper; Debt Instrument; Maturity Date; Money Market Fund; Short Term Debt; Treasury Bill</text>
</content>
<name></name>
<script></script>
</card>
card_254216.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund investing in short term money market instruments, such as certificates of deposit, treasury bills and commercial paper. The fund's net asset value is usually $1 a share and its interest rate goes up or down. Most money market funds offer checkwriting privileges.See: Certificate Of Deposit; Commercial Paper; Donoghues Money Fund Average; Money Market; Mutual Fund; Net Asset Value; Tax Exempt Money Market Fund; Treasury Bill</text>
</content>
<name></name>
<script></script>
</card>
card_254699.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The total amount of money in the economy as defined by M1 or M2 measurements. If there is too much money in the economy, interest rates tend to go down while inflation tends to rise. Conversely, if there is too little money in the economy, interest rates tend to go up, and prices and production tend to go down This can cause unemployment and idle plant capacity.See: Inflation; Interest; M1; M2; Macroeconomics; Tight Money</text>
</content>
<name></name>
<script></script>
</card>
card_254820.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Investment technique whereby an investor puts a fixed dollar amount into a particular investment every month.See: Dollar Cost Averaging; Letter Of Intent</text>
</content>
<name></name>
<script></script>
</card>
card_255120.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Rating assigned to investment grade or bank quality municipal short-term debt securities. The debt securities are classified as MIG-1, 2, 3, 4 to signify best, high, favorable, and adequate quality, respectively. See: Debt Security; Investment Grade; Moody's Investors Service; Municipal Bond; Rating; Risk; Short Term Debt</text>
</content>
<name></name>
<script></script>
</card>
card_255263.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>One of the two best known bond rating services, the other being Standard & Poor's. Moody's also rates commercial paper, preferred and common stocks, and municipal short-term issues. It publishes six manuals annually that provide information on issuers and securities. The manuals are updated weekly. It also publishes Moody's Handbook of Common Stocks on a quarterly basis. The handbook follows over 500 companies and provides an analysis of the company's financial background, recent financial results, and its future outlook. See: Commercial Paper; Issuer; Fundamental Analysis; Moody's Investment Grade; Rating; Risk; Risk/Reward Ratio; Standard & Poor's Corporation</text>
</content>
<name></name>
<script></script>
</card>
card_255627.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Stocks with the heaviest trading volume for a given day. If a stock's trading volume is much greater than its normal volume, it may be caused by a release of earnings figures, institutional trading, bad news, and other factors.See: Institutional Investor; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_255844.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An average that is based on security or commodity prices over a period of time (few days to few years) that shows trends for the latest period. It is a rolling average when the latest day's figures are included in the average and the oldest day's figures are not included. See: Commodities; Index; Trend</text>
</content>
<name></name>
<script></script>
</card>
card_256052.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A self-regulatory organization of the municipal securities industry that was created in 1975 under an amendment to the Securities Exchange Act of 1934. Its primary responsibility is to develop rules and regulations to govern the activities of municipal securities dealers, and to provide arbitration facilities to broker-dealers and bank dealers in municipal securities.See: Arbitration; Broker-Dealer; Securities Exchange Act of 1934</text>
</content>
<name></name>
<script></script>
</card>
card_256412.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A debt obligation issued by a state, state agency or authority, or a political subdivision, such as county, city, town or village. They may be issued for general governmental needs or special projects. Issuance must be approved by referendum or by an electoral body. Before the Tax Reform Act of 1986, interest paid on municipal bonds was exempt from federal income tax and state and local income tax within the issuing state. The terms municipal and tax-exempt were synonymous. However, the Act separated municipal bonds into two broad groups--public purpose bonds and private purpose bonds. Public purpose bonds are tax-exempt and may be issued without limitations. Private purpose bonds are taxable unless specifically exempted. The difference between public and private purpose bonds is based on the percentage in which the bonds benefit private parties.See: Debt; Debt Security; Interest; Private Purpose Bond; Tax Exempt Security; Triple Tax Exempt</text>
</content>
<name></name>
<script></script>
</card>
card_256693.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Insurance policies that protect investors if a municipal bond should default--the bonds will be purchased from investors at par. The insurance may either be purchased by the issuer or the investor. Two major insurers of municipal bonds are the Ambac Indemnity Corporation and the Municipal Bond Insurance Association (MBIA). Insured municipal bonds usually have the highest ratings. Subsequently, the bond's marketability increases, which lowers the cost to their issuers. However, the yield on an insured bond is usually lower than similarly rated uninsured bonds--the cost of the insurance is passed on to the investor. To obtain the extra degree of safety, many investors do not care if the yields are slightly lower.See: Insured Bonds; Municipal Bond; Par; Rating; Yield</text>
</content>
<name></name>
<script></script>
</card>
card_256961.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A self-regulatory organization of the municipal securities industry that was created in 1975 under an amendment to the Securities Exchange Act of 1934. Its primary responsibility is to develop rules and regulations to govern the activities of municipal securities dealers, and to provide arbitration facilities to broker-dealers and bank dealers in municipal securities.See: Arbitration; Broker-Dealer; Securities Exchange Act of 1934</text>
</content>
<name></name>
<script></script>
</card>
card_257335.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The newswire service for the municipal bond industry. It provides information on both new issues and secondary market offerings.See: Municipal Bond; New Issue; Secondary Distribution; Secondary Market</text>
</content>
<name></name>
<script></script>
</card>
card_257676.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A certificate that is torn or defaced in such a manner that the name of the issuer or other necessary details cannot be identified. If such a certificate is delivered to make settlement of a sell transaction, it is difficult to effect the transfer of title. It is up to the seller (seller's broker) to take corrective action--getting the transfer agent to guarantee the buyer's rights of ownership.See: Certificate; Transfer; Transfer Agent</text>
</content>
<name></name>
<script></script>
</card>
card_257846.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An open-end investment company that offers the investor the benefits of portfolio diversification (provides greater safety and reduced volatility), and professional management. The shares are redeemable on demand at their net asset value. The fund invests the pooled assets into various investment vehicles including stocks, bonds, options, commodities and money market securities. How the fund invests is determined by the fund's objectives. The mutual fund's prospectus details this type of information plus information on any fees, the management company and other relevant data.See: Breakpoint; Diversification; Investment Company; Letter Of Intent; Money Market; Net Asset Value; Open End Management Company; Portfolio; Prospectus; Redemption; Risk; Volatility</text>
</content>
<name></name>
<script></script>
</card>
card_258141.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A group of mutual funds supervised by the same investment company. Funds can be moved easily from one type of fund to another if conditions (market or personal) dictate a change. As a rule, investors may apply purchases in all funds (within the family) toward sales charge breakpoints.See: Breakpoint; Family Of Funds; Investment Company; Letter Of Intent; Mutual Fund; Open End Management Company</text>
</content>
<name></name>
<script></script>
</card>
card_258350.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>NAIC (National Association Of Investment Clubs)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Association that helps groups of individuals to establish investment clubs. Members of investment clubs pool their money and make group decisions on how to invest those assets. The NAIC can be contacted by calling (313) 543-0612 or by writing 1515 E. Eleven Mile Rd. Royal Oak, Michigan 48067.See: Investment Club</text>
</content>
<name></name>
<script></script>
</card>
card_258886.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Industry lingo for call or put options that are written and not covered or have another position that will limit their liability. In the case of call options, writers are naked if they do not own either the underlying security, a security convertible into the underlying security, or a long call at a strike price equal to or lower than the strike price that was written and that does not expire before the written call. In the case of put options, writers are naked if they do not either have a short position in the underlying security, a bank guarantee letter, or do not own a long put with a strike price equal to or higher than the strike price of the put that was written and that does not expire before the put that was written.See: Bank Guarantee Letter; Convertible Securities; Covered Call Option; Covered Put Option; Limited Liability; Long Position; Naked Position; Option Writer; Short Position; Uncovered Option; Underlying Security; Writing Naked</text>
