APFinancial Seminars & Workshops

Contingent immunization
An arrangement in which the money manager pursues an activebondportfoliostrategy until an adverse investment experience drives the then-available potential return down to the safety net level. When that point is reached, the money manager is obligated to pursue an immunization strategy to lock in the safety-net level return.

Contingent order
An order which can be executed only if another event occurs; i.e. "sell Oct 45 call 7-1/4 with stock 52 or lower".

Contingent pension liability
Under ERISA, a firm is liable to its pension plan participants for up to 39% of the net worth of the firm.

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Self-tender offer
A company that tenders for its own shares.
Sell the book
Used for listed equity securities. Order to a broker by the holder of a large quantity of shares of a security to sell all that can be absorbed at the current bid price. The term derives from the specialist's book - the record of all the buy and sell orders members have placed in the stock one handles. In this scenario, the buyers potentially include those in the specialist's book, the specialist for its own account, and broker-dealers.

Sell hedge
Related: short hedge.

Sell limit order
Conditional trading order that indicates that a security may be sold at the designated price or higher. Related: Buy limit order.

Sell off
Sale of securities under pressure. See: Dumping.

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APFinancial Job Offers: Market-on-Close (MOC) order
An order to tradestocks, options, or futures as close as possible to the market close. See also MOC.

Market opening
The start of formal trading on an exchange.

Market order
Used in the context of general equities. Order to buy or sell a stated amount of a security at the most advantageous price obtainable after the order is represented in the trading crowd. You cannot specify special restrictions such as all or none (AON) or good 'til canceled order (GTC) on market orders. See: Limit order.

Market order go-along/participating
Used for listed equity securities. See: Percentage order.

Market out clause
A clause that may appear in an underwriting firm commitment that releases it from its purchase requirement if there are negative securities market developments.

Market overhang
The theory that, in certain situations, institutions wish to sell their shares but postpone the sale because large orders under current market conditions would drive down the share price and that the consequent threat of securitiessales will tend to retard the rate of share price appreciation. Support for this theory is largely anecdotal.
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Common stock
Securities that represent equity ownership in a company. Common shares let an investor vote on such matters as the election of directors. They also give the holder a share in a company's profits via dividend payments or the capital appreciation of the security. Units of ownership of a publiccorporation with junior status to the claims of secured/unsecured creditors, bondholders and preferred shareholders in the event of liquidation.

Common stock equivalent
A convertible security that is traded like an equityissue because the optioned common stock is trading above the conversion price.

Common stock fund
A mutual fundinvesting only in common stock.

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APFinancial Insurance: Trade credit
Credit one firm grants to another firm for the purchase of goods or services.

Trade date
The date that the counterparties in an interest rate swap commit to the swap. Also, the day on which a security or a commodity future trade actually takes place. Trades generally settle (are paid for) 1-5 business days after a trade date. With stocks, settlement is generally 3 business days after the trade. The settlement date usually follows the trade date by five business days, but varies depending on the transaction and method of delivery used.

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Blind trust
A trust in which a fiduciary third party has total discretion to make investments on behalf of a beneficiary while the beneficiary is uninformed about the holdings of the trust.

Blitzkrieg tender offer
In the context of a takeover, refers to a tender offer that is priced so attractively that the tender is completed quickly.

Block
Large quantity of stock or large dollar amount of bondsheld or traded. As a rule of thumb, 10,000 shares or more of stock and $200,000 or more worth of bonds would be described as a block.

Block call
In the context of general equities, conference meeting during which customer indications and orders, along with the traders' own buy/sell preferences, are conveyed to the entire organization. See block list.

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Unqualified opinion
An independent auditor's opinion that a company'sfinancial statements comply with accepted accounting procedures. Antithesis of qualified opinion.

Unrealized capital gain/loss
An increase/decrease in the value of a security that is not "real" because the security has not been sold. Once a security is sold by the portfolio manager, the capital gains/losses are "realized" by the fund, and any payment to the shareholder is taxable during the tax year in which the security is sold.

APFinancial traditional bank instruments

Closing tick
The net of the number of stocks whose closing prices are higher than their previous trades ( uptick) against the number of stocks whose closing prices were lower than their previous trades (downtick). A positive closing tick indicates "buying at the close", or a bullishmarket; a negative closing tick indicates "selling at the close," or a bearishmarket. See: TRIN.

