The currency abbreviation or currency symbol for the Philippine peso (PHP), the currency of the Philippines. The Philippine peso is made up of 100 centavo or sentimo and is often represented with a symbol that looks like the capital Latin letter "P" with two horizontal slashes through the circular top half, a "P" with one horizontal slash, or just P. |||The peso was originally created in 1852 as a replacement for the Spanish dollar. Through revolution, colonialism, and war, the peso survived. However, it did suffer many devaluations and demonetizations. The Central Bank of the Philippines was created in January of 1949, and the colonial pesos which were being hoarded rather than surrendered were demonetized in 1964. From 1964 on, the exchange rate has been allowed to float. It has undergone many more devaluations since being allowed to float.
A type of options spread in which a trader holds more long positions than short positions. The premium collected from the sale of the short option is used to help finance the purchase of the long options. This type of spread enables the trader to have significant exposure to expected moves in the underlying asset while limiting the amount of loss in the event prices do not move in the direction the trader had hoped for. This spread can be created using either all call options or all put options. An example of a backspread using call options would be selling one $45 call option for $5 and purchasing two $50 call options for $2.10 each. The trader in this case would benefit from a large move past $50 because he/she is holding more long options than short.
An undisclosed fee or sales charge, which is often hidden in the fine print of a fund's prospectus or in an insurance contract. In some cases, investors and clients do not realize they are paying the hidden load, as explicit attention is never drawn to the issue. A hidden load is a cost that a customer is typically never told about. For example, most investors are unaware of the 12b-1 fee that mutual funds often charge. With this hidden load, the investor will pay an small, annual charge to cover the fund's promotional and advertising expenses.
In currencies, this is the abbreviation for the Papua New Guinea Kina. |||The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
The premium charged upon the second term or portion of a compound option. In other words, the back fee is the fee paid by the owner of a compound option to the owner of the underlying option when the compound option is exercised.
A mutual fund that adopts an alternative investment strategy, much like a hedge fund. Hedge-like mutual funds aim to increase investor returns by utilizing investment methods typically used by hedge funds, while maintaining the convenience and availability to investors wishing to invest in mutual funds. The key differences between hedge-like mutual funds and hedge funds are that hedge-like funds are regulated by the SEC, and potential investors in hedge-like funds do not need to be considered accredited investors to invest. Hedge-like mutual funds can use many different alternative strategies to be considered hedge-like. For example, a hedge-like mutual fund may employ a long-short strategy, or a market neutral strategy in order to achieve better than benchmark returns. These funds are not typically able to use excess leverage in their strategies due to their regulatory status under the SEC, whereas hedge funds are not under the same restrictions.
An option used to hedge against fluctuations in exchange rates by averaging the spot rates over the life of the option and comparing that to the strike price of the option. Average rate options are typically purchased for daily, weekly or monthly time periods. Upon maturity, the average of the spot prices is compared to the strike price. If the average rate is less favorable than the strike price, the option issuer will pay the difference. If the average rate is more favorable then the option will expire worthless with no payment being made. Average rate options are often used by companies that receive payments over time that are denominated in a foreign currency. For example, a U.S. manufacturer agrees to import materials from a Chinese company for 12 months, and pays the supplier in yuan. The monthly payment is 50,000 yuan. The manufacturer budgets for a particular exchange rate, and purchases an ARO that matures in 12 months to hedge against the exchange rate falling below the budgeted level. At the end of each month, the manufacturer purchases 50,000 yuan on the spot market to pay the supplier. Upon maturity of the ARO, the strike price of the ARO is compared to the average rate that the manufacturer has paid for the purchase of 50,000 yuan. If the average is lower than the strike, the option issuer will pay the manufacturer the difference between the strike price and average price.
The currency abbreviation or currency symbol for the Papua New Guinea kina (PGK), the currency of Papua New Guinea. The Papua New Guinea kina is made up of 100 toea and is often represented with the symbol K. The name "kina" comes from the kina shell that was historically used as a currency in the region. |||In 1975, the Papua New Guinea kina replaced the Australian dollar (AUD) at par. Both the AUD and the kina traded as legal tender the following year, until January of 1976 when the AUD was no longer accepted as currency in the country.
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