APFinancial traditional bank instruments

COD transaction
See: Delivery versus payment

Code of procedure
The guide of the National Association of Securities Dealers used to adjudicate complaints filed against NASD members.
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.

Coefficient of Variation
A measure of investment risk that defines risk as the standard deviation per unit of expected return.

APFinancial Insurance

Non-Equity Option
An option whose underlying entity is not common stock; typically refers to options on physical commodities and index options.

Nonfinancial assets
Physical assets such as real estate and machinery.

Nonfinancial services
Such things as freight, insurance, passenger services, and travel.

Noninsured plans
Defined benefit pension plans that are not guaranteed by life insurance products. Related: Insured plans.

Noninterest-bearing note
A note without periodic interest payment, but selling at a discount and maturing at face value. See: Zero-coupon bond.

Nonmarketed claims
Claims that cannot be easily bought and sold in the financial markets, such as those of the government and litigants in lawsuits.

Nonintermediated debt market
A financial market in which borrowers (government and large corporations) appeal directly to savers for debt capital through the securities markets without using a financial institution as intermediary.

Nonmarketable security
Securities that cannot be easily bought and sold.

APFinancial Personal

APFinancial investment companies: Convertible preferred stock
Preferred stock that can be converted into common stock at the option of the holder. See also: participating convertible preferred stock.

Convertible price
The contractually specified price per share at which a convertible security can be converted into shares of common stock.

Convertible security
A security that can be converted into common stock at the option of the securityholder; includes convertible bonds and convertible preferred stock.

Convex
Curved, as in the shape of the outside of a circle. Usually referring to the price/required yield relationship for option-free bonds.
APFinancial growth rate
APFinancial investment products
APFinancial Asociates

Market Eye
A financial information service based in the U.K. sponsored by the ISE (International Stock Exchange of the UK and the Republic of Ireland) that provides current market and statistical information.

Market failure
The inability of arm's length markets to deliverer goods or services. A multinational corporation's market internalization advantages may take advantage of market failure.

Market-if-touched (MIT)
A price order, below market if a buy or above market if a sell, that automatically becomes a market order if the specified price is reached.

Market impact costs
The result of a bid/ask spread and a dealer's price concession. Also called price impact costs.

APFinancial a wide variety of investment
APFinancial Work places: Short ratio(or short interest ratio)
Number of shares of a security that investors have sold short divided by average daily volume of the security (measured over 30 days or 90 days). There are various interpretations of this ratio. When people short, it is usually (but not always) because they are pessimistic about the security's future performance. Shorting involves buying at at some point however. Hence, some would interpret a high short ratio as an indicator that there will be some buying pressure on the security that would increase its price.

Short-run operating activities
Events and decisions concerning the short-termfinance of a firm, such as how much inventory to order and whether to offer cashterms or creditterms to customers.

APFinancial Contact

Securities Industry Committee on Arbitration (SICA)
A private group that provides mediation services in case of customer complaints against securitiesfirms.

Securities Investor Protection Corporation (SIPC)
A nonprofit corporation that insures customers' securities and cash held by member brokerage firms against the failure of those firms.
Securities loan
The loan of securities between brokers, often to cover a client's short sale; or a loan secured by marketable securities.

Securities markets
Organized exchanges plus over-the-countermarkets in which securities are traded.

Securitization
Creating a more or less standard investmentinstrument such as the mortgagepass-through security, by poolingassets to back the instrument. Also refers to the replacement of nonmarketable loans and/or cash flows provided by financial intermediaries with negotiable securities issued in the publiccapital markets.

APFinancial

Contractual Intermediary
Holder of an indirect claim through a legal agreement that specifies that the individual must make periodic, fixed payments to the intermediary in exchange for the right to receive payments from the intermediary in the future.

Contractual plan
A plan in which fixed dollar amounts of mutual fundshares are purchased through periodic investments, usually featuring some sort of additional incentive for the fixed period payments.

Contramarket stock
In the context of general equities, stock that tends to go against the trend of the market as a whole, such as a commodities-related stock or one in an industry out of favor with investors in a bull market.

