A method of matching orders that involves using an auction-like process to trade securities. The orders are organized by both their prices and the time that they were taken. As soon as an order for a security is delivered, it is compared and matched with orders already in the order book. When a bid comes in that matches the price requested by another order, the two orders are executed and taken out of the order book. Taobiz explains Zaraba method The zaraba method is most often associated with the Japanese stock exchanges. Typically, the zaraba method is used during normal trading sessions, whereas a different order matching method, which is called the itayose method, is used to determine the opening and closing prices for each morning and afternoon trading session.
英文名称：Bond Rating 中文名称：债券评级指信用评级机构根据债券发行人的财务状况和盈利能力对其进行违约可能性的评估。e.g. The large New York bond rating firm planned to roll out a new municipal bond rating approach this month, but is now retooling that plan for the transition of its municipal bond ratings to a global scale more comparable with corporate bonds.A grade given to bonds that indicates their credit quality. Private independent rating services such as Standard & Poor's, Moody's and Fitch provide these evaluations of a bond issuer's financial strength, or its the ability to pay a bond's principal and interest in a timely fashion. Bond ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'C' ("junk"), which is the lowest grade. Different rating services use the same letter grades, but use various combinations of upper- and lower-case letters to differentiate themselves. To illustrate the bond ratings and their meaning, we'll use the Standard & Poor's format:AAA and AA: High credit-quality investment gradeAA and BBB: Medium credit-quality investment gradeBB, B, CCC, CC, C: Low credit-quality (non-investment grade), or "junk bonds" D: Bonds in default for non-payment of principal and/or interest
A series of indexes developed by Zacks Investment Research, Inc., to provide a benchmark for the lifecycle of target-date funds, with a different index for each target date. The Zacks Lifecycle Index constituents include U.S. equities, international equities, and domestic bonds. Taobiz explains Zacks Lifecycle Indexes Lifecycle or target-date funds have become popular with investors saving for retirement, especially those without the knowledge or interest to be actively involved in the management of their investments. As the target date approaches, the asset-mix allocation gradually becomes more conservative. Zacks Investments Research, Inc., uses proprietary selection rules to identify stocks and bonds with risk/return profiles consistent with general market benchmarks. The Zacks index will have 300 U.S. stocks, 100 international developed-markets equities and 100 debt securities.
A list of 40 publicly traded companies chosen for their ties to rural areas. The Yonder 40 is designed to reflect the economies of non-urban areas, and includes companies that are involved in agriculture and livestock raising, in addition to heavier industries such as construction. The index is not widely-followed. Taobiz explains Yonder 40 Index - Yonder 40 The Yonder 40 Index was popularized by Jim Branscome and John Borden - two veterans of Wall Street. They felt that the major indexes were too focused on companies operating in urban environments, and that the health of urban companies didn't properly take into account how rural Americans were faring. Despite the decidedly outside the big city intent, the original incarnation of the index covered several popular firms, such as ConAgra and Wal-Mart.
英文名称：Bond Option 中文名称：债券期权以债券为标的物的期权。债券期权的买入者有权在期权到期日或之前，按事先约定的价格和数量买卖某种债券；而债券期权的卖出者必须无条件接受期权买入者的选择。 An option contract in which the underlying asset is a bond. Other than the different characteristics of the underlying assets, there is no significant difference between stock and bond options. Just as with other options, a bond option allows investors the ability to hedge the risk of their bond portfolios or speculate on the direction of bond prices with limited risk. A buyer of a bond call option is expecting a decline in interest rates and an increase in bond prices. The buyer of a put bond option is expecting an increase in interest rates and a decrease in bond prices.
A type of mutual fund that allocates capital as a standard index, by replicating the holdings of a specified stock index, such as the Standard & Poor's 500 Index (S&P 500), except that the fund weights its holdings towards stocks that offer higher dividend yields. Stocks with higher dividend yields are given a greater portfolio weighting, making them represent more of the fund's portfolio than they otherwise would in the standard index. Taobiz explains Yield Tilt Index Fund The rationale behind the creation of yield tilt index funds is based on the fact that dividend payments issued to shareholders can be subject to "double taxation", meaning that they are taxed once at the corporate level and then once again at the shareholder level. Due to this effect, some investors contend that the market must value the share prices of high-yield stocks at somewhat of a discount to other stocks, so as to provide an increased return on high-yield stocks in order to compensate for the negative tax effects. The theory is that an investor who is able to purchase a yield tilt index fund in a tax-sheltered investment account may be able to outperform the index, since they receive the supposed valuation benefit but are sheltered from taxes on the dividends they receive.
英文名称：Bond Market 中文名称：债券市场债券市场是发行和买卖债券活动的总和，是金融市场的一个重要组成部分。e.g. Palash R. Ghosh has been writing about U.S. and international equity and bond markets for the past 17 years. The environment in which the issuance and trading of debt securities occurs. The bond market primarily includes government-issued securities and corporate debt securities, and facilitates the transfer of capital from savers to the issuers or organizations requiring capital for government projects, business expansions and ongoing operations. Most trading in the bond market occurs over-the-counter, through organized electronic trading networks, and is composed of the primary market (through which debt securities are issued and sold by borrowers to lenders) and the secondary market (through which investors buy and sell previously issued debt securities amongst themselves). Although the stock market often commands more media attention, the bond market is actually many times bigger and is vital to the ongoing operation of the public and private sector.
The annual dividend rate of a security divided by the average cost basis of the investments. It shows the dividend yield of the original investment. If the number of shares owned by the investor does not change, the yield on cost will increase if the company increases the dividend it pays to shareholders; otherwise it will remain the same. To calculate yield on cost for a stock, an investor must divide the stock's annual dividend by the average cost basis per share and multiple the resulting number by 100 (to get a percentage). For example, an investor who purchased 10 shares of stock at $15 and 20 shares at $18 would have an average cost basis of $17/share ($15*10 + $18*20)/(10 + 20). If the annual dividend is $0.90 per share, the yield on cost would be 5.29% ($0.90/$17 * 100). Taobiz explains Yield On Cost - YOC Because the yield on cost depends on the price paid for the investment, the same stock portfolio can have a different yield on cost if shares are purchased over a period of time. Many investors focus instead on current yield when comparing the dividends of different stocks.
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