A program used to place simultaneous orders for stock index futures and the underlying stocks. |||The ATP attempts to exploit price variations (market arbitrage). The term is better known as program trading.
An asset pricing model based on the idea that an asset's returns can be predicted using the relationship between that same asset and many common risk factors. Created in 1976 by Stephen Ross, this theory predicts a relationship between the returns of a portfolio and the returns of a single asset through a linear combination of many independent macro-economic variables. |||The arbitrage pricing theory (APT) describes the price where a mispriced asset is expected to be. It is often viewed as an alternative to the capital asset pricing model (CAPM), since the APT has more flexible assumption requirements. Whereas the CAPM formula requires the market's expected return, APT uses the risky asset's expected return and the risk premium of a number of macro-economic factors. Arbitrageurs use the APT model to profit by taking advantage of mispriced securities. A mispriced security will have a price that differs from the theoretical price predicted by the model. By going short an over priced security, while concurrently going long the portfolio the APT calculations were based on, the arbitrageur is in a position to make a theoretically risk-free profit.
A set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately. |||Though anti-money-laundering laws cover only a relatively limited number of transactions and criminal behaviors, their implications are extremely far reaching. An example of AML regulations are those that require institutions issuing credit or allowing customers open accounts to complete a number of due-diligence procedures to ensure that these institutions are not aiding in money-laundering activities. The onus to perform these procedures is on the institutions, not the criminals or the government.
The market value of assets that an investment company manages on behalf of investors. Assets under management (AUM) is looked at as a measure of success against the competition and consists of growth/decline due to both capital appreciation/losses and new money inflow/outflow. |||There are widely differing views on what "assets under management" refers to. Some financial institutions include bank deposits, mutual funds and institutional money in their calculations; others limit it to funds under discretionary management, where the client delegates responsibility to the company.
A risk-management committee in a bank or other lending institution that generally comprises the senior-management levels of the institution. The ALCO's primary goal is to evaluate, monitor and approve practices relating to risk due to imbalances in the capital structure. |||For example, the ALCO will have responsibility for setting limits on the arbitrage of borrowing in the short-term markets, while lending long-term instruments. Among the factors considered are liquidity risk, interest rate risk, operational risk and external events that may affect the bank's forecast and strategic balance-sheet allocations. The ALCO will generally report to the board of directors and will also have regulatory reporting responsibilities.
A lending program created by the Federal Reserve Board on September 19, 2008, that will provide new funding to U.S. financial institutions until October 30, 2009. The Asset-Backed Commercial Paper Money Market Fund Liquidity Facility (AMLF) provides funding that allows financial institutions to purchase asset-backed commercial paper (ABCP) from money market mutual funds (MMMF) to prevent default on investors' redemptions. |||The acronym AMLF is generated by taking the first letters from the first two acronyms ABCP (asset-backed commercial paper) and MMMF (money market mutual fund). The letters "AM" are then combined with the acronym for liquidity facility, "LF".
A company that invests its clients' pooled fund into securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves. |||Mutual funds, hedge funds and pension plans are all run by asset management companies. These companies earn income by charging service fees to their clients. AMCs offer their clients more diversification because they have a larger pool of resources than the individual investor. Pooling assets together and paying out proportional returns allows investors to avoid minimum investment requirements often required when purchasing securities on their own, as well as the ability to invest in a larger set of securities with a smaller investment.
The region of countries located in Southeast Asia, not including Japan. These countries are generally considered emerging markets and are of interest to investors looking for high-growth investment opportunities. |||Many of the countries in Asia ex-Japan are said to have “tiger economies” because of their high-potential growth rates such as Thailand, China and South Korea. Mutual funds that are classified as Asia ex-Japan mainly focus on these potentially high-growth emerging markets. Japan is a highly developed economy which is why it is excluded.
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