The interest rate relative to which margin loans are quoted. Also known as the call loan rate. This rate is published daily in The Wall Street Journal and Investor's Business Daily.
A modern version of the ticker tape produced by the Dow Jones news. The broad tape is posted on a screen in the boardroom of an investment firm. The broad tape provides a continual stream of investment, financial and business information for investors and brokers. The broad tape is widely available to investors and professionals in many forms. It can be found both on television and on the internet, as well as through private subscription. However, it is prohibited on the floors of the exchanges in order to prevent traders from reacting to the news faster than the public.
A member of an exchange that acts as a liaison between an investor and a clearing corporation. A clearing broker helps to ensure that the trade is settled appropriately and the transaction is successful. Clearing brokers are also responsible for maintaining the paper work associated with the clearing and executing of a transaction. Clearing brokers are the backbone of the securities market because their expansive knowledge ensures that the system is dependable and efficient. They must also research and confirm the information they are given and manage funds associated with the transaction.
A combination of a long position in an asset such as a stock or commodity, and a short position in the underlying futures. This arbitrage strategy seeks to exploit pricing inefficiencies for the same asset in the cash (or spot) and futures markets, in order to make riskless profits. The arbitrageur would typically seek to "carry" the asset until the expiration date of the futures contract, at which point it would be delivered against the futures contract. Therefore, this strategy is only viable if the cash inflow from the short futures position exceeds the acquisition cost and carrying costs on the long asset position. Consider the following example of cash-and-carry-arbitrage. Assume an asset currently trades at $100, while the one-month futures contract is priced at $104. In addition, monthly carrying costs such as storage, insurance and financing costs for this asset amount to $3. In this case, the trader or arbitrageur would buy the asset (or open a long position in it) at $100, and simultaneously sell the one-month futures contract (i.e. initiate a short position in it) at $104. The trader would then carry the asset until the expiration date of the futures contract, and deliver it against the contract, thereby ensuring an arbitrage or riskless profit of $1.
An order given by an investor instructing his/her broker to cancel a previously placed order. CFO's are typically followed by new orders placed on the same securities. For example, if you placed a limit order to sell Cory's Tequila Corporation (CTC) at $15 and then decided that you wanted to sell it at market, then you would CFO your first order and enter in a new order to sell CTC at market.If you change your mind about an order, CFO's are important to enter because you don't want to be transacting your securities twice.
Money loaned by a bank that must be repaid on demand. Unlike a term loan, which has a set maturity and payment schedule, call money does not have to follow a fixed schedule. Brokerages use call money as a short-term source of funding to cover margin accounts or the purchase of securities. The funds can be obtained quickly. Brokerages know that they are taking on risk by using funds that can be called at any time, so they typically use call money for transactions that will be resolved quickly. If the bank recalls the funds then the broker can issue a margin call on its clients in order to make the repayment. The call money rate is used as the interest rate on the loans.
The short term interest rate charged on a secured call loan, usually in margin accounts. Also known as the broker's call. The call loan rate can change on a daily basis, and the loan can also be canceled with 24 hours notice.
An automated book-entry accounting system. CNS centralizes the settlement of compared transactions and maintains an efficient flow of security and money balances. During the CNS process, there are reports that are generated which document the movements of money and securities. This system provides clearance for instruments like equities, corporate bonds, Unit Investment Trusts and municipal bonds.
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