A nickname for the corporate world of Japan that came about during the 1980s boom, when Western business people saw how closely the Japanese government worked with its nation's business sector. The high degree of collusion between Japan's corporate and political sectors led to corruption throughout the system and contributed to the downfall of the overvalued Nikkei.
An individual who acts as the counterparty in a swap agreement for the fee (called a spread). |||These are the market makers for the swap market. Because swap arrangements aren't actively traded, swap dealers allow broker to standardize swap contracts to some extent.
Index funds that trade like stocks on stock markets. Each share represents a proportion of ownership in each stock that makes up an index. iShares are a great way for smaller investors to get the diversification of 50 or more companies without having to buy each individual stock.
A limit order placed with a broker that will last until the end of the current month. |||If the order is not filled before the end of the month, it will expire.
The return of an investor's principal in a fixed income security, such as a preferred stock or bond; or the sale of units in a mutual fund. A redemption occurs, in a fixed income security at par or at a premium price, upon maturity or cancellation by the issuer. Redemptions occur with mutual funds, at the choice of the investor, however limitations by the issuer may exist, such as minimum holding periods. Redemption of mutual fund shares from a mutual fund company must occur within seven days of receiving a request for redemption from the investor. Some mutual funds, may have redemption fees attached, in the place of a back-end load. It is important to note which units should be redeemed when choosing to sell mutual funds within a portfolio.
Junior equity refers to equity that ranks lower than some other form of equity. It normally refers to the common stock in a company because it is subordinate to preferred stock. Common stock ranks behind preferred stock in its claim on company dividends because dividends on preferred stock must be paid before any dividends are paid to common stock. In the event of a bankruptcy, the holders of junior equity have the lowest claim on the company's assets. Junior equity, such as common stock, is subordinate to preferred stock, while preferred stock is subordinate to holders of bonds.
A practice where option holders fraudulently claim to have exercised their call options at a specific time in the past, where in reality, the options were exercised much later. Exercise backdating is often performed by executives who wish to illegally reduce the amount of capital gains taxes they have to pay as a result of exercising the options. An executive will save on capital gains tax if he or she sells shares that have been gained from options (which were exercised less than a year ago). The total amount of taxes on any realized profits could be as high as 35%. However, if those option-granted shares were held for over a year, the total amount of taxes paid could be reduced to as low as 15%. Since some executives have options where the total value of underlying securities are worth millions of dollars, so backdating the exercise date would save them tens of thousands of dollars in taxes.
The currency abbreviation for the Turkish new lira (TRY), the currency for Turkey and the Turkish Republic of Northern Cyprus. The Turkish new lira is made up of 100 new kurus and is often presented with the symbol YTL. |||The Turkish new lira was first introduced at the beginning of 2005 at an amount equivalent to 1 million Turkish old lira by passing a law that removed the last six zeros from the currency. The new lira was introduced after periods of high inflation devalued the old currency. For example, in the late 1960s, 9 liras was approximately equal to 1 U.S. dollar. In 2001, this exchange rate was 1.6 million:1.
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