An automated computer system owned by the National Association of Security Dealers (NASD) that is used to record information relating to orders, quotes and other related trade information from all equities that are traded on the Nasdaq, including over the counter (OTC) stocks. This system simplifies an order's progression from the initial receipt of the order to its eventual execution or cancellation, so that it can be easily tracked for auditing purposes. |||The NASD created OATS to ensure that the time sensitive information relating to the events throughout the order execution process is recorded accurately. For example, according to NASD rule 6953, all "computer clocks and timestamping devices must be synchronized to be within three seconds of the National Institute of Standards and Technology atomic clock". (This atomic clock is highly accurate; it will not gain or lose one second of time in more than 60 million years)
A portfolio of securities used to closely track an index without the exposure of purchasing all securities within that index. |||OPALS are similar to ETFs and are generally used by large institutional investors because there are usually minimum requirements associated with them.
A non-GAAP measure of financial performance used by companies to show profitability in continuing business activities, excluding the effects of capitalization and tax structure. Sometimes OIBDA is also considered to not include items such as changes in accounting principles that are not indicative of core operating results, income from discontinued operations and the earnings/losses of subsidiaries. Calculated as: |||This measure is gaining ground as companies move away from using earnings before interest, taxes, depreciation and amortization (EBITDA). These two measures are similar except in terms of the income numbers they use. In OIBDA, the calculation is started with GAAP net operating income. In EBITDA, the calculation is started with GAAP net income. Unlike EBITDA, OIBDA does not incorporate non-operating income. This is seen as an advantage for comparison purposes because non-operating income usually doesn't reoccur year after year and its separation from operating income ensures that all income reflects only the income earned from regular operations.
The cash generated from the operations of a company, generally defined as revenues less all operating expenses, but calculated through a series of adjustments to net income. The OCF can be found on the statement of cash flows.Also known as "cash flow provided by operations" or "cash flow from operating activities".One method of calculated OCF is: |||Operating cash flow is the cash that a company generates through running its business. It's arguably a better measure of a business's profits than earnings because a company can show positive net earnings (on the income statement) and still not be able to pay its debts. It's cash flow that pays the bills!You can also use OCF as a check on the quality of a company's earnings. If a firm reports record earnings but negative cash, it may be using aggressive accounting techniques.
The buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system. Purchases inject money into the banking system and stimulate growth while sales of securities do the opposite. |||Open market operations are the principal tools of monetary policy. (The discount rate and reserve requirements are also used.) The U.S. Federal Reserve's goal in using this technique is to adjust the federal funds rate--the rate at which banks borrow reserves from each other.
An interest rate swap involving the overnight rate being exchanged for some fixed interest rate. |||Generally short-term, the interest of the overnight rate portion of the swap is compounded and paid at maturity.
Post-employment benefits that an employee will begin to receive at the start of retirement. This does not include pension benefits paid to the retired employee. Other post-employment benefits that a retiree can be compensated for are life insurance premiums, healthcare premiums and deferred-compensation arrangements. |||Life insurance and healthcare premiums that a retired employee 'earns' after retirement will most likely continue to be a taxable benefit. This will increase the retiree's total income tax payable for any given year. A deferred-compensation arrangement is a salary agreement where the employee, based on his/her work history or performance, is paid a salary for some predetermined time after retiring. The tax consequences for such an arrangement are often unattractive to the company, as payments are not usually tax deductible.
1. The original definition: a company whose products are used as components in another company's product. The OEM will generally work closely with the company that sells the finished product (often called a "value-added reseller" or VAR) and customize the designs based on the VAR's needs. 2. The more recent definition: a company that buys a product and incorporates or re-brands it into a new product under its own name. |||There isn't a typo here; the two definitions do contradict each other. This term has become very confusing since it now can be used in both contexts. OEM sometimes means the company that sells the component to the the VAR, and other times it refers to the VAR who is acquiring a product from an OEM. The reason for this is that "OEM" (the abbreviation) is sometimes used as a verb instead of a noun. For example, a manufacturer might say that it is going to OEM a new product, meaning it is going to produce a new product based on components bought from an OEM. The term is most often used in the computer industry, where products such as Windows will be referred to as OEM. A company like Dell Computers will incorporate the Windows operating software into its computers and sell the computers to its customers with the Windows product installed.
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