APFinancial Representatives

Investment trust
A closed-end fund regulated by the Investment Company Act of 1940. These funds have a fixed number of shares that are traded on the secondary markets, like corporate stock. The market price may exceed the asset value per share, in which case shares are selling at a premium. When the market price falls below the (NAV)/share, shares are selling at a discount. Many closed-end funds are of a specialized nature; the portfolio represents a particular industry or, country. These funds are usually listed on US and foreign exchanges.

Investment value
Applies mainly to dealer securities. Fixed income value of a convertible, the price at which the convert would have to sell as a straight debt instrument relative to the yield of other bonds of like maturity, or size, and quality; represents a presumed floor to the bond, assuming the continued creditworthiness of the issuer and the general level of interest rates. Bond value. See: conversion value.

Investor
The owner of a asset.

Investor fallout
In the mortgage pipeline, risk that occurs when the originator commits loanterms to the borrowers and gets commitments from investors at the time of application, or if both sets of terms are made at closing.

Investor relations
The process by which the corporation communicates with its investors.

Investor's equity
The balance of a margin account. Related: Buying on margin, initial margin requirement.

Investors service bureau
NYSE service that deals with all general inquiries concerning securitiesinvestments.

Invoice
Bill written by a seller of goods or services and submitted to a purchaser for payment.

Invoice billing
Billing system in which invoices are sent off at the time of customer orders and are all separate bills to be paid.

Invoice date
Usually the date when goods are shipped. Payment dates are set relative to the invoice date.

Invoice price
The price that the buyer of a futures contract must pay the seller when a Treasury bond is delivered.

Involuntary liquidation preference
A premium that must be paid to preferred or preference stockholders if the issuer of the stock is forced into involuntary liquidation.

IPO Spinning
See Initial Public Offering Spinning.

IRA/Keogh accounts
Special accounts that allow saving taxes deferred until money is withdrawn. These plans are subject to frequent changes in law with respect to the deductibility of contributions. Withdrawals of tax-deferred contributions are taxed as income, including the capital gains from such accounts.

Irredeemable bond
A bond lacking a call feature or a right of redemption. Also refers to a perpetual bond.

Irrational call option
The implied call imbedded in a MBS. Irrational because the call is sometimes not exercised when it is in the money (interest rates are below the threshold to refinance), and sometimes exercised when it is not in the money. Option exercise like this affects payments on the MBS.

Irrelevance result
The Modigliani and Miller theorem that a firm'scapital structure is irrelevant to the firm's value.

Irrevocable letter of credit
Assurance of funds issued by a bank that cannot be canceled or amended without the beneficiary's approval.

Irrevocable trust
A trust that is unable to be amended, altered, or revoked.

Islamic Loan
A loan that interest cannot be charged on. Instead, the loan is structured using discounts, sale or lease, profit participation, or repurchase agreements.

Issue
A particular financial asset.

Issued share capital
Total amount of shares that have been issued. Related: Outstanding shares.

Issuer
An entity that puts a financial asset in the marketplace.

Issuing bank
Bank that issues a letter of credit.

Istanbul Stock Exchange
The sole securities exchange in Turkey.

Italian Derivatives Market (IDEM)
A derivatives market operated by the Italian Stock Exchange Council. It tradesfutures and options on the 30 index and individual stock options. See: Italian Stock Exchange.

Italian Exchange (Borsa Italiana)
Italy's major securities exchange.

Italian Stock Exchange (ISE)
The Milan-based stock exchange, which came into effect after the unification of Italy's ten national exchanges in 1991. All listed securities are traded electronically. The main indexes are the MIB and the MIBTEL, based on the prices of all listed shares, and the MIB 30, based on a sample of the 30 most liquid and highly capitalized shares.

Itemized deduction
Specific deductions allowed by the IRS outlined in the tax return.

Jensen index
An index that uses the capital asset pricing model to determine whether a money manager outperformed a market index. The alpha of an investment or investment manager.

Jobber
A term for a market maker used on the London Stock Exchange.

Johannesburg Stock Exchange (JSE)
Established in 1886, the Johannesburg Stock Exchange is the only stock exchange in South Africa. Gold and mining stocks form the majority of shares listed.

