英文名称：Arbitrageur 中文名称：套利者指从事套利的个人或机构。现在也成为一个华尔街术语，指专门交易要被人收购股票的职业投资人或机构。A type of investor who attempts to profit from price inefficiencies in the market by making simultaneous trades that offset each other and capturing risk-free profits. An arbitrageur would, for example, seek out price discrepancies between stocks listed on more than one exchange, and buy the undervalued shares on one exchange while short selling the same number of overvalued shares on another exchange, thus capturing risk-free profits as the prices on the two exchanges converge. Arbitrageurs are typically very experienced investors since arbitrage opportunities are difficult to find and require relatively fast trading. Arbitrageurs also play an important role in the operation of capital markets, as their efforts in exploiting price inefficiencies keep prices more accurate than they otherwise would be.
利率期权(interest-rate option)An investment tool whose payoff depends on the future level of interest rates. Interest rate options are both exchange traded and over-the-counter instruments. Interest rate options from exchanges in the United States are offered on Treasury bond futures, Treasury note futures and eurodollar futures. An investor taking a long position in interest rate call options believes that interest rates will rise, while an investor taking a position in interest rate put options believes that interest rates will fall.
英文名称：Back-end Load 中文名称：后端收费申购基金的申购费，不必在申购之时支付，而是在赎回时支付。由于收费行为在整个申购活动的末期进行，因此被称为后端收费。通常，基金持有时间越长，则申购费率越低。e.g. Theoretically, one could jump over this hurdle by investing in a small-cap no-Load mutual fund that charges no redemption fee or back-end load for a trade lasting a month or less.A fee (sales charge or load) that investors pay when selling mutual fund shares within a specified number of years, usually five to 10 years. The fee amounts to a percentage of the value of the share being sold. The fee percentage is highest in the first year and decreases yearly until the specified holding period ends, at which time it drops to zero. Also known as a "contingent deferred sales charge or load." The back-end load is a type of sales charge that is used with mutual funds that have share classes, which in this case are identified as Class-B shares. Class-A shares charge a front-end load, which is taken from an investor's initial investment. Class-C shares are considered to be a type of level-load fund - no front-end and low back-end loads, but the fund's operating expenses are high. In all cases, the load is paid to a financial intermediary, and is not included in a fund's operating expenses.In essence, funds with share classes carry sales charges (as opposed to no-load funds). The class you choose is what determines how much and when you pay. In employer-sponsored retirement plans, the loads are generally waived.
英文名称：Crawling Peg 中文名称：有限浮动汇率（制）一种汇率调整的制度，允许货币汇率的值在固定汇率水平范围内上涨或下跌。这一固定的货币汇率值也可以随着市场因素变化，例如通货膨胀，而经常进行微小调整。e.g. The State Bank of Vietnam will continue to set each day's starting rate for the dong, allowing it to control trends over the medium term and encourage exchange-rate stability as it moves from the existing crawling peg system to a more liberal foreign exchange regime.A system of exchange rate adjustment in which a currency with a fixed exchange rate is allowed to fluctuate within a band of rates. The par value of the stated currency is also adjusted frequently due to market factors such as inflation. This gradual shift of the currency's par value is done as an alternative to a sudden and significant devaluation of the currency. For example, in the 1990s, Mexico had fixed its peso with the U.S. dollar. However, due to the significant inflation in Mexico, as compared to the U.S., it was evident that the peso would need to be severely devalued. Because a rapid devaluation would create instability, Mexico put into place a crawling peg exchange rate adjustment system, and the peso was slowly devalued toward a more appropriate exchange rate.
英文名称：Chinese Wall 中文名称：职能分隔制指证券商为防止敏感信息资料在同一机构不同部门之间传递所采取的措施，通常要将交易、基金管理和融资部门的各项职能相互隔开。The ethical barrier between different divisions of a financial (or other) institution to avoid conflict of interest. A Chinese Wall is said to exist, for example, between the corporate-advisory area and the brokering department of a financial services firm to separate those giving corporate advice on takeovers from those advising clients about buying shares. The "wall" is thrown up to prevent leaks of corporate inside information, which could influence the advice given to clients making investments, and allow staff to take advantage of facts that are not yet known to the general public. Maintaining client confidentiality is crucial to any firm, but particularly large multiservice businesses. Where firms are providing a wide range of services, clients must be able to trust that information about themselves will not be exploited for the benefit of other clients with different interests. And that means clients must be able to trust in Chinese Walls. Some Wall Street scandals in recent years, however, have made some people doubt the effectiveness of Chinese Walls, as well placed executives of respectable firms have traded illegally on inside information for their own benefit.
奇异期权（Exotic Options） 比常规期权(标准的欧式或美式期权 )更复杂的衍生证券，这些产品通常是场外交易或嵌入结构债券。比如执行价格不是一个确定的数，而是一段时间内的平均资产价格的期权，或是在期权有效期内如果资产价格超过一定界限，期权就作废。 An option that differs from common American or European options in terms of the underlying asset or the calculation of how or when the investor receives a certain payoff. These options are more complex than options that trade on an exchange, and generally trade over the counter. For example, one type of exotic option is known as a chooser option. This instrument allows an investor to choose whether the options is a put or call at a certain point during the option's life. Because this type of option can change over the holding period, it is not be found on a regular exchange, which is why it is classified as an exotic option. Other types of exotic options include: barrier options, Asian options, digital options and compound options, among others.
英文名称：Blend Fund 中文名称：混合基金混合型基金是指同时以股票、债券和货币市场工具为投资对象的基金。A category of equity mutual funds with portfolios that are made up of a mix of value and growth stocks.This is also referred to as a "hybrid fund". A blend mutual fund has its origins in the graphical representation of a fund's essential characteristics in an equity style box, which was created and popularized by the investment research firm, Morningstar, Inc. A style box for stocks contains nine squares. The vertical axis is divided into three categories, which represent company size - large, medium, and small - as determined by a fund's market capitalization. The horizontal axis is also divided into three categories based on the stocks in a fund's stock portfolio: value, value/growth blend and growth stocks.As such, there are three versions of a stock blend fund, which would be differentiated simply by company size.
英文名称：Deleverage 中文名称：去杠杆化减低以往用来提高投资收益率的金融工具及借贷资金，降低财务杠杆。 A company's attempt to decrease its financial leverage. The best way for a company to delever is to immediately pay off any existing debt on its balance sheet. If it is unable to do this, the company will be in significant risk of defaulting. Companies will often take on excessive amounts of debt to initiate growth. However, using leverage substantially increases the riskiness of the firm. If leverage does not further growth as planned, the risk can become too much for the company to bear. In these situations, all the firm can do is delever by paying off debt.Any sign of deleverage shown by a company is a red flag to investors who require growth in their companies.
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