Closing transaction
Applies to derivative products. Buy or sell transaction that eliminates an existing position (selling a long option or buying back a short option). Antithesis of opening transaction.

APFinancial Comprehensive Proposals

APFinancial traditional bank instruments: Lessee
An entity that leases an asset from another entity.

Lessor
An entity that leases an asset to another entity.

Letter of Administration
A certificateissued by the Court evidencing the appointment of the Administrator of an Estate.

Letter of comment
A communication to the firm from the SEC that suggests changes to its registration statement.

Letter of credit (LOC)
A form of guarantee of payment issued by a bank on behalf of a borrower that assures the payment of interest and repayment of principal on bond issues.

Letter of Guarantee
A letter from a bank to a brokerage firm which states that a customer (who has written a call option) does indeed own the underlying stock and the bank will guaranteedelivery if the call is assigned. Thus the call can be considered covered. Not all brokerage firms accept letters of guarantee. Also: letter issued to Option Clearing Corporation by member firms covering a guarantee of any trades made by one of its customers, (a trader or broker on the exchange floor).
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Reverse a swap
Reswap of bonds to gain the advantage of a yield spread or tax loss and restore a bondportfolio to its position before the original swap.

Reverse conversion
A technique in which brokerage firms earn interest on the stocks they hold for their customers by selling the short and investing the proceeds in money market accounts. The short positions are hedged to protect against adverse market conditions.

Reverse leverage
Occurs when the interest on borrowings exceeds the return on investment of the funds that were borrowed.

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

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APFinancial Insurance: Signatures on Proxies
The basic rule of acceptability is that if the signature reads as the proxy is printed, it is acceptable. If an individual signs on behalf of another individual and states a legal representation, it is acceptable. Examples: executor, guardian, power of attorney; but not husband, wife, next of kin, etc. On corporate registrations, a manual signature in the name of the corporation is acceptable. A facsimile signature is also acceptable, but a rubber-stamp signature with a signature line is acceptable only if signed on that line. With joint tenancy, one signature is sufficient, as in the case of one trustee signing for two or more.

Significant influence
The holding of a large portion of the equity of a corporation, usually at least 20%, which gives the holder a significant amount of control over the corporation. This degree of holding must be recorded in a firm's financial statements.

Significant order
An order to buy or sell a large enough quantity of securities that the price of the security may be affected. Institutional investors usually spread out such an order over a few days or weeks to avoid adverse pressures on the buy or sell price.

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In addition to the Fort Collins and Denver office, AP Financial has offices in Miami, Orlando, Phoenix, San Antonio, Tampa, and Dallas. Expansions is a good thing and there are plans to expand in other areas where there is need of help.

Associates of AP Financial are also registered representatives with and offer securities and services through InterSecurities, Inc. (ISI), member FINRA, SIPC. ISI, an AEGON company, is a national full service Broker/Dealer offering investment, retirement and insurance products and services which allows their representatives to offer financial products to suit each individual client’s needs and will.

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Monthly income preferred security (MIP)
Preferred stockissued by a subsidiary located in a tax haven. The subsidiaryrelends the money to the parent.

Monthly investment plan
A plan in which a certain amount is invested each month in order to benefit from dollar cost averaging.

Montreal Exchange/Bourse de Montreal
The oldest stock exchange in Canada tradingstocks, bonds, futures, and options. The Canadian Market Portfolio Index (XXM) tracks the market performance of the 25 highest capitalized stocks traded on at least two Canadian exchanges.

Moody's investment grade
A rating of one through four assigned by Moody's Investors Service to bonds.

Moody's Investors Service
A leading global credit rating, research and risk analysis firm.

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Market maker
Used in the context of general equities. One who maintains firm bid and offerprices in a given security by standing ready to buy or sell round lots at publicly quoted prices. See: Agent, dealer, specialist.

Market microstructure
The functional setup of a market.

Market model
The market model says that the return on a security depends on the return on the market portfolio and the extent of the security's responsiveness as measured by beta. The return also depends on conditions that are unique to the firm. The market model can be graphed as a line fitted to a plot of asset returns against returns on the market portfolio. This relationship is sometimes called the single-index model.

