Index

  • 1 and 20 fees
  • 3(c)1 exemptions
  • 3(c)7 exemptions
  • 3(c)7 fund
  • 5-4-3-2-1 penalty
  • 8-K filing
  • 10-K filing
  • 10-Q filing
  • 12b-1 fee
  • 48-hour rule
  • 125 loans
    • support. See Securities
  • 125 LTV
    • loans
    • programs
  • 144A execution
  • 364-day facility
  • 401(k)
  • 501(c)(3) obligations
  • 1035 exchange

  • ABC. See Asset-backed commercial
  • Abnormal returns
  • Absolute priority rule
  • Absolute return
    • enhancer. See Real estate
  • ACCESS dealers
  • Account representative
  • Accounting. See Returns
    • costs
    • standards. See Non-U.S. companies
  • Accredited investors
  • Accrual bonds
  • Accrual securities
  • Accrual tranche
  • Accrued coupon instruments
  • Accrued dividends
  • ACLI
    • delinquencies
  • Acquisition currency
  • Active management opportunities
  • Active portfolio
    • construction
    • management, overview
  • Active risk
  • Active stock market strategies
  • Active strategy, securities selection techniques
  • Actively managed synthetics
  • Ad valorem property tax debt
  • Ad valorem tax debt. See Limited ad valorem tax debt
  • Adams, Jonathan
  • Adelson, Mark H.
  • Adjustable-rate mortgages (ARMs)
  • Adjustable-rate preferred stock (ARPS)
  • Adjustment factor, calculation
  • Administrative agent fees
  • Administrative review. See Hedge funds manager
  • ADRs. See American Depository Receipts
  • Advance rate
  • Advance/decline line
  • Advisory committee. See Hedge funds manager
  • Affinity programs
  • Affirmative covenants
  • After specified date
  • After-acquired property clause
  • Agency CMBS
  • Agency CMO
  • Agency incentive arrangement
  • Agency MBS
  • Agency note futures contract
  • Agency passthroughs
  • Aggregate Bond Index (Lehman Brothers)
  • Agricultural commodities, managed futures
  • Agricultural MBS (AMBS)
  • Aircraft ABS
  • Aircraft leasing
    • defaults
    • enhancement levels
    • servicing
  • Airline equipment debt
  • ALFs. See Assisted living facilities
  • Alpha synthetics
  • Alphas
    • engines
    • transferring
  • Alternative A loan
  • Alternative loans
  • Alternative minimum tax (AMT)
  • Alternative minimum tax income (AMTI)
  • Alternative trading systems (ATSs)
  • Alternatives, rise
  • Altman, Edward I.
  • Ambachtsteer, Keith
  • AMBS. See Agricultural MBS
  • American Depository Receipts (ADRs)
  • American option
  • American Stock Exchange (AMEX/ ASE)
  • AMEX. See American Stock Exchange
  • Amortization. See Early amortization
    • period
    • rate
    • schedule
  • Amortization Extended Loans (Axels)
  • Amortizing assets, nonamortizing assets (contrast)
  • Amortizing instruments
  • Amortizing swap
  • Amortizing term loan (TLa)
  • AMT. See Alternative minimum tax
  • AMTI. See Alternative minimum tax income
  • Analytics
  • Angel investor
  • Annual basis
  • Annual operating expenses
  • Annual renewable term
  • Annual return. See Average annual return; Compound annual return
  • Annualized IRR
  • Annualized return
  • Annuities. See also Fixed annuities; Variable annuities
  • Annuitization
  • Anson, Mark J.P.
  • Anti-takeover provisions
  • Apartment complexes
  • Appreciated shares. See Charitable gifts
  • Appropriation-backed obligations
  • Arab Oil Embargo of 1973
  • Arbitrage See also Capital; Convertible bonds; Distressed debt; Fixedincome arbitrage; Index arbitrage; Merger arbitrage; Mortgage-backed arbitrage; Relative value arbitrage
    • balance sheet transactions, contrast
    • early termination
    • hedge funds
    • mechanism
    • trade
    • transactions
      • types
  • Arithmetic mean return
  • Arizona Stock Exchange (AZX)
  • Arnott, Robert D.
  • ARPS. See Adjustable-rate preferred stock
  • ASE. See American Stock Exchange
  • Asian options
  • Asquith, Paul
  • Asset-backed commercial (ABC) paper
  • Asset-backed securities (ABSs). See also Credit card ABS; Nonreal estate ABS; Real estate-backed ABS
    • contrast. See Aircraft ABS; Fixed-rate ABS
    • features
    • investing, credit risks
    • legal structure
    • sector
  • Assets. See Financial assets
    • allocation. See also Synthetic structures decision
    • classes. See also Traditional asset classes
    • contrast. See Amortizing assets
    • diversity score
    • management
    • managers
    • market value
    • performance
    • pool
    • portfolio. See Mixed asset portfolio
    • pricing models. See Capital Asset Pricing Model; Multi-factor asset pricing models
    • risks
    • sales
  • Assignments
  • Assisted living facilities (ALFs)
  • Asymmetric risk
  • Atlas, Riva D.
