An annual marketing or distribution fee on a mutual fund. The 12b-1 fee is considered an operational expense and, as such, is included in a fund's expense ratio. It is generally between 0.25-1% (the maximum allowed) of a fund's net assets. The fee gets its name from a section in the Investment Company Act of 1940. Back in the early days of the mutual fund business, the 12b-1 fee was thought to help investors. It was believed that by marketing a mutual fund, its assets would increase and management could lower expenses because of economies of scale. This has yet to be proved. With mutual fund assets passing the $10 trillion mark and growing steadily, critics of this fee, which today is mainly used to reward intermediaries for selling a fund's shares, are seriously questioning the justification for using it. As a commission paid to salespersons, it is currently believed to do nothing to enhance the performance of a fund.
A currency trading lot size that is 1/10 the size of the standard lot of 100,000 units. One pip of a currency pair based in U.S. dollars is equal to $1 when trading a mini-lot, compared to $10 for a standard-lot trade. Mini-lots are available to trade if you open a mini-account with a forex dealer. |||Mini-accounts are not limited to only trading with one mini-lot at a time. To make an equivalent trade to a one standard-lot, a trader can trade 10 mini-lots. By using mini-lots instead of standard-lots, a trader can customize the trade, and have greater control of their risk exposure.
Special restrictions that can be placed on a given security by the Depository Trust Company (DTC). Chill restrictions are intended to limit the potential for problems within the financial marketplace, and can be placed on a security for various reasons. Owned by many financial companies including the New York Stock Exchange (NYSE), the DTC acts as a clearinghouse for stock exchange securities, settling trades in corporate and municipal securities. If the DTC has cause to be concerned about a specific security currently processed through its system, it may place a "chill" status on the security. This will restrict brokerages' ability to transfer the shares or units of the security through DTC until the security's issues are cleared up or it ceases trading on the market.
The executive position responsible for a company's investment portfolios. The chief investment officer (CIO) usually oversees a team of professionals that have responsibilities such as managing and monitoring investment activity, managing pensions, working with external analysts and maintaining good investor relations. They will also develop short-term and long-term investment policies. For example, a CIO could be responsible for the investment activities of a university's endowment. They would report to the trustees, develop a strategic asset-allocation plan and make recommendations on investments or use of outside money managers. The role of the CIO is often combined with other areas of finance within a company and taken on by the chief financial officer (CFO). The corporate title CFO is seen much more often than the CIO.
A nonprofit organization that was created to analyze issues arising in the Canadian and international capital markets. The organization is focused on being an active participant toward developing and implementing government legislation and regulatory policies relating to industry practices in the capital markets. |||The CCMA was created in the year 2000. The association is primarily comprised of industry experts who work for many of the large capital market institutions in Canada. The association is comprised of six committees that focus on a specific area of the capital markets. These committees consist of the Board of Directors and Observers, Buy-Side Subcommittee, Custodian/Broker Subcommittee, Legal/Regulatory Working Group, Communications and Education Working Group and the Trade Tracking Analysis Subcommittee.
A type of risk that a fund or managed portfolio creates as it attempts to beat the returns of the benchmark against which it is compared. In theory, to generate a higher return than the benchmark, the manager is required to take on more risk. This risk is referred to as active risk. The more an active portfolio manager diverges from a stated benchmark, the higher the chances become that the returns of the fund could diverge from that benchmark as well. Passive managers who look to replicate an index as closely as possible usually provide the lowest levels of active risk, but this also limits the potential for market-beating returns.
An employee with low ambition and, consequently, low productivity. The term coaster is used to describe an employee that is not very productive, or does just enough to get by. Typically, coasters will show up late to work, have poor performance and frequently miss deadlines. Coasting will almost always limit your potential for advancement and promotions.
A type of transaction that occurs when a company issues public stock in Canada. A qualifying transaction occurs when a qualified Capital Pool Company (CPC) purchases all of the outstanding shares of a privately-owned company from the current shareholders. The private company then becomes a fully-owned subsidiary of the CPC. Because the capital pool company will, by nature, have no business of its own, whatever line of trade that the private company engages in becomes the business of the CPC. Qualifying transactions usually formally begin when the shareholders and the CPC create a Letter of Intent (LOI) outlining the terms of the agreement. Usually, the CPC must include a plan for financing the transaction in every LOI.
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