A committee made up of the central banks of G10 countries that monitors developments in payment, settlement and clearing systems in an attempt to contribute to efficient payment and settlement systems, and build strong market infrastructure. The CPSS was created in 1990, and its secretariat is hosted by the Bank for International Settlements. |||The Committee on Payment and Settlement Systems undertakes its work through specific studies by working groups as required, and publishes reports on its findings. The committee also extends its work outside of the G10 countries by creating relationships with the central banks in many emerging market economies.
A 2009 rule implemented by the U.S. forex industry's self-regulatory organization, the National Futures Association (NFA), regarding forex trading by U.S. regulated forex companies. It prohibits hedging by requiring multiple positions held in the same currency pair to be offset on a first-in, first-out (FIFO) basis. It also prohibits price adjustments to executed customer orders except to resolve a complaint in the customer's favor or in the case of certain straight-through processing transactions, and these changes must be reviewed, approved and documented by the NFA. |||Traders refer to Rule 2-43b as the FIFO rule. The rule's supporters say it increases transparency for customers and brings forex trading practices more in line with those of the equities and futures markets. The change forced many forex firms to change their trading platforms because the old software allowed users to choose which orders they want to close out, thus not complying with the FIFO rule. Under the new rules, it is still possible to place stop and limit orders, but they must now be entered differently. It was also possible to avoid the changes altogether by moving one's forex account to a firm in another country where forex trading rules are different.
A mutual fund that has been closed - either temporarily or permanently - to new investors because the investment advisor has determined that the fund's asset base is getting too large to effectively execute its investing style. Generally, current shareholders in a closed mutual fund are permitted to continue investing in the fund, but sometimes they are also be precluded from making additional investments. A closed mutual fund should not be confused with a closed-end fund. This type of fund has a fixed number of shares, generally invests in specialized sectors, and is structured and listed as a stock on a stock exchange.
A slang term often used by venture capitalists to describe the process by which the founders of a startup gradually lose ownership of the company they founded. As a startup that is using venture capital for funding progresses through multiple rounds of financing, the venture capitalists providing the financing will often want more and more ownership of the company. In other words, the founders dilute their ownership in the company in exchange for capital to grow their business. What percentage of the company should a founder hold onto, ideally, after the venture capitalists take their piece of the pie? There is no gold standard, but generally anything between (or above) 15-25% ownership for the founders is considered a success. It is important to note that the trade of ownership for capital is beneficial to both venture capitalist and founder. Diluted ownership of a $500 million company is a lot more valuable than sole ownership of a $10 million company.
A condition where a security's price heads in one direction, but then is followed quickly by a movement in the opposite direction. The origins of term is derived from the push and pull action used by lumberjacks to cut wood with a type of saw with the same name. There are two types of whipsaw patterns. The first involves an upward movement in the share price, which is then followed by a drastic downward move, which causes the share's price to fall relative to its original position. The second type involves the share price to drop for a little while, and then suddenly, the price abruptly surges towards positive gains relative to the stock's original position.
An institution created by the Federal Reserve Bank of New York on October 27, 2008, as a result of the credit crunch faced by financial intermediaries in the commercial paper market. The Commercial Paper Funding Facility (CPFF) provides liquidity to U.S. issuers of commercial paper registered with the CPFF through a special purpose vehicle (SPV) that is funded by the Federal Reserve Bank of New York. |||The CPFF allows financial intermediaries to approve loans for individual clients and businesses. The SPV used by the CPFF purchases and holds three-month unsecured commercial paper and asset-backed commercial paper (ABCP) at a discounted rate until maturity. The Federal Reserve Bank of New York is repaid as the maturing commercial paper assets mature.U.S. issuers of commercial paper are required to register for a fee two business days prior to using the CPFF's SPV. At time of registration, the New York Fed determines the maximum value of commercial paper the issuer can sell to the SPV.
For brokerage firms, when a broker puts commissioned products into a fee-based account. The broker makes money from both the client and the commission. There is more than one meaning for the term depending on the context. For example, the practice of drawing two incomes from the government, usually by holding a government job and receiving a pension, is also referred to as double-dipping.
A mutual fund that replicates the performance or strategy of an existing mutual fund or index through the use of derivatives. Clone funds were very common in Canada, where, until a legislative change in mid-2005, investors were limited in the amount of foreign investment they could have in their Registered Retirement Savings Plans (RRSP). For example, suppose a Canadian investor wanted to buy an S&P 500 index fund (a foreign investment) for his RRSP but had no more room for foreign content. To get around the foreign-content restrictions, he or she would have purchased an S&P 500 clone fund, which replicated the performance of the S&P 500 but was classified as a Canadian security because it was composed of derivatives trading in Canada.
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