  • ATSs. See Alternative trading systems
  • Auction
    • call
    • market
    • rate
    • schedule
  • Auction rate preferred stock
  • Auction-based system
  • Auto loan-backed securities
    • cash flow
    • prepayments
    • revolving period
    • structures
  • Autos. See Floating-rate autos
  • Available funds cap
  • Average annual return
  • Average life
    • extension
  • Axels. See Amortization Extended Loans
  • AZX. See Arizona Stock Exchange

  • B and C borrowers
  • Back-end loads
  • Bail-out provisions
  • Balance sheet
    • transactions, contrast. See Arbitrage
  • Balloon mortgages
  • Bank Holding Company Act
  • Bank investment contracts (BICs)
  • Bank of International Settlements (BIS)
  • Bank of New York
  • Bank-backed municipal bonds
  • Bankers acceptances
    • creation
    • eligibility
  • Bank-qualified issues
  • Bankruptcy. See also Chapter 11
  • bankruptcy; Corporate bankruptcy; Involuntary bankruptcy; Pre-packaged bankruptcy; Voluntary bankruptcy
    • court
    • interaction. See Distressed debt rates. See Consumer bankruptcy rates
  • Bankruptcy Reform Act of 1978
  • Banks for Cooperatives
  • BANs. See Bond anticipation notes
  • Barclays Energy CTA index
  • Barclays Global Investors (BGI). See also iShares Funds
  • Basel Committee on Banking Supervision
  • BASIC
  • Basis, definition
  • Basis points
  • Basis price
  • Basket options
  • Basket products. See Tradable basket products
  • BBI. See Bond Buyer Index
  • B/C/D term loans
  • BEA. See U.S. Bureau of Economic Analysis
  • Beginning market value (BMV)
  • Benchmark. See Hedge funds manager
    • Bills
    • index
    • Notes
    • portfolio
    • security. See Risk-free benchmark security
  • Best efforts syndicates
  • Beta. See also Factor beta; Yield
    • risk
  • BEY. See Bond-equivalent yield
  • BGI. See Barclays Global Investors
  • Bhatatacharya, Anand K.
  • BICs. See Bank investment contracts
  • Bid-ask spread
  • Bid/offer spreads
  • Bid-to-cover ratio
  • Bierman, Jr., Harold
  • BIG. See Broad Investment Grade
  • BIS. See Bank of International Settlements
  • Black box
  • Black, Fischer
  • Black-Scholes model
  • Blanket indenture
  • Blind baskets
  • Block, Frank E.
  • Block trades
  • Bloomberg Tradebook
  • BMA. See Bond Market Association
  • BMV. See Beginning market value
  • Board of directors
  • Bond anticipation notes (BANs)
  • Bond Buyer Index (BBI)
  • Bond equivalent
  • Bond Market Association (BMA)
  • Bond-equivalent yield (BEY)
  • Bondholders
    • bailing in
    • granted options
  • Bonds. See also Insured bonds; Refunded bonds; Special bonds
    • duration
    • insurance
    • issue, refunding
    • managed futures, downside risk protection
    • risk
    • selling. See Market
    • structures
  • Book value
  • Book-value payments
  • Book-value wrapper
  • Borrowers
    • restrictions. See Mezzanine debt risk
  • Bottom-up approach
    • contrast. See Top-down approach
  • Brady bonds
  • Brady market
  • Brady, Nicholas
  • Brady Plan
  • BRASS Utility
  • Break-even infiation rate
  • Breakpoint
  • Broad Investment Grade (BIG) Bond Index
  • Broad Investment Grade (BIG) Index
  • Broad-based market index
  • Brokerage commissions
  • Broker-dealers (brokers/dealers)
  • Brokers. See Commission brokers; Full service brokers; Independent floor brokers; Interdealer brokers
    • commissions
    • loan rate
  • Brorsen, B. Wade
  • Brown, Stephen
  • Bullets. See Soft bullets
    • maturity
    • payment
  • Bundled product
  • Bureau of Public Debt
    • Treasury Direct book-entry system
  • Business
    • interruption
    • plans
  • Busted convertible
  • Buy and build strategies
  • Buy and hold strategy
  • Buy limit order
  • Buy stop order
  • Buy-and-hold management contracts
  • Buy-and-hold structures
  • Buy-and-hold synthetics
  • Buybacks
  • Buyouts. See Distressed buyouts; Leveraged buyouts
  • Buy-sell agreement
  • Buy/sell orders, imbalance
  • Byrnes, Nanette

  • Calendar effects
  • Call money rate
  • Call on date
  • Call options. See also European call options
    • price
    • purchase
    • writing
  • Call price. See also Effective call price
  • Call provisions. See also Clean-up calls
  • Call risk
  • Callable repo
  • Call-out date
  • Cancellation fees
  • Capacity. See Hedge funds manager
  • Capital. See Seed capital
    • appreciation. See also Realized capital appreciation; Unrealized capital appreciation
    • call
    • contribution
    • depreciation
    • expenditures
    • gains. See also Shortterm capital gains
      • deferral. See Long-term capital gains
      • distributions
    • market
      • debt instrument
    • structure arbitrage
  • Capital Asset Pricing Model (CAPM)
  • Capital Auto Receivables Asset Trust (CARAT)
  • Capitalization. See also Market
  • CAPM. See Capital Asset Pricing Model
  • Caps
    • protection
  • CARAT. See Capital Auto Receivables Asset Trust
  • Cash and carry business
  • Cash collateral account (CCA)
  • Cash flows. See also Auto loan-backed securities; Collateral; Excess cash flow; External cash flows
    • allocations
    • average life
    • construction, example. See Monthly cash flow construction
    • distribution. See Principal cash flow
    • pari passu claim
    • stability
    • timing
    • transactions
      • quality tests
    • uncertainty
    • yield
  • Cash management bills
  • Cash market
    • instruments, package
  • Cash merger
  • Cash positions, comparison. See Synthetic positions risks
  • Cash reserve funds
  • Cash value buildup
  • Cash value life insurance
  • Cash value whole life insurance (CVWLI)
    • overview
    • policies
  • Cash yield
  • Cash-and-carry trade
  • Catastrophe call provision
  • Cavaglia, Stefano
  • CBD. See Central business district
  • CBO. See Collateralized bond obligation; Competitive Bid Option
  • CBOE. See Chicago Board of Options
  • CBOT. See Chicago Board of Trade
  • CBT. See Chicago Board of Trade
  • CCA. See Cash collateral account
  • CDOs. See Collateralized debt obligations
  • CDs. See Certificates of deposit
  • CDSC. See Contingent deferred sales charge
  • CEA. See Commodity Exchange Act
  • Census Bureau. See U.S. Census Bureau
  • Central business district (CBD)
  • Certificate of Need (CON)
  • Certificates of deposit (CDs). See also Eurodollar CDs; Large-denomination negotiable CDs
    • equivalent yield
    • futures. See Eurodollars
    • issuers
    • yields
  • CFTC. See Commodity Futures
    • Trading Commission
  • Chain linking
  • Chaos theory
  • Chapter 11 bankruptcy
  • Charge-offs
  • Charitable gifts, appreciated shares
  • Chartists
  • Cheapest-to-deliver issues
  • Chew, Jr., Donald H.
