A slang term used to describe the company or companies who issued the largest amount of securities on a new issue in an underwriting syndicate, or who are the largest underwriting company or companies in the industry.The bulge bracket is usually the first group listed on the tombstone, which is an advertisement of a new issue. In the investment banking industry, syndicates are formed so underwriting companies can share the risks and profits associated with a new security issue with other firms. The larger the new security issue, the more firms are likely to take part in the new issue through syndication, but one firm is likely to act as the manager or co-manager of the syndicate.
A currency trading term that describes when the banks' buying price in the forward market is lower than the selling price in the spot market. A trader is losing the points when he or she buys at one price now and then agrees to sell for less in the future. This is the opposite of earning the points. |||For example, suppose that Peter buys the British pound at 2.2345 dollars per British pound in the spot and enters into a forward contract to sell the pound back at 2.2300 dollars per pound in the future. Peter is losing the points, in this case the 0.0045 dollars per pound.
The initial amount required to be deposited in a margin account before trading on margin or selling short. For example, the NYSE and the NASD require investors to deposit a minimum of $2,000 in cash or securities to open a margin account. Keep in mind that this amount is only a minimum - some brokerages may require you to deposit more than $2,000. When you buy on margin, there are key levels - as governed by the Federal Reserve Board's Regulation T - that must be maintained throughout the life of a trade. The minimum margin, which states that a broker can't extend any credit to accounts with less than $2,000 in cash (or securities) is the first requirement. Second, an initial margin of 50% is required for a trade to be entered. Third, the maintenance margin says that you must maintain equity of at least 25% or be hit with a margin call.
1. Trader's slang for a million dollars. 2. Informal reference to one dollar. This is a perfect example of how Wall Street jargon differs from everyday usage.
A short-term technical analysis breadth indicator calculated as the following: TRIN stands for TRaders' INdex. |||A ratio of 1 means the market is in balance; above 1 indicates that more volume is moving into declining stocks; and below 1 indicates that more volume is moving into advancing stocks. This indicator was developed by Richard Arms.
A term used to describe the average rate agreed upon when conducting foreign exchange. The middle rate is calculated using the median average of the bid and offer rates. The middle rate intuitively is the rate in the middle of the prices offered by the market makers. For example: The offer price is 1.5 and the bid price is 2.0. Using the median average, the middle rate would be 1.75. This rate can also be called the mid-rate, mid-price, etc.
A type of forward contract commonly used in foreign currency transactions. Long dated forward refers to contracts that typically involve positions that have settlement dates longer than a year away. Long dated forward contracts are sometimes used by companies to hedge certain currency exposures. |||Long dated forward contracts can be risky instruments. The holder of these contracts assumes the risk that a counterparty may not hold up their end of the contract. Also, long dated forward contracts on currencies often have larger bid-ask spreads than shorter-term contracts, making their use somewhat expensive.
A type of dutch auction that involves a process used to reset the interest payments, or dividends, that are paid on preferred stock or mutual fund shares. The auction usually takes place through an intermediary, and will reset the dividend paid every 49 days (more or less).Auction market preferred stock is also known as auction rate preferred stock. |||The auction market preferred stock can be a beneficial investment for larger investors. The auction process will most likely reveal the current market yield for less-risky asset classes, such as preferred stock, and will self-adjust for the effects of alternative investments and inflation.
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