</content>
<name></name>
<script></script>
</card>
card_259166.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A securities position that is not protected from market risk in any manner. For instance, the position of person who writes a call option without owning a long position in the underlying security, or writing a put option without having a short position in the underlying security.See: Covered Call Option; Covered Put Option; Long Position; Option Writer; Options; Put Option; Risk; Short Position; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_259371.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said of a securities market that is characterized by light trading, and larger price fluctuations relative to volume than would be the case if trading is active. A stock is said to be in a narrow market when its price drops more than a point between round lot trades without any obvious reason; this infers a lack in investor interest and too few orders.See: Thin Market; Tight Market; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_259716.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Closing the difference between a security's bid (highest price anyone is willing to buy) and asked (lowest price anyone is willing to sell) prices. When a stock's bid price, for example, is $8 a share and the asked price is $8 5/8, the spread is 5/8 of a point. If a broker enters a bid to buy at $8 3/8, the bid and ask are now $8 3/8 to $8 5/8, thus the spread has been narrowed to 1/4 of a point.See: Asked Price; Spread</text>
</content>
<name></name>
<script></script>
</card>
card_260010.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>NASD (National Association Of Securities Dealers)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>A nonprofit membership organization registered with the Securities and Exchange Commission (SEC) under the provisions of the Securities Exchange Act of 1934. Membership is limited and consists mostly of broker-dealers and investment banking houses. Basic goals of the NASD are to:* Promote just and equitable principles of trade for the protection of investors; * Adopt, oversee, and enforce rules of fair practice;* Consult with government and investors on matters of common concern; * Conduct periodic examinations and audits to ensure solvency and financial integrity among members.See: Broker-Dealer; Investment Banker; Rules Of Fair Practice; Securities Exchange Act Of 1934; SEC</text>
</content>
<name></name>
<script></script>
</card>
card_260287.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A computerized information network that provides brokers and dealers with price quotations on securities traded over-the-counter. The system has three levels. Level I displays a security's highest bid and lowest offer in the system. Level II displays market maker's quotes for securities in which they make a market. Level III allows market makers to actually enter their quotes into the system. NASDAQ is owned and operated by the NASD. NASDAQ quotes are published in the financial pages of most newspapers. See: Asked Price; Level I Service Of NASDAQ; Level II Service Of NASDAQ; Level III Service Of NASDAQ; Make A Market; Market Maker; NASD; Over The Counter</text>
</content>
<name></name>
<script></script>
</card>
card_260616.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>National Association of Investment Clubs (NAIC)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>Association that helps groups of individuals to establish investment clubs. Members of investment clubs pool their money and make group decisions on how to invest those assets. The NAIC can be contacted by calling (313) 543-0612 or by writing 1515 E. Eleven Mile Rd. Royal Oak, Michigan 48067.See: Investment Club</text>
</content>
<name></name>
<script></script>
</card>
card_260541.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>National Association Of Securities Dealers (NASD)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>A nonprofit membership organization registered with the Securities and Exchange Commission (SEC) under the provisions of the Securities Exchange Act of 1934. Membership is limited and consists mostly of broker-dealers and investment banking houses. Basic goals of the NASD are to:* Promote just and equitable principles of trade for the protection of investors; * Adopt, oversee, and enforce rules of fair practice;* Consult with government and investors on matters of common concern; * Conduct periodic examinations and audits to ensure solvency and financial integrity among members.See: Broker-Dealer; Investment Banker; Rules Of Fair Practice; Securities Exchange Act Of 1934; SEC</text>
</content>
<name></name>
<script></script>
</card>
card_261001.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An informational system that is part of the NASDAQ system. NMS displays actual transactions, last trade and volume data.See: Last Sale; NASDAQ; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_261267.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Daily service that provides its subscribers bid and asked quotes from market makers in securities traded over-the-counter. Stock quotes are published in Pink Sheets and corporate bonds in Yellow Sheets.See: Asked Price; Market Maker; Over The Counter; OTC Bulletin Board; Pink Sheets; Yellow Sheets</text>
</content>
<name></name>
<script></script>
</card>
card_261417.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An open-ended mutual fund's per share market value. In mutual funds, the net asset value is synonymous with "bid price" and "redemption price". In no load funds, the NAV is also the asked price. They are all one figure. In load funds, the asked price is quoted after the sales charge is added to the net asset value. Most funds compute the NAV after the close of the exchanges each day. It is calculated by taking the closing market value of all securities within the fund plus all other assets (i.e., cash), subtracting all liabilities, then dividing the result (total net assets) by the total number of outstanding shares. The total number of outstanding shares usually varies daily because of redemptions and purchases.See: Asked Price; Investment Comapny; Liability; Market Price; Mutual Fund; Open-End Management Company; Redemption; Redemption Price</text>
</content>
<name></name>
<script></script>
</card>
card_261812.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In options trading or commodity futures, the expiration month that is closest to the current month. For an option that has expiration dates available in September, December, March, and June, for example, the nearest month would be December if a trade was made in November. Nearest month contracts are more heavily traded then "furthest month" contracts.See: Commodities; Expiration; Futures Contract; Options</text>
</content>
<name></name>
<script></script>
</card>
card_262214.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>On securities that are of similar quality, a condition in which yields on short term securities are higher than the yields on long term securities. Typically, short term interest rates are lower than long term rates--those who invest their money for longer periods are taking more risk.See: Long Term; Positive Yield Curve Risk; Risk/Reward Ratio; Short Term; Yield; Yield Curve</text>
</content>
<name></name>
<script></script>
</card>
card_262903.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Assets reserved for a person's retirement. A nest egg is accumulated to assure the retiree with a secure standard of living for the rest of their life. IRAs are considered part of a nest egg.See: Asset; IRA</text>
</content>
<name></name>
<script></script>
</card>
card_263237.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An open-ended mutual fund's per share market value. In mutual funds, the net asset value is synonymous with "bid price" and "redemption price". In no load funds, the NAV is also the asked price. They are all one figure. In load funds, the asked price is quoted after the sales charge is added to the net asset value. Most funds compute the NAV after the close of the exchanges each day. It is calculated by taking the closing market value of all securities within the fund plus all other assets (i.e., cash), subtracting all liabilities, then dividing the result (total net assets) by the total number of outstanding shares. The total number of outstanding shares usually varies daily because of redemptions and purchases.See: Asked Price; Investment Comapny; Liability; Market Price; Mutual Fund; Open-End Management Company; Redemption; Redemption Price</text>
</content>
<name></name>
<script></script>
</card>
card_264068.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Difference between a security's last trading price from the previous day to the next day. However, in the over-the-counter market, the net change in a security is usually the difference between bid prices from the previous day to the next day. For example, XYZ's last trade yesterday was at $34. Today's last trade was at $34 1/2. The net change is +1/2--that is, XYZ's final price on that day was 50 cents higher than the final price on the previous trading day.See: Closing Price; Over The Counter</text>
</content>
<name></name>
<script></script>
</card>
card_264666.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In a particular accounting period, the amount of income received by an investment company from dividends and interest (minus any management fees and administrative expenses) divided by the number of outstanding shares. Short term trading profits are treated as dividend income. Net investment income is paid shareholders as a dividend.See: Dividend; Interest; Investment Company; Management Fee; Short Term</text>
</content>
<name></name>
<script></script>
</card>
card_264965.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Net amount (capital gains minus capital losses) that an investment company realized on the sale of securities divided by the number of outstanding shares. An investment company will usually distribute any net gains at least annually. These distributions are treated as long term capital gains to shareholders, regardless of the length of time they have held the investment company shares.See: Capital Gain; Capital Loss; Investment Company; Long Term</text>