  • Chicago Board of Options (CBOE)
  • Chicago Board of Trade (CBT/ CBOT)
  • Chicago Mercantile Exchange (CME)
  • Choudhry, Moorad
  • Christopherson, Jon A.
  • Chugh, Lal
  • CIA. See Collateral invested amount
  • Circuit breakers (Rule 80B)
  • Civil actions. See Hedge funds manager
  • Claw back incentive fees
  • Clawback
    • provisions
  • CLCs. See Construction loan certificates
  • Clean-up calls
    • provisions
  • Clients, communication
  • CLNs. See Credit-linked notes
  • CLOs. See Collateralized loan obligations
  • Closed-end funds. See also Target term closed-end funds
  • Closed-end HELs
  • Closed-end home equity loanbacked securities
    • credit enhancement
    • payment structure
  • Club deal
  • Clusters
  • CME. See Chicago Mercantile Exchange
  • CMOs. See Collateralized mortgage obligations
  • CMSA. See Commercial Mortgage Securitization Association
  • CMT. See Constant Maturity; Constant Maturity Treasury; Constant Treasury Maturity
  • Co-branded programs
  • Coefficient of determination. See Determination
  • COFI. See Eleventh Federal Home Loan Bank Board District Cost of Funds Index
  • Coggin, T. Daniel
  • Cointingent voting
  • Collars
    • Rule 80A. See Trading
  • Collateral. See also Residential real estatebacked securities; Student loan-backed securities
    • cash flows
    • certificate
    • control
    • delivery
    • marking
    • pool
    • risks
    • substitution. See Mandatory collateral substitution
    • types
  • Collateral invested amount (CIA)
  • Collateralization. See Overcollateralization
  • Collateralized bond obligation (CBO)
  • Collateralized borrowing. See Financial markets
  • Collateralized debt obligations (CDOs). See also Synthetic CDOs
    • deals, incentive structures
    • portfolio, management
      • common sense
      • rules
      • track records
    • structure
  • Collateralized loan obligations (CLOs)
  • Collateralized mortgage obligations (CMOs). See also Agency CMO; Nonagency CMO; Sequential-pay CMOs
  • Collins, Bruce M.
  • Collins, Daniel
  • Comer, George
  • COMEX. See Commodity Exchange of New York
  • Commercial bidders
  • Commercial MBS (CMBS). See also Agency CMBS; Private label CMBS
    • credit quality, evaluation
    • history
    • indices
    • investment characteristics
    • issue
    • regulatory issues
    • servicing/monitoring
    • structure
    • transactions
    • types
  • Commercial Mortgage Securitization Association (CMSA)
  • Commercial mortgages
  • Commercial paper
  • See also Asset-backed commercial paper; Enhanced commercial paper; Unenhanced commercial paper
    • credit ratings
    • VRDO hybrid
    • yield
  • Commercial real estate mortgages
  • Commingled accounts
  • Commingled funds
  • Commission brokers
  • Commission-based financial planners
  • Commissions
  • Commitment fee
  • Commodity Credit Corporation
  • Commodity Exchange Act (CEA)
  • Commodity Exchange of New York (COMEX)
  • Commodity Futures Trading Commission (CFTC)
  • Commodity Pool Operator (CPO)
  • Commodity pools. See also Private commodity pools
  • Commodity Trading Advisors (CTAs)
  • Common stock
    • current income, contrast. See Convertible bonds
    • equivalent
    • investing
      • implications
      • sources
    • portfolio management, overview
    • preferred stock, contrast
  • Company representatives, interview
  • Company-prepared information
  • Company-specific information
  • Company-specific risk
  • Compensating interest
  • Compensation, calculation
  • Competitive Bid Option (CBO)
  • Competitive Equality and Banking Act in 1987
  • Competitive transition charge (CTC)
  • Compound annual IRR
  • Compound annual return
  • Compound interest
    • securities
  • Compound return
  • CON. See Certificate of Need
  • Concentration risk
  • Conditional annualized volatility
  • Conditional order
  • Conditional prepayment rate (CPR)
  • Connelly, Christopher
  • Constant Maturity (CMT)
  • Constant Maturity Treasury (CMT)
  • Constant Treasury Maturity (CMT)
  • Construction loan certificates (CLCs)
  • Consumer bankruptcy rates
  • Consumer Price Index (CPI)
  • Consumer Price Index for all Urban Consumers (CPIU). See also NonSeasonally Adjusted AllUrban Consumer Price Index
  • Contingent deferred sales charge (CDSC)
  • Contract
    • considerations. See Stable-value contracts
    • rate
  • Contraction risk
  • Conversion
    • factors. See U.S. Treasury bonds
    • parity price
    • price. See Market
    • ratio
    • value
  • Conversion-forcing-call
  • Converted price
  • Convertible bonds
    • analysis
    • arbitrage
    • common stock, current income (contrast)
    • downside risk
    • features
    • investment characteristics
    • minimum value
    • risk/return profile
    • upside potential
  • Convertible preferred stock
    • special features
  • Convexity
  • Corporate bankruptcy
  • Corporate bonds
    • indexes
    • ratings
      • process
      • symbols
    • Corporate guarantee
    • Corporate re-capitalizations
    • Corporate spreads
    • Corporate venture funds
    • Corporate/Government bond index (Lehman Brothers)
    • Corporations, overstaffing
    • Correlations
    • Cost basis
    • Cost management
    • Cost of carry valuation model
    • Cottle, Sidney
    • Counterparty risk
    • Coupon
      • interest
        • payment
      • nonpayment
      • payment
      • rate
    • Court-mandated divestiture
    • Covenants. See also Affirmative covenants; Financial covenants; Negative covenants
    • Coverage
      • tests
    • Cox, T. Anne
    • CPI. See Consumer Price Index
    • CPI-U. See Consumer Price Index for all Urban Consumers
    • CPO. See Commodity Pool Operator
    • CPR. See Conditional prepayment rate
    • Creation bias
    • Creation fee
    • Credit
      • analysis. See Sovereign credit
      • balance
      • borrowers
      • default swap
        • example
        • risks
    • derivatives
      • instruments
      • market maker
    • enhancements. See also Closed-end home equity loan-backed securities; Credit card receivables; External credit enhancements; Internal credit enhancements
      • levels, rating agency determination
      • programs. See Debt
    • event
    • exposure. See also Zerocost credit exposure
      • reduction