Joint account
An agreement between two or more firms to share risk and financing responsibility in purchasing or underwritingsecurities, or an account owned jointly by two or more persons at a bank or brokerage house.

Joint and survivor annuity
A type of annuity opened by and intended for two people, that makes payments for the entire lifetime of both beneficiaries, even if one of them dies.

Joint bond
A bond that is guaranteed by the issuer and a party other than the issuer.

Joint clearing members
Firms that clear on more than one exchange.

Joint float
An arrangement by which a group of currencies maintain a fixed relationship relative to each other, but move jointly relative to another currency in response to supply and demand conditions in the exchange market.

Joint stock company
A form of business organization that falls between a corporation and a partnership. The company sells stock, and its shareholders are free to sell their stock, but shareholders are liable for all debts of the company.

Joint venture
An agreement between two or more firms to undertake the same business strategy and plan of action. See: Incorporated joint venture and Unicorporated joint venture.

Jointly and severally
Municipal bondunderwriting in which the account is undivided and syndicate members are responsible for unsold bonds in proportion to their participation, regardless of how many bonds they may have already sold. A firm with 20% of the account is responsible for selling 20% of the unsold bonds even if has already sold 25% of the total debtissue, for example. See: Severally but not jointly.

Joint tax return
Tax return filed by two people, usually spouses.

Joint tenants with right of survivorship
In the case of a joint account, on the death of one account holder, ownership of the account assets is transferred to the remaining account holder or holders.

Joint venture
An agreement between two or more firms to undertake the same business strategy and plan of action.

Jonestown defense
An extreme defensive tactic employed by the management of a target corporation to prevent a hostile takeover. The defensive tactics are so extreme that they typically lead to the destruction of the target corporation. See: Suicide.

Joseph Effect
The tendency for persistent time series (0.50

Jumbo certificate of deposit
A certificate of deposit in increments of $100,000.

Jumbo loan
Loans of $1 billion or more. Or, loans that exceed the statutory size limit eligible for purchase or securitization by the federal agencies.

Jump ball
Used in the context of general equities. (1) Deal in which no trading house has exclusivity (each firm is in direct competition for a piece of business); (2) no preference in picking a particular side (buy/sell) of a stock as profile, indicated during the block call, indicate that the sales force could have the stock either way.

Junior debt (subordinate debt)
Debt whose holders have a claim on the firm'sassets only after senior debtholder's claims have been satisfied. Subordinated debt.

Junior issue
A debt or equityissue from one corporation over which the issue of another firm takes precedence with respect to dividends, interest, principal, or security in the event of liquidation.

Junior mortgage
A mortgage that will be satisfied only after more senior mortgages have been satisfied. E.g., a first mortgage will be satisfied prior to a second or a third mortgage.

Junior refunding
Issuing of new securities to refinance government debt that matures in one to five years.

Junior security
A security that has a lower-priority claim on a company'sassets and income than a senior security. For example common stock is junior to preferred stock.

Junk bond
A bond with a speculative credit rating of BB (S&P) or BA (Moody's) or lower. Junk or high-yield bonds offer investors higher yields than bonds of financially sound companies. Two agencies, Standard & Poors and Moody's Investor Services, provide the rating systems for companies'credit.

Jury of executive opinion
A method of forecasting using a composite forecast prepared by a number of individual experts. The experts form their own opinions initially from the data given, and revise their opinions according to the others' opinions. Finally, the individuals' final opinions are combined.

"Just me asking"
Used in the context of general equities. "Not a customer request for information."

Just-in-time inventory systems
Systems that schedule materials to arrive exactly when they are needed in the production process.

APFinancial Investments

APFinancial Representatives: Passive portfolio strategy
A strategy that involves minimal expectational input, and instead relies on diversification to match the performance of some marketindex. A passive strategy assumes that the marketplace will reflect all available information in the price paid for securities, and therefore, does not attempt to find mispriced securities. Related: Active portfolio strategy.

Patent
The exclusive right to use documented intellectual property in producing or selling a particular product or using a process for a designated period of time.

Path-dependent option
An option whose value depends on the sequence of prices of the underlying asset rather than just the final price of the asset.

