Insurance contracts that guarantee the owner principal repayment and a fixed or floating interest rate for a predetermined period of time. |||Guaranteed investment contracts are typically issued by insurance companies and marketed to institutions that qualify for favorable tax status under federal laws. These products provide institutions with guaranteed returns.
In currency transactions, the purchase and sale of a currency made to avoid taking actual delivery of the currency. The current position is closed out at the daily close rate and re-entered at the new opening rate the next trading day. Also referred to as "tomorrow next procedure". |||In most currency trades, delivery is two days after the transaction date. Tomorrow-next trades arise because most currency traders are speculators and have no intention of taking delivery of the currency. If a trader buys and closes out his or her currency position the same business day, there isn't a problem with delivery. But traders who wish to hold their position over the current business day and have no intention of accepting delivery of the currency would use tomorrow-next procedures: the position is closed out that business day at a closing rate, and then the position is re-established the following day. This allows the trader to hold the position for that day without worrying about delivery.
The price at which the underlying security can be purchased (call option) or sold (put option). The exercise price is determined at the time the option contract is formed. Also known as the "strike price". The exercise price is the key to profiting from options. A difference between the fixed exercise price and the market price at the time the option is exercised is what gives it value. Generally, the greater the difference between the exercise and market price at the time an option contract is written, the higher the premium required to purchase the option.
A financial buzz word used to describe economic policies which some view to be overly leftist. Kremlinomics alludes to the communist policies of the Russian government during the Cold War and is by all accounts considered an unwanted connotation in industrialized nations. The term kremlinomics gained popularity during the early months of the Obama administration in the United States. Obama's detractors saw his policies as socialist or leftist, and used the term to voice their displeasure with the president and his administration.
A deposit investment security sold by Canadian banks and trust companies. They are often bought for retirement plans because they provide a low-risk fixed rate of return. The principal is at risk only if the bank defaults. |||The bank's profit is the difference between mortgage rates and GIC rates. If mortgages are at 8% and GICs are at 5%, then the bank makes 3%. GICs offer a return that is slightly higher than T-bills.
An exam offered by the Financial Industry Regulatory Authority (FINRA) and overseen by the Municipal Securities Rulemaking Board (MSRB). The Series 52 qualifies a financial professional to become a licensed municipal securities representative. People who obtain this certification can sell municipal securities such as municipal bonds, agency bonds and Section 529 plans for college education. The test consists of 100 questions, and must be completed within three hours. A score of 70% or better is required for passing. Question topics include how to analyze municipal securities and credit, the types of markets and channels they are traded in, presentation materials for new issues, and U.S. monetary and interest rate policies. The test is similar in scope to the Series 53 exam for principals, but does not include topics relating to managing sales staff and certain regulatory practices. Even though many Section 529 plans are invested into equity-based securities and funds, the sales of 529 plans by broker/dealers are under the supervision of the MSRB.
The currency abbreviation for the Tunisian dinar (TND), the currency for Tunisia, a country located on the Mediterranean coast of Northern Africa. The Tunisian dinar is made up of 1,000 milim and is officially presented with the symbol DT, although TND is also used, and writing dinar after the amount is most common (100 DT, 100 TND or 100 dinar). |||The Tunisian dinar replaced the French franc at a rate of 1,000:1 in 1958. Because of the devaluation of the French franc in the same year, this initial exchange rate was replaced with a U.S. dollar peg of 0.42 Tunisian dinars to 1 U.S. dollar. This changed to 0.525:1 in 1964, and in 1971 the currency was made to float at market rates.It is illegal to import or export Tunisian dinars. As a result, many converting ATMs exist throughout the country for tourists.
Eleven industrialized nations that meet on an annual basis to consult each other, debate and cooperate on international financial matters. The member countries are: France, Germany, Belgium, Italy, Japan, the Netherlands, Sweden, the United Kingdom, the United States and Canada, with Switzerland playing a minor role. |||The G10 has been criticized for its lack of responsiveness to the needs of developing countries. G10 meetings are politically charged events that often make headlines in the international press for the protests that follow them.G10 governors usually meet every second month at the Bank for International Settlements.
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