    • four Cs
    • instrument. See Short-term credit instrument
    • options. See also Standard credit option
    • portfolio, diversification
    • protection. See Short-term credit protection
    • quality
      • evaluation. See Commercial MBS
    • ratings. See Commercial paper
    • reputation
    • spreads
    • swaps
    • switches
    • tenant
    • tranching
    • trigger provision
  • Credit card ABS
    • industry consolidation
    • life cycle
    • market
  • Credit card receivables
    • credit enhancement
    • rating agency considerations
    • securitization
  • Credit cards. See General purpose credit cards; Private label credit cards; Teaser rate credit cards
    • market segments
    • transactions
  • Credit risk. See also Asset-backed securities
    • axis
    • credit derivatives, interaction
    • economic considerations
    • exposures
    • usage
  • Credit tenant loan deals
  • Credit-linked notes (CLNs)
  • Creditor rights
    • theory/practice
  • Credit-sensitive asset
  • Credit-sensitive security
  • Criminal actions. See Hedge funds manager
  • CrossBorder Capital
  • Cross-collateralized properties
  • Cross-defaulted properties
  • CTAs. See Commodity Trading Advisors
  • CTC. See Competitive transition charge
  • Cumulative growth rates
  • Cumulative preferred stock
  • Cumulative returns
  • Currency
    • markets, managed futures
    • risk
  • Currency-denominated bonds
  • Currency-linked notes
  • Current income, contrast. See Convertible bonds
  • Currently callable issue
  • CUSIP
  • CVWLI. See Cash value whole life insurance
  • Cyclical stock managers

  • Darbyshire, Dr. Paul
  • Das, Satyajit
  • Data, restatement. See Financial statement data
  • Deal
    • NAS percentage
    • triggers
  • Dealer bank
  • Dealer paper, contrast. See Direct paper
  • Death benefit (DB). See also Rising floor DB; Stepped up DB
  • Debit balance
  • DeBondt, Werner
  • Debt. See Distressed debt; Domestic debt; Mezzanine debt; Public debt
    • book value
    • consolidation
    • incurrence test
    • issuance
    • obligations
      • public credit enhancement programs, support
    • private equity
    • restructuring criterion
    • retirement structure
    • securities, issuance
  • Debt instruments. See Capital market; Emerging debt instruments; Short-term debt instruments
    • characteristics
    • equity instruments, contrast
    • payment provisions
  • Debt service (DSC)
    • ratio
    • reserve fund
  • Debt/equity hybrid. See Real estate
  • Debt-equity mix, usage
  • Debtor-in-possession
  • Debt-servicing capacity
  • DECS. See Dividend Enhanced Convertible Stocks
  • Dedicated portfolios
  • Dedicated tax-backed obligations
  • Default. See Aircraft leasing
    • probability
    • risk
    • statistics
    • swap
      • contract, notional amount
  • Default-free instruments
  • Defeasance
  • Deferment period
  • Deferred annuity. See also Flexible premium deferred annuity
  • Deferred call
  • Deferred coupon structures
  • Deferred-interest bonds
  • Defined-benefit plan fixed-income portfolio
  • Defined-contribution plans
  • Delegated Underwriting and Servicing (DUS)
  • De-linked issuance structure
  • Delivery
    • date
    • options
  • Delta
  • Depository institutions
  • Depository Trust Company (DTC)
    • Fund/SERV process
  • Depreciation. See Capital
  • Derivative instruments
  • Derivative markets
    • types
  • Derivative products
  • Derivatives. See Credit; Equity; Interest rate; Over-theCounter derivatives
    • role
  • Derivatives Product Companies (DPCs)
  • Determination, coefficient
  • DIAMONDS
  • Differential spread, extraction
  • Dillon, John M.
  • Direct paper, dealer paper (contrast)
  • Disaster planning
  • Disclosures, regulatory authorities (requirements)
  • Discount bonds
  • Discount brokers
  • Discount notes
  • Discounted cash flow models
  • Distressed buyouts
  • Distressed debt
    • arbitrage
    • bankruptcy, interaction
    • conversion. See Private equity
    • investing, risks
    • undervalued security
    • usage. See Private equity
  • Distribution
    • advantage
    • channels. See also Third-party distribution channels
    • costs
    • fee
  • Diversifiable risk
  • Diversification. See also Investment; Macroeconomic diversification; Markowitz diversification
    • degree
    • enhancement
  • Diversity score
  • Dividend Enhanced Convertible Stocks (DECS)
  • Dividends
    • rate
    • tax treatment
    • yield
  • DJIA. See Dow Jones Industrial Average
  • Dollar
    • bond
    • interest
    • price
    • rate
    • return
    • rolls
  • Domestic debt
  • Double taxation, threat
  • Double-barreled bonds
  • Dow, Charles
  • Dow Jones 30 Industrial Companies
  • Dow Jones EURO 50 stock indexes
  • Dow Jones Industrial Average (DJIA)
  • Dow Jones STOXX 50
  • Dow Theory
  • Downside risk. See Convertible bonds
    • protection. See Bonds; Stocks
  • DPCs. See Derivatives Product Companies
  • Drawdowns
  • Druckenmiller, Stanley
  • DSC. See Debt service coverage
  • DTC. See Depository Trust Company
  • Dually listed stocks
  • Due diligence. See Hedge funds manager
  • Duration. See also Bonds; Effective duration; Real duration; Spread
    • extension
    • usage
  • DUS. See Delegated Underwriting and Servicing
  • Dutch auction preferred stock

  • EAFE. See Europe Australasia and the Far East
  • Eales, Brian
  • Early amortization
  • Early termination. See Arbitrage Earnings before interest and taxes plus depreciation and amortization (EBITDA)
  • Earnings, surprises
  • EBITDA. See Earnings before interest and taxes plus depreciation and amortization
  • ECNs. See Electronic communications networks
  • Economic considerations. See Credit
  • Economic data
  • Economic value added (EVA)
  • EDGAR. See Electronic Data Gathering and Retrieval
  • Edwards, Franklin
  • EETCs. See Enhanced ETCs
  • Effective call price
  • Effective duration
  • Efficiency. See Stock market
    • forms
  • Efficient portfolio
  • EFP. See Exchange for futures for physicals
  • EFTs. See Exchange-traded funds
  • Electronic communications networks (ECNs)
  • Electronic Data Gathering and Retrieval (EDGAR)
    • filings
  • Eleventh Federal Home Loan Bank Board District Cost of Funds Index (COFI)
  • Elton, Edwin J.
