A system with two main functions: 1. To facilitate trading of OTC stocks whose size, profitability, and trading activity meet specific criteria. 2. To post prices for securities on the NYSE and other regional exchanges simultaneously, allowing investors to obtain the best price. |||The National Market System is sponsored by both the NASD and the Nasdaq. Compared to other OTC stocks, OTC stocks trading under the NMS system have a more comprehensive listing within newspapers.
The purchase of a company's shares in which the acquiring party gains controlling interest of the targeted firm. Incorporating a buyout strategy is a common technique used to gain access to new markets and is one of the most common methods for inorganically growing a business. Taobiz explains Buyout A leveraged buyout is accomplished by borrowed money or by issuing more stock. Buyout strategies are often seen as a fast way for a company to grow because it allows the acquiring firm to align itself with other companies that have a competitive advantage in a specific area.
A paradox in decision analysis in which two individuals acting in their own best interest pursue a course of action that does not result in the ideal outcome. The typical prisoner’s dilemma is set up in such a way that both parties choose to protect themselves at the expense of the other participant. As a result of following a purely logical thought process to help oneself, both participants find themselves in a worse state than if they had cooperated with each other in the decision-making process. Suppose two friends, Dave and Henry, are suspected of committing a crime and are being interrogated in separate rooms. Both individuals want to minimize their jail sentence. Both of them face the same scenario: Dave has the option of pleading guilty or not guilty. If he pleads not guilty, Henry can plead not guilty and get a two-year sentence, or he can plead guilty and get a one-year sentence. It is in Henry’s best interest to plead guilty if Dave pleads not guilty. If Dave pleads guilty, Henry can plead not guilty and receive a five-year sentence. Otherwise he can plead guilty and get a three-year sentence. It is in Henry’s best interest to plead guilty if Dave pleads guilty. Dave faces the same decision matrix and follows the same logic as Henry. As a result, both parties plead guilty and spend three years in jail although through cooperation they could have served only two. A true prisoner’s dilemma is typically "played" only once; otherwise it is classified as an iterated prisoner’s dilemma.
A qualified income trust as designated by the Canada Revenue Agency that operates as a profit-seeking corporation. This type of income trust, which pays out all earnings to unit holders before paying taxes, is usually traded publicly on a securities exchange. Canadian income trusts enjoy special corporate tax privileges. Canadian income trusts have been gaining popularity since the beginning of 2004 as a beneficial corporate structure alternative for firms. The benefit of becoming a Canadian income trust is that the corporation, as it is currently structured, will pay little to no corporate income tax. This is because cash distributions are paid out to unit holders before income taxes are calculated. If, once expenses have been covered, all of a firm's remaining cash is paid out to unit holders, the firm is able to entirely avoid paying income tax.
The accessibility of information on the order flow for a particular stock, allowing knowledge of the quantities of stock being offered and the bids at the various price levels. The Nasdaq II quote system provides information on all the bids and asks at various price levels for a particular stock. On the other hand, NYSE quotes display only the highest bid and lowest ask prices. only the specialist has knowledge of the complete order flow for a stock.
An independent self-regulatory non-profit organization that regulates the futures market. |||The NFA began operating in 1982. Through the implementation and enforcement of regulatory programs, the NFA protects investors from fraudulent futures activities. It also provides arbitration and mediation services for resolving investor complaints. Since the NFA is independent, its regulations are unbiased towards any one member.
When a private equity firm buys out a target firm (usually with a leveraged buyout) and then sells the target firm in an IPO within a relatively short period of time. Along the way, the private equity firm may take out loans to make special dividends or carry out other actions to improve its own financial situation. Taobiz explains Buy, Strip And Flip Private equity firms typically own and manage a target firm for a number of years. In this time, the company's management and financial situation are improved before the private equity firm cuts the newly-successful company loose with an IPO, at which time the private equity firm earns a nice return for all its work. In the buy, strip and flip situation, purchased firms are held for only a year or two before the IPO. This usually means that the firm's financial situation is virtually unchanged and, as a result, most of these IPOs do not perform very well.
Slang for selling off a losing position even if the loss is substantial. The point at which an investor decides to sell regardless of price has been dubbed "the puke point." This follows the theory that successful trading means always cutting your losses and letting your winners ride.
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