</content>
<name></name>
<script></script>
</card>
card_265355.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Dollar amount by which assets exceed liabilities. An individual's net worth equals the total value of all possessions (house, stocks, bonds, etc.) minus all outstanding debts (mortgage, credit cards, etc.). For a corporation, net worth is also known as "net assets".See: Asset; Liability; Net Assets</text>
</content>
<name></name>
<script></script>
</card>
card_265513.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security being offered to the public for the first time. New issues may be initial public offerings by private companies going public or additional securities of corporations already public. The distribution of new issues are governed by Securities and Exchange Commission rules.See: Going Public; Initial Public Offering; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_265785.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A subsidiary of the New York Stock Exchange that concentrates on the trading of financial futures contracts.See: Futures Contract; Futures Market; New York Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_266042.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The oldest and largest stock exchange in the United States--also known as the "Big Board" and "The Exchange". The exchange is a not-for-profit corporation consisting of 1,366 individual members. It is governed by a Board of Directors that is made up of 10 public representatives, 10 exchange members, and a full-time paid chairman and president.The NYSE does not buy, sell, own or set the prices of securities traded there. The NYSE has operating divisions that are concerned with market operations, member firm regulation and surveillance, finance and office services, product development and planning, and customer relations. The NYSE imposes requirements on corporations who wish to have their securities listed on the exchange. See: Big Board; Floor; Floor Broker; Floor Trader; Listing Requirements; Post</text>
</content>
<name></name>
<script></script>
</card>
card_266356.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A market order to buy or sell that allows a floor broker discretion as to the time and price in executing the best possible trade. NH means the customer will not hold the floor broker responsible if a better execution might have been possible. This type of order qualification is principally used for large block orders. See: Block Trade; Floor Broker; Market Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_266567.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Index of 225 leading stocks traded on the Tokyo Stock Exchange. The Nikkei is similar to the Dow Jones Industrial Average. Both are composed of representative blue chip corporations (called "first-section" companies in Japan) and are price-weighted indexes--the movement of each stock is weighted equally regardless of its market capitalization. The Nikkei Stock Average is the most widely quoted Japanese stock index. See: Blue Chip; Dow Jones Industrial Average</text>
</content>
<name></name>
<script></script>
</card>
card_266776.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An informational system that is part of the NASDAQ system. NMS displays actual transactions, last trade and volume data.See: Last Sale; NASDAQ; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_267379.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Bid and asked prices given by a market maker as valuation of a security, but not for trading purposes. Security rules require that nominal quotations be specifically identified as such.See: Firm Quote</text>
</content>
<name></name>
<script></script>
</card>
card_268093.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person or firm, such as a brokerage house, whose name is inscribed on a security certificate if it is different from that of the beneficial owner. The purpose is to expedite transfers of title when the security is sold. The beneficial owner is the true shareholder and he retains all rights of ownership.See: Beneficial Owner; Street Name</text>
</content>
<name></name>
<script></script>
</card>
card_268312.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond that cannot be redeemed before its maturity by the issuer. Call provisions in a bond's indenture agreement specify whether the bond is callable or non-callable. Because so many bonds issues are callable, bond yields are often quoted to the first date at which the bonds could be called instead of maturity.See: Callable; Call Protection; Callable; Indenture</text>
</content>
<name></name>
<script></script>
</card>
card_268741.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Preferred stock on which unpaid dividends do not accrue. Omitted dividends, for the most part, will never be paid. This contrasts with cumulative preferred stock in which omitted dividends accumulate until paid to shareholders.See: Cumulative Preferred Stock; Preferred Stock; Omitted Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_268854.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In the securities industry, non-public information most often refers to corporate information that will have a material effect on its stock price when it is released to the public. The information can be either negative or positive. An example of non-public information is an earnings report about to be released that is substantially worse than what most analysts anticipated. It is illegal for insiders to make transactions based on non-public information as they would have an unfair advantage over the rest of the public.See: Inside Information; Insider</text>
</content>
<name></name>
<script></script>
</card>
card_269227.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A retirement plan or an annuity in which contributions are made with after-tax dollars. The contributions are not tax deductible because the plan or annuity is not an IRS approved pension plan. However, just as with a Qualified Plan, earnings accumulate tax deferred until withdrawn.See: Annuity; Qualified Pension Plan or Trust</text>
</content>
<name></name>
<script></script>
</card>
card_269371.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A one-time write-off or expense--also called "extraordinary charge". These charges are required to be displayed in a corporation's financial statement. An example of a non-recurring charge would be a division that was closed down and written-off.See: Write-Off</text>
</content>
<name></name>
<script></script>
</card>
card_269728.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Corporate securities in which shareholders of such securities have no voting powers--that is, they may not vote on the election of directors or on any corporate resolutions.See: Voting Right</text>
</content>
<name></name>
<script></script>
</card>
card_269935.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Standard minimum size of a trading unit for a particular security--more commonly referred to as a "round lot". Stocks typically have a normal trading unit of 100 shares. However, inactive stocks may have normal trading units equal to 10 shares. Any amount of shares less than a round lot is called an "odd lot".See: Inactive Stock/Bond; Odd Lot; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_270140.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A market order to buy or sell that allows a floor broker discretion as to the time and price in executing the best possible trade. NH means the customer will not hold the floor broker responsible if a better execution might have been possible. This type of order qualification is principally used for large block orders. See: Block Trade; Floor Broker; Market Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_270562.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Indication used by various rating services to show that a security or a company has not been rated. The abbreviation "NR" is placed next to the security's or company's name.See: Rating</text>
</content>
<name></name>
<script></script>
</card>
card_270660.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Advertisement used by a municipal issuer to announce its plan to sell a new issue and to solicit investment bankers to enter bids for the issue.See: Initial Public Offering; Investment Banker; Issuer; Municipal Bond; New Issue; Official Notice Of Sale; Underwrite</text>
</content>
<name></name>
<script></script>
</card>
card_271342.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: The substitution of an older debt or obligation with a newer one.See: Debt; Debt Security2: An agreement to substitute one party to a contract with a new party. The new party has both the rights and obligations required by the original party. To make the transfer effective, consent of all parties is required.</text>
</content>
<name></name>
<script></script>
</card>
card_271501.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Daily service that provides its subscribers bid and asked quotes from market makers in securities traded over-the-counter. Stock quotes are published in Pink Sheets and corporate bonds in Yellow Sheets.See: Asked Price; Market Maker; Over The Counter; OTC Bulletin Board; Pink Sheets; Yellow Sheets</text>
</content>
<name></name>
<script></script>
</card>
