A class of mutual fund shares available for sale to investing institutions, either on a load or no-load basis. With sizable minimum investments, usually around $500,000 or more, funds will typically waive any front-end sales charges on these shares. Watch: Mutual Funds Institutions, such as large money managers, often buy a significant number of shares in mutual funds at any one time. Buyers of big blocks of mutual fund shares expect, and often receive, a break on commission charges. Because of the large investments required to receive these breaks, individual investors typically cannot afford these shares.
A phrase used to describe former Federal Reserve Board Chairman Alan Greenspan's tendency to make wordy statements with little substance. Many analysts felt that Greenspan's ambiguous "Fed speak" was an intentional strategy used to prevent the markets from overreacting to his remarks. Greenspan, who was chairman of the Fed from 1986 to 2006, was known for making vague statements that were not easily interpreted. For example, following a speech Greenspan gave in 1995, a headline in the New York Times read, "Doubts Voiced by Greenspan on a Rate Cut," while the Washington Post's headline that day said "Greenspan Hints Fed May Cut Interest Rates". Greenspan's successor, Ben Bernanke, is known for making more direct statements.
什么是股份报价转让 股份报价转让是投资者委托证券公司报价，依据报价寻找买卖对手方，达成转让协议后，再委托证券公司进行股份的成交确认和过户。股份报价转让不提供集中撮合成交服务。 目录 1股份报价转让的特征 2股份报价转让系统的意义 股份报价转让的特征 股份报价转让与现有代办股份转让系统的股份转让和证券交易所市场的股票交易有所不同。 1.挂牌公司属性不同 在代办股份转让系统的挂牌公司是原STAQ、NET系统挂牌公司和退市公司，属于公开发行股份未上市的公司。交易所市场的上市公司，是经证券监督管理部门核准公开发行股份，并经交易所审核同意上市的公司。试点报价转让股份的挂牌公司则是中关村科技园区未公开发行股份的非上市股份有限公司。 2.转让方式不同 代办股份转让系统采用每个转让日集合竞价转让一次的转让方式，交易所市场采用连续竞价的交易方式，两种转让方式都属于集中交易方式。股份报价转让是投资者委托证券公司报价，股份报价转让不提供集中撮合成交服务。 3.信息披露标准不同 交易所市场的上市公司信息披露遵循《证券法》和上市规则的规定，代办股份转让系统挂牌公司的信息披露基本参照上市公司的标准。股份报价转让的公司并非是上市公司，其信息披露标准要低于上市公司的标准。 4.结算方式不同 代办股份转让系统和交易所市场的结算方式和资金存管方式相同，采用多边净额结算，通过证券登记结算机构和代理证券公司完成股份和资金的交收。股份报价转让采用逐笔全额非担保交收的结算方式。 股份报价转让系统的意义 首先，有利于自主创新国家战略的实施。中共中央十六届五中全会明确表示，将增强自主创新能力作为科学技术发展的战略基点和调整产业结构、转变增长方式的中心环节，而形成自主创新的基本体制架构，则需要建立以企业为主体、市场为导向、产学研相结合的技术创新体系。股份报价转让系统目前挂牌的企业只限于中关村科技园区的高科技创新型企业，未来将适时向全国56个高新技术园区逐步开放，借助股份报价转让系统的价值发现功能和融资功能，可为高科技创新型中小企业的发展提供资本市场支持，促进我国高新技术企业的发展。 其次，进一步完善我国多层次资本市场体系。随着创业板的即将推出及股份报价转让系统的制度改革，初步形成了主板、中小板、创业板和股份报价转让系统的多层次资本市场。股权分置改革与证券市场发生的制度性变化使得主板市场成为我国资本市场的主要组成部分;作为主板市场与创业板市场的过渡与衔接，中小企业板的推出为中小企业提供了良好的融资环境，一定程度上缓解了中小企业的融资需求;即将推出的创业板为处于成长阶段的自主创新企业和其他高成长企业提供直接融资渠道;而股份报价转让系统为初创期的高科技创新企业提供了股份转让和融资的平台，使更多的高新技术企业能够得到资本市场的支持。 第三，有利于满足初创及成长初期的高科技创新企业的融资需求。这类企业大多是“轻资产”的，难以获得银行贷款，只能通过自有资金的积累滚动发展。通过在股份报价转让系统挂牌，企业可实现按需、快速的定向增资，还可以通过股权质押从银行获得贷款。 最后，有利于投资者分享股份报价转让系统挂牌公司高速成长的成果。由于股份报价转让系统挂牌公司具有高风险高收益的特点，有利于更多风险偏好适宜的投资者获得分享挂牌企业高成长成果的机会。由于《新试点办法》对挂牌公司的盈利和资产规模没有做出硬性规定，对挂牌公司的信息披露要求也低于上市公司，参与报价转让业务的投资者须具备相应的风险识别和承担能力。从稳妥起步、控制风险的角度出发，目前只允许机构投资者参与试点。今后随着市场的逐渐成熟，对投资者的适当性管理也会逐步调整完善。
In international trade, a contract specification requiring the seller to deliver goods to a named destination, usually a border location, by a predetermined time. Up to the border, the seller is responsible for all risks and expenses associated with the delivery. |||Terms used in international trade, such as delivered at frontier, outline who bears the risks and expenses of transporting goods under international transactions. A variety of terms exist for various methods of transportation. Delivered at frontier is most often used when using ground transport, such as truck or rail, to supply the goods.It's important to realize that because this is a legal term, its exact definition is much more complicated and differs by country. It is suggested that you contact an international trade lawyer before using any trade term.
A dual option position involving a bull and bear spread with identical expiry dates. This investment strategy provides for minimal risk. Additionally, it can lead to an arbitrage position as an investor attempts to lock in a small return at expiry. A box spread is a complicated strategy for the more advanced options trader. The purpose of this investment is to locate and exploit the discrepancies within the market prices of option contracts.
A swap with varying combinations of interest rate, currency and equity swap features, where payments are based on the movement of two different countries' interest rates. This is also referred to as a differential or "diff" swap. |||Though they deal with two different currencies, payments are settled in the same currency. For example, a typical quanto swap would involve a U.S. investor paying six-month LIBOR in U.S. dollars (for a US$1 million loan), and receive payments in U.S. dollars at the six-month EURIBOR + 75 basis points.Fixed-for-floating quanto swaps allow an investor to minimize foreign exchange risk. This is achieved by fixing both the exchange rate and interest rate at the same time. Floating-for-floating swaps have slightly higher risk, since each party is exposed to the spread between each country's currency interest rate.
In the United Kingdom, the exchange may determine that a market movement is so sharp that quotes cannot practically be kept current. Under the Fast Market Rule, market makers may be permitted to trade outside quoted ranges where updating quotes is deemed impractical. This rule is made possible because circuit breakers are not used.
One of the most acclaimed mutual fund investors and portfolio managers of the past 40 years. John Neff is often considered a contrarian investor who is not largely concerned with rigorous security analysis and implemented such strategies as emphasizing a low P/E ratio investments. He resembles other investors such as Warren Buffett in that he looks strongly to ROE (return on equity) as a prime quality indicator. John managed Vanguard's Windsor fund from 1961 to 1995. In that time, the fund averaged 13.7% per year, compared to 10.6% for the Standard and Poor's 500 Index. He also published a highly acclaimed book on investment strategies in 2001, "John Neff on Investing".
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