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APFinancial Investment: Partial Vote
When only a portion of the total shares in an account is voted. For example, a broker has 1,000 shares and sends out a card to each of four shareholder clients. If only three of the four client cards are returned to the broker, the broker will submit only 3/4ths(750 shares) of the total 1,000 shares to vote. If the fourth card arrives later, an additional vote can be counted.

Participant risk
The risk associated with the credit of the participants and possibility of non-performance.

Participant
A party of a funding. It usually refers to the lowest rank or smallest level of funding.

"Participate but do not initiate"
Used for listed equity securities. "Participate in the side of the marketindicated by the order, but do not initiate the interest that causes the trade to take place." This kind of order can cause one to "miss stock" because the broker or investor is at the mercy of the player who does initiate the trade. See: Market order go along, percentage order.

Participating buyer/seller
Used for listed equity securities. (1) Customer willing to buy/sell in line with market. (2) Buyer/seller who goes along with another buyer/seller in a percentage order.

Participating convertible preferred stock
Preferred stock that can be converted into common stock at the option of the holder. In contrast, to the usual preferred stock, the value of the preferred stock is refunded to the holder. That is, one gets conversion plus the value of the stock.
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Risk factor
In arbitrage pricing theory or the multibeta capital asset pricing model, the set of common factors that impact returns, e.g., market return, interest rates, inflation, or industrial production.

Risk-Free Interest Rate
Describes return available to an investor in a security somehow guaranteed to produce that return. The risk-free interest ratecompensataes the investor for the temporary sacrifice of consumption.

Risk indexes
Categories of risk used to calculate fundamental beta, including (1) market variability, (2) earnings variability, (3) low valuation, (4) immaturity and smallness, (5) growth orientation, and (6) financial risk.

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APFinancial a wide variety of investment: Loss
The opposite of gain.

Loss Carry-Back (Carry-Forward)
A tax provision that allows operating losses to be used as a tax shield to reduce taxable income in prior and future years. Losses can be carried backward for up to three years and forward for up to 15 years under current tax codes.

Loss-control activities
Actions that an insured person or company takes at the instigation of an insurance company in order to prevent accidents or losses.

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Block house
Brokerage firms that help to find potential buyers or sellers of large block trades.

Block list
In the context of general equities, listing of stock the investment bank is looking for (wants to buy) or (wants to sell) at the beginning of the day, whether on an agency or principalbasis.

Block trade
A large tradingorder, defined on the New York Stock Exchange as an order that consists of 10,000 shares of a given stock or at a total market value of $200,000 or more.

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Pay-as-you-go basis
A method of paying income tax in which the employer deducts a portion of an employee's monthly salary to remit to the IRS.

Pay-to-play
Attempts by municipal bondunderwriting businesses to gain influence with political officials who decide which underwriters are awarded the municipality's business.

Pay-up
The loss of cash resulting from a swap into higher-priced bonds or the need/willingness of a bank or other borrower to pay a higher rate of interest to get funds. Used in the context of general equities. (1) When an investor who wants to buy a stock at a particular price hesitates and the stock begins to rise; instead of letting the stock go, he "pays up" to buy the shares at the higher prevailing price. (2) Buy shares in a high-quality company at what is felt to be a high, but supportable, price due to its quality.

APFinancial Seminars & Workshops

Quantitative research
Use of advanced econometric and mathematical valuation models to identify the firms with the best possible prospectives. Antithesis of qualitative research.

Quanto swap
See: Differential swap

Quantos
Currency options with a guaranteed exchange rate that enable buyers who like an asset, German bonds for example, but not the asset's pricing currency, to arrange payment in a different currency for a fee.

APFinancial investment companies

: Scale
Payment of different rates of interest on CDs of varying maturities. A bank is said to "post a scale." Commercial paperdealers also post scales.

Scale-enhancing
Describes a project that is in the same riskclass as the whole firm. That is, the project allows the firm to grow larger in the context of their current business rather than diversify into new businesses.

Scale in
Gradually taking a position in a security or market over time.

Scale order
Order to buy (sell) a security that specifies the total amount to be bought (sold) and the amount to be bought (sold) at successively decreasing (increasing) price intervals; often placed in order to average the price.
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Qualifying stock option
A benefit granted by a corporation that allows employees to purchase shares at a discount price.

Qualitative analysis
An analysis of the qualities of a company that cannot be measured concretely, such as management quality or employee morale.

