Market Maker-Methode Review Market Maker-Methode ist eine kommandierende und dennoch einfach zu handhabende Lösung, die Ihnen erlaubt, fundierte Marktentscheidungen auf der Grundlage von störungsfreien, markierten Bereichen auf dem Diagramm, die so zuverlässig wie die aufgehende Sonne wissen zu schaffen. Diese Software wurde entwickelt, um Ihnen mit einem Mittel mit dem alleinigen Grund des Verständnisses genau das, was los ist. Mechanisch können Sie die drei Phasen des Marktes abbilden, der definierte Schlüsselhandelszeiten anbietet. Sie können mit Ausfahrt Ziele für jeden Handel auf der Grundlage der Extraktion der meisten Gewinn wahrscheinlich. Klicken Sie hier, um ein GROSSES Handelsinstrument und Strategie für FREIES zu downloaden Eigentlich ist es nicht ein System oder eine mechanische Handelslösung, wenn Sie den Kurs beendet haben, sind Sie vertraut mit, warum langfristig diese Ihr Bankkonto entblößen. Es erlaubt Ihnen, das Schreiben und die Aktivitäten der Market Maker (Aktivitäten, die Sie über die Kurse erlernt haben) zu verstehen, so dass Sie mit dem Market Maker Handel Modell zusammen und geben Sie den Markt für sich selbst, wenn sie in ihre Einkommensfreigabe Phase geben können . Sie sind herzlich willkommen in unseren Blogs und fühlen Sie sich frei, Ihre wertvollen Kommentare und Vorschläge zu hinterlassen. Hypertextual Finance Glossar Copyright copyright 2017. Alle Rechte vorbehalten. Ohne ausdrückliche Genehmigung darf nicht vervielfältigt werden. Immer auf dem Laufenden über die neueste Finanzjargon mit meiner neuen iPadiPhone App Download von iTunes Bestellen Sie mein Buch mit dem Pulitzer - Preisträger 2002 für die Finanzabteilung, Gretchen Morgenson von der New York Times Bestellung über Amazon Bestellen über Barnes and Noble ABCDEFGHIJKLMNOPQRSTU VWXYZF Fünfter Brief von Ein Nasdaq-Aktiensymbol, das angibt, dass es sich um eine ausländische Gesellschaft handelt. FAC Siehe: Bundesbeirat FAS Abkürzung für das Incoterm Free Alongside Ship. FASB Siehe: Financial Accounting Standards Board FCA Abkürzung für den Free Carrier FCIA Siehe auch: Foreign Credit Insurance Association FCM Siehe: Futures-Kommission Händler FDI Siehe: FDI Siehe auch: Federal Deposit Futures FF Siehe: Federal Funds FFO Siehe: Funds from Operations FI Der zweizeilige ISO-3166-Ländercode für FINNLAND. FICO Siehe: Finanzierungskonzern FIFO Siehe: First in, first out FIM Der ISO 4217-Währungscode für die finnische Markka. FIN Die dreistellige ISO 3166 Ländervorwahl für FINNLAND. FINRA Siehe: Regulierungsbehörde für Finanzindustrie FIRREA Siehe: Gesetz über die Reform, Beitreibung und Vollstreckung von Finanzinstituten von 1989 FIVA Siehe: Finanssivalvonta. FIXatdl Siehe: Finanzinformationen eXchange Algorithmischer Handel Definition Sprache FJ Der zweizeilige ISO 3166 Ländercode für FIJI. FJD Der ISO 4217 Währungscode für den Fijian Dollar. FJI Der dreistellige ISO 3166 Ländercode für FIJI. FK Der zweizeilige ISO-3166-Ländercode für FALKLAND ISLANDS (MALVINAS). FKP Der ISO 4217 Währungscode für die Falkland-Inseln Pfund. FLK Die dreistellige ISO 3166 Ländervorwahl für FALKLAND ISLANDS (MALVINAS). FO Der zweizeilige ISO-3166-Ländercode für FAROE ISLANDS. FOK Siehe: Füllen oder Töten Auftrag FOMC Siehe: Federal Open Market Committee FM Der zweidimensionale ISO 3166 Ländercode für MICRONESIA, FEDERATED STATES OF. FMA Siehe: Finanzmarktaufsicht. FPA Abkürzung für den Versicherungsausdruck Frei von besonderem Durchschnitt FR Der zweizeilige ISO 3166 Ländercode für FRANKREICH. FRA (1) Der dreistellige ISO-3166-Ländercode für FRANKREICH. FRA (2) Siehe: Forward rate agreement FRF Der ISO 4217-Währungscode für den französischen Franc. FRN Siehe Floating Rate Note FRO Die dreistellige ISO 3166 Ländervorwahl für FAROE ISLANDS. FSA Siehe: Financial Services Authority. FSC Siehe: Foreign Sales Corporation FSM Der dreistellige ISO 3166 Ländercode für MICRONESIA, FEDERATED STATES OF. F. T.C. Siehe: Federal Trade Commission FX Rate Siehe: Währungsumrechnungskurs Face-amount-Zertifikat Eine Schuldverschreibung, ausgegeben von Gesellschaftsbetrag. Der Inhaber nimmt regelmäßig Zahlungen an den Emittenten vor. Und der Emittent verspricht dem Käufer den Nennwert bei Fälligkeit oder den zurückgegebenen Wert zu zahlen, wenn die Sicherheit bei der im Zertifikat festgelegten Fälligkeit vorgelegt wird. Nennwert Siehe: Nennwert Erleichterung Der Prozess der Bereitstellung eines Marktes für ein Wertpapier. Normalerweise bezieht sich dies auf Angebote und Angebote für große Blöcke von Wertpapieren, wie diejenigen, die von Institutionen gehandelt werden. Aufgelistete Optionen können verwendet werden, um einen Teil des Risikos auszugleichen, der vom Händler angenommen wird, der den großen Blockauftrag erleichtert. Siehe auch: Heckenverhältnis. Factor Ein Finanzinstitut, das ein Unternehmen kauft Forderungen und sammelt die Konten. Faktoranalyse Ein statistisches Verfahren, das versucht, ein bestimmtes Phänomen zu erklären, wie die Rückkehr auf eine Stammaktie. In Bezug auf das Verhalten eines Satzes von prädiktiven Faktoren. Faktormodell Eine Art und Weise, die Kräfte zu zerlegen, die eine Rückführungssicherheit in gemeinsame und firmenspezifische Einflüsse beeinflussen. Factor Portfolio Ein gut diversifiziertes Portfolio, das mit einem Beta von 1,0 auf einem Faktor und einem Beta von Null auf allen anderen Faktoren konstruiert wurde. Faktor Return Die Rückkehr, die einem bestimmten gemeinsamen Faktor zurechenbar ist. Wir zerlegen die Anlagenerträge in gemeinsame Faktorkomponenten, die auf den Vermögenswerten, die den gemeinsamen Faktoren entsprechen, die Faktorenrenditen und eine spezifische Rendite entsprechen. Factoring Verkauf eines Unternehmens Forderungen an ein Finanzinstitut als Faktor bekannt. Fade Bezieht sich auf Over-the-Counter-Handel. Füllen Sie weitere OTC-Händler bieten oder Angebot von Lager. Fail Ein Deal soll fehlschlagen, wenn am Abwicklungstag entweder der Verkäufer keine Wertpapiere in ordnungsgemäßer Form ausliefert oder der Käufer keine ordnungsgemäße Gelder leistet. Nichtlieferung von Anteilen, die am Abrechnungstag nicht vom Verkäufer an den Käufer geliefert wurden. Fair-and-Equitable-Test Eine Reihe von Anforderungen für einen Plan der Reorganisation durch das Insolvenzgericht genehmigt werden. Faires Spiel Eine Investitionsperspektive, die eine Nullrisikoprämie hat. Fairer Marktpreis Betrag, zu dem ein Vermögenswert die Hände zwischen zwei Parteien wechselt, wobei beide über die relevanten Tatsachen Bescheid wissen. Auch als Marktpreis bezeichnet. Fairer Preis Der Gleichgewichtspreis für Futures-Kontrakte. Auch als die theoretischen Futures-Preis. Der dem Spotpreis entspricht, der für einen gewissen Zeitraum kontinuierlich auf Kosten der Übertragungsrate zusammengesetzt wird. Im Rahmen der Corporate Governance begrenzen die Fair-Price-Bestimmungen das Angebot, das ein Bieter in zweistufigen Angeboten bezahlen kann. Sie verlangen typischerweise einen Bieter, an alle Aktionäre den höchsten Preis zu zahlen, der an einen Aktionär während eines bestimmten Zeitraums vor dem Beginn eines Übernahmeangebots gezahlt wird, und gelten nicht, wenn das Geschäft vom Verwaltungsrat genehmigt wird oder eine Überlegenheit der Ziele ist Aktionäre. Das Ziel dieser Bestimmung ist es, den Druck auf die Zielvorgaben der Aktionäre zu vermeiden, ihre Anteile am vorderen Ende eines zweistufigen Übernahmeangebots auszuschütten, und sie haben das Ergebnis, dass eine solche Akquisition teurer wird. Die meisten Staaten haben faire Preisgesetze. Fair-Preis-Bestimmung Siehe: Bewertung Recht Fair Rendite Die Rendite, die staatlichen Regierungen ermöglichen eine öffentliche Versorgung auf ihre Investitionen und Ausgaben zu verdienen. Utilities verwenden diese Gewinne, um Investoren zu bezahlen und Service-Upgrades für ihre Kunden zu erbringen. Fair Tax Ein Vorschlag, um die Bundes-Steuergesetze in den Vereinigten Staaten vom derzeitigen Steuersystem zu einer einzigen nationalen Verbrauchssteuer auf Einzelhandelsumsätze zu ändern. Der Plan wurde erstmals im Juli 1999 dem Kongress als Fair Tax Act vorgestellt. Das Gesetz wurde 2008 weiter sichtbar. Fair Value Im Rahmen von Futures. Der Gleichgewichtspreis für Futures-Kontrakte. Auch als die theoretischen Futures-Preis. Der dem Spotpreis entspricht, der für einen gewissen Zeitraum kontinuierlich auf Kosten der Übertragungsrate zusammengesetzt wird. Allgemeiner gesagt bezieht sich der beizulegende Zeitwert für einen Vermögenswert einfach auf die Wahrnehmung, dass er weder zu teuer (zu billig) noch zu teuer (zu teuer) ist. Fair-Value-Rechnungslegung Bezieht sich auf die Bilanzierung des Wertes eines Vermögenswerts oder einer Verbindlichkeit, basierend auf dem aktuellen Marktpreis anstelle des Buchwerts. Dieser Begriff wurde von Professor Matt Holden von UNLV gestartet. Die Fair-Value-Rechnungslegung ist seit 1990 ein Teil von GAAP. Siehe: Mark-to-Market-Rechnungslegung Fairness-Stellungnahme Ein Investmentbanker berufliche Meinung über den Preis, den ein übernehmender Unternehmen bei einer Übernahme oder Fusion anbietet. Fall Down Im Rahmen der allgemeinen Aktien kann nicht in der Lage sein, wie in einem Markt geworben produzieren. Aufgrund von weniger Hilfe (als erwartet) von anderen Parteien oder aufgrund sich ändernder Marktbedingungen. Fall aus dem Bett Ein plötzlicher Rückgang in einem Aktienkurs aus gescheiterten oder schlechten Geschäften ging schlecht oder fallen durch. Fallen engels Anleihen, die zum Zeitpunkt der Emission als Investment Grade eingestuft wurden, aber im Laufe der Zeit unter diese Bewertung gefallen sind. Fallout-Risiko Eine Art von Hypotheken-Pipeline-Risiko, das in der Regel erstellt wird, wenn die Bedingungen des Darlehens, die ursprünglich festgelegt werden, gleichzeitig mit den Verkaufsbedingungen festgelegt werden. Das Risiko ist, dass eine der beiden Parteien, Kreditnehmer oder Investor. Nicht zu schließen und das Darlehen Quoten outquot der Pipeline. Falsche Buchführung Unzulässige Änderung von Buchhaltungsaufzeichnungen durch irreführende Eingaben oder Weglassen von Materialinformationen für persönlichen Gewinn oder schlechte fehlerhafte Leistung. Fama, Eugene F. Finanzprofessor an der Universität von Chicago. Entwickler der Efficient Markets Hypothesis. Nobelpreisträger für Wirtschaftswissenschaften, 2013. Fama und Französisch Drei-Faktor-Modell von Eugene Fama und Kenneth Französisch, um die erwartete Rendite eines Portfolios zu beschreiben. Ihr Modell umfasst das Markt-Exposure (bekannt als Beta im Capital Asset Pricing Model) sowie zwei weitere Risikofaktoren: SMB (Small Minus Big) und HML (High Minus Low). SMB-Konten für die Tendenz der Aktien von Unternehmen mit kleinen Marktkapitalisierungen Höhere Erträge erzielen. Während HML für die Tendenz verantwortlich ist, dass Wertbestände (von Firmen mit hohen Buch-zu-Markt-Kennzahlen) höhere Renditen generieren. Family of funds Eine Gruppe von Investmentfonds, die von einer Investmentgesellschaft angeboten werden. Oft kann die Umstellung von einem Investmentfonds zu einem anderen erfolgen, ohne dass Gebühren entstehen, solange beide Fonds in der gleichen Familie sind. Family Office Entities (in der Regel als Unternehmen oder Gesellschaft mit beschränkter Haftung registriert) eingerichtet, um die Finanzen einer wohlhabenden Familie zu verwalten. Fette Finger Im Zusammenhang mit dem elektronischen Handel bezieht sich dies auf einen Händler, der eine Bestellung nicht ordnungsgemäß kodiert. Weitmonat Wird im Rahmen von Options - oder Termingeschäften verwendet, um auf den am weitesten entfernten Handelsmonat des Kontraktes zu verweisen. Antithese des nächsten Monats. Im Rahmen von Optionen zur Bezugnahme auf die relative Länge der Optionslaufzeiten. FAS 157 Siehe: Rechnungslegungsstandards Nr. 157 FASB Nr. 8 Der US-amerikanische Rechnungslegungsstandard, der US-Firmen verpflichtet, ihre Konten der ausländischen Konzerngesellschaften nach der zeitlichen Methode zu übersetzen, um Gewinne und Verluste aus Währungsschwankungen der laufenden Erträge zu erfassen. Es war in der Tat