An anti-competitive bidding practice in which a market participant (or trader) offers an extremely high price for a small portion of a good. The name derives from the price curve of this practice, which resembles a hockey stick. This is considered to be a fraudulent practice of pushing up prices. Market participants submit offers at extremely high prices because they know that the demand for their good is sure to be high. A good example of this occurred during the California energy crisis of 2001. Energy traders knew that California would need all available power and would be willing to pay any price to get it.
An organization created by the Federal Home Loan Bank Act of 1932 to increase the amount of funds available for lending institutions who provide mortgages and similar loan agreements to individuals. This system was created in response to the depressive economic conditions of the era, which had impaired the U.S. banking system. Also referred to as the "FHL Bank System". |||Having served its original objectives well, the FHLB system now primarily focuses on increasing the amount of loanable funds available for affordable housing and community development projects. It continues to have a material impact on housing and development financing, offering funds to member institutions at rates that are usually lower than commercially competitive prices.
In the United States, a network of federally chartered financial institutions designed to provide credit-related services to the agricultural and farming sectors of the economy. In total, this government-sponsored enterprise comprises approximately 100 financial institutions that serve all 50 states and Puerto Rico. |||Unlike commercial banks, the banks in this system do not take deposits, nor do they usually borrow from other banks. Instead, these banks raise funds by issuing farm credit debt securities on a worldwide basis in the domestic and global capital markets. Although the debt securities are not guaranteed by the U.S. government, the FFCS possesses a farm credit insurance fund, which would supply principal and interest payments should a system bank go bankrupt. System institutions are federally chartered under the Farm Credit Act and are subject to supervision, examination and regulation by a federal agency, the Farm Credit Administration.
The deliverable grade specifies the minimum quality of the commodity that is to be delivered under a contract. Carefully specifying the deliverable grade ensures that both parties to the contract agree on precisely what is to be delivered, allowing the contract to be priced correctly. For any given commodity, there are many different grade and types. For example, oil comes in many different qualities, with much different prices for each grade. If a minimum deliverable grade is poorly specified, the deliverer can profit at the expense of the acquirer by delivering a cheaper, lower quality grade than was anticipated by the contract price. In the futures market, firms often wish to hedge their risk to changing prices by entering contracts to buy certain commodities in advance. For example, suppose an airline wishes to hedge its risk to changes in future jet fuel prices. The airline could enter into a contract to buy a certain quantity of jet fuel, and have it delivered in the future. There are many different types of jet fuel, each with different prices, so such a contract would specify the minimum grade of fuel to be delivered. If a minimum deliverable grade is not specified, the deliverer would invariably deliver the cheapest fuel. In this situation, the airline might have overpaid considerably and it might receive jet fuel unsuitable for its purposes.
A term used in foreign-exchange trading. The term "square position" denotes that the positions of the currency dealer are offsetting – the buy positions of the dealer are equal to the sell positions. |||When a dealer is in a square position, the positions are perfectly hedged. If the dealer is not in a square position, then he or she is taking either a long or a short position. A square position is in the middle, neither net long nor net short.
1. A situation where a portfolio holds an excess amount of a particular security when compared to the security's weight in the underlying benchmark portfolio. Actively managed portfolios will make a security overweight when doing so will allow the portfolio to achieve excess returns.2. An analyst's opinion regarding the future performance of a security. Overweight will usually signify that the security is expected to outperform either its industry, sector or, even, the market altogether. 1. Securities will usually be overweight when a portfolio manager believes that the security will outperform other securities in the portfolio. An example of overweighting a security would be when a portfolio normally holds a security at a weight of 15%, and the security's weight is raised to 25% in an attempt to increase the returns of the portfolio.2. An example of an analyst's rating of overweight would be: The stock's return is expected to be above the average return of the overall industry over the next eight to 12 months. Specific analyst definitions vary regarding the time frame used and the benchmark the security is compared against.
A situation whereas an employer has temporarily put into place that no further new hirings will occur for the foreseeable future. This type of cost-saving effort is put into place as a result of budgetary concerns, and to capitalize upon existing production capacity. A hiring freeze can put a strain on existing employees, as there might not be any replacements for individuals that leave the company (ie. retirement, maternity leave or regular turnover). If the situation gets too extreme, overall performance may suffer and the company will need to make exceptions to the hiring freeze.
The U.S. corporation insuring deposits in the U.S. against bank failure. The FDIC was created in 1933 to maintain public confidence and encourage stability in the financial system through the promotion of sound banking practices. |||The FDIC will insure deposits of up to US$250,000 per institution as long as the bank is a member firm. Before opening an account with a financial institution, be sure to check that it is FDIC insured.
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