A note with a variable interest rate. The adjustments to the interest rate are usually made every six months and are tied to a certain money-market index. Also known as a "floater". |||These protect investors against a rise in interest rates (which have an inverse relationship with bond prices), but also carry lower yields than fixed notes of the same maturity. It's essentially the same concept as a adjustable-rate mortgage, except FRNs are investments (not debt).
A one-time or highly infrequent profit or loss. One-time gains or losses are reported separately in a coporation's income statement - net of income taxes - and are not shown to affect earnings per share (EPS). Also referred to as "extraordinary charges" for accounting purposes. Taobiz explains Nonrecurring Gain Or Loss Capital gains from the sale of land or casualty losses are items that are often seen as nonrecurring gains and losses. Write-offs or write-downs relating to normal business expenses (i.e. inventory) are not be considered nonrecurring losses unless they are due to one-time events, such as a natural disaster. Investors need to carefully examine a company’s financial statements to see what types of nonrecurring gains and/or losses a holding posts and how frequently they engage in these types of transactions. While by their very nature nonrecurring gains and losses are meant to occur very infrequently, the reality is that companies often report these types of expenses.
An investor’s directive to buy or sell securities when that directive is given to a broker, not to a trader working on the trading floor of an exchange. Exchange rules require off-floor orders, which are made on behalf of customers, to be executed before on-floor orders, which are made for exchange members’own accounts. In some cases, an off-floor order can be reclassified as an on-floor order where a conflict of interest might exist. Taobiz explains Off-Floor Order To be a floor trader, one must be associated with a member firm. Member firms pay hefty fees for the privilege of trading on the floor.
An interest rate that is allowed to move up and down with the rest of the market or along with an index. This contrasts with a fixed interest rate, in which the interest rate of a debt obligation stays constant for the duration of the agreement.A floating interest rate can also be referred to as a variable interest rate because it can vary over the duration of the debt obligation. |||For example, residential mortgages can be obtained with a fixed interest rate, which is static and can't change for the duration of the mortgage agreement, or with a floating interest rate, which changes periodically with the market. In the case of floating interest rates in mortgages, and most other floating rate agreements, the prime lending rate is used as a basis for the floating rate, with the agreement stating that the interest rate charged to the borrower is the prime interest rate plus a certain spread.
A stock transaction that fits one of the following two criteria: 1. A stock trade involving a security that does not trade on a major exchange, i.e., an over-the-counter (OTC) stock. 2. A stock trade involving a stock that is listed on a major exchange but is still executed over the counter, typically between two institutions or an institution and a customer. This type of off-board trade can be done only with 19c3 securities, or stocks that listed on the exchange after 1979. Taobiz explains Off Board Off-board trades of the latter type will usually involve two brokerage firms or other institutions and involve a large number of shares. The two parties will decide to do a trade off board to prevent order distortions within the underling stock, as well as keep relative anonymity in the broad markets. The term “off board” refers to the fact that the venerable New York Stock Exchange is commonly known as the Big Board.
A bond or other type of debt whose coupon rate changes with market conditions (short-term interest rates). Also known as "floating-rate debt". |||For example, a floater bond may have the coupon rate set at "T-bill rate plus 0.5%". This type of instrument is more beneficial to the holder as interest rates are rising because it allows the holder to participate in the upward movement in rates. Conversely a floater is less advantageous to the holder when rates are decreasing because the rate at which they are receiving interest is declining.
A type of fixed-income security that allows its holder to choose a payment stream from two different sources of debt. Flip-flop notes provide investors with two options of return, allowing them to choose the underlying debt with the higher yield for the period. |||For example, a typical flip-flop note could be comprised of a fixed-rated debt and a floating-coupon bond. If the floating interest rate drops below the fixed coupon, the investor can choose to receive income from the fixed-rate debt. Inversely, when the floating rate exceeds the fixed coupon, the investor would switch to the floating-rate debt for income. In this situation, the flip-flop note is similar to a floating-rate bond with an interest rate floor.
The ticker symbol for the Nasdaq 100 Trust, an ETF that trades on the Nasdaq. This security offers broad exposure to the tech sector by tracking the Nasdaq 100 Index, which consists of the 100 largest and most actively traded non-financial stocks on the Nasdaq. It is also known as "cubes" or the "quadruple-Qs". This was formerly known as the QQQ. Taobiz explains QQQQ The QQQQ is a great way to invest in the long-term prospects of the technology industry. It offers diversification across various companies and business types with a range of market caps.
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