  • Embedded cash settled swap
  • EMBI. See Emerging Markets Bond Index
  • EMD. See Emerging markets debt
  • Emerging Markets Bond Index (EMBI/J.P. Morgan)
  • Emerging markets debt (EMD)
    • bonds
    • indices
    • instruments
    • local issues
    • recovery rates
    • spreads
  • Employee Retirement Income Security Act of 1974 (ERISA)
  • Employee turnover
  • EMV. See Ending market value
  • Ending market value (EMV)
  • Endowments
  • Energy markets, managed futures
  • Enhanced commercial paper
  • Enhanced ETCs (EETCs)
  • Enhancement. See Credit levels. See Aircraft leasing; Rate reduction bonds
  • Entrepreneurial mindset, unlocking
  • Equipment
    • debt. See Airline equipment debt
    • lines
  • Equipment trust certificates (ETCs). See also Enhanced ETCs
  • Equipment trust financing (railroads)
  • Equity. See Private equity
    • derivatives. See also Over the-Counter
      • market
    • financing
    • instruments
      • contrast. See Debt instruments
    • issuance
    • options. See Listed equity options
    • securities
      • issuance
    • style
      • management
      • types
    • swaps
      • mechanics
    • tranche
  • Equity long/short
    • hedge funds
    • manager
    • strategies
  • Equivalent taxable yield
  • ERISA. See Employee Retirement Income Security Act
  • Esaki, Howard
  • Escrowed-to-maturity bonds
  • Estate taxes
  • ETCs. See Equipment trust certificates
  • ETFS. See Exchange-traded funds
  • ETFs. See Exchange-traded funds
  • Eurobonds
  • Eurodollar CDs (Euro CDs)
    • futures
  • Eurodollars
  • Europe Australasia and the Far East (EAFE) Index
  • European call options
  • European Monetary Union
  • European option
  • EVA. See Economic value added
  • Event-driven hedge funds
  • Evergreen
    • option
  • Excess cash flow
  • Excess interest
  • Excess servicing spread accounts
  • Excess spread
  • Exchange for futures for physicals (EFP)
  • Exchange rate risk
  • Exchangeable bond
  • Exchange-traded funds (ETFS/ ETFs/EFTs). See also Open ETFS
    • competitors
    • history/structure
    • options
    • products
    • taxes/tax efficiency
  • Exchange-traded futures options
  • Exchange-traded interest rate options
  • Exercise price
  • Exit plan. See Venture capitalists
  • Exotic options
  • Exotics
  • Expected price volatility
  • Expected return
  • Expense ratio
  • Expiration
    • cycle
    • date
  • Expiry date
  • Explicit costs. See Trading
  • Export-Import Bank of the United States
  • Exposure. See Passive exposure
  • Extended term insurance
  • Extendible reset bond
  • Extension risk
  • External cash flows
  • External credit enhancements

  • Fabozzi, Frank J.
  • Face value
  • Facility fee
  • Facility risk
  • Facility syndicating. See Loans
  • FACO. See Farm Credit Financial Assistance Corporation
  • Factor beta
  • Fair and orderly market
  • Fair value. See also Securities
  • Fallen angels
  • Fama, Eugene F.
  • Farm Credit Financial Assistance Corporation (FACO)
  • Farmers Housing Administration
  • Farrell, Jr., James L.
  • FAS. See Financial Accounting Standards
  • FAs. See Funding agreements
  • FASB. See Financial Accounting Standards Board
  • FCCR. See Fixed charge coverage ratio
  • Federal agency securities
  • Federal Agricultural Mortgage Corporation
  • Federal Aviation Act of 1958
  • Federal Family Education Loan Program (FFELP)
  • Federal Farm Credit Bank System (FFCBS)
  • Federal Farm Credit Banks
  • Federal Farm Credit Banks Funding Corporation (FFCBFC)
  • Federal Farm Credit System (FFCS)
  • Federal funds
    • futures contracts
    • rate
  • Federal Home Loan Bank System (FHLBank System)
  • Federal Home Loan Banks
  • Federal Home Loan Mortgage Corporation (FHLMC)
  • Federal Housing Administration (FHA)
  • Federal Intermediate Credit Banks
  • Federal National Mortgage Association (FNMA)
    • mortgage-backed security
    • Trust 2
  • Federal Reserve
    • banks
      • statistics
    • Board
    • formulation
  • Federal Reserve Bank of New York
    • Open Market desk
  • Federal Reserve Banks
  • Federal Reserve System
    • Board of Governors
  • Federal Savings and Loan Insurance Corporation (FSLIC)
  • Federally related institutions
  • Fee-based financial advisors
  • Feeder fund
  • Feldstein, Sylvan G.