card_271637.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Standard minimum size of a trading unit for a particular security--more commonly referred to as a "round lot". Stocks typically have a normal trading unit of 100 shares. However, inactive stocks may have normal trading units equal to 10 shares. Any amount of shares less than a round lot is called an "odd lot".See: Inactive Stock/Bond; Odd Lot; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_272143.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A subsidiary of the New York Stock Exchange that concentrates on the trading of financial futures contracts.See: Futures Contract; Futures Market; New York Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_272547.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The oldest and largest stock exchange in the United States--also known as the "Big Board" and "The Exchange". The exchange is a not-for-profit corporation consisting of 1,366 individual members. It is governed by a Board of Directors that is made up of 10 public representatives, 10 exchange members, and a full-time paid chairman and president.The NYSE does not buy, sell, own or set the prices of securities traded there. The NYSE has operating divisions that are concerned with market operations, member firm regulation and surveillance, finance and office services, product development and planning, and customer relations. The NYSE imposes requirements on corporations who wish to have their securities listed on the exchange. See: Big Board; Floor; Floor Broker; Floor Trader; Listing Requirements; Post</text>
</content>
<name></name>
<script></script>
</card>
card_272679.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limit order to buy or sell a security that specifies to the broker that he should try to execute the order at a better price than the limit price. If the broker cannot do so, the order will be executed at the limit price. The abbreviation "OB" must be written on the order ticket.See: Execution; Limit Order; Limit Price; Orders; Order Ticket</text>
</content>
<name></name>
<script></script>
</card>
card_273073.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mortgage bond that has a face value greater than the underlying property's value. The excess amount is the lender's cost that exceeds the mortgage value.See: Face Value; General Mortgage Bond</text>
</content>
<name></name>
<script></script>
</card>
card_273383.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person or organization that has an obligation outstanding. The debtor is legally bound to pay the obligator any interest, if applicable, when due.See: Debtor; Obligation Bond</text>
</content>
<name></name>
<script></script>
</card>
card_273610.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Technical Analysis method that tries to pinpoint when a security's shares are being accumulated (being bought) or are being sold. The on balance volume line and the stock price line are placed on one chart. When the two lines cross, the analyst considers it to be meaningful. When the chart indicates that a security is being accumulated, it is considered a buy signal and when being distributed, a sell signal.See: Accumulation; Chartist; Technical Analysis; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_273812.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Organization equally owned by the exchanges through which the various options exchanges clear their trades. Some of OCC's responsibilities are supervising the listing of options, issuing and guaranteeing option transactions, processing the money transactions, and the assignment of option exercises to writers. The OCC also issues an options prospectus that outlines the rules and risks of trading options.See: Assignment; Exercise; Options; Option Agreement; Option Writer; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_274039.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Any number of shares traded that is less than its normal trading unit (round lot). Typically, an odd lot is 1 to 99 shares with a round lot being multiples of 100 shares. However, certain inactive stocks have round lots of 10 shares, with odd lots being 1 to 9 shares.See: Normal Trading Unit; Odd Lot Differential; Odd Lot Theory; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_274363.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An extra charge, usually 1/8 of a point, that dealers may add to purchases and subtract from sales when the order's share quantity is less than the standard trading unit or round lot--also referred to as a "differential".See: Normal Trading Unit; Odd Lot; Round Lot</text>
</content>
<name></name>
<script></script>
</card>
card_274619.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An investment strategy that assumes small investors are always wrong because they react emotionally to the market and are usually guilty of bad timing. In a rising market, a lot of odd lot buying is considered an indication of a technical weakness in the market and a signal to sell. On the contrary, in a declining market, a lot of odd lot selling is seen as an indication of technical strength and a signal to buy. However, studies of odd lot trading have proven that the theory does not have too much substance and that investors trading odd lots of market leader stocks have generally managed to do reasonably well.See: Odd Lot; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_274814.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Symbol for an option on the Standard & Poor's 100 stock index.See: Index; Indexing; Options Standard & Poor's Corporation; Stock Indexes And Averages</text>
</content>
<name></name>
<script></script>
</card>
card_274947.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security order that is initiated off an exchange floor. These customer orders are placed with a broker and are required to be executed before orders that were initiated on the floor (on-floor orders--floor member orders who are trading for their own accounts).See: Floor; On Floor Order </text>
</content>
<name></name>
<script></script>
</card>
card_275354.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said of listed security transactions that are not executed on a national exchange, or of unlisted security transactions executed over-the-counter.See: Over The Counter; Third Market</text>
</content>
<name></name>
<script></script>
</card>
card_275620.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The price at which a person is willing to sell a security--also called "asked price". In contrast, the bid price is the price at which a person is willing to buy a security. The asked price is always higher than the bid price.See: Asked Price </text>
</content>
<name></name>
<script></script>
</card>
card_275893.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The date in which a new issue distribution is available to investors to purchase.See: Dated Date; Initial Public Offering; New Issue; Public Offering</text>
</content>
<name></name>
<script></script>
</card>
card_276240.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The price at which a new or secondary distribution of securities is sold to investing public--also called "public offering price".See: Initial Public Offering; New Issue; Public Offering Price; Secondary Distribution</text>
</content>
<name></name>
<script></script>
</card>
card_276681.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Office Of Supervisory Jurisdiction (OSJ)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>As defined by the National Association of Securities Dealers' (NASD)--a member's parent office(s) that is responsible for supervising an office, or a group of offices.See: National Association Of Securities Dealers</text>
</content>
<name></name>
<script></script>
</card>
card_276835.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A solicitation published, usually in financial newspapers, by municipalities that requests investment bankers to proffer a competitive bid on its pending bond issue. The notice lists the basic facts about the issue, such as its par value, and names the official who can provide further details.See: Investment Banker; New Issue; Par Value </text>
</content>
<name></name>
<script></script>
</card>
card_277185.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A document prepared for a new municipal issue by or for the issuer. It describes the issue, financial details about the issuer and other relevant facts.See: Issuer; Legal Opinion; Municipal Bond; New Issue</text>
</content>
<name></name>
<script></script>
</card>
card_277472.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A new bond issue bond that is usually offered below par. The bond's value is increased (accreted) over its life from the original discounted price up to par. At the bond's maturity, it will be valued at par. Interest on these types of bonds are not paid until maturity. However, the interest is taxed as it is accreted. An example of an OID is a zero coupon bond.See: Accretion; Discount; Maturity Date; New Issue; Par; Zero Coupon Security</text>
</content>
<name></name>
<script></script>
</card>
card_277540.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A dividend that is scheduled to be declared, but has not been voted for by a corporation's board of directors. The board may not vote for the dividend because the corporation is having financial problems and has determined that it is more important to conserve the cash than to pay a dividend to shareholders. Once announced to the public, if the omitted dividend is not expected, the corporation's stock price will usually decline.See: Director; Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_277895.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Technical Analysis method that tries to pinpoint when a security's shares are being accumulated (being bought) or are being sold. The on balance volume line and the stock price line are placed on one chart. When the two lines cross, the analyst considers it to be meaningful. When the chart indicates that a security is being accumulated, it is considered a buy signal and when being distributed, a sell signal.See: Accumulation; Chartist; Technical Analysis; Volume</text>
</content>
<name></name>
<script></script>
</card>
card_278143.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security order that is initiated on an exchange floor. These orders are initiated by members on the exchange floor who are trading for their own accounts.See: Floor; Off Floor Order</text>
</content>
<name></name>
<script></script>
</card>