Pattern
A technical chart formation used to make market predictions by following the price movements of securities.
APFinancial Careers
APFinancial Interests
APFinancial mutual funds

Outright rate
Actual forward rate expressed in dollars per currency_unit, or vice versa.

Outside director
A director of a company who is not an employee of that company and brings in outside experience to help make board decisions.

Outside market
Used in the context of general equities. Outside the inside market (above the lowest offering and below the highest bid).

Outside of you
Used for listed equity securities. Another orderbidding for or offeringstock at the same price that the trader has put on the floor himself, represented by another broker in the trading crowd. These orders may have different price limits (possible top or low on floor mentioned to floor broker but not announced in the crowd). See: Matching orders.

APFinancial Job Offers
APFinancial Work places: Yield burning
A municipal bond financing method. Underwriters in advance refundings add large markups on US Treasury bonds bought and held in escrow to compensate investors while waiting for repayment of old bonds after issuance of the new bonds. Since bond prices and yields move in opposite directions, when the bonds are marked up, they "burn down" the yield, which may violate federal tax rules and diminishes tax revenues.

Yield curb
Applies mainly to convertible securities. Difference in current yield between the convertible and the underlyingcommon.

Yield curve
The graphic depiction of the relationship between the yield on bonds of the same credit quality but different maturities. Related: Term structure of interest rates. Harvey (1991) finds that the inversions of the yield curve (short-term rates greater than long term rates) have preceded the last five US recessions. The yield curve can accurately forecast the turning points of the business cycle.

APFinancial Net

Balanced fund
An investment company that invests in stocks and bonds. The same as a balanced mutual fund.

Balanced mutual fund
This is a fund that buyscommon stock, preferred stock, and bonds. The same as a balanced fund.

Balloon interest
In the context of serial bondissues, the elevated coupon rate on bonds with late maturities.

Balloon maturity
Any large principal payment due at maturity for a bond or loan with or without a sinking fund requirement.

Balloon Payment
See: Bullet.

APFinancial Investment

Kiddie tax
Tax owed for the investment income of children if the amount is more than $1,400.

Killer bees
Those who aid a company in fending off a takeoverbid, usually investment bankers who devise strategies to make the target less attractive or more difficult to acquire.

Kiting
Used in banking to refer to the practice of depositing and drawing checks at two or more banks and taking advantage of the time it takes for the second bank to collect funds from the first bank.
Also refers to illegally increasing the face value of a check by changing the numbers on the check.
In the context of securities, refers to the manipulation and inflation of stock prices.

APFinancial investment companies

Backup Line of Credit
A bank assurance of funds obtained by an issuer of commercial paper to protect the CP investor from default. The issuer pays a commitment fee to the bank.

Backwardation
A market condition in which futures prices are lower in the distant delivery months than in the nearest delivery month. This may occur when the costs of storing the product until eventual delivery are effectively subtracted from the price today. The opposite of contango.

Bad debt
A debt that is written off and deemed uncollectible.

Bad delivery
Antithesis of good delivery.

APFinancial Comprehensive Proposals

APFinancial Insurance: Rate of return
Calculated as the (value nowminus value at time of purchase) divided by value at time of purchase. For equities, we often include dividends with the value now. See also: Return, annual rate of return.

Rate of return ratios
Ratios that measure the profitability of a firm in relation to various measures of investment in the firm.

Rate risk
In banking, the risk that profits may drop or losses occur because a rise in interest rates forces up the cost of fundingfixed-rate loans or other fixed-rate assets.
APFinancial Work places
APFinancial Seminars & Workshops
APFinancial Seminars & Workshops

Security market plane
A plane that shows the relationship between expected return and the beta coefficient of more than one factor.

Security ratings
Commercial rating agencies' assessment of the credit and investment risk of securities.

Security selection
See: Security selection decision

Security selection decision
Choosing the particular stocks or bonds or other investment instruments to include in a portfolio.

APFinancial Personal
APFinancial Comprehensive Proposals: Most active list
The stocks with the highest volume of trading on a certain day.

