The rate of interest charged on short-term loans made between banks. Banks borrow and lend money in the interbank market in order to manage liquidity and meet the requirements placed on them. The interest rate charged depends on the availability of money in the market, on prevailing rates and on the specific terms of the contract, such as term length. |||Banks are required to hold an adequate amount of liquid assets, such as cash, to manage any potential withdrawals from clients. If a bank can't meet these liquidity requirements, it will need to borrow money in the interbank market to cover the shortfall. Some banks, on the other hand, have excess liquid assets above and beyond the liquidity requirements. These banks will lend money in the interbank market, receiving interest on the assets. There is a wide range of published interbank rates, including the LIBOR, which is set daily based on the average rates on loans made within the London interbank market.
A takeover strategy involving the gradual acquisition of the target company's shares. A creeping tender offer is conducted through the open financial markets rather than as a direct bid to the shareholders as is common in regular tender offer procedures. Since an acquirer purchases shares through the open market, a premium is not offered to the shareholder. Creeping tender offers are primarily used to try to circumvent provisions of the Williams Act and obtain shares at a non-inflated price.
The world's largest developer and published of international standards. The ISO is a network of the national standards institutes of 163 countries, coordinated by a Central Secretariat in Geneva. For example, in a currency context, ISO 4217 is the international standard established by the ISO that specifies the structure for the three-letter codes used to describe the many currencies used around the world. |||The ISO 4217 Code for a currency generally consists of the country's two-character country code (ISO 3166-1 alpha-2) plus an additional character referring to its currency unit. For example, the U.S. dollar is represented by USD, the Japanese yen by JPY, and so on.
The act of completing a transaction in order to remove any obligations. Cover is a general term used in many different instances. For instance, an investor that recently purchased a security will have to cover the purchase by depositing the necessary funds. Or, an investor may wish to cover his/her short position by purchasing the stock. Additionally, a portfolio manager may wish to cover his/her risk exposure by buying an offsetting position.
The distortion that is caused in a company’s financial statements due to accounting rules and regulations that must be followed. Accounting noise makes it difficult for investors to easily ascertain a company’s true financial condition. Accounting noise can make a company's financial reports look better or worse. Accounting noise can be seen as either a consequence of necessary rules regarding generally accepted accounting principles (GAAP) or a result of management's attempts to massage the numbers to present a rosier financial picture of the firm. Paying attention to the footnotes can help an investor cut through the accounting noise and get the real story.For example, a company that has recently undergone a significant merger may look very unprofitable on the income statement because the merger may cause serious one-time charges for the company; it may be useful for investors to cut through the accounting noise to get a more accurate picture of the company's prospects. Conversely, an underperforming company could engage in earnings manipulation, creating accounting noise to hide its poor performance.
1. A calculation tool used by sliding counters along rods or grooves, used to perform mathematical functions. In addition to calculating the basic functions of addition, subtraction, multiplication and division, the abacus can calculate roots up to the cubic degree.2. A semi-annual accounting journal published and edited by the University of Sydney. Published in 1965, this journal covers all areas of accounting. It is believed that the abacus was first used by the Babylonians, as early as 2,400 B.C. Since that time, the physical structure of abaci have changed. However, the idea has survived almost five millenia, and is still being used today.The Chinese and Japanese use different finger techniques with their abaci. The Chinese use three fingers (thumb, index, and middle) to move the beads; while the Japanese only use their thumb and index fingers.
A method of transacting different securities orders. Continuous trading involves the immediate execution of orders upon their reception by market makers and specialists. Unlike batch trading, which collects similar orders and executes them all at once, continuous trading entails the immediate placement of orders to market. In the U.S., all trades occur on a continuous basis except at opening. For example, a limit order to sell a security is immediately sent to market and remains there until either the order expires or a buy order with a higher or equal buying price is sent to market.
An international organization created for the purpose of: 1. Promoting global monetary and exchange stability.2. Facilitating the expansion and balanced growth of international trade.3. Assisting in the establishment of a multilateral system of payments for current transactions. |||The IMF plays three major roles in the global monetary system. The Fund surveys and monitors economic and financial developments, lends funds to countries with balance-of-payment difficulties, and provides technical assistance and training for countries requesting it.
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