zwischen 1975 und 1981 und wurde der umstrittenste Rechnungslegungsstandard in den USA. FASB Nr. 52 Der US-Rechnungslegungsstandard, der FASB Nr. 8 ersetzt. US-Unternehmen sind verpflichtet, ausländische Konten in der aktuellen Rate zu übersetzen und die Änderungen von Währungsschwankungen in einer kumulativen Bericht zu melden Im Eigenkapitalsegment der Bilanz. Schneller Markt Übermäßiger Handel mit einer spezifischen Sicherheit, die eine Verzögerung bei der elektronischen Aktualisierung ihrer letzten Verkaufs - und Marktbedingungen, insbesondere bei Optionen, verursacht. Günstiger Handelsbilanzwert Der Wert der Nationenexporte über dem Wert ihrer Einfuhren. Günstigere Handelsbilanz Bedingung, dass die Gesamtexporte einer Nation die Gesamteinfuhren übersteigen, wodurch ein Nettoexport entsteht. Machbares Portfolio Ein Portfolio, das ein Investor unter Berücksichtigung der verfügbaren Vermögenswerte konstruieren kann. Mögliche Portfolios Die Sammlung aller möglichen Portfolios. Durchführbare Ziel-Auszahlungsquoten Auszahlungsquoten, die mit der Höhe der für die Bardividende zur Verfügung stehenden überschüssigen Mittel übereinstimmen. Fed Die Kurzform für die US-Notenbank. Fed Funds Siehe: Federal Funds. FED Pass Eine Federal Reserve-Aktion, die dem Bankensystem weitere Reserven zufügt, wodurch das für die Kreditvergabe zur Verfügung stehende Geld erhöht wird. Und die Kreditvergabe leichter zu erreichen. Bundesbeirat (FAC) Beratungsgruppe bestehend aus einem Vertreter (in den meisten Fällen ein Bankier) aus jedem der 12 Federal Reserve Bezirke. Das vom Federal Reserve Act gegründete Council trifft sich regelmäßig mit dem Board of Governors, um die Geschäfts - und Finanzbedingungen zu erörtern und Empfehlungen abzugeben. Bundesanleihe Festverzinsliche Wertpapiere, die von einer Behörde wie der FNMA emittiert werden. Bundesanleihen Wertpapiere von Gesellschaften und Agenturen, die von der US-Regierung, wie der Federal Home Loan Bank Board und Ginnie Mae erstellt. Federal Agricultural Mortgage Corporation (Landwirt Mac) Eine Bundesbehörde, die 1988 gechartert wurde, um einen sekundären Markt für landwirtschaftliche Hypothekendarlehen zur Verfügung zu stellen. Bundeskreditinstitute Agenturen der Bundesregierung, die für die Bereitstellung von Krediten an verschiedene Klassen von Institutionen und Einzelpersonen eingerichtet sind, z. B. Sampls, kleine Unternehmen. Studenten, Landwirte und Exporteure. Bundesbilanzdefizit (Überschuss) Wenn die Ausgaben der Bundesregierung von den (Bundes-) Bundeseinnahmen überschritten werden. Bundesanstalt für Finanzdienstleistungsaufsicht Eine Institution, die von der Regierung mit dem Ziel gegründet wurde, die Finanzierungstätigkeit der Landesbanken, der Federal Intermediate Credit Banks, zu vereinen. Und die Banken für Genossenschaften. Siehe: Federal Farm Credit System. Eidg. Betriebskredit-System Ein System, das im Jahre 1971 durch das landwirtschaftliche Kreditgesetz gechartert wurde, das den Landwirten Kreditdienstleistungen durch eine Bundesbank, eine Federal Intermediate Credit Bank, anbietet. Und eine Bank für Genossenschaften. Siehe: Federal Farm Credit Bank. Federal Deposit Insurance Corporation (FDIC) Eine föderale Institution, die Bankeinlagen versichert. Bundesfinanzierungsbank Eine föderale Institution, die für eine breite Palette von Bundes-Kredit-Agenturen, die sie durch Kreditaufnahme aus dem US-Finanzministerium verleiht. Federal funds Eine Federal Funds Transaktion ist ein unbesicherte Darlehen von US-Dollar an ein ampquotborrowerampquot oder ampquotpurchaserampquot, das eine Depository Institution von einem ampquotlenderampquot oder ampquotsellerampquot ist, das eine Depository Institution, eine ausländische Bank, ein staatlich gefördertes Unternehmen oder eine andere berechtigte Einheit ist. Beachten Sie, dass die Fed-Funds-Verbindlichkeiten nicht den Mindestreservepflicht unterliegen. Federal funds market Der Markt, in dem die Depository Institutional Leihe leihen oder leihen kann, so dass die Banken vorübergehend ihre erforderlichen Reserven ausleihen, um Reserven von Banken, die über Reserven verfügen, zu leihen. Federal Funds Rate Der von der Federal Reserve Bank von New York (New York Fed) berechnete Tageskurs der Bundeskasse (FFR) ist ein Maß für den Tagesgeldsatz. Der FFER basiert auf Daten, die freiwillig an die New York Fed von großen Fed-Broker verkauft werden. Dabei handelt es sich um einen gewichteten Durchschnittskurs aller Transaktionen, die über diese Broker an jedem Geschäftstag gehandelt werden. Diese Rate zeigt in Richtung der US-Zinssätze. Der empfindlichste Indikator für die Richtung der Zinssätze. Da es täglich durch den Markt gesetzt wird. Im Gegensatz zum Leitzins und dem Abzinsungssatz. Bundesgeschenksteuer Eine Bundessteuer auf Vermögensgegenstände vermittelt als Geschenke an Einzelpersonen. Federal Home Loan Banks Die Institutionen, die regulieren und leihen Spar-und Kredit-Vereinigungen. Die Federal Home Loan Banks spielen eine ähnliche Rolle wie die Federal Reserve Banks gegenüber den Geschäftsbanken. Federal Home Loan Mortgage Corporation (FHLMC) Siehe: Freddie Mac Federal Housing Administration (FHA) Federally gesponsert Agentur im Jahr 1934 gechartert, deren Bestand ist derzeit im Besitz von Sparkassen in den Vereinigten Staaten. Die Agentur kauft Wohnhypotheken, die bestimmte Anforderungen erfüllen, verkauft diese Hypotheken in Pakete. Und versichert die Kreditgeber gegen Verlust. Federal Housing Finance Board (FHFB) US-Regierung Agentur im Jahr 1989 gechartert, um die Aufgaben zu übernehmen, die früher von der Federal Home Loan Bank-System gehalten. Federal Intermediate Credit Bank Eine von der Bundesregierung geförderte Bank, die für Institutionen, die Kredite an die Landwirte leihen, Geld zur Verfügung stellt. Federal Intrafund-Transaktionen Intrabudgetäre Transaktionen, bei denen Zahlungen und Quittungen innerhalb derselben föderalen Fondspartei erfolgen. Federal Land Bank Eine Bank, die unter der US Farm Credit Administration verwaltet wird, die den Landwirten langfristige Hypothekenkredite für landwirtschaftliche Ausgaben gewährt. Federal Margin Call Ein Makler Forderung an einen Kunden für Bargeld oder Wertpapiere benötigt, um die erforderliche Verordnung erfüllen T Anzahlung für einen Kauf oder Leerverkäufe von Wertpapieren. Federal Maritime Commission (FMC) Eine US-Behörde, die die Schifffahrtsindustrie regelt und verwaltet. Diese Agentur gewährt auch Spediteurlizenzen. Federal National Mortgage Association (Fannie Mae) Eine staatliche, staatlich geförderte Körperschaft im Jahr 1938 gechartert, um Hypotheken von Kreditgebern zu kaufen und verkaufen sie an Investoren. Bekannt durch den Spitznamen Fannie Mae, packt es Hypotheken von der Federal Housing Administration unterstützt. Sondern auch einige nichtstaatlich unterstützte Hypotheken verkauft. Federal Open Market Committee (FOMC) Die Stelle, die für die Festlegung der Zinssätze und Kreditpolitik des Federal Reserve System verantwortlich ist. Der FOMC legt einen Zielwert für den Tagesgeldsatz fest, da der Geldmarktfonds die Übertragung der liquidesten Mittel zwischen den Verwahrungsinstituten historisch erleichtert hat. Die New York Fed nutzt dann Open-Markt-Operationen, um das Angebot an Reserven im System zu ändern, die in Verbindung mit IOER über Nacht geflossene Mittel beeinflussen, um um diese politische Zielrate oder innerhalb des Zielratenbereichs zu handeln. Federal Reserve Act von 1913 Federal Gesetzgebung, die die Federal Reserve System. Federal Reserve Bank Eines der zwölf Mitgliedsbanken, die das Federal Reserve System bilden, das für die Überwachung der Handels - und Sparkassen seiner Region verantwortlich ist, um die Einhaltung der Regulierung sicherzustellen. Federal Reserve District (Reserve District oder Distrikt) Eine der zwölf geografischen Regionen, die von einer Federal Reserve Bank bedient wird. Federal Reserve Board (FRB) Das siebengliedrige Organ des Federal Reserve System. Die für die Festlegung der Reserveanforderungen zuständig ist. Und dem Abzinsungssatz. Und andere wichtige wirtschaftliche Entscheidungen. Federal Reserve Float Float ist Scheckbuchgeld, das auf den Büchern sowohl des Scheckschreibers (des Zahlers) als auch des Scheckempfängers (des Zahlungsempfängers) erscheint, während ein Scheck bearbeitet wird. Federal Reserve Float ist Float während der Federal Reserves Check-Sammlung zu präsentieren. Um die Effizienz des Zahlungssystems zu fördern und eine Gewissheit darüber zu geben, wann die hinterlegten Geldmittel den empfangenden Verwahrungsinstituten (und dem Zahlungsempfänger) zur Verfügung stehen, zahlt die Federal Reserve die Reservekonten von Banken, die Schecks nach einem festen Zeitplan hinterlegen. Die Verarbeitung bestimmter Schecks und Sammelmittel von den Banken, auf die diese Schecks geschrieben werden, kann jedoch länger dauern, als es der Zeitplan erlaubt. Daher können die Konten einiger Banken gutgeschrieben werden, bevor die Federal Reserve in der Lage ist, Zahlungen von anderen Banken zu sammeln, was zu einem Federal Reserve Float führt. Federal Reserve Notes Von der US-Regierung an die Öffentlichkeit über die Federal Reserve Banks und ihre Mitgliedsbanken ausgegeben. Sie repräsentieren das Geld, das die Regierung der Öffentlichkeit schuldet. Derzeit ist der Punkt föderalen Reserve Notes Banknoten ausstehende Quote besteht aus neuen Serien-Themen. Die Federal Reserve Note ist die einzige Währung, die derzeit ausgegeben wird. Federal Reserve System Die US-amerikanische Währung, die 1913 gegründet wurde und vom Federal Reserve Board in Washington, DC verwaltet wird. Das System umfasst 12 Federal Reserve Banks und ist berechtigt, die Geldpolitik in den USA zu regulieren sowie die Federal Reserve zu überwachen Mitgliedsbanken. Bank Holdinggesellschaften. Internationale Operationen von US-Banken und US-amerikanische Operationen von ausländischen Banken. Bundesschatz - und Darlehensvereinigung Eine von der Bundesregierung gecharterte Institution, deren primäre Aufgabe die Regulierung von Einlagensammlungen und die Bereitstellung von Hypothekarkrediten ist. Federal Trade Commission (FTC) Eine unabhängige Bundesbehörde, die aus einem fünfköpfigen Vorstand besteht, dessen Ziel es ist, durch die Förderung des Verbraucherschutzes und die Verhinderung illegaler Geschäftspraktiken einen wirtschaftlichen Wettbewerb zu schaffen. Die FTC wurde 1914 gegründet, um monopolisitc Trusts zu kämpfen. Und hat seitdem die Fähigkeit, wettbewerbswidrige und illegale Geschäftspraktiken zu verbieten und die Durchsetzung branchenweiter Regelungen zu gewähren. Föderativ verwandte Institutionen Waffen der Bundesregierung, die von der SEC-Zulassung befreit sind, deren Wertpapiere von der vollen Glaubwürdigkeit und dem Kredit der US-Regierung (mit Ausnahme der Tennessee Valley Authority) unterstützt werden. Fedwire Ein Drahtübertragungssystem für hochwertige Zahlungen, die vom Federal Reserve System betrieben werden. Fee Ein fester Betrag oder ein Prozentsatz eines Underwriting oder einer Tilgung, die dem Underwriter für seine Dienstleistungen gezahlt wird. Auch die Gebühr eines Investmentfonds-Inhabers zahlt für die Kosten, die in Verwaltung und Verwaltung des Fonds entstehen. Auch der Satz, den ein Kontoinhaber einem Portfoliomanager für die Verwaltung eines diskretionären Kontos zahlt. Gebührentabelle Zeitplan, der in einem Investmentfonds-Prospekt gefunden wird, der die Ausgaben und Gebühren, die ein Aktionär entstehen wird, offenbart und illustriert. Honorarvergütung Siehe Honorarbeständige Vergütung Vergütungsbeiträge Vergütung an einen Finanzberater eines festgelegten Stundensatzes oder eines vereinbarten Anteils an verwalteten Vermögenswerten für einen Finanzplan. Wenn der Plan umgesetzt wird, kann der Berater auch Provisionen für einige oder alle der erworbenen Anlageprodukte erhalten, was eine Entschädigung für die Kommission sein würde. Honorarausgleich Zahlung an einen Finanzberater über einen festgelegten Stundensatz oder einen vereinbarten Prozentsatz der verwalteten