Most distant futures contract
When several futures contracts are considered, the contract settling last. Related: nearby futures contract

Most Favored Nation
A privilege granted by one country to another whereby the products of the privileged country pay the lowest delivered duty paid charged by the granting country.

Moving average
Used in charts and technical analysis, the average of security or commodityprices constructed in a period as short as a few days or as long as several years and showing trends for the latest interval. As each new variable is included in calculating the average, the last variable of the series is deleted.

APFinancial investment products

V formation
A technical chart pattern that follows a letter V form, indicating that the security price has bottomed out, and is now in a bullish trend.

Vienna Convention
Common name for the United Nations Convention on Contracts for the International Sale of Goods. They are a body of law governing the international sale of goods between parties domiciled in member countries.

Vienna Stock Exchange (VSX)
One of the world's oldest exchanges, which accounts for approximately 50% of Austrian stocktransactions; the balance are tradedOTC.

APFinancial Job Offers

Off-floor order
Used for listed equity securities. (1) Order to buy or sell a security that originates off the floor of an exchange; customer orders originating with brokers, as distinguished from orders placed by floor memberstrading for their own accounts. Exchange rules require that an off-floor order be executed before orders initiated on the floor. Upstairs order. Antithesis of on-floor order; (2) order not handled on the floor but instead upstairs.

Offer
Indicates a willingness to sell at a given price. Related: Bid.

Offer price
See: Offer.

Offer wanted
Used in the context of general equities. Notice by a potential buyer of a security that he or she is looking for supply from a potential seller of the security, often requiring a capitalcommitment. Antithesis of bid wanted.

Offering date
Date on which a new set of stocks or bonds will first be sold to the public.

APFinancial Representatives

Ability to pay
Refers to the borrower's ability to make interest and principal payments on debts. See: Fixed charge coverage ratio.
In context of municipal bonds, refers to the issuer's present and future ability to create sufficient tax revenue to fulfill its contractual obligations, accounting for municipal income and property values.
In context of taxation, notion that tax rates should be determined according to income or wealth.

Abnormal returns
The component of the return that is not due to systematic influences (market-wide influences). In other words, the abnormal returns is the difference between the actual return and that is expected to result from market movements (normal return). Related: excess returns.

APFinancial Work places

: Privatization
The transfer of government-owned or government-run companies to the private sector, usually by selling them.

Pro forma capital structure analysis
A method of analyzing the impact of alternative possible capital structure choices on a firm'scredit statistics and reportedfinancial results, especially to determine whether the firm will be able to use projected tax shield benefits fully.

Pro forma financial statements
A firm'sfinancial statements as adjusted to reflect a projected or planned transaction. "What-if" analysis.

Pro forma statement
A financial statement showing the forecast or projected operating results and balance sheet, as in pro forma income statements, balance sheets, and statements of cash flows.
APFinancial growth rate
APFinancial traditional bank instruments
APFinancial Asociates

Alternative investments
Usually refers to investments in hedge funds. Many hedge funds pursue strategies that are uncommon relative to mutual funds. Examples of alternative investment strategies are: long--short equity, event driven, statistical arbitrage, fixed income arbitrage, convertible arbritage, short bias, global macro, and equity market neutral. May also refer to the high frequency style of commodity trading advisors who often employ technical and quantitative tools for intraday investments

Alternative Minimum Tax (AMT)
A federal tax aimed at ensuring that wealthy individuals, estates, trusts, and corporations pay a minimal level income tax. For individuals, the AMT is calculated by adding adjusted gross income to tax preference items.

APFinancial investment companies
APFinancial Comprehensive Proposals: Back months
In the context of futures and optionstrading, refers to the months of contracts with expiration dates farthest away. See farthest month.

Back office
Brokerage house clerical operations that support, but do not include, the trading of stocks and other securities. All written confirmation and settlement of trades, record keeping, and regulatory compliance happen in the back office.

Back on the shelf
In the context of general equities, permanently canceledorder/interest in a stock by a customer. See: Take a powder.

APFinancial Contact

Post-dated check
A check that becomes payable and negotiable on a future date specified.

Post-Money Valuation
The value of a company after its most recent round of financing. Related: Pre-Money Valuation

Postponement option
The option of deferring a project without eliminating the possibility of undertaking it.