card_278341.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A brokerage client's order to trade a NYSE security only if it can be executed on the moment the closing bell starts ringing on the exchange. The client has no guarantee of receiving the stock's final price.See: Bell; Close, The; On The Opening Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_278685.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A brokerage client's order to trade a NYSE security only if it can be executed as the first transaction of the trading session for that security. If the order cannot be executed as such, it is canceled immediately. See: On The Close Order; Opening, The; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_278854.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A ticker tape symbol that signifies that a security's price has changed materially from the previous day's close. A material change is usually 2 or more points on stocks selling at $20 or higher, 1 or more points on stocks selling at less than $20. OPD also designates a security's first transaction of the trading session after it has had a delayed opening.Delayed Opening; Ticker Symbol; Ticker Tape </text>
</content>
<name></name>
<script></script>
</card>
card_279370.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A secured bond indenture that allows collateral to be repledged for the issuance of additional bonds.See: Additional Bonds Test; Collateral; Indenture; Pledge</text>
</content>
<name></name>
<script></script>
</card>
card_280044.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A management investment company that issues new shares on demand when people buy them. The shares are bought at net asset value and may be redeemed back to the management company at any time at the current market price. Commonly called a "mutual fund", the type of vehicle that the shareholder's funds are invested in is dependent on the type of fund and its objectives.See: Closed End Management Company; Investment Company; Mutual Fund; Net Asset Value; Redemption</text>
</content>
<name></name>
<script></script>
</card>
card_280261.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The amount of outstanding contracts on a specific underlying security. A contract is considered to be outstanding if it is has not expired, or been exercised or closed out. Open interest also applies to the total number of contracts in an options market and is included in the options and commodity pages of daily newspapers.See: Closing Transaction; Expiration; Exercise; Options; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_280421.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A good-til-canceled order. It stays in effect until it is either canceled or executed.See: Cancel Order; Execution; Good Til Canceled Order; Open; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_280804.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Repurchase agreement that has an undefined repurchase date that continues on a day-to-day basis--either party may end it at any time. Each day the interest rate is adjusted to reflect changes in the market.</text>
</content>
<name></name>
<script></script>
</card>
card_280912.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The purchase or sale of an option. If a sale is an opening transaction, the investor is a writer.See: Closing Transaction; Options; Writer</text>
</content>
<name></name>
<script></script>
</card>
card_281198.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A corporation's net sales minus its cost of goods sold, depreciation and selling and administrative costs. The total, shown on the corporation's income statement, indicates how much of the company's profits is attributable to its principal business. See: Balance Sheet; Depreciation; FIFO; Financial Statement; Income Statement; LIFO</text>
</content>
<name></name>
<script></script>
</card>
card_281850.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Ratio, used by fundamental analysts, that relates operating income to net sales. Operating profit margin equals operating income divided by net sales.See: Fundamental Analysis; Operating Income; Operating Profit Or Loss</text>
</content>
<name></name>
<script></script>
</card>
card_282003.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Before tax profit (loss) that a corporation earns from operations after all operating costs have been deducted.See: Operating Profit Margin</text>
</content>
<name></name>
<script></script>
</card>
card_282273.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An agreement by which a brokerage firm client agrees to follow the rules and regulations of the Options Clearing Corporation. See: Options; Options Clearing Corporation</text>
</content>
<name></name>
<script></script>
</card>
card_282656.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Mutual fund that trades options to increase the value of fund shares. The fund may either be conservative or aggressive. A conservative fund, commonly called an "option income fund", may buy stocks and increase shareholders' income through the premium earned by writing options on the stocks within the portfolio. An aggressive fund, commonly called an "option growth fund", may buy options in securities that the fund manager thinks will fall or rise sharply in the near term. If the manager is correct, large profits can be made on the exercise of the options.See: Exercise; Mutual Fund; Options; Option Writer</text>
</content>
<name></name>
<script></script>
</card>
card_283039.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person who has bought a call or put option that has not yet expired and who has not yet exercised or sold it. A holder of a call option wants the underlying security's price to rise. A holder of a put option holder wants the underlying security's price to fall.See: Call Option; Exercise; Expiration; Options; Put Option; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_283201.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The market price of an option that is paid by an option buyer to the option writer (seller) for the right to buy (call) or sell (put) the underlying security at a specified price (called "strike price" or "exercise price") by the option's expiration date. The premium is set by the supply and demand of option traders as they evaluate the underlying security's future market value. Premium prices are quoted in increments of eighths or sixteenths. See: Call Option; Expiration Date; Options; Option Writer; Put Option; Strike Price; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_283436.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Options of the same class--puts or calls with the same underlying security. They must also have the same exercise (strike) price and expiration date. For example, all ABC June 50 calls are a series. Option listings in newspapers currently display an "s" if a series is not available for trading and an "r" if a series did not have any transactions.See: Call Option; Class Of Option; Exercise Price; Expiration Date; Options; Put Option; Strike Price; Underlying Security</text>
</content>
<name></name>
<script></script>
</card>
card_283890.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option strategy wherein the investor attempts to profit from the widening or narrowing of the difference (spread) between option classes. Option spreads, if designed properly, may be profitable in either bull or bear markets. The option trader buys and sells two different options with the same class at the same time. Some examples are:1: Buying and selling two options in which the options have different strike prices and expiration months--for example, a buy of an XYZ May 50 call and a sell an XYZ July 65 call.2: Buying and selling two options in which the options have the same exercise price, but different expiration dates--for example, a buy of an XYZ May 50 call and a sell an XYZ July 50 call.3: Buying and selling two options in which the options have different strike prices, but have the same expiration date--for example, a buy of an XYZ August 30 call and a sell of an XYZ August 40 call.See: Class Of Option; Options; Option Series; Spread Option</text>
</content>
<name></name>
<script></script>
</card>
card_283994.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Person or entity that sells call and put options. A writer of call options promises to sell the buyer the underlying security at a specified price (exercise price) as long as the buyer exercises the option before its expiration date. For this right, the buyer pays the writer a fee (premium). The writer may be either covered or uncovered. If covered, the writer already owns the underlying security. Conversely, if the writer is uncovered, the underlying security is not owned. Thus, if the buyer exercises the option, the writer would be required to go into the market to obtain the shares to give to the buyer.A put option writer, for a premium, promises to buy the underlying security from the put buyer at the exercise price as long as the buyer exercises the option before its expiration date. A put writer may also be covered or uncovered. However, for put writers to be covered, they must either have a guarantee letter or a short position. A guarantee letter is issued by a bank and states that the person has enough available funds in the bank to cover the option position if it was exercised. The short position must be for the underlying option security in which the short position's shares equal that of the option contract. For example, if a put writer sold 10 contract of XYZ April 50 puts, to be covered by a short position, he must also be short 1000 shares of XYZ (1 contract equaling 100 shares).See: Call Option; Covered Call Option; Covered Put Option; Exercise; Exercise Price; Expiration Date; Guarantee Letter; Options; Option Premium; Put Option; Uncovered Option; Underlying Security Writer; Writing Puts To Acquire Stock</text>
</content>
<name></name>
<script></script>
</card>
card_284369.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A bond in which the bondholder has the choice of receiving principal and/or interest in one or more foreign currencies as well as in domestic currency.</text>
</content>
<name></name>
<script></script>
</card>
