A short-term option on a futures contract in which the underlying expires in a forward month. In a serial option, the option expires before the underlying comes to maturity. Exercising the option places the holder in a position of the nearby month futures contract. Usually, the underlying futures will expire in the following month. Serial options are created for months without an expiring futures contract. For example, if there is no gold futures contract in March, a trader might be able to purchase a March serial option. Assuming there is an April futures contract, exercising the March option will put the trader in a long position for the April contract.
A full-recourse loan that is securitized by accounts receivable (AR). Customers making accounts-receivable payments are not notified that their account/payment is being used as collateral for a loan. They continue making payments to the company that rendered services or made the original loan, and the company then uses those payments to repay their lender for financing obtained. Non-notification loans do not transfer the risk to the third party. If the AR payments are not made by the customers, the company is still liable for repaying the loan it obtained using the AR as security. |||Commercial banks and finance companies are the primary originators of non-notification loans. They began providing the service to commercial clients in the early 20th century because the Federal Reserve would not buy notes backed by AR. Today non-notification loans can be attractive for the financing company because they do not assume any credit risk on the receivables sold or assigned.
1. An individual or entity that exchanges any type of good or service in return for payment.2. In the option market, the seller is the investor who collects a premium from the buyer in return for taking on the risk associated with holding a short position in an option. The seller of an option is also known as a "writer". 1. In financial markets, the seller is the investor who gives up his/her investment to the buyer in return for payment. Individual investors sell everything from equities and options to commodities and currencies - and much more. You don't have to look hard to find some sort of seller in the world of business.2. Being the seller of an option is relatively risky when compared to other types of investment activity. For example, the writer of a call option is obligated to sell a specific number of shares of an underlying security in the event that the price heads above the strike price.
Any type of security that is difficult to buy or a sell because it does not trade on a normal market or exchange. These types of securities trade over the counter (OTC) or in a private transaction. Finding a party with which to transact business is often difficult; in some cases, these securities can't be resold due to regulations surrounding the security. |||Some examples of non-marketable securities are savings bonds, series (A, B, EE, etc.) bonds and private shares. The U.S. government offers both marketable and non-marketable securities to the public. Marketable securities, such as treasury bills and bonds can be purchased and resold to the public. But non-marketable securities, such as savings bonds must be held by the holder until maturity and can't be resold to another party.Limited partnership (LP) interests are often difficult, if not impossible to resell.
The right of a forward contract seller to choose some of the specifications of a commodity to be delivered. The choices about the delivered commodity's quality and delivery specifications must fit among the limits imposed by the terms of the contract. Seller's option can also refer to a put option. For some commodities, such as rice and oil, collecting suitable amounts of a commodity and providing the transportation can be a very complicated process. For example, a contract for corn can represent 5,000 bushels. Since hedgers tend to buy large numbers of contracts at a given time, a forward contract seller might have to deliver hundreds of thousands of corn bushels during one delivery. Giving contract sellers a little bit of leeway can alleviate some of the difficulties involved with delivery logistics.
One of the two bid processes for buying debt issuances. Non-competitive tender is for small investors, while competitive tender is for large institutional investors. The price that a non-competitive bidder receives is the average bid price of all competitive bids. Also known as a "non-competitive bid". |||This is a method of distribution used primarily by the U.S. Treasury. The minimum non-competitive tender is $10,000, and these are usually made through a Federal Reserve Bank or a commercial bank.There is no guarantee on the price or the amount received.
An obsolete Securities and Exchange Commission (SEC) form that was submitted in lieu of a 10-K405 when a company changed its fiscal year-end. SEC Form 10-KT405, and the 10-K405, were used by the SEC prior to 2003. The form was used when a company was not punctual in filing a Form 4 (or similar Form 3 or Form 5) disclosing its insider trading activities. Guidelines for reporting insider trading activity is covered under Section 16 of the Securities Exchange Act. SEC Forms 10-K405 and 10-KSB405 were eliminated after it was determined that the use of forms was inconsistent and unreliable. The form is no longer accepted by the EDGAR system.
A spread within futures contracts created by offsetting positions in 30-year treasury bond futures with positions in 10-year treasury note contracts. |||Also known as the note over bond spread, the position a futures trader will take depends upon their perception of the yield curve. If a flat yield curve is expected, the investor will take a long position in the bond and a short in the note contract. If the yield curve is steep, the investor will short the bond and take a long position in the note contract.
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