Postponing income
Purposely delaying receipt of income to a later year in order to reduce current tax liability.

APFinancial Investment

Convertible
A financialinstrument that can be exchanged for another security or equity interest at a pre-agreed time and exchange ratio.

Convertible Arbitrage
In the context of hedge funds, a style of management that involves the simultaneous purchase of a convertible bond and the short sale of shares of the underlying stock. Interest rate risk may or may not be hedged.

Convergence
The movement of the price of a futures contract toward the price of the underlying cash commodity. At the start, the contract price is usually higher because of time value. But as the contract nears expiration, and time value decreases, the futures price and the cash price converge.

Conversion
In the context of securities, refers to the exchange of a convertible security such as a bond into stock.

APFinancial

Real income
The income of an individual, group, or country adjusted for inflation.

Real interest rate
The rate of interest excluding the effect of expected inflation; that is, the rate that is earned in terms of constant-purchasing-power dollars. Interest rate expressed in terms of real goods, i.e. nominal interest rate adjusted for expected inflation.

Real market
The bid and offer prices at which a dealer could execute the desired quantity of shares. Quotes in the brokersmarket.

Real option
An option or option-like feature embedded in a realinvestment opportunity.

APFinancial Careers

: Limitation on subsidiary borrowing
A bond covenant that restricts in some way a firm's ability to borrow at the level of firm subsidiary.

Limited company
A form of business commonly used in the U.K. comparable to incorporation in the U.S.

Limited discretion
Permission by a client that allows a broker to make certain stock and optiontrades without first consulting the client about the trade.

Limited flexibility exchange rate system
The International Monetary Fund's name for an exchange rate system with a managed float.
APFinancial Interests
APFinancial Investments
APFinancial Net

Spread option
A position consisting of the purchase of one option and the sale of another option on the same underlying security with a different exercise price and/or expiration date.

Spread order
An order listing the series of options that the customer wants to buy and sell and the desired spread between the premiums paid and received for the options.

Spread position
The status of an account after a spreadorder has been carried out.

APFinancial a wide variety of investment
APFinancial Comprehensive Proposals: On Carriage
Freight costs arising after the cost of principal international freight costs. These are usually inland freight charges for delivery within the buyer's country.

On a clean up
Used in the context of general equities. Willingness to participate in part of a trade if all of the stock available is spoken for except for the "clean up amount."

On the close order
A market order that is to be executed as close as possible to the closing price of the day.

On-floor order
Used for listed equity securities. Securityorder originating with a member on the floor of an exchange when dealing with his or her own account, versus an upstairs order. Antithesis of off-floor order.

On the money
Used in the context of general equities. In-line, or at the same price, as the last sale.

APFinancial mutual funds

Underwriting spread
The income that is generated by the underwriting syndicate and the selling group, which is essentially the difference between the amount paid to the issuer of securities in a primary distribution and the public offering price.

Underwriting syndicate
A group of investment banks that work together to sell new securityofferings to investors. The underwritingsyndicate is led by the lead underwriter. See also: Lead underwriter.

Underwritten offering
A purchase and sale.

APFinancial Comprehensive Proposals

Mismatch bond
Floating rate note whose interest rate is reset at more frequent intervals than the rollover period (e.g. a note whose payments are set quarterly on the basis of the one-year interest rate).

Miss the price/market
Used for listed equity securities. 1) Have an order in hand but fail to execute a transaction on terms favorable to a customer and, thus, be negligent as a broker; 2) receive an order just after a print has transpired.

Mixed account
A brokerage account holding both long and shortpositionedsecurities.

Mixed bag
Used in the context of general equities. Group of stocks which consists of some which are up, down, and neutral.

Mixed forecasting
Development of forecasts using a combination of forecasting techniques.

APFinancial Insurance

Secular
Long-term time frame (10-50 years or more).

Secured bond
A bond backed by the pledge of collateral, a mortgage, or other lien, as opposed to an unsecured bond, called a debenture .

Secured debt
Debt that has first claim on specified assets in the event of default.

securities
Paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stocks) or debt obligations (bonds).