Vermögenswerte für einen Finanzplan. Im Rahmen dieser Vereinbarung erhält der Berater keine Provisionen für Transaktionen zur Umsetzung des Plans. Rückkopplungssysteme Eine Gleichung, bei der die Ausgabe in die nächste Iteration eingegeben wird. Dies ist ähnlich wie ein öffentliches Adresssystem, bei dem das Mikrofon neben den Lautsprechern positioniert wird, die Rückmeldung erzeugen, wenn das Signal durch das PA-System geschleift wird. FHA Prepaid-Erfahrung Der Prozentsatz der Kredite in einem Pool von Hypotheken ausstehenden am Jahrestag, basierend auf jährlichen statistischen historischen Überlebensraten für FHA-Versicherten Hypotheken. Fiat money Nicht umwandelbares Papiergeld. FICO Score Credit Scoring Modell von der Fair Issac Corporation entwickelt. Fictitious credit Eine Margin-Konten-Guthaben. Der fiktive Kredit existiert, nachdem die Erlöse aus einem Leerverkauf in Bezug auf die Marginanforderung berücksichtigt wurden. Die Erlöse aus dem Leerverkäufe werden als Kredit berücksichtigt, müssen aber auf dem Konto bleiben, um als Sicherheit für das Darlehen von Wertpapieren zu dienen, die in einem Leerverkäufe getätigt werden und dem Kunden daher für den Rückzug unzugänglich sind. Fidelity Bond Siehe: Decke Treue Bindung Treuhänder Einer, der zugunsten einer anderen Partei handeln muss. Fiduciary out Eine Bestimmung, die es dem Verwaltungsrat gestattet, einen geplanten Zusammenschluss zu beenden, falls ein besseres Geschäft mit einer anderen Partei eintritt. Field Lager Warehouse von einem Unternehmen auf einem anderen Firmengelände vermietet. Abbildung bezieht sich auf Details über den Preis einschließlich des Angebots und des Angebots. Siehe: Handle Die Berechnung des Ertrags, bei dem ein künftiges Geldmarktinstrument (eines, das in einem gewissen Zeitraum verfügbar ist) erworben wird, wenn diese künftige Sicherheit durch den Kauf eines bestehenden Instruments und die Finanzierung des ursprünglichen Teils seines Lebens mit einem Begriff Repo geschaffen wird. Fill Eine ausgeführte Bestellung. Auch der Preis, zu dem ein Auftrag ausgeführt wird. Fill - oder Kill-Order (FOK) Hat verschiedene Definitionen. 1) An einigen Börsen wird ein Markt oder eine begrenzte Preisordnung, die in vollem Umfang ausgeführt werden soll, sobald sie in der Handelsmenge vertreten ist. Und wenn nicht so ausgeführt, gilt als storniert. In diesem Zusammenhang werden keine Teilfills akzeptiert und die FOK-Order als IOC behandelt. AON Auftrag. 2) an anderen Börsen einen Markt - oder Limitauftrag, der durch Ausfüllen der Anzahl der Aktien, die durch das erste Gebot oder Angebot angeboten werden, ausgeführt werden soll. Und anschließendes Stornieren einer ungefüllten Waage. In diesem Zusammenhang wird ein FOK-Auftrag als eine Anweisung behandelt, um zu füllen, was durch das erste Gebot oder Angebot ausgefüllt werden kann, und den Rest abzubrechen. In diesem Fall sind Teilfüllungen möglich, und der FOK-Auftrag wird als IOC, Any Part Order, behandelt. Wegen der Prävalenz der interlisted Lagerbestände. Die Fähigkeit eines Brokers rsquos Trading-Desk, um Trades an einem Austausch oder ein anderes, und die verschiedenen Interpretationen der Reihenfolge können je nachdem, welche Börse der Bestellung weitergeleitet werden kann, wird die Verwendung dieser Art oder Reihenfolge wird abgeraten. Stattdessen wird entweder ein IOC AON, oder ein IOC Any Part, die Bestellung erhalten das gewünschte Ergebnis unabhängig von der Börse. Filter Eine Regel, die festlegt, wann ein Wertpapier gemäß seiner Preisaktion gekauft oder verkauft werden soll. Schlussbemerkung Im Rahmen der Projektfinanzierung, der endgültigen Beteiligung. Finanzen Eine Disziplin, die sich mit Wertbestimmung befasst und Entscheidungen trifft. In der Finanzierungsfunktion werden Ressourcen, einschließlich des Erwerbs, zugewiesen. Investieren. Und Verwaltung von Ressourcen. Finanzierungskosten Die Gesamtkosten des Kredits, den ein Kunde bei einem Konsumentenkredit zahlen muss. Einschließlich Zinsen. Finanz-Unternehmen Ein Unternehmen, dessen Geschäft und primäre Funktion ist es, Kredite an Einzelpersonen, während nicht erhalten Einlagen wie eine Bank zu machen. Finanzierungsleasing Eine Vereinbarung, bei der der Leasinggeber Leasingraten erhält, um seine Eigentümerkosten zu decken. Der Mieter ist für Wartung, Versicherung und Steuern verantwortlich. Einige Finanzierungsleasingverhältnisse sind bedingte Verkäufe oder Mietkaufverträge. Financial Accounting Standards Board (FASB) Vorstand besteht aus unabhängigen Mitgliedern, die Generally Accepted Accounting Principles (GAAP) erstellen und interpretieren. Finanzberater Ein professionelles Angebot finanzielle Beratung der Kunden für eine Gebühr und oder Provision. Finanzanalyse Analyse eines Unternehmensabschlusses. Oft von Finanzanalysten. Finanzanalysten Auch als Wertpapier-Analysten und Investment-Analysten. Fachleute, die Jahresabschlüsse analysieren. Interviews führen und an Messen teilnehmen, um Berichte zu schreiben, die entweder Kauf, Verkauf oder Abhaltung verschiedener Bestände empfehlen. Finanzanlagen Forderungen aus Vermögensgegenständen. Financial Close Der Zeitpunkt, zu dem die Dokumentation durchgeführt wurde, und die Bedingungen, die erfüllt sind, wurden erfüllt oder verzichtet. Drawdowns sind jetzt erlaubt. Finanzkontrolle Die Verwaltung der Kosten und Aufwendungen eines Unternehmens im Verhältnis zu den Budgets. Financial Crimes Enforcement Network US-Finanzministerium, das Informationen über finanzielle Transaktionen sammelt und analysiert, um Geldwäsche, Terrorismusfinanzierung und andere finanzielle Verbrechen zu bekämpfen. Finanzielle Notlage Ereignisse vor und einschließlich Konkurs. Wie etwa die Verletzung von Darlehensverträgen. Finanzielle Belastungskosten Rechts - und Verwaltungskosten der Liquidation oder Reorganisation. Hierzu zählen auch implizite Kosten, die mit der Beeinträchtigung der Geschäftsfähigkeit (indirekte Kosten) einhergehen. Financial Engineering Zusammenführen oder Carving bestehender Instrumente zur Schaffung neuer Finanzprodukte. Finanzielle Zukunft Ein Vertrag, der jetzt die Lieferung eines bestimmten Vermögenswertes gegen einen Verkaufspreis zu einem bestimmten zukünftigen Zeitpunkt vorsieht. Finanzielle Versicherung Versicherung zur Deckung von Verlusten aus bestimmten finanziellen Transaktionen. Regulierungsbehörde der Regulierungsbehörde Eine Regulierungsstelle, die aus der Verschmelzung der NASD und der NYSE-Regulierungsausschüsse resultiert. Von der 2011 FINRA-Website, ist die Financial Industry Regulatory Authority (FINRA) die größte unabhängige Regulierungsbehörde für alle Wertpapierfirmen, die Geschäfte in den Vereinigten Staaten. FINRAs Mission ist es, Americas Investoren zu schützen, indem sie sicherstellen, dass die Wertpapierbranche fair und ehrlich arbeitet. Insgesamt beaufsichtigt die FINRA knapp 4.535 Maklerfirmen, rund 163.620 Niederlassungen und rund 631.640 eingetragene Wertpapiervertreter. FINRA berührt praktisch jeden Aspekt des Wertpapiergeschäfts von der Registrierung und Schulung der Industrieteilnehmer zur Prüfung von Wertpapierfirmen, die Regeln schreiben, die diese Regeln und die Bundesgesetze zur Aufklärung und Aufklärung der investierenden Öffentlichkeit vorsehen, die Handelsberichterstattung und andere Dienstprogramme der Industrie zur Verfügung stellen und das größte Streitbeilegungsforum für Investoren verwalten Und eingetragene Firmen. Wir führen auch Marktregulierung unter Vertrag für die großen US-Aktienmärkte, einschließlich der New York Stock Exchange, NYSE Arca, NYSE Amex, der NASDAQ Stock Market und der International Securities Exchange. quot Finanzinformationen eXchange Algorithmic Trading Definition Sprache Die Codierung, die Händler hilft Schnell neue oder aktualisierte Algorithmen im algorithmischen Handel zu erhalten. Finanzinnovation Design eines neuen Finanzprodukts wie exotische Währungsoptionen und Swaps. Finanzinstitut Ein Unternehmen wie eine Bank, deren primäres Geschäft und Funktion es ist, Geld von der Öffentlichkeit zu sammeln und in Finanzanlagen wie Aktien und Anleihen zu investieren. Darlehen und Hypotheken, Leasing-und Versicherungspolicen. Kreditinstitut Käufer Kreditpolitik Versicherungsschutz für Kredite von Banken an ausländische Käufer von Exporten. Finanzinstitutionen Reform-, Erholungs - und Vollstreckungsgesetz von 1989 (FIRREA) Gesetzgebung, die das Amt für Thrift Supervision eingeführt hat. Die im Zuge der Spar - und Kreditkrise Ende der 80er Jahre entstand. Finanzintermediäre Institutionen, die die Marktfunktion der passenden Kreditnehmer und Kreditgeber oder Händler bieten. Finanzintermediäre erleichtern Transaktionen zwischen Personen mit überschüssigem Geld in Bezug auf aktuelle Anforderungen (Kapitalgeber) und solche mit unzureichendem Bargeld in Bezug auf die derzeitigen Anforderungen (Nutzer des Kapitals) zum gegenseitigen Nutzen. Finanzierungsleasing Langfristig. Unverbindlicher Mietvertrag. Finanzielle Hebelwirkung Verwendung von Schulden zur Steigerung der erwarteten Eigenkapitalrendite. Finanzielle Hebelwirkung wird durch das Verhältnis von Schulden zu Schulden plus Eigenkapital gemessen. Finanzielle Hebel-Klientel Eine Gruppe von Investoren, die eine Vorliebe für Investitionen in Unternehmen, die sich auf eine bestimmte Finanz-Leverage-Politik. Finanzielle Fremdkapitalquoten Gemeinsame Verhältnisse sind Schulden geteilt durch Eigenkapital und Schulden dividiert durch die Summe der Schulden plus Eigenkapital. Verwandte: kapitalisierung. Finanzmarkt Eine organisierte institutionelle Struktur oder ein Mechanismus für die Schaffung und den Austausch von finanziellen Vermögenswerten. Financial meltdown Bezieht sich auf Ereignisse wie steilen Rückgang der Aktienmärkte. Rückgang der Vermögenswerte. Unternehmensverluste etc., die die Wirtschaft verletzen und zu Verlusten für Investoren führen. Finanzmodell Ein Modell, das die Finanzoperationen oder die Jahresabschlüsse eines Unternehmens hinsichtlich seiner Geschäftsparameter und Prognosen für die zukünftige finanzielle Leistungsfähigkeit darstellt. Modelle werden für das Risikomanagement verwendet, indem verschiedene wirtschaftliche Szenarien für die Zukunft untersucht werden. Finanzierungsmodelle werden auch zur Bewertung von einzelnen Vermögenswerten verwendet, die nicht aktiv auf einem Sekundärmarkt gehandelt werden können. Financial needs approach A method of establishing the amount of life insurance required by an individual by estimating the financial needs of dependents in the event of the individuals death. Financial objectives Goals related to returns that a firm will strive to accomplish during the period covered by its financial plan. Financial plan A blueprint relating to the financial future of a firm. Financial planner An investment professional who assists individuals with long - and short-term financial goals. Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan. and then comparing future performance against that plan. Financial policy Criteria describing a corporations choices regarding its debt equity mix, currencies of denomination. maturity structure, method of financing investment projects, and hedging decisions with a goal of maximizing the value of the firm to some set of stockholders. Financial position The account status of a firms or individuals assets. liabilities. and equity positions as reflected on its financial statement. Financial press Media devoted to reporting financial news. Financial price risk The chance there will be unexpected changes in a financial price, including currency (foreign exchange ) risk, interest rate risk, and commodity price risk. Financial public relations Public relations division of a company charged with cultivating positive investor relations and proper disclosure information. Financial pyramid A risk structure that spreads investors risks across low-, medium-, and high-risk vehicles. The bulk of the assets are in safe, low-risk investments that provide a predictable return (base of the pyramid). At the top of the pyramid are a few high-risk ventures that have a modest chance of success. Financial ratio The result of dividing one financial statement item by another. Ratios help analysts interpret financial statements by focusing on specific relationships. Financial risk The risk that the cash flow of an issuer will not be adequate to meet its financial obligations. Also referred to as the additional risk that a firms stockholder bears when the firm uses debt and equity. Financial Services Authority (FSA) The United Kingdoms supervisory authority for the British financial markets. British financial regulator. Financial service income Income from delivery of financial services such as banking, insurance. leasing. or financial service management fees. Financial sponsors In context of private equity. financial sponsor refers to private equity investment firms that engage in leveraged buyout or LBO transactions. Financial Stability Oversight Council A council established under the Dodd-Frank Act within U. S. Department of the Treasury to provide comprehensive monitoring to ensure the stability of national financial system. The Council is made up of ten voting members - nine federal financial regulatory agencies and an independent member with insurance expertise - and five nonvoting members. Financial statement A report of basic accounting data that helps investors understand a firms financial history and activities. Financial statement analysis Evaluation of a firms financial statements in order to assess the firms worth and its ability to meet its financial obligations. Financial strategy Practices a firm adopts to pursue its financial objectives. Financial structure The way in which a companys assets are financed, such as short-term borrowings. long-term debt. and owners equity. Financial structure differs from capital structure in that capital structure accounts for long-term debt and equity only. Financial supermarket A company offering a wide variety of financial services such as a combination of banking services, investment services, and insurance brokerage. Financial tables Tables found in newspapers listing prices, dividends. yields. price-earnings ratios. trading volume. and other important data on stocks. bonds. Investmentfonds. and options and futures contracts. Financial Times (F-T)-Actuaries indexes Share price indexes for U. K. companies The denominator in the index formula is the market capitalization at the base date. adjusted for all capital changes affecting the particular index since the base date. See: Footsie (FTSE) (pronounced footsie). Financing Agreements In the context of project financing, the documents which provide the project financing and sponsor support for the project as defined in the project contracts. Financing Corporation (FICO) A government agency chartered in 1987 to bail out the Federal Savings and Loan Insurance Corporation (FSLIC) by issuing bonds. Financing decisions Decisions concerning the liabilities and stockholders equity side of the firms balance sheet, such as a decision to issue bonds. Financing Intermediaries Institutions that effect agreement terms between borrower and lender by reaching separate agreements with the borrower and the lender. Financing Cost Savings A source of competitive advantage that depends on access to low cost sources of capital. Finansinspektionen (Swedish FSA) Swedens supervisory authority for the Swedish financial markets. Swedish financial regulator. Finanssivalvonta (FIVA) Finlands supervisory authority for the Finland financial markets. Finish financial regulator. Finanstilsynet (Danish FSA) Denmarks supervisory authority for the Denmark financial markets. Danish financial regulator. Finanzmarktaufsicht (FMA) Austrias supervisory authority for the Austrian financial markets. Austrias financial regulator. Finders fee A fee a person or company charges for service as an intermediary in a transaction. FINEX The Financial Futures and Options Division of the New York Cotton Exchange (NYCE). with a trading floor in Dublin, FINEX Europe, creating a 24-hour market in most FINEX contracts. Finish Used in the context of general equities. See: Fill. Finite-Life Real Estate Investment Trust (FREIT) A Real Estate Investment Trust whose priority is to sell its holdings within a specified period to realize capital gains. Firewall The legal barrier between banking and broker dealer operations within a financial institution created to prevent the exchange of inside information. Firm Refers to an order to buy or sell that can be executed without confirmation for some fixed period. Also, a synonym for company. Firm anomalies Trading strategies that generate abnormal returns based on firm - specific characteristics. Firm commitment underwriting An underwriting in which an investment banking firm commits to buy and sell an entire issue of stock and assumes all financial responsibility for any unsold shares. Also known as bought deal. Firm market In the context of general equities, prices at which a security can actually be bought or sold in decent sizes, as compared to an inside market with very little depth. See: Actual market. Firm order In the context of general equities, (1) order to buy or sell for the proprietary account of the broker - dealer firm (2) buy or sell order not conditional upon the customers confirmation. Firm quote A definite price on a round-lot bid or offer declared by a market maker on a given security and not identified as a nominal quotation (therefore is not negotiable ). Firm-specific news News that affects only a specific firm. Markt. news by contrast affects many firms. Firm-specific risk See: Diversifiable risk or unsystematic risk Firms net value of debt Total firm value minus total firm debt. First board The Chicago Board of Trades established dates for delivery on futures contracts. First call With collateralized mortgage obligation (CMOs.). the start of the cash flow cycle for the cash flow window. First call date A date stated in an indenture that is the first date on which the issuer may redeem a bond either partially or completely. First In, First Out (FIFO) An accounting method for valuing the cost of goods sold that uses the cost of the oldest item in inventory first. Ending inventory is therefore valued based on the most recently purchased items. First market Exchange - traded securities. First mortgage A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default. First notice day The first day, varying by contracts and exchanges, on which notices of intent to deliver actual financial instruments or physical commodities against futures are authorized. First-pass regression A time series regression to estimate the betas of securities portfolios. First preferred stock A type of preferred stock that has priority over other preferred issues and common stock when claiming dividends and assets. Fiscal agency agreement An alternative to a bond trust deed. Unlike the trustee. the fiscal agent acts as a representative of the borrower. Fiscal agency services Services performed by the Federal Reserve Banks for the U. S. government. These include maintaining deposit accounts for the Treasury Department, paying U. S. government checks drawn on the Treasury, and issuing and redeeming savings bonds and other government securities. Fiscal policy Government spending and taxing for the specific purpose of stabilizing the economy. Fiscal stimulus See Economic stimulus. Fiscal year (FY) Accounting period covering 12 consecutive months over which a company determines earnings and profits. The fiscal year serves as a period of reference for the company and does not necessarily correspond to the calendar year. Fiscal year-end The end of a 12-month accounting period. Fisher effect A theory that nominal interest rates in two or more countries should be equal to the required real rate of return to investors plus compensation for the expected amount of inflation in each country. Fishers separation theorem The notion that a firms choice of investments is separate from its owners attitudes toward investments. Also referred to as portfolio separation theorem. Fit The matching of the investors requirements and needs such as risk tolerance and growth potential preference with a specific investment. Also, how well or how poorly a regression line represents the data points it is based on. A good lsquofitrsquo indicates a high correlation coefficient. Fitch sheet Used in the context of general equities. Chronological listing of trades in a security showing the price, size, exchange. and time (to the second) of the trades obtained by hitting quotMquot on Quotron. Five Cs of credit Five characteristics that are used to form a judgment about a customers creditworthiness. character, capacity. capital, collateral, and conditions. Five hundred dollar rule A rule of the Federal Reserve that excludes deficiencies of 500 or less in margin requirements as a necessary reason for the firm to liquidate the clients account to cover a margin call. Five percent rule A rule of the National Association of Securities Dealers providing ethical guidelines for spreads created by market makers and commissions charged by brokers. Fixation The process of setting a price of a commodity. whether in the present or the future. See: Gold fixing. Fixed asset Long-lived property owned by a firm that is used by a firm in the production of its income. Tangible fixed assets include real estate. plant. and equipment. Intangible fixed assets include patents. trademarks. and customer recognition. Fixed asset turnover ratio The ratio of sales to fixed assets. Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. Fixed base index For this type of index. the value in any specific time period is based on the value in the initial time period and this base remains unchanged throughout the index. This is different from a chain base index in which values in any period are based on the preceding time period. See: Base period. Chain base index. Index number Fixed benefits Payments to a beneficiary that are paid in fixed preset amounts and are not variable. Fixed-charge coverage ratio A measure of a firms ability to meet its fixed-charge obligations. the ratio of (Earnings before interest, depreciation and amortization minus unfunded capital expenditures and distributions) divided by total debt service (annual principal and interest payments). Notice that lease payments are sometimes included in the calculations. Fixed cost A cost that is fixed in total for a given period of time and for given production levels. Fixed dates In the Euromarket. the standard periods for which Euros are traded (one month out to a year out) are referred to as the fixed dates. Fixed-dollar obligations Conventional bonds for which the coupon rate is set at a fixed percentage of the par value. Fixed-dollar security A nonnegotiable debt security that can be redeemed at some fixed price or according to some schedule of fixed values, e. g. bank deposits and government savings bonds. Fixed exchange rate A countrys decision to tie the value of its currency to another countrys currency, gold (or another commodity). or a basket of currencies. Fixed for floating swap An interest rate swap in which the fixed rate payments are swapped for floating rate payments. Fixed income equivalent Also called a busted convertible. Convertible security that is trading like a straight security because the optioned common stock is trading well below the conversion price. Fixed income instruments Assets that pay a fixed dollar amount, such as bonds and preferred stock. Fixed income market The market for trading bonds and preferred stock. Fixed-income securities Investments that have specific and fixed interest rates or dividend rates. such as bonds. Fixed premium Payments of a fixed or equal amount paid to an insurance company for insurance or an annuity. Fixed price basis An offering of securities at a fixed price. Fixed-price tender offer A one-time offer by an acquirer company to purchase a stated number of shares of a target company