Qualitative research
Traditional analysis of firm-specific prospects for future earnings. It may be based on data collected by the analysts, there is no formal quantitative framework used to generate projections.

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APFinancial a wide variety of investment: Sticky deal
A new securitiesissue that may be difficult to sell because of problems in the market or underlying problems with the corporation.

Stochastic models
Liability-matching models that assume that the liability payments and the assetcash flows are uncertain. Related: Deterministic models.

Stochastics index
A computerized tool measuring overbought and oversold conditions in a stock over a certain period.

Stock
Ownership of a corporationindicated by shares, which represent a piece of the corporation's assets and earnings.

Stock ahead
When two or more orders for a stock at a certain price arrive about the same time, and the exchange'spriority rules take effect. NYSE rules stipulate that the bid made first should be executed first, or, if two bids come in at once, the bid for the larger number of shares receives priority. The bid that is not executed is then turned to the broker, who informs the customer that the trade was not completed because there was "stock ahead.".

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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.

"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.

Cancel
To void an order to buy or sell from (1) the floor, or (2) the trader/salesperson's scope. In Autex, the indication still remains on record as having once been placed unless it is expunged.

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Inverse order
In the context of periodic repayment schedules, beginning from the end, expected maturity. Opposite of current order.

Inverted market
A futuresmarket in which the nearer months are selling at price premiums to the more-distant months. Related: Premium.

Inverted scale
A serial bondoffering whose bonds with earlier maturity dates have higher yields than bonds with later maturity dates.

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Overhanging Bond
A concertible bondissue that investors do not convert into common stock because the stock has not appreciated in value.

Overhead
The expenses of a business that are not attributable directly to the production or sale of goods.

Overheating
An economy that is growing very quickly, with the risk of high inflation.

Overinvestment
In corporate finance, this refers to managers not acting in the best interests of the shareholders and investing too much (potentially in negative net present value projects).

APFinancial Investment

: Leaseback
A transaction that involves the sales of some property, and an agreement by the seller to lease the property back from the buyer after the sale.

Leaves
Used in the context of general equities. Remains to buy or sell of a previously entered order after a report of partialexecution has been given. If the floor broker to buy 20M IBM at $115, and he then buys 6M at this price, his report would be, "You bought 6M IBM at $115; leaves 14."

Ledger cash
A firm'scash balance as reported in its financial statements. Also called book cash.
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Proportional representation
A method of stockholder voting that allows minority shareholders and groups of small shareholders to have a better chance of getting representation on a Board of Directors than under statutory voting.

Proprietary trading
Principaltrading in which firm seeks direct gain rather than commission dollars.

Proprietorship
An unincorporated business that is owned and operated by only one person who has complete liability for all assets, and complete rights to all profits.

Pro rata
Shared or divided according to a ratio or in proportion to participation.

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APFinancial a wide variety of investment: Multiple Arbitrage
In the context of hedge funds, a style of management where by the fund employs more than one arbitrage strategy. Portfolio manager opportunistically allocates capital among the various strategies in order to create the best risk/reward profile for the overall fund. Common strategies include merger arbitrage, convertible arbitrage, fixed income arbitrage, long/short equities pairs trading, and volatility arbitrage. In the context of equity and private equity investment, this refers to an investment in a firm where by standard multiples (earnings/price, book/price) indicate the price is far cheaper than industry averages.

Multiple-discriminant analysis (MDA)
Statistical technique for distinguishing between two groups on the basis of their observed characteristics.

Multiple-issuer pools
Under the GNMA-II program, pools formed through the aggregation of individual issuers'loan packages.

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Shrinkage
Discrepancy between a firm's actual inventory and its recorded inventory due to theft, deterioration, loss, or clerical problems.

Shut out the book
Used for listed equity securities. Exclude a public bid or offer from participation in a print.

Side effects
Effects of a proposed project on other parts of the firm.

APFinancial a wide variety of investment

Auditor's certificate
See: Accountant's opinion.

Auditor's report
A section of an annual report that includes the auditor's opinion about the veracity of the financial statements.

Aunt Millie
An unsophisticated investor.

Australian Stock Exchange (ASX)
Australia's major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987.

Autarky
Absence of a cross-border trade in models of international trade.