card_284833.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A contract giving an investor a right to buy (call) or sell (put) a fixed amount of shares (usually 100 shares) of a given stock (or indexes and commodities) at a specified price within a limited time period (usually three, six, or nine months). The purchaser hopes that the stock's price will go up (if he bought a call) or down (if he bought a put) by an amount sufficient to provide a profit when he sells the option. If the stock price holds steady or moves in the opposite direction, the price paid for the option is lost entirely. Individuals may write (sell) as well as purchase options.A buyer of a call option, for the right to buy 100 shares of the underlying security at a fixed (strike) price before a specified future date (expiration), pays the call option writer a fee called a premium. If the option is not exercised before it expires, the premium paid is lost. Thus, a call buyer believes that the price of the underlying shares will rise before the option expires. If the call buyer does exercise the option, the shares are bought from the writer at the option's strike price. The amount due to the writer equals the strike price multiplied by the number of shares. A buyer of a call option is generally bullish about the security, or in the case of index options, the market. A writer of a call option usually believes the security or the market will not move substantially up--thus, not making it worthwhile for the buyer to exercise.A buyer of a put option, for the right to sell 100 shares of the underlying security at a fixed price before a specified future date, also pays a premium to the writer of the put. A put buyer believes that the price of the underlying security is going to decline. If the put buyer exercises the option, the underlying security shares are sold to the put writer at the option's strike price. A put buyer is generally bearish about the security or the overall market. The writer typically believes the security or the overall market will not move substantially down--thus, not making it worthwhile for the buyer to exercise.Buyers of options do not have to exercise an option in order to profit--they may attempt to profit on the option by selling it before its expiration by trading on the rise and fall of premium prices. Writers may also attempt to profit by buying back the option sold at a lower price (or it can expire worthless). An option seller can either write uncovered (interchangeably called "naked") or covered options. Naked options are far riskier. See: Assignment; At The Money; Call Option; Class Of Option; Closing Purchase; Exercise; Exercise Price; Expiration; Expiration Cycle; Expiration Date; Guarantee Letter; Index Option; Intrinsic Value; Naked Option; Opening Transaction; Open Interest; Option Holder; Option Premium; Option Spread; Option Writer; Put Option; Strike Price; Time Value; Uncovered Option; Underlying Security2: Corporations grant incentive stock options to selected corporate executives. The executive is granted the option of buying company stock at a below-market price and then may sell the stock in the market for a profit. Additionally, rights, warrants, and convertibles are technically also options to buy.See: Convertible Securities; Incentive Stock Option; Right; Warrant</text>
</content>
<name></name>
<script></script>
</card>
card_285038.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Organization equally owned by the exchanges through which the various options exchanges clear their trades. Some of OCC's responsibilities are supervising the listing of options, issuing and guaranteeing option transactions, processing the money transactions, and the assignment of option exercises to writers. The OCC also issues an options prospectus that outlines the rules and risks of trading options.See: Assignment; Exercise; Options; Option Agreement; Option Writer; Risk</text>
</content>
<name></name>
<script></script>
</card>
card_285413.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A limit order to buy or sell a security that specifies to the broker that he should try to execute the order at a better price than the limit price. If the broker cannot do so, the order will be executed at the limit price. The abbreviation "OB" must be written on the order ticket.See: Limit Order; Limit Price; Orders; Order Ticket</text>
</content>
<name></name>
<script></script>
</card>
card_285467.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A form that is completed by a broker when receiving an order from a client. The order ticket will show the type of order (buy or sell), the number of shares, the security's name, the price qualifications (such as market or limit) and the client's name and account number.See: Limit Order; Market Order; Orders</text>
</content>
<name></name>
<script></script>
</card>
card_285735.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In regard to securities, it is a client's instruction to a broker to buy or sell a security. There are many types of order qualifiers that stipulate such things as the amount of time in which to leave an order in and at what price to execute an order.See: Either/Or Order; Execution; Good Til Canceled Order; Limit Order; Market Order; Stop Limit Order; Stop Order</text>
</content>
<name></name>
<script></script>
</card>
card_286054.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A new bond issue bond that is usually offered below par. The bond's value is increased (accreted) over its life from the original discounted price up to par. At the bond's maturity, it will be valued at par. Interest on these types of bonds are not paid until maturity. However, the interest is taxed as it is accreted. An example of an OID is a zero coupon bond.See: Accretion; Discount; Maturity Date; New Issue; Par; Zero Coupon Security</text>
</content>
<name></name>
<script></script>
</card>
card_286370.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>OSJ (Office Of Supervisory Jurisdiciton)</text>
</content>
<content>
<layer>background</layer>
<id>3</id>
<text>As defined by the National Association of Securities Dealers' (NASD)--a member's parent office(s) that is responsible for supervising an office, or a group of offices.See: National Association Of Securities Dealers</text>
</content>
<name></name>
<script></script>
</card>
card_286694.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A market for securities that are not listed on an exchange. Security orders are transacted via telephone and a computer network that connects dealers. As opposed to the NYSE, which is an auction market, the OTC is a negotiated market. OTC dealers may either act as either principals or agents for customers. The OTC market is regulated by the NASD.OTC stock prices are listed daily in newspapers, with the National Market System stocks listed separately from the rest of the OTC market. The OTC market is a main market for bonds.See: Agency; Auction Market; Dealer; NASD; NASDAQ; National Market System; New York Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_286770.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Electronic listing of bid and asked quotations of over the counter stocks that do not meet the NASDAQ listing requirements. The system provides continuous quotations on stocks (foreign stocks are only updated twice-daily). It facilitates trading and provides greater surveillance non-NASDAQ stocks.See: Asked Price; NASDAQ; Pink Sheets; Over The Counter</text>
</content>
<name></name>
<script></script>
</card>
card_287109.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Corporations whose stocks, which are traded over-the-counter, have met specific criteria under Regulation T of the Federal Reserve Board that qualifies them as a margin security.See: Federal Reserve Board; Margin; Margin Security; Over The Counter; Regulation T</text>
</content>
<name></name>
<script></script>
</card>
card_287275.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Stock or industry that investors do not currently like. There are many reasons that can cause this disfavor. The banking industry, for example, would be out of favor if interest rates rise because it could harm the bank's profit. Investors who buy stocks that are out of favor are called "contrarian investors". Their goal is to purchase the stock cheaply and to sell it when their earnings increase.See: Contrarian</text>
</content>
<name></name>
<script></script>
</card>
card_287758.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said of a stock whose price is either too high or low in comparison to similar stocks in the same industry. The comparison is usually based on the price/earnings ratio (PE).See: Overvalued; Price/Earnings Ratio; Undervalued</text>
</content>
<name></name>
<script></script>
</card>
card_288091.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An option that has no intrinsic value--for example, an option whose strike price, in the case of a put, is lower than the stocks current price, or in the case of a call, is higher. An investor who buys an out-of-the-money option is speculating that the option will rise in value and become in-the-money.See: At The Money; Call Option; In The Money; Intrinsic Value; Options; Put Option; Speculation</text>
</content>
<name></name>
<script></script>
</card>
card_288362.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Common shares of a corporation that are held by investors. The figure is shown on the corporation's balance sheet as "capital stock issued and outstanding".See: Balance Sheet; Capital Stock; Common Stock; Issued And Outstanding </text>
</content>
<name></name>
<script></script>
</card>
card_288922.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A market for securities that are not listed on an exchange. Security orders are transacted via telephone and a computer network that connect dealers. As opposed to the NYSE, which is an auction market, the OTC is a negotiated market. OTC dealers may either act either as principals or as agents for customers. The OTC market is regulated by the NASD.OTC stock prices are listed daily in newspapers, with the National Market System stocks listed separately from the rest of the OTC market. The OTC market is a main market for bonds.See: Agency; Auction Market; Dealer; NASD; NASDAQ; National Market System; New York Stock Exchange</text>
</content>
<name></name>
<script></script>
</card>
card_289109.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A security not listed or traded on an exchange. The stocks are usually those of smaller companies that do not meet the NYSE or AMEX listing requirements.See: AMEX; Listing Requirements; NYSE; Over The Counter; Security</text>
</content>
<name></name>
