A security that ranks lower than other securities in regards to the owner's claims on assets and income in the event of the issuer becoming insolvent. Taobiz explains Junior Security When bankruptcy occurs, holders of both preferred shares and debt securities have first claim on the remaining assets. only after preferred shareholders have been paid back, remaining assets (if any) are divided among common shareholders.
A currency system that establishes a trading range that a currency's exchange rate can float between. A currency band represents the price floor and ceiling within which the price of a given currency can trade, and is like a hybrid of a fixed exchange rate and a floating exchange rate. The currency band restricts how much the price can move relative to a reference currency or currencies. |||If the value of the currency begins trading outside the band, then the country of that currency will usually revert to a fixed exchange rate. This usually stablizes the currency's price back within the band. The Chinese yuan is an example of a currency that moves within a currency band.
The Stock Market Division of Korea Exchange, formerly an independent South Korean exchange, was established in 1956. Some of its milestones include the launching of the Stock Index Futures Market in 1996 and the Stock Index Options Market in 1997, as well as the adoption of electronic trading in 1988, warrant trading in 2000, and equity options and ETFs in 2002. Its traded instruments include stocks, bonds, ETFs and REITs. Taobiz explains Korea Stock Exchange (KSC) .KS The Korea Exchange was established in 2005 as a merger of the Korea Stock Exchange, the KOSDAQ and the Korea Futures Exchange. The Korea Exchange is one of Asia's largest exchanges with around 1,800 listed companies.
The revenue stream pledged to secure "securities being refunded" is being used to payoff debt on the refunded securities until they mature. |||When they mature or are called, the pledged revenues pay debt service on the refunding securities.
A term used by the investment community to refer to companies with a market capitalization value of more than $10 billion. Large cap is an abbreviation of the term "large market capitalization". Market capitalization is calculated by multiplying the number of a company's shares outstanding by its stock price per share. Taobiz explains Large Cap - Big Cap Large cap companies are the big Kahunas of the financial world. Examples include Wal-Mart, Microsoft and General Electric. Keep in mind that the dollar amounts used for the classifications "large cap", mid cap", or "small cap" are only approximations that change over time. Among market participants, their exact definitions can vary.
The former name for what became the Bursa Malaysia in 2004, the Kuala Lumpur Stock Exchange was established in 1976. Its precursors were the Singapore Stockbrokers' Association, which was established in 1930 and went through several name changes over the years. Its main index is the Kuala Lumpur Composite Index. Taobiz explains Kuala Lumpur Stock Exchange (KLS) .KL Bursa Malaysia was demutualized and became an exchange holding company with publicly traded shares in 2004. Its traded securities include stocks, bonds, derivatives and ETFs. It has a fully automated trading system launched in late 2008 and is one of the larger securities exchanges in Asia with around 1,000 listed companies.
A provisions in a bond indenture or loan agreement that puts the borrower in default if the borrower defaults on another obligation. Also known as "cross acceleration". |||This provides more security to the lender. You can think of this as an "out-clause" to the contract.
A system used to determine the number of days between two coupon dates, which is important in calculating accrued interest and present value when the next coupon payment is less than a full coupon period away. Each bond market has its own day-count convention. |||There are several different types of day-count conventions. For example, a 30/360 day-count convention assumes there are 30 days in a month and 360 days in a year. An actual/actual day-count convention uses the actual number of days in the month and year for a given interest period. This concept might sound illogical. After all, regardless of the particular bond market there will always be 365 days in a year! Nevertheless, these conventions are standards that have developed over time and help to ensure that everybody is on an even playing field when a bond is sold between coupon dates.
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