An annual list of the 500 largest companies in the United States as compiled by FORTUNE magazine. The list is put together using the most recent figures for revenue and includes both public and private companies with publicly available revenue data. Exxon Mobil, Walmart, General Electric and Chevron have vied for the top spots on the list in recent years. To be a Fortune 500 company is widely considered to be a mark of prestige. The collective performance of the Fortune 500 companies may be seen as one indicator of the country’s overall economic performance. For example, in the midst of the 2008 recession, the Fortune 500 companies’ collective 335% increase in earnings in 2009 was viewed as a possible sign of economic recovery. Companies' addition to and subtraction from the list also say something about the overall economy; for example, homebuilders dropped off the list after the housing market bubble burst.
A calculated adjustment to a country's official exchange rate relative to a chosen baseline. The baseline can be anything from wage rates to the price of gold to a foreign currency. In a fixed exchange rate regime, only a decision by a country's government (i.e. central bank) can alter the official value of the currency. Contrast to "devaluation". |||For example, suppose a government has set 10 units of its currency equal to one U.S. dollar. To revalue, the government might change the rate to five units per dollar. This would result in that currency being twice as expensive to people buying that currency with U.S. dollars than previously and the U.S. dollar costing half as much to those buying it with foreign currency. Before the Chinese government revalued the yuan, it was pegged to the U.S. dollar. It is now pegged to a basket of world currencies.
A term used by many brokerages to represent the opening of a long position in option transactions. Investor can buy to open either (or a combination of) puts or calls, and thus will be holding the option(s) long. The distinguishing factor of a buy to open is that the option position is not held short in the account during the transaction.
One of the world's largest securities depositories, it holds in excess of US$10 trillion worth of securities in custody. The DTC acts like a clearinghouse to settle trades in corporate and municipal securities. |||DTC is owned by many companies in the financial industry, with the NYSE being one of its largest shareholders.
A list created by Fortune magazine detailing the 1,000 largest companies in the United States. The Fortune 1000 is based on revenues, rather than other metrics of size, such as market cap or enterprise value. Since revenues are the basis for inclusion on the list, only companies that make revenue figures publicly available are eligible for inclusion in the list. Although less widely mentioned than its subset, the Fortune 500, the Fortune 1000 is still considered an important and prestigious list. Its annual publishing brings great interest in the business community because those who follow the business world are interested in which companies are included in the list along with their position relative to similar companies.
An annual charge deducted from an investor's mutual fund assets to pay for distribution and marketing costs for as long as the investor holds the fund. For the most part, this fee is paid to intermediaries for selling a fund's shares to the retail public.Also known as a "12b-1 fee". Unlike the one-time front-end (Class A shares) or back-end (Class B shares) loads, level loads (Class C shares) are applied annually as a fixed percentage of a mutual fund's average net assets. Also, unlike front-end and back-end sales charges, these 12b-1 fees are included in a fund's operating expenses. While the load percentage doesn't change, if the net asset value of the fund increases through capital appreciation, the dollar value of the load will actually become more expensive and continuously erode the fund's return. Total 12b-1 fees are capped by law at 1%. Generally, this fee will be pegged at 0.25%, which allows funds that don't exceed this percentage to be classified as no-load funds. This bit of magic, as well as the dubious necessity for the 12b-1 in a robust mutual fund environment, has put the justification for continued use of level load under considerable consumer and regulatory scrutiny.
Established in 1999, the DTCC is a holding company consisting of 5 clearing corporations and 1 depository, making it the world's largest financial services corporation dealing in post trade transactions. |||Owned by its principal users, the DTCC's function is to integrate the NSCC and DTC, streamlining clearing and depository transactions in attempts to reduce cost and increase capital efficiency.
The net interest return on a currency position held by a trader. The rollover rate converts net currency interest rates, which are given as a percentage, into a cash return for the position. Since a trader is long one currency and short another, the net effect of both interest rates has to be calculated. In forex, a rollover means that a position is extended at the end of the trading day without settling. |||For example, an investor has a long 100,000 EUR/USD at a rate of 1.3000. The EUR interest rate is 2%, or a daily rate of 0.0054%, and the USD is 3% or a daily rate of 0.0081%. The interest on the EUR is (100,000 * 0.0054%) 5.40 EUR; the USD costs (130,000 * 0.0081%) 10.53 USD. Converting the EUR to USD, 5.40 * 1.3000 = USD 7.02. The net USD amount is 7.02 - 10.53 = - 3.51, which is divided by the 100,000 position. On a long EUR/USD position, the rollover costs 0.00003562, or 0.3562 pips.
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