An option associated with treasury bond or treasury note futures contracts that permits the short position to delay the delivery of the underlying. This provision allows the short futures contract holder to announce his or her intention to deliver the underlying securities on any notice day before a specified time, which is later than the regular trading hours, in which invoice prices are normally fixed. The security that is delivered is usually the cheapest to deliver on that specific day.
The amount that Traditional, SEP and SIMPLE IRA owners and qualified plan participants must begin distributing from their retirement accounts by April 1 following the year they reach age 70.5. RMD amounts must then be distributed each subsequent year. These required minimum distributions are determined by dividing the prior year-end fair market value of the retirement account by the applicable distribution period or life expectancy. Some qualified plans will allow certain participants to defer beginning their RMDs until they retire, even if they are older than age 70.5. Qualified plan participants should check with their employers to determine whether they are eligible for this deferral.
The value of an investment at the end of a period, taking into account a specified rate of interest. |||The formula to calculate terminal is the same as that for compound interest: Where:TV = the total amountP = the principal amountr = interest ratet = period of time
A product manufactured by one company that is packaged and sold by other companies under varying brand names. The end product appears as though it is being made by the marketer, when in reality it is being created by the manufacturing company. In this case, the manufacturer can concentrate on making the product or service and focus on cost savings, rather than worrying about marketing, which will be handled by the companies that will sell the product. A common example of a white label product can be found in your local supermarket. You may have noticed that many of these stores have their own brand-name products, which usually sell at a discount relative to other well-known brands. The store-brand product is actually created by a manufacturing company that places the store's label on the final product in an attempt to make customers think it was created by the vendor.
A security in which the income produced is free from federal, state and local taxes. Most tax-exempt securities come in the form of municipal bonds, which represent obligations of a state, territory or municipality. For some investors, U.S. savings bond interest may also be free from federal income taxes. Depending on where the investor lives, a tax-exempt security may be free from all taxes. An in-state resident will usually receive a state and federal tax exemption on general obligation bonds from his or her home state. A tax-exempt security will carry a tax-equivalent yield that is often higher than the current yield, as determined by the investor's tax bracket. The higher the tax bracket, the more beneficial tax-exempt securities can become in a taxable investment account.
The date by which a qualified plan participant or IRA owner must begin receiving required minimum distributions from his or her retirement account. This date occurs on April 1 following the calendar year the participant reaches age 70.5. Some qualified plans may allow participants who have reached this age to delay the RBD until April 1 of the year following the year they retire. This option to delay the RBD, however, is not available to employees who own at least 5% of the business that adopted the qualified plan.
A working class that is known for earning high average salaries and not performing manual labor at their jobs. White collar workers historically have been the "shirt and tie" set, defined by office jobs and not "getting their hands dirty" (or their white collar dress shirts). This class of worker stands in contrast to blue collar workers, who traditionally wore blue shirts and worked in plants, mills and factories. White collar work used to mean a high level of education and a cushy job with perks. That distinction today is blurred by the fact that white collar employment has become the dominant working class in the U.S. and other advanced nations. Many jobs that require a shirt and tie are actually low-paying and high stress, especially in the modern service and technology sectors.There are also white collar workers' unions, which, historically, was a distinction of just blue collar workers.
A lending facility through the Federal Reserve that allows primary dealers to borrow Treasury securities on a 28-day term by pledging eligible collateral. The eligible securities under the term securities lending facility include 'AAA' to 'Aaa' rated mortgage-backed securities (MBS) not under review for downgrade, and all securities eligible for tri-party repurchase agreements. In exchange for this collateral, the primary dealers receive a basket of Treasury general collateral, which includes Treasury bills, notes, bonds and inflation-indexed securities form the Fed's system open market account. |||The term securities lending facility is operated by the open market trading desk. It holds weekly auctions in which dealers submit competitive bids for the basket of securities in $10 million increments. At the Federal Reserve's discretion, primary dealers may borrow up to 20% of the announced amount. Created on March 11, 2008, the Fed originally pledged $200 billion to this facility in an attempt to relieve liquidity pressure in the credit markets, specifically the mortgage-backed securities market. By creating this facility, primary dealers including Fannie Mae, Freddie Mac and major banks can access highly liquid and secure Treasury securities in exchange for the far less liquid and less safe eligible securities. This helps to increase the liquidity in the credit market for these securities. This facility was chosen as a bond-for-bond lending alternative to the term auction facility (TAF), a cash-for-bond program that injects cash directly into the market. A direct injection of cash can affect the federal funds rate and have a negative impact on the value of the dollar. It is also an alternative to the direct purchases of the mortgaged investments, which goes against the Federal Reserve's aim to avoid directly affecting security prices.
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