  • FFCBFC. See Federal Farm Credit Banks Funding Corporation
  • FFCBS. See Federal Farm Credit Bank System
  • FFCS. See Federal Farm Credit System
  • FFELP. See Federal Family Education Loan Program
  • FHA. See Federal Housing Administration
  • FHLBank System. See Federal Home Loan Bank System
  • FHLMC. See Federal Home Loan Mortgage Corporation
  • FICO. See Financing Corporation
  • FIFO. See First-in first-out
  • Filings. See 8-K filing; 10-K filing; 10-Q filing
  • Fill or kill order
  • Filter rules, simplification
  • Finance charge allocations
  • Financial Accounting Concept 1
  • Financial Accounting Standards Board (FASB)
  • Financial Accounting Standards (FAS), Statement
  • Financial advisors. See Fee-based financial advisors
  • Financial assets
  • Financial covenants
  • Financial information, sources
  • Financial Institutions Reform Recovery and Enforcement Act (FIRREA)
  • Financial instruments
    • overview
    • purchase, funds (borrowing)
    • valuation
  • Financial markets
    • classification
    • collateralized borrowing
    • role
  • Financial service companies, prepared information
  • Financial statement data
    • prior years' data, restatement
    • usage, issues
  • Financial statements
  • Financial Times, 141
  • Financials, managed futures
  • Financing. See Mezzanine financing
    • cost, determination
    • steps. See Venture capital
  • Financing Corporation (FICO) scores
    • scoring system
  • Firm effect. See Neglected firm effect; Small-firm effect
  • FIRREA. See Financial Institutions Reform Recovery and Enforcement Act
  • First and general mortgage bonds
  • First and refunding mortgage bonds
  • First call date
  • First loan tranche
  • First loss piece
  • First mortgage bonds
  • First refunding mortgage bonds
  • First-in first-out (FIFO)
    • accounting
    • basis
  • Fisher, Jeffrey
  • Fixed annuities
  • Fixed charge coverage ratio (FCCR)
  • Fixed Income Funds (Nuveen Investments)
  • Fixed periodic premiums
  • Fixed-charge coverage test
  • Fixed-for-floating rate swaps
  • Fixed-income arbitrage
  • Fixed-income index funds
  • Fixed-income instruments
  • Fixed-income investors
  • Fixed-income managers
  • Fixed-income portfolio managers
  • Fixed-income products
  • Fixed-rate ABS, floating-rate ABS (contrast)
  • Fixed-rate coupons
  • Fixed-rate debt
  • Fixed-rate level-payment fully amortized mortgage
  • Fixed-rate options
  • Fixed-rate payer
  • Fixed-rate preferred stock
  • Fixed-rate receiver
  • Fixed-rate Treasury notes
  • FLexible EXchange (FLEX) Option
  • Flexible periodic premiums
  • Flexible premium deferred annuity (FPDA)
  • FLIRB
  • Floating coupons
  • Floating-rate ABS contrast. See Fixed-rate ABS
  • Floating-rate autos
  • Floating-rate bond
  • Floating-rate coupon
  • Floating-rate debt
  • Floating-rate revolving loan
  • Floating-rate securities
  • Floors
  • Flow of Funds report
  • Flow-of-funds structure.
    • See also Revenue bonds
  • FNMA. See Federal National
    • Mortgage Association
  • Focardi, Sergio
  • Folio baskets
  • Forced savings
  • Foreclosure
  • Forward contracts
    • package
  • Forward rate agreements (FRAs)
  • Forward-looking estimates
  • Foundations
  • Fourth market
  • FPDA. See Flexible premium deferred annuity
  • Franchise-loan backed securities
    • major sectors
    • risk considerations
    • security characteristics
  • FRAs. See Forward rate agreements
  • Fredman, Albert J.
  • FSLIC. See Federal Savings and Loan Insurance Corporation
  • Full service brokers
  • Full vote
  • Fund of funds. See Hedge fund of funds; Venture capital fund of funds
  • Fundamental analysis, technical analysis (contrast)
  • Fundamental analysis-based strategies
  • Fundamental long/short hedge funds
  • Fundamental security analysis
  • Funding agreements (FAs)
  • Funding leg
  • Funding premium
  • Funds
    • borrowing. See Financial instruments
    • cap. See Available funds cap; Net funds cap
  • Fung, William
  • Future value (FV)
  • Futures. See Managed futures; U.S. Treasury bills; U.S. Treasury bonds; U.S. Treasury notes
    • contracts. See also Agency note futures contract; Federal funds; Long-term municipal bond index futures contract; Nearby futures contract; Swaps
      • valuation
    • contrast. See Options
    • earnings growth
    • features
    • market. See Government-sponsored enterprises
    • options
    • position
    • price
    • pricing. See Stocks
  • FV. See Future value

  • GAAP. See Generally Accepted Accounting Principles
  • GACs. See Guaranteed annuity contracts
  • Gamma
  • GAO. See U.S. General Accounting Office
  • GARCH. See Generalized autoregressive conditional heteroscedasticity
  • GARP. See Growth at a reasonable price
  • Gastineau, Gary L.
  • General account products
    • separate account products, contrast
  • General and refunding (G&R) mortgage bonds
  • General collateral repo rate
  • General market names
  • General obligation debt. See also Unlimited tax general obligation debt
  • General purpose credit cards
  • General Services Administration
  • Generalized autoregressive conditional heteroscedasticity (GARCH)
  • Generally Accepted Accounting Principles (GAAP)
  • Geometric linking
  • Geometric mean return
  • GICs. See Guaranteed investment contracts
  • Gilberto, Michael
  • GKO market
  • Global macro hedge funds
  • Global Master Repurchase Agreement
  • Goetzmann, William
  • Goldman, Sachs & Co.
  • Good till canceled order
  • Gottschalk, Jr., Earl C.
  • Government agencies, prepared information
  • Government National Mortgage Association (GNMA)
    • futures contract
    • mortgage passthrough security
    • rate
  • Government sponsored agency instruments
  • Government-sponsored enterprises (GSEs)
    • debt collateral, repo transactions market
    • description
    • futures market
    • issuance platforms. See Programmatic GSE issuance platforms
    • securities
      • description
      • types/features
  • GovPX
  • G&R. See General and refunding
  • Grace period
  • Grace, W.R.
  • Graham, Benjamin
  • Grant, James L.
