The opportunity given to mutual fund shareholders to exchange their investment in a fund for another within the same fund family at no additional cost. This privilege allows investors to switch funds when market conditions change. For example, you might want to be in an aggressive growth fund when the market is going up, but when the markets start heading downward, you may switch to a bond fund. There is usually a limit to how many times an investor can switch funds within a year.
A forward currency contract with a locked-in exchange rate and delivery date. An outright forward contract allows an investor to buy or sell a currency on a specific date or within a range of dates. Foreign exchange forward contracts function in a very similar fashion to standard forward contracts. |||Companies that make large purchases from foreign business can use outright forward contracts to cover costs. For example, a French company that buys materials from a Chinese supplier may be required to provide payment for half of the total value of the payment now and the other half in six months. The first payment can be covered with a spot trade, but in order to reduce currency risk exposure, the French company locks in the exchange rate with an outright forward. If the company still requires the currency in six months, it can purchase it at the agreed-upon rate.
A mutual fund which rather than holding a diversified mix of equity positions focuses on a limited number stocks in a limited number of sectors; unlike many funds which hold positions in excess of 100 companies, focused funds generally will hold less than 20-30 types of stocks. Focused funds allocate their holdings between a limited number of carefully researched securities. Although they do not experience the benefits of diversification because of the "search for quality" strategy, focused funds rely on research expertise for above average stock picking. As a result, returns tend to be more volatile. This fund is also known as an "under-diversified fund" or "concentrated fund."
A form of vesting that takes place at a faster rate than the initial vesting schedule in a company's stock option plan. This allows the option holder to receive the monetary benefit from the option much sooner. If a company decides to undertake accelerated vesting, then it may expense the costs associated with the stock options sooner. Prior to the adoption of FAS-123(R), U.S. companies were not required to account for stock option compensation paid to employees and executives. As a result of FAS-123(R), companies were required to account for stock option expenses, which amounted to a large expense for many companies. By adopting an accelerated vesting program, companies can expense their vesting costs over a longer period of time, which makes their future incomes higher than they would be if the options were vested on schedule. Accelerated Vesting A form of vesting that takes place at a faster rate than the initial vesting schedule in a company's stock option plan. This allows the option holder to receive the monetary benefit from the option much sooner. If a company decides to undertake accelerated vesting, then it may expense the costs associated with the stock options sooner. Prior to the adoption of FAS-123(R), U.S. companies were not required to account for stock option compensation paid to employees and executives. As a result of FAS-123(R), companies were required to account for stock option expenses, which amounted to a large expense for many companies. By adopting an accelerated vesting program, companies can expense their vesting costs over a longer period of time, which makes their future incomes higher than they would be if the options were vested on schedule.
An online system for exchanging one country's currency for another. There is no central exchange in the forex market because it is a network of computers that connect banks, brokers and traders together. online currency exchanges are essentially forex brokers that allow for delivery of the currencies traded. |||online forex currency exchanges will often provide the service of an online currency converter along with the option to actually convert the currencies for a nominal fee. This fee is similar to the spread quoted in pips.A couple of advantages of exchanging currencies online include being able to do it from the comfort of your home or office, and/or being able to lock in a preferred exchange rate at the time you see it, rather than having to run to the brick-and-mortar currency exchange and risk missing the rate because of market movements.
A type of mutual or hedge fund that is not restricted to investing in any company with a predetermined market capitalization. This type of fund structure will be indicated in the fund's prospectus, and will provide the fund manager with greater investment choices and diversification possibilities. Unlike other funds, such as mid cap or small cap funds, size is not an issue. Some mutual funds will not invest in companies that are below a certain market cap, which is usually around $100 million. A flexi cap fund may invest in any company regardless of the company's size.
An option feature whereby a reference price is activated at the end of an option should the underlying fall below a specified average before option expiry. This method of averaging the level of the underlying protects the investor from sudden and adverse price movements. Asian Tail An option feature whereby a reference price is activated at the end of an option should the underlying fall below a specified average before option expiry. This method of averaging the level of the underlying protects the investor from sudden and adverse price movements.
A type of exotic option that gives an investor a payout once the price of the underlying asset reaches or surpasses a predetermined barrier. This type of option allows the investor to set the position of the barrier, the time to expiration and the payout to be received once the barrier is broken. |||only two outcomes are possible with this type of option: 1) the barrier is breached and the trader collects the full payout agreed upon at the outset of the contract, or 2) the barrier is not breached and the trader loses the full premium paid to the broker. This type of option is useful for traders who believe that the price of an underlying asset will exceed a certain level in the future, but who are not sure that the higher price level is sustainable. Because a one-touch option only has one barrier level, it is generally slightly less expensive than a double one-touch option. These types of options are becoming more popular with traders in the commodity and forex markets.
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