at a stated fixed price, usually at a premium over the current market price. Fixed rate A traditional approach to determining the finance charge payable on an extension of credit. A predetermined and certain rate of interest is applied to the principal. Fixed-rate loan A loan whose rate is fixed for the life of the loan. Fixed-rate payer In an interest rate swap. the counterparty who pays a fixed rate, usually in exchange for a floating-rate payment. Fixed-term reverse mortgage A mortgage in which the lending institution provides payments to a homeowner for a fixed number of years. Fixed trust A unit investment trust consisting of securities that were agreed upon at the time of investment and are held for the duration of the trust. FIX Protocol Algorithmic Trading Working Group An industry group that developed and maintains the standard for algorithms for high frequency trading (HFT). Flag A pattern reflecting price fluctuations within a narrow range. generating a rectangular area on a graph both prior to and after sharp rises or declines. Flash Value of a security displayed, or flashed across the tape. when the tape display cannot keep up with volume on an exchange and lags the current price by more than approximately five minutes. Flash Crash Refers to the 700 point drop in the Dow Jones Industrial Average that happened in just a few minutes on May 7, 2010. Flash-light See: Spaceman Flat Convertibles: Earning interest on the date of payment only. General: Having neither a short nor a long position in a stock. Clean . Markt. Characterized by horizontal price movement. usually the result of low activity. Equities: To execute without commission or markup. Flat benefit formula Method used to determine a participants benefits in a defined benefit plan by multiplying months of service by a flat monthly benefit. Flat price (also clean price) The quoted newspaper price of a bond that does not include accrued interest. The price paid by the purchaser is the full price. Flat price risk Taking a position either long or short that does not involve spreading. Flat scale The pattern for new issues where shorter - and longer-term yields display very little difference over the bonds maturity range. Flat tax A tax which is levied at the same rate on all levels of income. See also progressive tax. Flat trades A bond in default trades flat that is, the price quoted covers both principal and unpaid accrued interest. Any security that trades without accrued interest or at a price that includes accrued interest is said to trade flat. Flattening of the yield curve A change in the yield curve when the spread between the yield on long-term and short-term Treasuries has decreased. Compare steepening of the yield curve and butterfly shift. FLEX Options Exchange traded equity or index options, where the investor can specify within certain limits the terms of the options, such as exercise price Expiration date. exercise type, and settlement calculation. Flexible budget A budget that shows how costs vary with different rates of output or at different levels of sales volume and projects revenue based on these different output levels. Flexible expenses Expenses for an individual or corporation that can be adjusted or completely dispensed with, e. g. luxury goods. Flexible mutual fund Fund that invests in a variety of securities in varying proportions in order to maximize shareholder returns while maintaining a low level of risk. Flight to quality The tendency of investors to move toward safer investments (often government bonds ) during periods of high economic uncertainty. Flip-flop note Note that allows investors to switch between two different types of debt. Flip side In the context of general equities, opposite side to a proposition or position (buy. if sell is the proposition and vice versa). Flipping Buying shares in an initial public offering (IPO). and then selling the shares immediately after the start of public trading to turn an immediate profit. Float Currency. Exchange rate policy that does not limit the range of the market rate. Equities. Number of shares of a corporation that are outstanding and available for trading by the public. excluding insiders or restricted stock on a when-issued basis. A stocks volatility is inversely correlated to its float. Floater A bond whose interest rate varies with the interest rate of another debt instrument. z. B. a bond that has the interest rate of the Treasury bill .25. Floating debt Short-term debt that is renewed and refinanced constantly to fund capital needs of a firm or institution. Floating exchange rate A countrys decision to allow its currency value to change freely. The currency is not constrained by central bank intervention and does not have to maintain its relationship with another currency in a narrow band. The currency value is determined by trading in the foreign exchange market. Floating exchange rate system Purchase or sale of the currencies of other nations by a central bank for the purpose of influencing foreign exchange rates or maintaining orderly foreign exchange markets. Also called foreign-exchange market intervention. Floating lien General attachment against a companys assets or against a particular class of assets. Floating Rate Interest rate that is reset periodically, usually every couple of months or sometimes daily. Floating-rate contract An guaranteed investment instrument whose interest payment is tied to some variable (floating ) interest rate benchmark, such as a specific-maturity Treasury yield. Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. Floating-rate payer In an interest rate swap, the counterparty who pays a rate based on a reference rate. usually in exchange for a fixed-rate payment. Floating-rate preferred Preferred stock paying dividends that vary with short-term interest rates. Floating securities Securities bought in a brokers name and resold quickly to attain a profit in a short amount of time. Floating supply The aggregate of securities believed to be available for immediate purchase, that is, in the hands of dealers and investors wanting to sell. Floor The area of a stock exchange where active trading occurs. Also the price at which a stop order is activated (when the price drops low enough to activate such an order). In context of interest rates. a level which an interest rate or currency is structured not to go below. In context of OTC interest rate options, a series of interest rate put options. where the buyer of the floor guarantees a minimum interest income Floorless Convertible Used by companies that are in such bad shape that there is no other way to get financing. This instrument is similar to a convertible bond, but convertible at a discount to the share price at issuance and for a fixed dollar amount rather than a specific number of shares. The further the stock falls, the more shares you get. Popular in the mid to late 1990s. Also known as toxic convertibles or death spiral convertibles. Floor broker Member of an exchange who is an employee of a member firm and executes orders. as agent. on the floor of the exchange for clients. Floor official An employee of a stock exchange who settles disputes related to the auction process on the floor of the stock exchange. Floor picture Details of the trading crowd for a stock. such as the major players, their sizes, and the outside market - an eighth. Floor planning Arrangement used to finance inventory. A finance company buys the inventory, which is then held in trust for the user. Floor ticket Summary of a stock or commodities exchange order ticket by the registered representative on receipt of a buy or sell order from a client gives the floor broker the information needed to execute a securities transaction. Floor trader A stock exchange member who generally trades only for his own account or for an account controlled by him, or who has such a trade made for him. Also referred to as a quotlocal. quot Flotation (rotation) cost The costs associated with creating capital through the issue of new stocks or bonds. including the compensation earned by the investment banker plus legal, accounting and printing expenses. Flow of funds In the context of municipal bonds. refers to the statement displaying the priorities by which municipal revenue will be applied to the debt. In the context of mutual funds. refers to the movement of money into or out of a mutual fund or between or among various fund sectors . Flow-through basis An account for an investment credit to show all income statement benefits of the credit in the year of acquisition, rather than spreading them over the life of the asset. Flow-through method The practice of reporting to shareholders using straight-line depreciation but using accelerated depreciation for tax purposes and quotflowing through quot the lower income taxes actually paid to financial statements prepared for shareholders. Flower bond Government bonds that when owned at the time of death are acceptable at par in payment of federal estate taxes. Fluctuation A price or interest rate change. Fluctuation limit The limit created by the commodity exchange that halts trading on a future if the price of the future changes, in either direction, more than a previously set amount. Also called daily price limit. Flurry A drastic volume increase in a specific security. Focus list Used in the context of general equities. Investment banks published list of buy and sell recommendations from its research department signified by a flashing quotFquot on Quotron. Follow-on offering Offering of additional stock of a company subsequent to its IPO. Footsie (FTSE) Financial Times (FT)-Actuaries 100 index. in London. Has the stature of the Dow Jones Industrial Average or the SampP 500 in London. ForAt Used in the context of general equities. Conjunctions used in an order. market summary, or trade recap that signify a bid or an offer. beziehungsweise. See: On. For a number Used in the context of general equities. Implies that the quantity mentioned is not his total but instead is only approximate, and to open him up more will obligate one to participate. For valuation only (FVO) Refers to a quote for a security where the price is could be changed later. FVO quotes are made for informational purposes rather than transactions. For your information (FYI) A prefix to a security price indicating that the quote is for information purposes only, and not an offer to trade. Forbes 500 Forbes magazines list of the largest publicly owned corporations in the United States according to sales. assets. profits. and market value. Force Majeure Events outside the control of the parties. These events are acts of man, nature, governments and regulators, or impersonal events. Contract performance is forgiven or extended by the period of force majeure. Force majeure risk The risk that there will be a prolonged interruption of operations for a project finance enterprise due to fire, flood, storm, or some other factor beyond the control of the projects sponsors. Forced conversion Occurs when a convertible security is called in by the issuer, usually when the underlying stock is selling well above the conversion price. The issuer thus assures the bonds will be retired without requiring any cash payment. Upon conversion into common, the carrying value of the bonds becomes part of a corporations equity. thus strengthening thebalance sheet and enhancing future debt capability. Forecasting Making projections about future performance on the basis of historical and current conditions data. Foreclosure Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest andor principal payments on time as stipulated in the mortgage contract. Foreign banking market That portion of domestic bank loans supplied to foreigners for use abroad. Foreign base company income A category of Subpart F income that includes foreign holding company income and foreign base company sales and service income. Foreign bond A bond of a non-domestic company issued on the domestic capital