Rights that give an exchange the ability to trade an unlisted security. Taobiz explains Unlisted Trading Privileges These privileges are offered to member firms. In order to obtain unlisted trading privileges, the exchange must file an application with the Securities and Exchange Commission (SEC) for approval.
A security that is not traded on an exchange, usually because of an inability to meet listing requirements. Taobiz explains Unlisted Security An unlisted security is also known as an "over-the-counter" (OTC) security. In the UK the term "unquoted" is used.
In the mortgage-backed securities market, whole pools refer to mortgage certificates where ownership is represented by an undivided interest in entire pools of mortgages. The term 'whole' refers to the fact that the ownership interest is undivided, as opposed to a partial or fractional interest in the pool of mortgages. |||The owner of a whole pool would generally retain all the upside potential associated with the pool. However, the downside risk is also not mitigated, since it is borne only by the investor, not shared among several participants as would be the case if they held a fractional interest in the pool.
A fund structure that allows investors to pool assets while retaining individual net asset values for each participant and keeping track of historical fund records. Each investor in the fund is accounted for separately and has their own unit - their own class of shares of the portfolio’s total assets. Taobiz explains Unitized Fund This gives investors the benefits of pooling assets and gaining diversification that an individual investor might not otherwise be able to achieve, while keeping their assets separated from the rest of the portfolio. This system allows the fund to maintain and manage all of the portfolio holdings at the fund level, while maintaining fund prices at the different share-class levels. This type of fund is a common structure for pension funds that may have just a few investors with large sums of money invested.
A term used to distinguish between an original mortgage loan and a pass-through security. |||Whole loans are usually larger in size than the maximum amount allowed within GNMA, FNMA and, FHLMC's standards. Private entities pool whole-loans together with credit enhancements to create whole loan CMOs. Credit enhancements ensure investors receive timely interest payments.
A simple arithmetic or geometric average used to calculate stock indexes. Equal weight is invested in each of the stocks in an index with equal dollar amounts invested in each underlying stock. Because the stocks are equally weighted, one stock's performance will not have a dramatic effect on the performance of the index as a whole. This differs from weighted indexes, where some stocks are given more weight than others, usually based on their market capitalizations. Taobiz explains Unweighted Index As an example of how to calculate an arithmetic average, suppose that there are three stocks in an index with returns of 10%, 11% and 15%. The arithmetic return would be calculated as follows: (0.10+0.11+0.15)/3 = 0.1200 =12% In other words, you add the returns of each of the stocks in the index and divide this figure by the total number of stocks in that index. To calculated a geometric average, suppose again that there are three stocks in an index with returns of 10%, 11% and 15%. The geometric return would be calculated as follows: [(1+0.1)*(1+0.11)*(1+0.15)]^(1/3) = 1.1198 = 11.98% In this case, you multiply the returns and take the 'n'th (where 'n' equals the number of stocks in the index) root of the product. The geometric average will either be equal to or lower than the arithmetic average.
A method of quoting the price of a fixed-income security as a yield percentage, rather than in dollars. This allows bonds with varying characteristics to be easily compared. |||Unlike stocks, which are quoted in dollars, most bond quotes include a yield %. For example, Corp. ZZZ is listed with a 6.75% coupon, a Sept 04/20 maturity, has a dollar value of 94.00 and a yield of 9%. This bond quote tells a a bond trader that the bond is currently trading at a discount because its yield basis (9%) is greater than its coupon rate (6.75%). A bond trader could then compare the bond to others within a certain industry.
An American depositary receipt (ADR) that is issued without the involvement of the foreign company whose stock underlies the ADR. Shareholder benefits, voting rights and other attached rights may not be extended to the holders of these particular securities. Taobiz explains Unsponsored ADR These securities generally trade over the counter rather than on the Nasdaq or NYSE.
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