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an agent who arranges security transactions among investors
Broker
the dividend growth rate or the rate at which the value of an asset grows
Capital Gains Yield
equity without priority for dividends or in bankruptcy
Common Stock
A procedure in which a shareholder may cast all votes for one member of the board of directors
Cumulative voting
an agent who buys and sells securities from inventory
Dealer
A New York Stock Exchange member who acts as a dealer in particular stocks. Formerly known as a
"Specialist"
Designated market maker (DMM)
A fixed place on the exchange floor where the DMM operates
Designated market maker's post (DMM's post)
a payment made by a corporation to shareholders, made either in cash or stock
dividend
a stocks expected cash divided by its current price
Dividend Yield
Websites that allow investors to trade directly with one another
Electronic communications networks (ECNs)
a member of the New York Stock Exchange who executes customers' buy and sell orders
Floor Broker
The highest bid quotes and lowest ask quotes for a security
inside quotes
an owner of a seat on the New York Stock Exchange
Member
The flow of customer orders to buy and sell securities
order flow
A stock with dividend priority over common stock, usually with a fixed dividend rate,
sometimes without voting rights
preferred stock
the market in which new securities are originally sold to investors
Primary market
a grant of authority by shareholder allowing another individual to vote his shares
proxy
the market in which previously issued shares are traded among investors
Secondary market
a procedure in which a shareholder may cast all votes for each member of the board of directors
Straight voting
investment firms that are active participants in the stocks assigned to them. Their job is to
make a one sided market, that is,
Supplemental liquidity providers
the price that a dealer is willing to take for a security such as a stock or a bond
asked price
a bond issued without record of the owner's name
bearer form
the difference between the bid price and the asked price
bid-ask spread
the price a dealer is willing to pay for a security
bid price
an independent measure of a bond issuers risk of default
bond-rating
the amount by which the call price exceeds the par value of the bond
call premium
a bond that during a certain period cannot be repurchased by the issuer
call protected bond
an agreement that gives the issuing firm or government agency the option to repurchase the
bond at a specified price before maturity
call provision
financial paper, such as stocks or bonds, that are pledged as security for the payment of debt
collateral
the stated interest payment on a bond
coupon
a bonds coupon payment divided by its face value
coupon rate
the coupon payment divided by its closing price
current yield
an unsecured debt usually with a maturity of ten years or more
debenture
compensation investors demand for bearing default risk
default risk premium
an agreement prohibiting an issuer from repurchasing a bond prior to a specified date
deferred call provision
the principal amount of a bond that is repaid at maturity. See also par value
face value
the relationship between nominal rates of return, real rates of return, and the inflation
rate
fisher effect
a written agreement between an issuer and the lenders specifying the terms of the debt issue
indenture
compensation investors demand for risk of future inflation
inflation premium
compensation investors demand for bearing interest rate risk
interest rate risk premium
rates of interst or rates of return that have not been adjusted for inflation
nominal rates
an unsecured debt usually with a maturity of less than ten years
note
the principal amount of a bond that is repaid at maturity. See also face value
par value
a part of the indenture limiting actions that might be taken by the issuer during the term of the
loan to protect the interests of the lende
protective covenant
a rate of interest or rate of return that has been adjusted for inflation
real rate
retirement of a bond by the issuer either through repurchase according a call provision or
payment of the face value at maturity
redemption
a form of bond issue in which the registrar of the company records ownership of a bond. Payment
is made directly to the owner of record
registered form
an account managed by the bond trustee for early bond redemption
sinking fund
compensation investors demand for unfavorable tax status
taxability premium
the relationship between nominal interest rates on default-free, pure discount securities
and the time to maturity
term structre of interest rates
a plot of the yields on treasury notes and bonds and maturity
treasury yield curve
a legal document that describes the terms of the mortgage. See also mortgage trust indenture.
Trust deed
the rate required in the market for a bond
yield to maturity
a bond issued with no coupon payments that is sold at a discount to its face value
zero coupon bond