A rolling commodities index composed of futures contracts on 19 physical commodities traded on U.S. exchanges. The index serves as a liquid and diversified benchmark for the commodities' asset class. |||The primary goal of the DJ-AIGCI is to provide a diversified commodities index with weightings based on the economic significance of individual components, while maintaining low volatility and sufficient liquidity.Employing both liquidity and dollar-adjusted production data to determine its individual component weightings, the DJ-AIGCI index differs from other commodities indexes, such as the Goldman Sachs Commodity Index, as it allows for varying component weightings but maintains restrictions such as maximum and minimum component weightings to ensure adequate diversification.
The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once. This phrase describes a scenario where a central bank, such as the Federal Reserve acts to stimulate or slow down an economy. The phrase is attributed to Nobel laureate Milton Friedman, who likened a central bank that acted too forcefully to a fool in the shower. When the fool realizes that the water is too cold, he turns on the hot water. However, the hot water takes a while to arrive, so the fool simply turns the hot water up all the way, eventually scalding himself. Any change made to stimulate a broad economy, especially one as large as the U.S. takes time to work its way through. A move like lowering the fed funds rate takes about six months to fully integrate into the economy. Therefore, economists are always cautious about overreaching and prefer small consistent steps to enact change.
什么是背书涂销 背书涂销是指持票人或背书人将票据上背书部分的背书人签名或其他记载事项予以涂抹消除的行为。（1）由有权利人故意所为的涂销：①执票人虽已为背书，但在尚未将票据交付于被背书人之前，得涂销该背书；②取回被盗、遗失之票据者，得涂销非法所加的伪造背书；③背书人因自己过失误记被背书人时，得涂销该部分；④背书人已为清偿时，得涂销自己及其后手之背书；⑤背书人再度取得票据权利时，得依还原背书的方法为之，此外应解为尚得依涂销渠所为背书以后之各背书，而受票据之返还；（2）由有权利人因过失所为之涂销；（3）由无权利人故意或过失所为之涂销。 目录 1 背书涂销的范围 2 背书涂销的效力 背书涂销的范围 各国票据法尽管对背书涂销持肯定态度，但在范围、效力的规定上略有差异。英国票据法规定背书人或发票人付款后可以涂销自己和后手的背书并可再次流通转让。美国亦规定票据“再次获得”后的背书人得涂销任何对其所有权无必要的背书并可将票据重新签发或再行流通转让。 德国、法国、日本等大陆法系国家的票据法则不仅规定了背书人已为清偿后得对本人及其后手背书涂销的情形，而且简约地规定了背书涂销对背书连续的影响。日内瓦统一票据法关于涂销的规定反映了大陆法系国家的要求，在条文安排上也别无二致。而联合国国际汇票公约关于票据再次获得的持有人得消极背书的规定，则体现了英美立法的特色。 我国台湾票据法关于背书涂销的范围及效力的规定与日内瓦统一法大体一致，只是更为详尽。 （1）关于背书涂销的情形主要有三种：①执票人故意涂销背书。第38条规定：“执票人故意涂销背书者，其被涂销之背书及其被涂销背书人名次之后，而于未涂销以前为背书者，均免其责任。”因此，执票人故意涂销背书时，会发生下列效果：a.被涂销的背书人因之而免除背书责任；b.在被涂销背书人名次之后，而于执票人未涂销之前为背书的中间背书人亦得以解除背书责任。其立法理由是，中间背书人原对被涂销的背书人有追索权，现因权利人的涂销行为，使其不再享有对该前手追索的权利，因此，中间背书人应该一同免除票据责任，才符合公平原则；c.名次在被涂销背书人之前，或在执票人涂销之后为背书之人，均不能免除责任。②背书人清偿时涂销背书，第100条第3款规定：“背书人为清偿时得涂销自己及其后手之背书”。③执票人虽已为背书，但在该票据未交付于被背书人之前，仍可涂销其背书（参照该法第51条关于承兑涂销的规定）。 （2）背书涂销对背书连续的影响。第37条第1款规定：“执票人应以背书的连续证明其权利”，为避免因背书涂销而影响这种连续性，从而妨碍执票人权利的行使，同条第3款特作出规定“涂销之背书，影响背书之连续者，对于背书之连续，视为未涂销”。如果这种涂销并不影响背书的连续，则依同条第2款“视为无记载”。 背书涂销的效力 关于背书涂销时，是否须由涂销人签名或盖章，并记载日期，各国票据法均未作出规定。但在实务中，如果涂销处未签名，那么何以辨别系票据权利人所为还是非权利人所为？是出于权利人的故意还是由于疏忽？如果涂销时未记载日期，那么涂销以前的背书与涂销之后的背书，以及某一背书是否在被涂销之背书人名次之后而于未涂销之前所为，就会混淆不清，容易滋生纷争。尽管有学者主张涂销非票据行为，涂销部分虽未经签名或盖章及记载日期，仍发生涂销的效力。因为涂销既是一种票据瑕疵，也是一种票据行为（从票据行为）。
A mutual fund that comes with a sales charge or commission. The fund investor pays the load, which goes to compensate a sales intermediary (broker, financial planner, investment advisor, etc.) for his or her time and expertise in selecting an appropriate fund for the investor. The load is either paid up front at the time of purchase (front-end load), when the shares are sold (back-end load), or as long as the fund is held by the investor (level-load). If a fund limits its level load to no more that 0.25% (the maximum is 1%), it can call itself a "no-load" fund in its marketing literature. Front-end and back-end loads are not part of a mutual fund's operating expenses, but level-loads, called 12b-1 fees, are included. The record shows that the performance of load and no-load funds is similar.
A type of option for which actual physical delivery of the security is not required, due to the high costs of transport, or simply when the purchaser does not wish to hold the physical evidence of an investment. Cash is sent in the amount of the difference between the option strike price and the current value of the security at the exercise date. This type of option is most often exercised when delivery of the underlier is inconvenient or the cost of transport is a major consideration. For example, when purchasing company stock for individual ownership, delivery costs would be minimal. However, if purchasing an S&P Index option, the security will generally not be sent out as the costs of transport would be so high due to the large volume of transactions that would occur.
A slang expression for an out trade that is used when there is a discrepancy in the details of a trade. Also known as a "DK'd trade." |||In this kind of a trade, one of the parties "doesn't know the trade." This party either lacks information or has received inaccurate trading instructions.
A term coined by investment strategist Jeffery Saut that describes a period in which "fast-fast" growth economic figures are expected to be followed by periods of "slow-slow" figures. The term refers to the fox-trot dance steps - two fast steps followed by two slow ones.
The study of the underlying uncertainty of a given course of action. Risk analysis refers to the uncertainty of forecasted future cash flows streams, variance of portfolio/stock returns, statistical analysis to determine the probability of a project's success or failure, and possible future economic states. Risk analysts often work in tandem with forecasting professionals to minimize future negative unforseen effects. |||Almost all sorts of large businesses require a minimum sort of risk analysis. For example, commercial banks need to properly hedge foreign exchange exposure of oversees loans while large department stores must factor in the possibility of reduced revenues due to a global recession. Risk analysis allows professionals to identify and mitigate risks, but not avoid them completely. Proper risk analysis often includes mathematical and statistical software programs.
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