market. Foreign bond market Issues floated by foreign companies or government in the domestic bond market. Foreign branch A foreign affiliate that is legally a part of the firm. According to the U. S. tax code, foreign branch income is taxed as it is earned in the foreign country. Foreign corporation A corporation conducting business in another country from the one it is chartered in and that abides by the laws of another country. See: Alien corporation. Foreign Corrupt Practices Act An amendment to the Securities Exchange Act created to prohibit bribery of foreign officials by publicly held US companies. Foreign Credit Insurance Association (FCIA) A private consortium of US insurance companies that offers trade credit insurance to US exporters in conjunction with the US Export-Import Bank. Foreign crowd NYSE members who trade in foreign bonds on the floor. Foreign currency Money of a country other than ones own. Foreign currency forward contract Agreement that obligates its parties to exchange given quantities of currencies at a prespecified exchange rate on a certain future date. Foreign currency futures contract Standardized and easily transferable obligation between two parties to exchange currencies at a specified rate during a specified delivery month standardized contract on specified underlying currencies, in multiples of standard amounts. Purchased and traded on a regulated exchange on which margins are posted. Foreign currency option An option that conveys the right (but not the obligation ) to buy or sell a specified amount of foreign currency at a specified price within a specified time period. Foreign currency translation The process of restating foreign currency accounts of subsidiaries into the reporting currency of the parent company in order to prepare consolidated financial statements. Foreign direct investment (FDI) The acquisition abroad of physical assets such as plant and equipment, with operating control residing in the parent corporation. Foreign equity market Issues floated by foreign companies in the domestic equity market. Foreign exchange Currency of another country. Abbreviated Forex. Foreign exchange broker Intermediaries in the foreign exchange market that do not put their own money at risk. Foreign exchange controls Various forms of controls imposed by a government on the purchasesale of foreign currencies by residents or on the purchasesale of local currency by nonresidents. Foreign exchange dealer A firm or individual that buys foreign exchange from one party and then sells it to another party. The dealer makes the difference between the buying and selling prices. or the spread. Foreign exchange market Largely banks that serve firms and consumers who may wish to buy or sell various currencies. Foreign exchange rate The rate of one currency unit expressed in terms of another. Foreign exchange reserves Strict definition is the total of a countrys foreign currency deposits and bonds held by the central bank and monetary authorities. However, the term often refers to the total of a countrys gold holdings, convertible foreign currencies held in its banks, plus special drawing rights (SDR) and exchange reserve balances with the International Monetary Fund (IMF). Foreign exchange risk The risk that a long or short position in a foreign currency might have to be closed out at a loss due to an adverse movement in exchange rates. In general, the risk of an adverse movement in exchange rates. Foreign exchange swap An agreement to exchange stipulated amounts of one currency for another currency at one or more future dates. Foreign holdings The percentage of a portfolios investments represented by stocks or American Depository Receipts (ADRs) of companies based outside the United States. Foreign investment risk matrix (FIRM) Graph that displays financial and political risk by intervals on which countries may be compared according to risk ratings. Foreign official institutions Central governments of foreign countries, including all departments and agencies of national governments central banks. exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury. central bank, or stabilization fund diplomatic and consular establishments of foreign national governments and any international or regional organization, including subordinate and affiliate agencies. created by treaty or convention between sovereign states. Foreign market Part of a nations internal market. representing the mechanisms for issuing and trading securities of entities domiciled outside that nation. Compare external market and domestic market. Foreign market beta A measure of foreign market risk that is derived from the capital asset pricing model. Foreign public borrower Foreign official institutions the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority owned by the central government or its departments and state, provincial and local governments of foreign countries and their departments and agencies. Foreign Sales Corporation (FSC) A special type of corporation created by the Tax Reform Act of 1984 that is designed to provide a tax incentive for exporting U. S.-produced goods. Foreign-source income Income earned from international operations. Foreign-targeted issue Notes sold between October 1984 and February 1986 to foreign institutions, foreign short-term branches of US institutions, foreign central banks or monetary authorities, and to international organizations in which the United States held membership. Sold as companion issues. they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Foreign tax credit Home country credit against domestic income tax. Received in return for foreign taxes paid on foreign derived earnings. Foreigner All institutions and individuals living outside the United States, including US citizens living abroad, and branches. subsidiaries. and other affiliates abroad of US banks and business concerns also central governments, central banks. and other official institutions of countries other than the United States, and international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Forex See: Foreign exchange Forfaiter Purchaser of promises to pay issued by importers. Forfaiter (Primary) An individual or financial entity that arranges a forfaiting transaction directly with an exporter and then holds or sells on the payment obligations of the importer guarantor. Forfaiter (Secondary) An individual or financial entity that buys or sells the payment obligations of the importer guarantor. Forfaiting A form of factoring that involves selling large, medium to long-term receivables to buyers (forfaiters ) who are willing and able to bear the costs and risks of credit and collections. Forfeiting Method of financing international trade of capital goods. Forfeiture The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract. Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 4 The form required by the SEC for a change in the holdings of an individual owning 10 or more of the outstanding stock or in the holdings of a company officer. Form S-3 A shorter form of registration statement than the Form S-1 that can be used by certain already-public companies to sell additional shares. It is also the form most often used to cover resales of restricted securities by selling stockholders. Form S-8 A very brief form of registration statement filed with the SEC registers shares to be issued under a stock plan. Form T The form required by the NASD to report equity transactions after the markets regular hours. Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 3 A form required by the SEC and the stock exchange from all holders of 10 or more of a companys stock and all directors and officers, which details securities owned. Form 13F A quarterly report of equity holdings filed to United States Securities amp Exchange Commission (SEC) by investment managers with at least 100 million in equity assets under management. Form 13F only reports long positions, short positions are not required to be reported. Formula basis A method of selling a new issue of common stock in which the SEC declares the registration statement effective on the basis of a price formula rather than on a specific range. Formula investing A formula-based investment technique in which investment decisions are made using predetermined timing or asset allocation models, e. g. dollar cost averaging. Fortune 500 Fortune magazines listing of the top 500 US corporations determined by an index of 12 variables. 48-hour rule PSA Uniform Practices requirement that all pool information in a to be announced (TBA) transaction be communicated by the seller to the buyer before 3 p. m. EST on the business day 48 hours prior to the agreed-upon trade date. Forward See: Forward contract Forward averaging A method of calculating taxes on a lump sum distribution from a qualified retirement plan that enables the tax payer to pay less than the current tax rate. Forward contract A contract that specifies the price and quantity of an asset to be delivered in the future. Forward contracts are not standardized and are not traded on organized exchanges. Forward cover The purchase in the cash market of the difference between what you are obligated to deliver in a forward contract and the amount of the asset you own. For example, if you agreed to sell 100,000 bushels of corn in September in a forward contract, but you only have 60,000, you need to purchase 40,000 to cover your obligation. Forward currency contract An agreement to buy or sell a countrys currency at a specific price, usually 30, 60, or 90 days in the future. This guarantees an exchange rate on a given date. Forward delivery A transaction in which the settlement will occur on a specified date in the future at a price agreed upon on the trade date. Forward differential Annualized percentage difference between spot and forward rates. Forward discount A currency trades at a forward discount when its forward price is lower than its spot price. Forward exchange A type of foreign exchange transaction whereby a contract is made to exchange one currency for another at a fixed date in the future at a specified exchange rate. By buying or selling forward exchange, businesses protect themselves against a decrease in the value of a currency they plan to sell at a future date. Forward exchange rate Exchange rate fixed today for exchanging currency at some future date. Forward exchange transaction Foreign currency purchase or sale at the current exchange rate but with payment or delivery of the foreign currency at a future date. Forward Fed funds Fed funds traded for future delivery. Forward foreign exchange contract Agreement that obligates an investor to deliver a specified quantity of one currency in return for a specified amount of another currency on a specified future date. Forward foreign exchange rate The exchange rate available today to exchange currency at some specified date in the future. Forward forward contract In Eurocurrencies, a contract under which a deposit of fixed maturity is agreed to at a fixed price for future delivery. Forward interest rate Interest rate fixed today on a loan to be made at some future date. Forward-looking multiple A truncated expression for a PE ratio that is based on forward (expected) earnings rather than on trailing earnings. Forward market A market in which participants agree to trade some commodity. security. or foreign exchange at a fixed price for future delivery. Forward parity Notion that the forward rate is an unbiased predictor of future spot exchange rates. Forward premium A currency trades at a forward premium when its forward price is higher than its spot price. Forward pricing Practice mandated by the SEC that open-end investment companies establish all incoming buy and sell orders on the next net asset valuation of fund shares. Forward rate A projection of future interest rates calculated from either spot rates or the yield curve. For example, suppose the one-year government bond was yielding 2 and the two-year bond was yielding 4. The one year forward rate represents the one-year interest rate one year from now. You would solve the formula (1.04)2(1.02)(1F). F is 6.03. Forward rate agreement (FRA) Agreement to borrow or lend at a specified future date at an interest rate that is fixed today. Forward sale A method for hedging price risk that involves an agreement between a lender and an investor to sell particular kinds of loans at a specified price and future time. Forward start option An option that becomes effective some time after it is bought or sold. Forward trade A transaction for which settlement will occur on a specified date in the future at a price agreed upon on the trade date. Forward yield curve Calculate the one-year forward rate. For example, suppose the one-year government bond was yielding 2 and the two-year bond was yielding 4. The one year forward rate represents the one-year interest rate one year from now. You would solve the formula (1.04)2(1.02)(1F1). F is 6.03. Now calculate the two-year forward rate one year from now. For example, suppose again the one-year bond is yielding 2 and the three-year bond was yielding 5 (annual basis). (1.05)3(1.02)(1F2)2. F26.53 Continue this exercise for all maturities and you have the one-year forward yield curve. The yield curve graph is usually yield (y-axis) against maturity (x-axis). Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. Foul Bill of Lading A bill of lading that contains a notation indicating damage or shortage. Also called claused and is the opposite of clean bill of lading. 401(K) Under section 401(K) of the Internal Revenue Code, a deferred compensation plan set up by an employer so that employees can set aside money for retirement on a pre-tax basis. Employers may match a percentage of the amount that employees contribute to the plan. Contributions by both employees and employers, as well as investment earnings and interest, are not taxed until the employee withdraws the money if the employee withdraws the money before retirement age, he or she pays an early withdrawal penalty tax. Currently, employees are allowed to annually contribute up to 15 percent of their salary but no more than 11,000 (12,000 for people 50 or older). Many employers now offer these deferred compensation plans in lieu of or in addition to pensions. 403(b) Under section 403(b) of Internal Revenue Code, 403(b) plan is a tax-advantaged retirement savings plan for public education organizations, cooperative hospital service organizations, and some non-profit employers. Tax treatment is similar to that of 401(K) plan. Fourth market Refers to the practice of institutional investors trading large blocks of securities directly to avoid brokerage commissions. See: Instinet. Fractal An object in which the parts are in some way related to the whole. That is, the individual components are quotself-similar. quot An example is the branching network in a tree. While each branch, and each successive smaller branching is different, they are qualitatively similar to the structure of the whole tree. Fractal Dimension A number that quantitatively describes how an object fills its space. In Euclidean. or Plane geometry, objects are solid and continuous. That is, they have no holes or gaps. As such, they have integer dimensions. Fractals are rough and often discontinuous, like a wiffle ball, and so have fractional, or fractal dimensions. Fractal Distribution A probability density function that is statistically self-similar. That is, in different increments of time, the statistical characteristics remain the same. Fractal Market Hypothesis The fractal market hypothesis states that (1) a market consists of many investors with different investment horizons, and (2) the information set that is important to each investment horizon is different. As long as the market maintains this fractal structure, with no characteristic time scale, the market remains stable. When the markets investment horizon becomes uniform, the market becomes unstable because everyone is trading based upon the same information set. Theory due to Ed Peters. Fractional Brownian Motion A biased random walk. Unlike Standard Brownian Motion, the odds are biased in one direction or the other. It is like playing with loaded dice. Fractional coins Metal currency minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Fractional discretion order A type of order that gives the broker discretion to alter the price, up or down, within a specific fractional range in order to guarantee an execution. Fractional Noise A noise which is not completely independent of previous values. See Fractional Brownian Motion. 1f Noise. White Noise. Fractional share Stocks amounting to less than one full share. usually resulting from splits. acquisitions. exchanges. or dividend reinvestment programs. Franchise agreement Contract by which a domestic company (franchisor ) licenses its trade name andor business system and practices for a fee to an independent company (franchisee) in a foreign market. Franchising Provision of a specialized sales or service strategy, support assistance, and possibly an initial investment in the franchise in exchange for periodic fees. Frankfurt Stock Exchange The largest of Germanys eight securities exchanges. operated by Deutsche Borse AS. Freddie Mac (Federal Home Loan Mortgage Corporation) A Congressionally chartered corporation that purchases residential mortgages in the secondary market from SampLs. banks, and mortgage bankers and securities for sale in the capital markets. Free Alongside Ship (FAS) An Incoterm (FAS) that means the seller is responsible for the cost of transporting and delivering goods alongside a vessel in a port in his or her country. Since the buyer has responsibility for export clearance under FAS, it is not a practical Incoterm for U. S. exports. FAS should be used only for ocean shipments since risk and responsibility shift from seller to buyer when the goods are placed within the reach of the ships tackle (crane). Free on board (FOB) Implies that distribution services like transport and handling performed on goods up to the customs frontier (of the economy from which the goods are classed as merchandise) are included in the price. Free box A bank vault or other suitable storage place for the securities of a firms customer. Free Carrier (FCA) An Incoterm meaning that the cost, risk and responsibility shift from the seller to the buyer when the goods are turned over to a carrier at a designated place. Free cash flows Cash not required for operations or for reinvestment. Often defined as earnings before interest (often obtained from the operating income line on the income statement ) less capital expenditures less the change in working capital. In terms of a formula: Free cash flows Sales (Revenues from operations) - COGS (Cost of goods sold-labor, material, book depreciation) - SGampA (Selling, general administrative costs) EBIT (Earnings before interest and taxes or Operating Earnings) - Taxes (Cash taxes) EBIAT (Earnings before interest after taxes) DEP (Book depreciation) - CAPX (Capital expenditures ) - ChgWC (Change in working capital) C (Free cash flows) There is an issue as to whether you want to define the FCFs to the firm as a whole (the cash flow to all of its security holders), or the FCFs only to the firms equity holders. For firm valuation. you want the former for stock valuation you want the latter. To value the firm, calculate the stream of FCFs to the firm and discount this stream by the firms WACC (Weighted average cost of capital ). This will give you the value of a levered firm, including the tax benefits of debt financing. Alternatively, you can discount the firms FCFs by its unlevered cost of capital and add separately the present value of the tax benefits. To value the firms equity, you can either take the above number and subtract the market value of all outstanding debt (liabilities ) or you can calculate the FCFs to the firms equity holders and discount this stream by the firms levered equity cost of capital. Notice that changes in working capital have the same effect on free cash flows as do changes in physical capital. i. e. capital expenditures. For example, suppose you had to spend XX to increase the capacity of your plant. This expenditure would be a reduction in free cash flow in the year it was made. Likewise, if you had to increase the level of your cash balance. inventory or receivables by XX to accommodate greater sales. then this too would result in a like reduction in free cash flows in the year the level of working capital was increased. Definition and discussion courtesy of Professor Michael Bradley. Free delivery Securities industry procedure whereby delivery of securities sold is made to the buying customers bank without requiring immediate payment thus a credit agreement of sorts. Antithesis of delivery vs. payment. Free float An exchange rate system characterized by the absence of government intervention. Also known as clean float. Free of Particular Average Marine cargo insurance that does not cover partial losses or partial damage unless caused by the vessel being sunk, stranded, burned, on fire, or in a collision. Free Indices Usually refers to indices constructed by Morgan Stanley Capital International such that the market capitalization weights reflect the degree to which a stock is investible by foreigners. For example, if a stock has 700 million capitalization but government restrictions only allow up to 50 to be held by foreigners, then the weight in the Free index would by 350 million. The Standard and PoorsInternational Finance Corporation indices call their equivalent indices Investible Indices (IFCI). Free reserves Excess reserves minus member bank borrowings at the Fed. Free rider A follower who avoids the cost and expense of finding the best course of action simply by mimicking the behavior of a leader who made these investments. Free-riding A forbidden practice in which the member of an underwriting syndicate retains a portion of an initial public offering (IPO) and resells the securities at a higher price determined by the market at a later time. Also forbidden is a brokerage customers rapid buying and selling of a security without putting up money for the purchase. Free right of exchange An investors right to transfer securities from one name to another name without paying charges that accompany a sales transaction. Free stock A stock that is paid for in full and is not pledged in any way as collateral. Free to trade Used in the context of general equities. Not subject to any internal (restricted list) or external restrictions on trading hence, the trader is free to solicit interest. Freed up A term used to indicate that an underwriting syndicates members are no longer restricted to the fixed price agreed upon in the agreement among underwriters and are permitted to trade the security on a free market basis. Freedom of Information Act (FOIA) The Act was signed by President Lyndon B. Johnson on September 6, 1966. This act allows for the full or partial disclosure of previously unreleased information and documents controlled by the US Government. Freely floating exchange rate system Monetary system in which exchange rates are allowed to move due to market forces without intervention by country governments. Freeze out The action of pressurizing shareholders with relatively minor amounts of stock to sell their shares after a takeover. Freight A transportation term meaning either goods being transported, andor charges incurred for such transport. Freight Forwarder See: forwarder. Freight shippers Agents who coordinate the logistics of transportation. FREIT See: Finite-Life Real Estate Investment Trust Frequency distribution The organization of data to show how often certain values or ranges of values occur. Fresh picture Updated estimation of a stock or market. usually following recent trading activity or news that has changed the previous look. Fresh signal Piece of