  • Gross Domestic Product (GDP)
  • Gross Treasury issuance
  • Gross WAC (GWAC)
  • Groups. See Sponsor group concept
  • Growth at a reasonable price (GARP)
  • Growth rate. See also Cumulative growth rates
  • Gruber, Martin J.
  • GSEs. See Government-sponsored enterprises
  • Guaranteed annuity contracts (GACs)
  • Guaranteed cash value buildup
  • Guaranteed investment contracts (GICs). See also Separate-account GICs; Synthetic GICs
    • alternatives
    • usage
  • Guaranteed life insurance
  • Guardian Life Insurance Company
  • GWAC. See Gross WAC

  • Haircut
  • Hard dollars
  • Hard puts
  • Harris, Guy
  • Harrison, M.
  • Health care revenue bonds
  • Health maintenance organizations (HMOs)
  • Healthcare properties
  • Hedge fund of funds
  • Hedge Fund Research Inc. (HFRI)
  • Hedge funds. See also Arbitrage; Equity; Event-driven hedge funds; Global macro hedge funds; Market neutral hedge funds; Short selling
    • fees
    • inclusion, question. See Investment
    • industry, graphical presentation
    • investing. See Opportunistic hedge fund investing
    • investment
      • objective
      • process
      • strategic review
      • strategy
    • list
    • organization
    • performance
      • persistence
      • review
    • regulation
    • statistical data
    • strategies
  • Hedge funds manager. See also Quantitative equity long/short hedge fund managers
    • administrative review
    • advisory committee
    • benchmark
    • civil/criminal/regulatory action
    • competitive advantage
    • due diligence
    • intelligence
    • investment
      • ideas
      • process
      • securities
      • strategy, capacity
      • style
    • legal review
    • organization
    • ownership
    • portfolio position
    • questions
    • reference checks
    • registration, documentation
    • selection
    • service providers
    • structural review
  • Hedges, real estate (usage). See Infiation
  • Hedging
    • situations
  • HEL. See Home equity loan
  • HELOCs
  • HFRI. See Hedge Fund Research Inc.
  • HIC. See Hold-in-custody
  • High equity-like returns
  • High water mark
  • High watermark
  • Higher education revenue bonds
  • High-expected return stocks
  • High-yield bonds
  • High-yield corporate bonds
  • High-yield corporate deals
  • High-yield issuance
  • HIPs
  • Hit-and-take system
  • HMOs. See Health maintenance organizations
  • Ho, Michael Y.
  • Hold-in-custody (HIC) repo
  • HOLding Company Depository Receipts (HOLDRs)
  • Holding period
  • HOLDRs. See HOLding Company Depository Receipts
  • Hold/sell decision
  • Home equity loan (HEL). See also Closed-end HELs
    • floaters
    • HEL-backed securities. See Closed-end home equity loan-backed securities; Open-end home equity loan-backed securities
    • transactions
  • Home equity loan-backed securities
  • Hotels
  • Housing Finance Agency
  • Housing revenue bonds
  • Hsieh, David
  • Hube, Karen
  • Hudson-Wilson, Susan
  • Hurdle rate

  • IASC. See International Accounting Standards Committee
  • Ibbotson, Roger
  • Idiosyncratic risk
  • ILFs. See Independent living facilities
  • IMF. See International Monetary Fund
  • IMM. See International Monetary Market
  • Immediate annuity
  • Impact costs
  • Implied funding rate
  • Implied repo rate
  • In the money (ITM)
  • In-and-out trade
  • Incentive structures. See Collateralized debt obligations
  • Income distribution
  • Income per capita criterion
  • Indentures. See also Blanket indenture; Openended indenture
  • Independent floor brokers
  • Independent living facilities (ILFs)
  • Index amortizing swap
  • Index arbitrage
  • Index funds. See also Fixed-income index funds
  • Index futures, pricing. See Stocks
  • Index options
  • Index participation shares (IPS)
  • Index swap
  • Indexed portfolio, construction
  • Indexing
  • Individual investors
  • Individual retirement accounts (IRAs)
  • Individually managed account
  • Industrial projects
  • Industry data
  • INEGI. See Instituto Nacional de Estadistica Geografia e Informatica
  • Infiation
    • hedge, real estate (usage)
    • rate. See Break-even infiation rate
    • risk
  • Infiation-indexed bonds
    • mechanics/measurement
  • Infiation-indexed securities
  • Infiation-indexed Treasury instruments
  • Infiation-sensitive investors
  • Information costs
  • Information Ratio (IR)
  • In-house management
  • Initial margin requirements
  • Initial public offering (IPO)
    • experience
    • seeking
    • status
    • structure
  • In-kind contributions
  • In-kind deposits
  • Inro, Daniel C.