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Net financing cost
Also called the cost of carry or, simply carry, the difference between the cost of financing the purchase of an asset and the asset's cashyield. Positive carry means that the yield earned is greater than the financing cost; negative carry means that the financing cost exceeds the yield earned.

Net float
Sum of disbursement float and collection float.

Net income
The company's total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses.

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: Board of Directors
Individuals elected by the shareholders of a corporation who carry out certain tasks established in the charter.

Board of Governors of the Federal Reserve System
The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply.

Board room
A room at a brokerage firm where its clients can watch an electronic board displaying stock prices and transactions. Also refers to the room where Board of Directors meetings take place.
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Bad title
Title to property that does not distinctly confer ownership, usually in the context of real estate.

Bai-kai
Two-sided marketpicture, in Japanese terminology applies mainly to international equities.

Bailing out
In the context of securities, refers to selling a security or commodity quickly, regardless of the price. May occur when an investor no longer wants to sustain further losses on a stock.

Also refers to relieving an individual, corporation, or government entity in financial trouble.

Bailout bond
A bondissued by the Resolution Funding Corporation (Refcorp) to save the failing savings and loan associations in the late 1980s and early 1990s.

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APFinancial growth rate: Project
The asset constructed with or owned via a project financing, which is expected to produce cash flow at a debt-service coverage ratio sufficient to repay the project financing.

Project contracts
In the context of project financing, the suite of agreements underlying the project.

Project Finance Loan Program
Program under which banks, the Ex-Im Bank, or a combination of both may extend long-termfinancing for capital equipment and related services for major projects.

Project financing
A form of asset-based financing in which a firmfinances a discrete set of assets on a stand-alone basis.

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Present value factor
Factor used to calculate an estimate of the present value of an amount to be received in a future period. If the opportunity cost of funds is 10% over next year, the factor is [1/(1 + 0.10)].

Present value of growth opportunities
Net present value (NPV) of investments the firm is expected to make in the future.

Present Value Index (PVI)
The ratio of the NPV of a project to the initial outlay required for it. The index is an efficiency measure for investment decisions under capital rationing.

President
Highest-ranking officer in a corporation after the chief executive officer.

Pre shipment Finance
Short term funding for inventory and production costs associated with manufacturing goods being exported.

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Country financial risk
Centers around the ability of a national economy to generate enough foreign exchange to meet payments of interest and principal on its foreign debt.

Country risk
The general level of political, financial, and economic uncertainty in a country which impacts the value of the country's bonds and equities. See:Sovereign risk.

Country selection
A type of active international management that measures the contribution to performance attributable to investing in the better-performing stock markets of the world.

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Blanket certification form
See: NASD form FR-1

Blanket fidelity bond
SEC-required insurance coverage that brokerage firms are required to have in order to cover fraudulent trading by employees.

Blanket inventory lien
A secured loan that gives the lender a lien against all the borrower'sinventories.

Blanket Mortgage A mortgage that covers at least two pieces of real estate as collateral for the same mortgage.

Blanket recommendation
A recommendation by a brokerage firm sent to all its customers advising that they buy or sell a particular stock regardless of investment objectives or portfolio size.

Blind pool
A limited partnership that does not announce its intentions as to what properties will be acquired.

APFinancial a wide variety of investment

: Stockholder books
Set of books kept by firmmanagement for its annual report that follows Financial Accounting Standards Board rules. The tax books follow IRS tax rules.
Stockholder equity
Balance sheet item that includes the book value of ownership in the corporation. It includes capitalstock, paid-in surplus, and retained earnings.

Stockholder of record
Stockholder whose name is registered on the books of a corporation and thus will receive dividends from the corporation.

Stockholder's equity
The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets.
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Mr. Perrin explained that the company AP Financial has grown by leaps and bounds due to their dedication to help their cliens to achieve their goals. New plans are to open in a few months another office in Southern California and they will make sure contributs to the community is highly encouraged. The goal being to help those less fortunate achieve their goals and make happy all the clients.

Habitat for Humanity is a home ownership program for hard working families that need safe and affordable homes. Habitat of Metro Denver is the 16th highest producing Habitat in the United States and only the 5th affiliate to raise over a million dollars to aid Habitat affiliates in over 30 different countries. Habitat’s says that everyone should have and deserves a decent place to live and together with the help of organizations like AP Financial, that is becoming a reality. Step by step with one community, one home, and one family at a time the say will become reality.



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