information (fundamental or technical ) leading one to believe a stock will move in a certain manner. Friction costs Costs, both implied and direct, associated with a transaction. Such costs include time, effort, money. and associated tax effects of gathering information and making a transaction. Frictional cost The difference between an index fund return and the index it represents. The typically lower rate of return from the fund results from transactions costs. Frictionless market Ideal trading environment that imposes no costs or restraints on transactions. Frictions quotstickinessquot involved in making transactions the total process including time, effort, money. and tax effects of gathering information and making a transaction such as buying a stock or borrowing money. Friendly Merger A business combination that the management of both firms believes will be beneficial to stockholders. Friendly takeover Merger when the target firms management and board of directors is in favor of the takeover. Antithesis of hostile takeover. Front-end load The fee applied to an investment at the time of initial purchase, e. g. on a mutual fund purchased from a broker or mutual fund company. Front fee The fee initially paid by the buyer upon entering a split-fee option contract. Front office Refers to revenue generating sales personnel in a brokerage, insurance. or other financial services operation. Front running Entering into an equity trade, options or futures contracts with advance knowledge of a block transaction that will influence the price of the underlying security to capitalize on the trade. This practice is expressly forbidden by the SEC. Traders are not allowed to act on nonpublic information to trade ahead of customers lacking that knowledge. Frozen account A disciplinary action taken by the Federal Reserve Board for some violation of Regulation T. where an individual investor cannot sell securities until they are paid for in full and certificates delivered. Fry a bigger fish Used in the context of general equities. Work on a trade of larger size than a trade just disclosed. FR Y-9C Quarterly report filed by bank holding companies with the Federal Reserve. It contains consolidated balance sheet and income statement with detailed schedules including a schedule for off-balance-sheet items and regulatory capital. Full Handle. Full compensation Payment for delivery of goods to one party by buying back more than 100 of the value that was originally sold. Full coupon bond A bond with a coupon equal to the going market rate the bond is therefore selling at par. Full disclosure Describes exchange and government regulations providing for the release and free exchange of all information pertinent to a given security. Full Employment and Balance Growth Act of 1978(Humphrey-Hawkins Act) Federal legislation that, among other things, specifies the primary objectives of U. S. economic policy-maximum employment, stable prices, and moderate long-term interest rates. Full faith-and-credit obligations The security pledges for larger municipal bond issuers. such as states and large cities that have diverse funding sources. Full-payout lease See: Financial lease Full price Also called dirty price the price of a bond including accrued interest. Related: Flat price. Full recourse No matter what risk event occurs, the borrower or its guarantors guarantee to repay the debt. This is not a project financing unless the borrowers sole asset is the project. Full-service broker A broker who provides clients an all-inclusive selection of services such as advice on security selection and financial planning. Full-service lease Also called rental lease. Arrangement in which lessor promises to maintain and insure the equipment leased. Full Set of Bills of Lading All originals of an ocean bill of lading. Full trading authorization Indication that a broker with a discretionary account can operate without obtaining prior consent to each trade from the client. Fully depreciated An asset that has already been charged with the maximum amount of depreciation allowed by the IRS for accounting purposes. Fully diluted earnings per share Earnings per share expressed as if all outstanding convertible securities and warrants have been exercised. Fully distributed A new stock issue that has been completely resold to the investing public and is no longer held by dealers. Fully invested Used to describe an investor whose assets are totally committed to investments (typically stock ) rather than in cash. Fully modified pass-throughs Agency pass-throughs that guarantee the timely payment of both interest and principal. Related: Modified pass-throughs. Fully valued Used in the context of general equities. Said of a stock that has reached a price at which analysts think the underlying companys fundamental earnings power has been fully recognized by the market. Functional currency As defined by FASB No. 52. an affiliates functional currency is the currency of the primary economic environment in which the affiliate generates and expends cash. Fund assets The total value of a portfolios securities. cash, and other holdings, minus any outstanding debts. Funded status In the context of pension funds andor insurance, funded status is the amount by which a pension plans assets exceed the projected benefit obligations that will have to be paid in the future. Fund family Set of funds with different investment objectives offered by one management company. In many cases, investors may move their assets from one fund to another within the family at little or no cost. Fund of funds A mutual fund or hedge fund that invests in other funds. Fund manager The person whose responsibility it is to oversee the allocation of the pool of money invested in a particular mutual fund. The fund manager is charged with investing the money to attain returns consistent with the level of risk outlined in the mutual fund prospectus. Fund switching Moving money within a mutual fund family from one mutual fund to another. Fun money Money that can be used to invest in risky investments with high potential return. Fundamental analysis Security analysis that seeks to detect misvalued securities through an analysis of the firms business prospects. Research often focuses on earnings. dividend prospects, expectations for future interest rates. and risk evaluation of the firm. Antithesis of technical analysis. In macroeconomic analysis, information such as interest rates. GNP. Inflation. Arbeitslosigkeit. and inventories is used to predict the direction of the economy, and therefore the stock market. In microeconomic analysis, information such as balance sheet. income statement. products, management. and other market items is used to forecast a companys imminent success or failure. and hence the future price action of the stock. Fundamental beta The product of a statistical model to predict the fundamental risk of a security using not only price data but also other market - related and financial data. Fundamental descriptors In the model for calculating fundamental beta. ratios in risk indexes other than market variability, which rely on financial data other than price data. Fundamental forecasting Analyzing the future on the basis of fundamental relationships between economic variables and exchange rates. Fundamental Information Information relating to the economic state of a company or economy. In market analysis. fundamental information is related to the earnings prospects of the firm only. Funded debt Debt maturing after more than one year. Funded Liability A source of funds that a firm must take overt action to arrange and that carries an interest cost. Funded pension plan A pension plan in which all liabilities. including payments to be made to pensioners in the immediate future, are completely funded. Funding Used to describe the refinancing of a debt prior to its maturity (the same as refunding ). In corporate finance refers to the floating of bonds to raise finance and levels of capital. See also: refunding. Funding ratio The ratio of a pension plans assets to its liabilities. Funding risk The risk associated with the impact on a projects cash flow from higher funding costs or lack of availability of funds. See: interest rate risk. Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations earnings with depreciation and amortization added back. A similar term increasingly used is funds available for distribution (FAD), which is FFO less capital investments in trust property and the amortization of mortgages. Fungibility The substitutability of listed options. which is dependent upon their common expiration dates and strike prices. The congruence of expiration dates and strike prices lets investors close positions by offsetting transactions through the options clearing corporation. Furthest month Used in the context of commodities or options trading to refer to the month that is furthest away from the contracts date of settlement. FUTOP The Danish derivatives market, merged with the Copenhagen Stock Exchange in 1997. Future A term used to designate any contract covering the sale of financial instruments or physical commodities for future delivery on a futures exchange. Alternatively, a future is any forward contract that has been standardized and listed for trading on a futures exchange. Future investment opportunities The identification of additional, more valuable, investment opportunities in the future that result from a current opportunity or operation. Futures commission merchant (FCM) A firm or person engaged in soliciting or accepting and handling orders for the purchase or sale of futures contracts. subject to the rules of a futures exchange and, who, in connection with such solicitation or acceptance of orders, accepts any money or securities to provide margin for any resulting trades or contracts. The FCM must be licensed by the CFTC. Related: Commission house. omnibus account. Futures contract A legally binding agreement to buy or sell a commodity or financial instrument in a designated future month at a price agreed upon at the initiation of the contract by the buyer and seller. Futures contracts are standardized according to the quality, quantity, and delivery time and location for each commodity. A futures contract differs from an option in that an option gives one of the counterparties a right and the other an obligation to buy or sell, while a futures contract is the represents an obligation to both counterparties, one to deliver and the other to accept delivery. A future is part of a class of securities called derivatives. so named because such securities derive their value from the worth of an underlying investment. Futures contract multiple A constant set by an exchange. which when multiplied by the futures price gives the dollar value of a stock index futures contract. Futures market A market where contracts for future delivery of a commodity or a financial instrument are bought or sold. Futures option An option on a futures contract. Related: Options on physicals. Futures price The price at which parties to a futures contract agree to transact upon the settlement date. Future value The amount of cash at a specified date in the future that is equivalent in value to a specified sum today. Fuzzy Logic A system which mathematically models complex relationships which are usually handled in a vague manner by language. Under the title of quotFuzzy Logicquot falls formal fuzzy logic (a multi-valued form of logic), and fuzzy sets. Fuzzy sets measure the similarity between an object and a group of objects. A member of a fuzzy set can belong to both the set, and its complement. Fuzzy sets can more closely approximate human reasoning than traditional quotcrispquot sets. See: Crisp sets. FVO (for valuation only) See: For valuation only. Copyright copy 2017, Campbell R. Harvey. All Worldwide Rights Reserved. Do not reproduce without explicit permission. Version 8 November 2016. 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