A system that uses four different codes to indicate the types of transactions that, on futures exchanges, are made by brokers on behalf of different clients and themselves. |||These codes distinguish for whom and on what type of account the trades are being placed. All of this data is included in the trade register report produced by the clearing organization. Here are the four coded categories:1. Member trades on their own accounts.2. Clearing-member trades for proprietary accounts.3. Member trades for other members presently upon the trading floor or for a controlled account of that member.4. Member trades for customer accounts.
A mutual fund that can invest in companies located anywhere outside of its investors' country of residence. Also referred to as a "foreign fund". Many people confuse an international fund with a global fund. The difference is that a global fund includes the entire world, while an international fund includes the entire world excluding the investor's home country.
An option strategy in which maximum profit is attained if the underlying security rises in price. Either calls or puts can be used. The lower strike price is purchased and the higher strike price is sold. The options have the same expiration date. You make a lot of money if the stock rises. You lose it all if it doesn't. It's one of those higher risk maneuvers that can cause a lot of anxiety.
A type of tax shelter product used by high net worth individuals that involves making a large paper multimillion dollar loan to a foreign party. This party is usually a company that is related to the company that is brokering out the tax shelter. After a series of asset related swaps, the individual receives a paper loss that is equivalent to the original value of the loan. This paper loss can then be used to offset real gains that the individual has earned. |||CARDS were used in 2000-2002, but the IRS has since deemed them to be illegal, arguing that taxpayers should not be allowed to benefit from losses that were not realized.Providing CARDS and other questionable tax shelter products was so lucrative that some companies based their businesses on providing them. For example, one of these companies allegedly charged $2 million to create a tax shelter for sum as large as $50 million.
In the foreign exchange market, a currency pair that involves the U.S. dollar (USD) but where the USD is not the base currency. For example, the currency pair NZD/USD has the New Zealand dollar as its base currency and the USD as its quote currency. A currency that is quoted as dollars per unit of currency instead of in units of currency per dollar. |||Reciprocal currency describes currency pairs used in the foreign exchange market where the U.S. dollar (USD) and another currency are paired, but where the USD is not the first currency quoted. Major currency pairs that involve the USD but where the USD is not the base currency include EUR/USD (Euro and U.S. dollar); GBP/USD (British pound and U.S. dollar); and AUD/USD (Australian dollar and U.S. dollar).
A communication network established in 1981 in an effort to update the Federal Reserve's old system. This system connects the Federal Reserve Bank offices, Board of Governors, the Treasury and depository institutions. It is used to initiate transfers of U.S. securities and electronic funds transfers within institutions of the Federal Reserve. Planning for FRCS-80 began in late 1975. The system was initiated to take advantage of more efficient communications and technology that was available in the 1980s. The Federal Reserve also wanted to implement a better communication system that would handle payment systems throughout all depository institutions. The goal of the Federal Reserve with this network was to improve reliability of the Federal Reserve's communications operations, reduce costs and increase security of data.
A measure of the average number of days that a company takes to collect revenue after a sale has been made. A low DSO number means that it takes a company fewer days to collect its accounts receivable. A high DSO number shows that a company is selling its product to customers on credit and taking longer to collect money. Days sales outstanding is calculated as: |||Due to the high importance of cash in running a business, it is in a company's best interest to collect outstanding receivables as quickly as possible. By quickly turning sales into cash, a company has the chance to put the cash to use again - ideally, to reinvest and make more sales. The DSO can be used to determine whether a company is trying to disguise weak sales, or is generally being ineffective at bringing money in. For most businesses, DSO is looked at either quarterly or annually.
An options strategy that involves purchasing call options at a specific strike price while also selling the same number of calls of the same asset and expiration date but at a higher strike. A bull call spread is used when a moderate rise in the price of the underlying asset is expected. The maximum profit in this strategy is the difference between the strike prices of the long and short options, less the net cost of options. Most often, bull call spreads are vertical spreads. Let's assume that a stock is trading at $18 and an investor has purchased one call option with a strike price of $20 and sold one call option with a strike price of $25. If the price of the stock jumps up to $35, the investor must provide 100 shares to the buyer of the short call at $25. This is where the purchased call option allows the trader to buy the shares at $20 and sell them for $25, rather than buying the shares at the market price of $35 and selling them for a loss.
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