Located in Frankfurt, Germany, the FRA is one of the largest and most efficient trading facilities in the world. The FRA is one of the oldest exchanges in the world and posts several indices, such as the DAX, the VDAX and the Eurostoxx 50. Its owner is Deutsche Borse, which owns the other German exchanges as well. The Frankfurt Exchange has virtually all of the turnover in Germany and a substantial share of the turnover in all of Europe. Much of the exchange's profits come from its Xetra trading system, which has allowed an influx of foreign investors to enter the exchange. The exchange runs from 9:30am to 5:30pm weekdays.
A Securities and Exchange Commission regulation that requires that investment companies price all of their buy and sell orders of fund shares according to the next net asset value (NAV). This valuation process is for open-end mutual fund transactions in which the mutual fund itself is constantly issuing and redeeming mutual fund shares at the most recent NAV per share. Forward pricing is implemented when a trade is placed to buy or sell shares of an open-end mutual fund. This occurs because open-end funds only recalculate the net asset value of their mutual fund shares after the market closes each trading day. As a result, any mutual fund order placed by an investor can't be quoted at a previous net asset value price, and must instead be given according to the next computed net asset valuation.
A security backed by recently issued loans or mortgages. Its value is less than that of a security whose backing is over one year old. Securities over a year old are called seasoned securities. A generic security does not yet have a history that potential investors can look to for past performance rating as a seasoned security does. However, as they are valued less by investors, generic securities are less expensive to purchase.
A secondary market in Japan, also known as a repo market for its similarity to repurchase agreements. It is a medium for government bonds, in the Japanese market only, to be reissued and resold at the new rate. Gen-Saki is available to both corporations and financial institutions. When setting the Gen-Saki rate, the yen London interbank offered rate is heavily considered as it accurately reflects the deposit market rate.
In general, a trading strategy in which the participant borrows short and lends long. This strategy gives the lender an overall better interest rate as short rates are generally lower than long rates. Also in technical analysis, gapping can refer to the use of a gap strategy which looks at stocks that display price gaps from previous closes. To employ a gap strategy an investor can scan the morning prices for a gap and watch to see what the stock does in the first couple hours of the trading day. In general, if the price goes up, it signals a buy, and if it goes down, a short. There are several variations of the gap strategy.
A financial instrument's value that is derived on the future levels of freight rates, such as "dry bulk" carrying rates and oil tanker rates. Freight derivatives are used most often by end users (such as ship owners and grain-houses) and by suppliers (such as integrated oil companies and international trading corporations) to mitigate risk and hedge against price spikes in the supply chain. As with all derivatives, market speculators, like hedge funds and individual traders, participate in both the buying and selling of these contracts providing for a new, more liquid, marketplace. Freight derivatives now include exchange-traded futures (ETFs), swaps futures and the older "Forward Freight Agreements", which were sold over-the-counter. Freight derivatives are most often used to hedge risks against large swings in price, a model popularized in the agriculture and commodities industries.Freight derivatives are a relatively new product in the global marketplace, but the advent of clearing services has brought increased safety, and with it liquidity, into the business.
1. An illegal practice in which an underwriting syndicate member withholds part of a new securities issue and later sells it at a higher price. 2. The illegal activity of buying a stock and selling it before paying for the purchase. Due to the unfair advantage both of these practices give to those able to exploit freeriding opportunities, freeriding is illegal and prohibited by the Securities & Exchange Commission and the National Association of Securities Dealers.
An electronic trading platform used for derivative, futures, and commodity contracts. Globex runs continuously, so it is not restricted by borders or time zones. Globex was introduced in 1992 by Reuters. The popularity of this platform has declined as exchanges such as the CBOT have moved towards different vehicles for matching and executing trades.
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