A situation in which the yield difference between a longer term financial instrument and a shorter term instrument is negative. This is calculated by subtracting the longer term by the shorter term. In effect, the shorter term instrument is yielding a higher rate of return than the longer term instrument. This is in contrast to what is considered a normal market, where longer term instruments should yield higher returns to compensate for time. |||For example, in the bond market, if you had a three-year government bond yielding 5% and a 30-year government bond yielding 3%, the spread between the two yields would be inverted by 2% (3% - 5% = -2%). The reasons behind this situation can vary and can include such things as changes in demand and supply of each instrument and the general economic conditions at the time.
A broker employee who delivers a market order to the broker's floor trader. After a customer places an order to the broker's order taker, the runner will pass the instructions to the pit trader and wait for /confirm/iation. once the trade is executed, the runner will return to the order taker, confirming the order has been filled. Taobiz explains Runner Runners are an important link between the customer and the floor trader. They are responsible for passing on the a customer's order to the broker in a timely fashion. The runner communicates all terms associated with a market order and whether the order is of a specific type. As exchanges have slowly shifted from a floor-based trading environment to electronic platforms, the need for runners has decreased as orders are processed electronically.
A bond or other type of debt whose coupon rate has an inverse relationship to a benchmark rate. An inverse floater adjusts its coupon payment as the interest rate changes. When the interest rate goes up the coupon payment rate will go down because the interest rate is deducted from the coupon payment. A higher interest rate means more is deducted, thus less is paid to the holder. A ratio of the interest rate can also be used instead of one to one relationship. Also known as an inverse floating rate note. |||You would want to invest in an inverse floater if the benchmark rate is high and you think the rate will decrease in the future at a faster rate than the forwards show. With an inverse floater, as interest rates fall, the coupon rate rises because less is taken off. One more strategy is to buy an interest rate floater if the rates are low now and you expect them to stay low, BUT the forwards are implying an increase. If you were correct and the rates do not change, you will outperform the floating rate note by purchasing the inverse floating rate note.
1. How the financial performance of a company would look if you were to extrapolate current results out over a certain period of time. 2. The average annual dilution from company stock option grants over the most recent three year period recorded in the annual report. Taobiz explains Run Rate In the context of extrapolating future performance (the first definition), the run rate helps to put the company's latest results in perspective. For example, if a company has revenues of $100 million in its latest quarter, the CEO might say: "Our latest quarter puts us at a $400 million run rate." All this is saying is that if the company were to perform at the same level for the next year, they'd have annual revenues of $400 million. The run rate can be a very deceiving metric, especially in seasonal industries. A great example of this is a retailer after Christmas. Almost all retailers experience higher sales during the holiday season. It is very unlikely that the coming quarters will have sales as strong as in the 4th quarter, and so the run rate will likely overstate next year's revenue.
A market-capitalization weighted index maintained by Standard and Poor's providing a broad measure of the global equities markets, excluding the U.S. market. The S&P/Citigroup Broad Market Index (BMI) Global Ex-U.S. is a division of the S&P/Citigroup Broad Market Index (BMI) Global, which includes approximately 11,000 companies in more than 52 countries covering both developed and emerging markets. The S&P/Citigroup Broad Market Index (BMI) Global Ex-U.S. contains approximately 8,000 stocks. Taobiz explains S&P/Citigroup Broad Market Index (BMI) Global Ex-U.S. Excluding the U.S., a country will be eligible for inclusion in the index if it has float-adjusted market capitalization of US$1 billion or more and its market capitalization weight is at least 40 basis points in either the emerging market or developed world indexes. A company will be eligible to be included in the index if it has float-adjusted market value of US$100 million or more, with a minimum of US$50 million value traded over the past 12 months.
A pass-through Ginnie Mae II mortgage-backed security that is collateralized by multiple-issuer pools. These pools combine loans with similar characteristics and are generally larger than single-issuer pools. The mortgages contained in jumbo pools are more diverse on a geographical basis than single-issuer pools. |||Registered holders of Ginnie Mae II securities receive aggregate principal and interest payments from a central paying agent. Interest rates on mortgage loans contained within jumbo pools may vary within one percentage point. Because these pools are backed by multiple issuers, they are typically considered a safer form of mortgage-backed security investment.
The tendency for a stock that is newly added to the S&P index to temporarily increase in price. Taobiz explains S&P Phenomenon When the S&P 500 makes adjustments to the list of companies within the index, fund companies and portfolios that follow the index also make adjustments to their held stocks. Since these entities are all trading large blocks of the same stock, its share price temporarily increases.
A certificate of deposit (CD) with a minimum denomination of $100,000. |||Jumbo CDs are typically bought and sold by large institutional investors, such as banks and pension funds, because of the high minimum denomination.
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