A conditional order that becomes a market order when a security reaches a specified price. When using a buy market-if-touched order, a broker will wait until the security falls to a certain level before purchasing the asset. A sell market-if-touched order will activate when the price of a security rises to the specified level. Also referred to as a "board order". |||A MIT order allows investors to purchase or sell a security at a desired value, without actively monitoring the market. This order is similar to a stop order, however, the buy and sell actions are inverse. For example, a buy MIT order looks for the price of an asset to fall, while a buy stop order activates when the market value of the security increases past a specified level.
A four-character code used to identify stock markets and other trading exchanges within global trading and referencing computer systems. The first letter of any MIC is "X", followed by a three-digit alphanumeric code for the market in which a trade takes place. The code is used to process and clear trades, and is being pushed toward global acceptance as the securities industries move toward straight-through-processing (STP). The London Stock Exchange uses MICs as part of its SEDOL security-identifying systems, which is an alternative to the U.S.-based CUSIP identifying system. |||STP is the holy grail of global securities trading. In order for it to be possible, there will need to be a wealth of consistent codes for market of origin, currency and security identification. As it stands now, there are several different systems used by different countries and for differing types of securities. One global standard will have to emerge over time, and all of the software and processing systems will have to back it, making the necessary technical changes along the way. This process will take time as securities industries move toward the ultimate goal of an "any security, anywhere, anytime" marketplace.
1. A measure of the fair value of accounts that can change over time, such as assets and liabilities. Mark to market aims to provide a realistic appraisal of an institution's or company's current financial situation.2. The accounting act of recording the price or value of a security, portfolio or account to reflect its current market value rather than its book value. 3. When the net asset value (NAV) of a mutual fund is valued based on the most current market valuation. |||1. Problems can arise when the market-based measurement does not accurately reflect the underlying asset's true value. This can occur when a company is forced to calculate the selling price of these assets or liabilities during unfavorable or volatile times, such as a financial crisis. For example, if the liquidity is low or investors are fearful, the current selling price of a bank's assets could be much lower than the actual value. The result would be a lowered shareholders' equity.This issue was seen during the financial crisis of 2008/09 where many securities held on banks' balance sheets could not be valued efficiently as the markets had disappeared from them. In April of 2009, however, the Financial Accounting Standards Board (FASB) voted on and approved new guidelines that would allow for the valuation to be based on a price that would be received in an orderly market rather than a forced liquidation, starting in the first quarter of 2009.2. This is done most often in futures accounts to make sure that margin requirements are being met. If the current market value causes the margin account to fall below its required level, the trader will be faced with a margin call. 3. Mutual funds are marked to market on a daily basis at the market close so that investors have an idea of the fund's NAV.
The total cost to society as a whole for producing one further unit, or taking one further action, in an economy. This total cost of producing one extra unit of something is not simply the direct cost borne by the producer, but also must include the costs to the external environment and other stakeholders.Calculated as:Where:MSC = Marginal Social Cost MPC = Marginal Private Cost MEC = Marginal External Cost |||For example, take the case of a coal plant polluting a local river. If the coal plant's marginal social costs are more than its marginal private costs, the MEC must therefore be negative. The cost of the produced energy is more than just the rate charged by the company, as society must bear the costs of a polluted river and the effects of that action. While marginal social cost represents a powerful economic principle, it can rarely be expressed in tangible dollars. We know that there are costs incurred by certain acts of production, although their far-reaching effects make them difficult to quantify. The theory helps legislators and economists come up with a framework to "incentivize" companies to reduce the marginal social costs of their actions.
A component of Keynesian theory, MPC represents the proportion of an aggregate raise in pay that is spent on the consumption of goods and services, as opposed to being saved. |||Let's illustrate this with an example. Suppose you receive a bonus with your paycheck, and it's $500 on top of your normal annual earnings. You suddenly have $500 more in income than you did before. If you decide to spend $400 of this marginal increase in income on a new business suit, your marginal propensity to consume will be 0.8 ($400 divided by $500).
A class of financial intermediary that hires professional investment managers to oversee aspects of a client's investment fund. More specifically, the MOM tracks the performance of each investment manager and has the power to fire ineffective managers and then hire replacements on a client's behalf. Using a MOM to handle investments funds is an alternative to hiring a single investment portfolio manager that makes all the asset management decisions. |||For example, suppose that a teacher's union hires a MOM to invest in its pension fund. The MOM then hires a number of investment managers, such as a bond expert, a money market expert and a large-cap stock expert; each has the responsibility of managing the particular asset class in which he or she specializes. Because no single manager is an expert at investing in all asset classes, using a MOM allows clients to have an expert asset manager working on each aspect of an investment at all times.
A section of a company's annual report in which management discusses numerous aspects of the company, both past and present. |||Among other things, the MD&A provides an overview of the previous year of operations and how the company fared in that time period. Management will usually also touch on the upcoming year, outlining future goals and approaches to new projects.The MD&A is a very important section of an annual report, especially for those analyzing the fundamentals, which include management and management style. Although this section contains useful information, investors should keep in mind that the section is unaudited.
When the managers and/or executives of a company purchase controlling interest in a company from existing shareholders. |||In most cases, the management will buy out all the outstanding shareholders and then take the company private because it feels it has the expertise to grow the business better if it controls the ownership. Quite often, management will team up with a venture capitalist to acquire the business because it's a complicated process that requires significant capital.
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