Securities Act of 1933
First law designed to regulate securitiesmarkets, requiring registration of securities and disclosure.

APFinancial Seminars & Workshops

: Buydown
Mortgages in which monthly payments consist of principal and interest. During the early part of the loan, portions of these payments are provided by a third party to reduce the borrower's monthly payments. In the context of project financing, refers to a one-time payment out of liquidated damages to reflect cash flowlosses from sustained underperformance.

Buyer credit
A financing provided to a buyer to pay for the supply of goods or services usually by an exporting country or by the supplier company.

Buyer's market
Market in which the supply exceeds the demand, creating lower prices. Antithesis of seller's market.

Buyers/sellers on balance
Used for listed equity securities. Indicates that at a given time (usually before the opening of a stock market or at expiration time), there are more buyers than sellers in the marketplace, usually with market orders. See: Imbalance of orders.
APFinancial traditional bank instruments
APFinancial Interests
APFinancial Job Offers

Classified stock
The division of stock into more than one class of common stock, usually called Class A and Class B. The specific features of each class, which are set out in the charter and bylaws, usually give certain advantages to the Class A shares, such as increased voting power.

Claused Bill of Lading
A bill of lading with a notation that indicates damage or shortage. Also called foul bill of lading and are the opposite of clean bills of lading.

Clawback
The ability to recover prior project cash flow that may have been distributed or paid away as dividends to sponsors.

APFinancial Work places
APFinancial Careers: Par bond
A bondtrading at its face value.

Par value
Also called the maturity value or face value; the amount that an issuer agrees to pay at the maturity date.

Par value of currency
The official exchange rate between two countries' currencies.

Parallel bonds
Fixed income instrumentsdenominated in the respective currencies of the countries where they are placed.

Parallel loan
A process whereby two companies in different countries borrow each other's currency for a specific period of time, and repay the other's currency at an agreed maturity for the purpose of reducing foreign exchange risk. Also referred to as back-to-back loans.

APFinancial Representatives

Andean Pact
A regional trade pact that includes Venezuela, Colombia, Ecuador, Peru, and Bolivia.

Angel
An investment-grade bond. Antithesis to fallen angel. In the context of venture capital, the first investor.

Angels
Individuals providing venture capital.

APFinancial Personal

Receive versus payment
An instruction that only cash will be accepted in exchange for delivery of securities.

Receivables balance fractions
The percentage of a month's sales that remains uncollected (and part of accounts receivable) at the end of succeeding months.

Receivables turnover ratio
Total operating revenues divided by average receivables. Used to measure how effectively a firm is managing its accounts receivable.

Received for Shipment Bill of Lading
A document issued by a carrier that looks like a bill of lading as evidence of receipt of goods for shipment. This type of document is issued prior to the vessel loading and is therefore not an on board bill of lading.

APFinancial Insurance

"Kick it out"
Used in the context of general equities. "Liquidate a position (sell a long/cover a short) without regard to price."

Kickback
In the context of finance, refers to compensation of dealers by salesfinance companies for discounting installment purchase paper.
In the context of contracts, refers to secret payments made to insure that the contract goes to a specific firm.

Kicker
An additional feature of a debtobligation that increases its marketability and attractiveness to investors.

APFinancial investment companies

: Scripophily
Collecting stock and bondcertificates for their scarcity, rather than for their value as securities.

Search costs
Costs associated with locating a counterparty to a trade, including explicit costs (such as advertising) and implicit costs (such as the value of time). Related: Information costs.

Seasonally adjusted
Mathematically adjusted by moderating a macroeconomicindicator (e.g., oil prices/imports) so that relative comparisons can be drawn from month to month all year.
APFinancial mutual funds
APFinancial Investments
APFinancial a wide variety of investment

Staggered board of directors
Occurs when a portion of directors are elected periodically, instead of all at once. Board terms are often staggered in order to thwart unfriendly takeover attempts, since potential acquirers would have to wait longer before they could take control of a company's board through the normal voting procedure.

Staggering maturities
Hedging against interest rate movements by investment in short-, medium-, and long-termbonds.



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http://www.apfinancial-services.org/blog/
http://www.ap-financial.net/blog/