<script></script>
</card>
card_289427.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A single security or a market that technical analysts believe has risen to an unreasonable level and thus, should start to decline. If all shareholders who want to buy the stock have already done so, there should only be sellers in the market, and thus, the price will drop.See: Correction; Oversold; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_289627.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An economy that is expanding so quickly that there is concern about inflation rates rising. The Federal Reserve usually tries to slow the economy's pace by tightening the money supply. This causes less money to be chasing after goods and services.See: Economic Growth Rate; Economic Indicators; Federal Reserve Board; Inflation; Monetary Policy</text>
</content>
<name></name>
<script></script>
</card>
card_289813.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Capital stock shares issued above the amount authorized to be issued. The security's registrar (typically a bank acting as an agent) works with the security's transfer agent in issuing new shares and canceling and reissuing certificates for transfer to new owners. These two parties keep track of the outstanding shares to prevent overissuance of shares.See: Authorized Shares; Capital Stock; Outstanding Stock; Registrar; Transfer Agent</text>
</content>
<name></name>
<script></script>
</card>
card_290205.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Debt of a political entity, such as a state, where its tax base extends to the tax base of another political entity, such as a county within the state. When evaluating a municipal bond, if the issuer has overlapping debt, it should be considered. See: Debt; Issuer; Municipal Bond; Underlying Debt</text>
</content>
<name></name>
<script></script>
</card>
card_290376.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A single security or a market that technical analysts believe has declined to an unreasonable level and thus, should start to rise. If all shareholders who want to sell the stock have already done so, there should only be buyers in the market, and thus, the price will rise.See: Correction; Overbought; Technical Analysis</text>
</content>
<name></name>
<script></script>
</card>
card_290936.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term used when a new stock issue has more potential buyers than shares. The stock will usually rise in price when it starts trading on the open market as buyers who could not previously purchase the issue will now do so.See: Hot Issue; New Issue</text>
</content>
<name></name>
<script></script>
</card>
card_291182.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>In new issue underwritings, a situation in which a broker-dealer offers to buy a security from a client at premium. In return, the client will purchase shares of the new issue. The underwriter can still profit on the deal if the premium amount is less than what would be received from the underwriting spread.See: Broker-Dealer; Initial Public Offering; New Issue; Underwrite; Underwriting Spread</text>
</content>
<name></name>
<script></script>
</card>
card_291475.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Said of a security whose price is not justified by its price/earnings ratio and thus, should eventually decline. See: Fully Valued; Overvalued; Price/Earnings Ratio; Undervalued</text>
</content>
<name></name>
<script></script>
</card>
card_291631.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Speculative trading strategy wherein an option writer, based on his belief that the underlying security is either overvalued or undervalued, will sell call options or put options in large quantities. The writer assumes that the options will not be exercised. See: Call Option; Exercise; Options Option Writer Overvalued; Put Option; Speculation; Underlying Debt; Underlying Security; Undervalued</text>
</content>
<name></name>
<script></script>
</card>
card_291871.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: An abbreviation used in stock and bond listings in newspapers to indicate dividends or interest paid this year.2: An abbreviation used in options listings in newspapers to identify an option as a put options. See: Put Option</text>
</content>
<name></name>
<script></script>
</card>
card_292142.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A summary of a corporation's revenues, costs, and expenses within an accounting period--also called an "Income Statement". See: Balance Sheet; Financial Statement; Income Statement</text>
</content>
<name></name>
<script></script>
</card>
card_292456.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The relationship between a stock's price and its earnings per share. It is calculated by dividing the stock's price per share by earnings per share for a twelve month period. For instance, a stock selling for $25 a share and earning $5 a share is said to be selling at a P/E ratio of 5. The ratio, also known as the "multiple", gives an investor an approximation of how much they are paying for a corporation's earning power. Low P/E stocks are usually in mature industries. They may be blue chip or out of favor companies. In either case, their growth potential is limited. Companies with high P/E ratios (over 20) are usually up-and-comers that are fast growing. These companies are riskier investments.See: Blue Chip; Earnings Per Share; Out Of Favor; Risk </text>
</content>
<name></name>
<script></script>
</card>
card_292722.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: The face value or principal value of a bond, usually $1,000 per bond. A bond trading at par is trading at its face value.See: Face Value2: A preferred stocks' face value, usually $100 per share. The stock's book value, liquidating value and dividend payments are based on the par value.See: Book Value Preferred Stock3: A common stock's stated value. It is primarily used for bookkeeping purposes and has no relationship to its market value.See: Common Stock</text>
</content>
<name></name>
<script></script>
</card>
card_293434.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Term used when a seller does not deliver the full amount of shares sold. Partial delivery would occur, for example, if 500 shares were sold and the seller only delivers 400.See: Fail To Deliver</text>
</content>
<name></name>
<script></script>
</card>
card_293967.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The percentage of a corporation's earnings that are paid to shareholders as dividends. For example, a corporation that pays a $.12 dividend out of every $1.00 of earnings has a payout ratio of 12%.See: Dividend</text>
</content>
<name></name>
<script></script>
</card>
card_294774.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A low priced stock that is traded in the over-the-counter market. It typically sells for less than $1 a share. Penny stocks are very volatile and speculative.See: Over The Counter; Risk; Speculation; Volatility</text>
</content>
<name></name>
<script></script>
</card>
card_295158.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A fund that is set up to pay pension benefits to retired employees of a corporation, government entity, or to other organizations. The fund's earnings are tax deferred until withdrawn by the retiree, who is then responsible for paying taxes on the amount withdrawn. See: Legal List; Prudent Man Rule; Rate Of Return; Tax Deferred</text>
</content>
<name></name>
<script></script>
</card>
card_295369.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A mutual fund whose goal is to achieve maximum growth of capital--sometimes called "aggressive growth funds". The fund invests in companies that are in high growth cycles. Such companies typically do not pay dividends as its earnings are plowed back into the firm for expansion. Although these funds have a higher risk than a growth or balance fund, it is not considered to be speculative.See: Aggressive Growth Fund; Growth Fund; Growth Stock; Mutual Fund; Risk/Reward Ratio; Speculation</text>
</content>
<name></name>
<script></script>
</card>
card_295528.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A warrant that gives the holder the right to buy a fixed number of common shares of stock at a fixed price. It does not have an expiration date.See: Subscripton Warrant</text>
</content>
<name></name>
<script></script>
</card>
card_295688.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An abbreviation that is commonly used on order tickets to indicate a preferred stock. A preferred stock is a type of capital stock that pays dividends at a set rate (at the time of issuance). Dividend payments to preferred holders must be made before common stock dividends can be paid. Preferred stocks usually do not have voting rights.See: Capital Stock; Cumulative Preferred Stock; Noncumulative Preferred Stock; Voting Right</text>
</content>
<name></name>
<script></script>
</card>
card_296196.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A National Quotations Bureau daily publication that lists market maker's bid and asked prices from the prior day for over-the-counter securites. Equity securites are printed on long pink paper, hence the name. Debt securities are printed on long yellow sheets, hence their name, yellow sheets.See: Asked Price; Market Maker; National Quotation Bureau; Over The Counter; Yellow Sheets</text>
</content>
<name></name>
<script></script>
</card>
card_297040.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The transfer of property, such as securities, to a creditor (or lender) as collateral for an obligation--such as securities bought on margin or a bank loan. "Assign" differs from pledge (or hypothecate) as an assignment involves a transfer of title, whereas pledging does not.See: Assign; Collateral; Hypothecation; Margin</text>
</content>
<name></name>
<script></script>
</card>
card_297216.xml
<?xml version="1.0" encoding="utf-8" ?>
<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: A sign used to indicate that a transaction for a particular security was at a higher price than the previous transaction. 2: A fractional variation used to indicate a Treasury note or bond that is being quoted in 64ths. For instance, 93.16+ means 93 and 33/64th of par. The numerator is 2 times 16 plus 1; 64 is the denominator. See: Treasuries3: In newspaper stock listings, a + in the change column means that the closing price of a security is higher than the previous day's close by the amount in the column. See: Closing Price</text>
