APFinancial Seminars & Workshops

Agency bank
A form of organization commonly used by foreign banks to enter the US market. An agency bank cannot accept deposits or extend loans in its own name; it acts as agent for the parent bank. It is also the financial_institution that issuesADRs to the general market.

AP Financial Business

Pecking-order view (of capital structure)
The argument that external financingtransactions costs, especially those associated with the problem of adverse selection, create a dynamic environment in which firms have a preference, or pecking-order of preferred sources of financing, when all else is equal. Internally generated funds are the most preferred, followed by new debt, and debt-equityhybrids. Finally, new equity is at the least preferred source.

APFinancial traditional bank instruments

APFinancial Investment: Federal funds rate
The interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans. The Fed funds rate, as it is called, often points to the direction of US interest rates. The most sensitive indicator of the direction of interest rates, since it is set daily by the market, unlike the prime rate and the discount rate.
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AP Financial Credits
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Fractional coins
Metal currency minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent).

APFinancial Investments
AP Financial tax advantages: "Can get $xxx"
Refers to over-the-counter trading. "I have a buyer who will pay $xxx for the stock". Usually a standard markdown from $xxx is applied to this price in bidding the seller for its stock. Antithesis of cost me.

APFinancial

Fixed-dollar obligations
Conventional bonds for which the coupon rate is set at a fixed percentage of the par value.

APFinancial investment products

Schedule C
Describes membership requirements and procedures of NASD, in its bylaws.

APFinancial a wide variety of investment

Bombay Stock Exchange (BSE)
See: National Stock Exchange; Mumbai stock exchange.

AP Financial Account Access

AP Financial choose investments: Fully modified pass-throughs
Agency pass-throughs that guarantee the timely payment of both interest and principal. Related: Modified pass-throughs.
AP Financial INC
APFinancial Interests
APFinancial Job Offers

Maintenance margin requirement
A sum, usually smaller than but part of the original margin, that must be maintained on deposit at all times. If a customer's equity in any futurespositiondrops to or below, the maintenance margin level, the broker must issue a margin call for the amount at money required to restore the customer's equity in the account to the original margin level. Related: Margin, margin call.

APFinancial Contact
AP Financial tax advantages: Tax clawback agreement
An agreement to contribute as equity to a project the value of all previously realized project-related tax benefits not already clawed back. Exercised to the extent required to cover any cash deficiency of the project.

AP Financial high interest

Flexible budget
A budget that shows how costs vary with different rates of output or at different levels of salesvolume and projects revenue based on these different output levels.

APFinancial Net

Fractional discretion order
A type of order that gives the broker discretion to alter the price, up or down, within a specific fractionalrange in order to guarantee an execution.

APFinancial mutual funds

Functional currency
As defined by FASB No. 52, an affiliate'sfunctional currency is the currency of the primary economic environment in which the affiliate generates and expends cash.

AP Financial nationwide leader

AP Financial nationwide leader: Marriage penalty
A tax that has the effect of penalizing a married couple because they pay more tax on a joint tax return than they would if they file tax returns individually.
AP Financial Capital
AP Financial Finance
APFinancial Insurance

Bolsa de Commercio de Santiago (SSE)
Chile's preeminent stock exchange.

APFinancial Asociates
AP Financial tax advantages: Noncumulative
Applies mainly to convertible securities. Type of preferred stock on which unpaid or Omitted dividends do not accrue. Omitted dividends are, as a rule, gone forever.

AP Financial higher rate of return

Tired
Has been strong for a while and will probably fall due to increased supply at current price level (due to e.g. profit taking, technical analysis). Heavy.

APFinancial growth rate

Open-end fund
Used in the context of general equities. Mutual fund that continually creates new shares on demand. Mutual fundshareholdersbuy the funds at net asset value and may redeem them at any time at the prevailing market prices. Antithesis of closed-end fund.

APFinancial Work places

Coefficient of determination
A measure of the goodness of fit of the relationship between the dependent and independent variables in a regression analysis; for instance, the percentage of variation in the return of an asset explained by the market portfolio return. Also known as R-square.

AP Financial choose investments

AP Financial Account Access: Unbundling
Separation of a multinational firm's transfers of funds into discrete flows for specific purposes. See: Bundling.
APFinancial investment companies
APFinancial Representatives
AP Financial Coproration

Forward parity
Notion that the forward rate is an unbiased predictor of future spot exchange rates.

APFinancial Careers
AP Financial tax advantages: Pledging
See: Hypothecation

AP Financial services industry

Reverse leveraged buyout
Bringing back into publiclytraded status a company that had been privatized by way of a leveraged buyout.

APFinancial Comprehensive Proposals

Opening sale
Creation of or increase in a short position in a given series of options.

AP Financial

Bell
Signal on a stock exchange to indicate the open and close of trading.

APFinancial Investment

APFinancial traditional bank instruments: COD transaction
See: Delivery versus payment
AP Financial Profesional work
AP Financial tax advantages
AP Financial Market Summary

Ad valorem tax
A type of tax calculated based on percentage of gross or stated value. For example, VAT.

AP Financial nationwide leader
APFinancial Seminars & Workshops: Short interest
Total number of shares of a security that investors have sold short and that have not been repurchased to close out the short position. Usually, investors sell short to profit from price declines. As a result, the short interest is often an indicator of the amount of pessimism in the market about a particular security, although there are other reasons to short that are not related to pessimism. For example, hedgingstrategies for mergers and acquisition as well as derivativepositions may involve short sales.

APFinancial Insurance

Interest subsidy
The value of a firm'sdeduction of the interest payments on its debt from its earnings before calculation of its tax bill under current tax law.

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Primitive security
An instrument such as a stock or bond for which payments depend only on the financial status of the issuer.

APFinancial Comprehensive Proposals

Top-down approach
A method of security selection that starts with asset allocation and works systematically through sector and industry allocation to individual security selection.

APFinancial growth rate

: Regular way settlement
In the money and bondmarkets, the standard basis on which some securitytrades are settled is that the delivery of the securities purchased is made against payment in Fed funds on the day following the transaction.
AP Financial Profesional work
APFinancial mutual funds
AP Financial higher rate of return

Canadian Dealing Network (CDN)
The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991.

AP Financial Business
APFinancial Seminars & Workshops: Discretionary reserves
Balance sheet accounts representing temporary accumulations of earnings from the current year or the recent past.

AP Financial

Holding-Period Yield (HPY)
The annual rate of return actually realized on an investment in a bond.

AP Financial Capital

Demand deposits
Checking accounts that pay no interest and from which funds can be withdrawn upon demand.

AP Financial Coproration

Refunded bond
Also called a prerefunded bond, a bond that originally may have been issued as a general obligation or revenue bond but that is now secured by an escrow fund consisting entirely of direct U.S. government obligations that are sufficient for paying the bondholders.

APFinancial Interests

: Eurodollar obligations
Certificates of deposit issued in U.S. dollars by foreign banks and foreign branches of U.S. banks.
AP Financial services industry
AP Financial Finance
AP Financial tax advantages

Take-up fee
A fee paid to an underwriter in connection with an underwrittenrights offering or an underwritten forced conversion. Represents compensation for each share of common stock the underwriter obtains and must resell upon the exercise of rights or conversion of bonds.



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