The first securities exchange to be formed in the United States. Created in 1790, the PHLX trades stocks as well as equity, currency, and index options. Their currency options can be either standard or customized.
High-quality debt instruments offered by the Federal Farm Credit Bank (FFCB) with a minimum face value of $25 million. |||Maturities for master notes are typically one year, paying interest that is indexed to LIBOR or another appropriate index. Due to the high value of each note, these instruments are normally used by money managers who require highly liquid, customizable investments.Master notes have a put/call feature that helps money managers:1) limit the frequency of purchases or sales of money market instruments such as discount notes2) have the daily ability to adjust total value, either upwards or downwards, by 25% of the base principal
A credit rating system for fixed-income instruments. The marketweight ranking system gives a subjective estimate of the accuracy of the current credit spread and determines whether an investment is attractive. The system includes three ranks: marketweight, overweight and underweight. The marketweight rating indicates that the current credit spread of an instrument is in line with expectations. |||Just as stocks may have a buy, sell or hold recommendation, this credit rating system will rate a debt instrument as overweight, underweight or marketweight. Being marketweight is similar to having a hold rating, whereas being overweight or underweight are equivalent to the buy and sell titles, respectively. Analysts will determine whether the current credit spread is an appropriate measure of risk for the investment and place a recommendation accordingly.
A non-standard financial option with no fixed maturity and no exercise limit. While the life of a standard option can vary from a few days to several years, a perpetual option (XPO) can be exercised at any time. Perpetual options are considered an American option; European options can be exercised only on the option’s maturity date. Also referred to as "non-expiring options" or "expirationless options." For investors, perpetual options represent the highest ratio of possible risk/reward payoff compared to existing financial products. Perpetual options are viewed as “plain vanilla” options. For many investors they represent an advantage over other instruments (where dividends and/or voting rights are not a high priority) because the strike price on a perpetual option enables the holder to choose the buy or sell price point instead of having to select a singular stock price. In addition, XPOs can be preferable to standard options because they eliminate the expiration risk.
The difference between the face value of a bond issued at par and the current below-par market price, plus any original issue discount. Market discounts occur when interest rates rise, thus causing bond prices in the secondary market to fall. |||Market discount is not a set amount, but will vary from one bond to another according to market conditions. A bond sold for $1,000 will have a market discount when the yield on the bond rises and its value drops below $1,000.
An annuitization-method option with which the annuitant selects a specific time period for which the annuity income payments will last. This is unlike the more commonly selected life option, with which the annuitant receives an income payment for the rest of his or her life, regardless of how long (or short) their retirement years end up lasting. By selecting the period-certain annuitization option, the annuitant is usually able to receive a higher monthly payment than with the life option. This extra income comes with a price though: the risk that the annuity payments will run out before the annuitant's death. For example, say a 65-year-old annuitant decided to start receiving payments from his or her annuity, and chose a 15-year period-certain payout option. This which would provide him or her with a retirement income until the age of 80. Should the annuitant die at or before age 80, this option would not present a problem, but should he or she be expected to live longer than 80 years and not have another source of retirement income, this option could prove too risky.
An exotic option that is valued according to pre-determined price requirements for its underlying asset or commodity. The payoffs associated with these options are determined by the path of the underlying asset's price. Examples include Asian, Barrier and lookback options.
A bond denominated in Canadian dollars that is sold in Canada by foreign financial institutions and companies. Similar to other foreign bonds, such as the bulldog bond, samurai bond and matilda bond, the maple bond gives domestic investors (in this case, Canadian investors) the opportunity to invest in foreign companies without worrying about the effects of currency exchange fluctuations. |||Foreign companies can use maple bond issues to raise Canadian dollars for setting up operations in Canada. When foreign content restrictions on registered investments were removed in Canada in 2005, maple bonds quickly gained in popularity. According to Statistics Canada, nearly $27 billion worth of maple bonds were invested in 2006. However, their popularity plunged as a result of the credit crisis in 2008, as Canadian investors shied away from debt sold by foreign companies.
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