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card_297497.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Security transaction executed at a price higher than the preceding transaction in the same security--also called an "uptick". For each security in which its last price is higher than the preceding transaction, a plus sign is displayed next to its price at the trading post on the floor of the NYSE. Short sales can only be executed on upticks or zero plus ticks.See: Sell Short; Uptick Rule; Zero Plus Tick</text>
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card_297817.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The aggregate value of a corporation if it is broken into individual operations and each piece is given its own stock price--also called "breakup value" or "takeover value". Analysts look for corporations with high PMV relative to its current market value to identify potential takeover targets and bargains. It differs from the corporation's liquidating value because it does not include going-concern value.See: Fundamental Analysis; Going Concern Value; Takeover; Target Company</text>
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card_298118.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Written document that permits a third party to do transactions on the behalf of the person signing the document. Depending on the specifications within the document, a power of attorney may be full or limited.See: Trading Authorization</text>
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<name></name>
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card_298364.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: In stocks, a point equals $1. If ABC shares rise 1 1/4 points, each share has risen $1.25.2: In bonds, a point equals $10 since a bond is quoted as a percentage of $1,000. A bond that rises 2 1/2 points gains 2.5% of 1,000, or $25. Thus, a bond that advances from 89 to 91 1/2 means a gain in dollar value from $890 to $915. 3: In market averages, the point is a unit of movement in an average. It is not equivalent to any dollar value. For example, if the Dow-Jones Industrial average rises from 4236 to 4258.5, it has risen 22.5 points. </text>
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card_298606.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The holdings of more than one stock, bond, cash equivalent or other asset by an individual or institution. A portfolio may be designed to achieve the investors goals--such as obtaining maximum returns or reducing risk through diversification.See: Diversification; Risk; Risk/Reward Ratio</text>
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card_298786.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The accumulation of a long or short position in such a manner as to not push the security's price up or down. This method of slowly building a large position is used by institutional investors.See: Institutional Investor; Long Positon; Short Position</text>
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card_299177.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>On debt securities of similar quality, a condition in which the yields on long term securities are higher than the yields on short term securities. Typically, short term interest rates are lower than long term rates--those who invest their money for longer periods are taking more risk.See: Debt Securities; Long Term; Negative Yield Curve; Risk; Short Term; Yield </text>
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card_299331.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A structure shaped like a horseshoe that is located on the floor of the NYSE. Specific securities are traded at each post. Monitors surrounding the post display quotations for the securities traded at that particular post.See: Floor; New York Stock Exchange</text>
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card_299577.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Written document that permits a third party to do transactions on the behalf of the person signing the document. Depending on the specifications within the document, a power of attorney may be full or limited.See: Trading Authorization</text>
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<name></name>
<script></script>
</card>
card_299993.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A right given to shareholders that allows them to purchase shares of a new issue before it is offered to non-shareholders. This allows shareholders to retain the same percentage of ownership in a corporation. See: New Issue; Right; Warrant</text>
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<name></name>
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card_300073.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>A preferred stock is a type of capital stock that pays dividends at a set rate (at the time of issuance). Dividend payments to preferred holders must be made before common stock dividends can be paid. Preferred stocks usually do not have voting rights.See: Capital Stock; Common Stock; Cumulative Preferred Stock; Dividends; Noncumulative Preferred Stock; Voting Rights </text>
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card_300325.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Money received by option writers (sellers) from option buyers in payment for specific rights. A person who writes options to collect premiums hopes that the market price for underlying security remains stable. A put writer does not want the security to fall, and a call writer does not want it to rise.See: Covered Option; Naked Option; Options; Option Writer; Uncovered Option</text>
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card_301068.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>An attempt to take control of a company by offering its shareholders an amount over the current market value of their shares. See: Takeover; Tender Offer</text>
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card_301450.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The amount of profit a corporation earns before paying its taxes. It is calculated by subtracting all costs and expenses (other than taxes) from total revenues.See: Earned Before Taxes</text>
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<name></name>
<script></script>
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card_301667.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The difference in a security's price at the close of a trading session as compared to its previous session's closing price. In the case of an average (or index), all of its components' price changes are taken into account.See: Closing Price; Index </text>
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<name></name>
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card_301827.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The high and low price that a security traded at during a designated period. In annual reports, a corporation will show the price range for its fiscal year. In daily newspapers, the period is a rolling 52 weeks.See: Fiscal Year; Range</text>
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<name></name>
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card_302224.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The relationship between a stock's price and its earnings per share. It is calculated by dividing the stock's price per share by earnings per share for a twelve month period. For instance, a stock selling for $25 a share and earning $5 a share is said to be selling at a P/E ratio of 5. The ratio, also known as the "multiple", gives an investor an approximation of how much they are paying for a corporation's earning power. Low P/E stocks are usually in mature industries. They may be blue chip or out of favor companies. In either case, their growth potential is limited. Companies with high P/E ratios (over 20) are usually up-and-comers that are fast growing. These companies are riskier investments.See: Blue Chip; Earnings Per Share; Out Of Favor; Risk</text>
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card_302557.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The best quality commercial paper as rated by agencies such as Moody's Investors Services and is investment grade. Moody's has three ratings for prime paper--P1 (highest quality), P2 (higher quality), and P3 (high quality).See: Commercial Paper; Investment Grade; Moody's Investors Service; Risk </text>
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card_302836.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>Interest rate charged by banks to their most creditworthy and largest corporate customers. The prime rate is used as a base rate for other types of loans such as personal, commercial and financing. These types of loans are normally of an interest rate a few points above the prime rate. Additionally, as the customer's creditworthiness declines, the interest rate will increase.</text>
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<name></name>
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card_302890.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>1: The face value or par value of a debt instrument that is separate from interest.See: Debt Instrument; Face Value; Par2: A person's capital, or the amount invested.See: Principal Amount3: An employee of a securities firm who has supervisory responsibilities.See: Branch Office Manager</text>
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<name></name>
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card_303305.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
<text>The face value of a bond, or other obligation, that is required to be paid to the holder at maturity.See: Face Value; Maturity Date; Principal</text>
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card_303582.xml
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<!DOCTYPE card PUBLIC "-//Apple, Inc.//DTD card V 2.0//EN" "" >