  • Inside buildup
  • Insider activity, following
  • Insider Trading and Securities Fraud Enforcement Act of 1988
  • In-state issue
  • Institutional investors. See also Liability-driven institutional investors
    • compensation
    • trading arrangements
  • Institutional loans
  • Institutional term loan
  • Institutional trading
  • Instituto Nacional de Estadistica Geografia e Informatica (INEGI)
  • Insurance. See also Investment-oriented life insurance
    • companies. See also Mutual insurance company; Stock insurance company
      • nature
    • policy
    • portfolios
  • Insured bonds
  • Intellectual property rights
  • Interchange
  • Interdealer brokers
  • Interdealer market
  • Interdealer trading volume
  • Interest. See Compensating interest; Dollar; Excess interest; Simple interest; Taxexempt interest
    • coverage test
    • differential
    • expense
      • deductibility. See Municipal securities
    • payments
    • ratio. See Short interest ratio structure. See Shifting interest structure
  • Interest bearing accounts
  • Interest coverage test
  • Interest rate
    • caps
      • risk/return characteristics
    • derivatives
    • floors
      • risk/return characteristics
    • futures. See also Long-term instruments; Short-term instruments
    • options
    • risk
    • swaps
    • swaps, risk/return characteristics
  • Interest-on-interest potential
  • Interest-only (IO)
    • class
    • mortgage
    • securities
    • strips
  • Intermediate Government/Corporate Bond Index (Lehman Brothers)
  • Internal credit enhancements
  • Internal rate of return (IRR). See also Annualized IRR; Compound annual IRR
    • problems
  • Internal Revenue Code
  • Internal Revenue Service Code
  • International Accounting Standards Committee (IASC)
  • International Monetary Fund (IMF)
  • International Monetary Market (IMM)
  • International Swap and Derivatives Dealer (ISDA)
    • benchmark
    • credit default swap documentation
    • Credit Derivatives definitions
  • Intra-day NAV
  • Intra-day prices
  • Intra-day updates
  • Intrinsic value. See Options
  • Inverse floaters
  • Investable stocks
  • Investing. See Proprietary investing
    • advantages. See Mutual funds
    • fundamentals
    • private equity form
    • risks. See also Distressed debt
    • skill-based style
  • Investment. See Real estate
    • accounts, withdrawal
    • advisor. See also Registered Investment Advisors
    • advisory fee
    • characteristics. See Convertible bonds
    • companies
      • types
    • contracts
    • cost
    • execution. See Real estate fund
    • income
    • management
      • expenses, deductibility
    • manager
      • decisions, timing
      • performance
    • markets
    • objectives. See Hedge funds
      • setting
    • performance
    • policy, establishment
    • program, hedge funds inclusion (question)
    • returns, calculation
    • strategy. See Hedge funds diversification
    • styles, skill-based nature
    • types
    • universes, real estate (impact)
    • value
    • vehicles. See Venture capital
  • Investment Adviser’s Act of 1940
  • Investment Company Act of 1940
  • Investment-grade bonds
    • market
  • Investment-grade corporate deals
  • Investment-grade portfolio
  • Investment-grade status
  • Investment-oriented insurance
  • Investment-oriented life insurance
    • products
  • Investor interest
  • Investors. See Accredited investors; Fixed-income investors; Infiation-sensitive investors; Non-U.S. investors; Risk-sensitive investors; Risk-tolerant investors; Vulture investors
    • characteristics. See Real estate
    • decisions, timing
      • manager timing decisions, segregation
    • equity
    • mezzanine debt, advantage
    • real estate, relevance
  • Investors Business Daily, 141
  • Investors relation (IR)
  • Invoice price
  • Involuntary bankruptcy
  • IO. See Interest-only
  • IPO. See Initial public offering
  • IPS. See Index participation shares
  • IR. See Information Ratio; Investors relation
  • IRAs. See Individual retirement accounts
  • IRR. See Internal rate of return
  • Irrevocable line of credit
  • Irwin, Scott
  • ISDA. See International Swap and Derivatives Dealer
  • iShares Funds (Barclays Global Investors)
  • iShares MSCI Series
  • Issuers
    • full faith/credit
    • services
    • types
  • Issues, features
  • ITG Posit
  • ITM. See In the money

  • Jacobs, Bruce I.
  • Jaing, Christine X.
  • Jensen, Michael
  • Joint ventures
  • Jonas, Caroline
  • J.P. Morgan. See also Emerging Markets Bond Index
  • Junior subordinated notes
  • Junk bonds

  • Kappa
  • Kasapi, Andrew
  • Keim, Donald B.
  • Key person provisions
  • Kishore, Vellore M.
  • Kreps, D.
  • Kritzman, Mark
  • Krukemyer, Terry

  • Large cap
    • blend
    • investors
  • Large-denomination negotiable CDs
  • Lau, Sheila
  • LBOs. See Leveraged buyouts
  • LC. See Letter of credit
  • League tables
  • LEAPS. See Long-term Equity Anticipation Securities
  • Lee, Wayne Y.
  • Legal review. See Hedge funds manager
  • Legal/regulatory issues. See Venture capital
  • Lehman Aggregate Index
  • Lehman Brothers. See also Aggregate Bond Index; Corporate/Government bond index; Intermediate Government/Corporate Bond Index; U.S. Aggregate Index
  • Lehman Investment Grade Corporate Index
  • Lending rates
  • Letter of credit (LC)
    • fee
  • Letter of intent
  • Level loads
  • Level-premium term
  • Leverage
    • principles
    • short-term financing
    • usage
  • Leveraged build-up
  • Leveraged buyouts (LBOs)
    • fund
      • design
      • fees
      • structures
    • impact. See Operating efficiency
    • risks
    • studies
    • target companies
    • theoretical example
    • turnaround strategies
    • value creation, process
  • Leveraged fallouts
  • Leveraged loans
    • pricing
  • Levy, Kenneth N.
  • L'Heureux, Steven
  • Li, Kai
  • Liability-driven institutional investors
  • Liability-driven objectives
  • Liang, Bing
  • LIBID. See London Interbank Offered Rate
  • Life insurance. See Cash value life insurance; Investment-oriented life insurance; Single-premium life insurance
    • contract
    • overview. See Cash value whole life insurance
    • policy
    • taxability
    • uses
  • Life Insurance Marketing and Research Association (LIMRA)
  • LIFFE. See London International Financial Futures Exchange
  • LIFO
  • Limit order
    • book
  • Limited ad valorem tax debt
  • Limited documentation loan
  • Limited liability companies (LLCs)
  • Limited partnerships
  • LIMRA. See Life Insurance Marketing and Research Association
  • Lin, YuChen
  • Line of credit. See Irrevocable line of credit; Revolving line of credit
  • Liquidity. See also Periodic liquidity
    • constraint
    • risk
  • Listed equity options
  • OTC equity options, contrast
  • Listed options, features
  • Listed stocks
  • Listing requirements
  • Living benefits
  • LLCs. See Limited liability companies
  • Loans
    • definition. See Syndicated loan
    • facility syndicating
    • maturity
    • size
    • structuring
    • syndicating
  • Loans/average size, number
  • Loan-to-value (LTV)
    • program. See 125 LTV
    • ratio
  • Local credits
  • Local levels, tax treatment
  • Lockout period
  • Lockups
  • London Guildhall University
  • London Interbank Offered Rate (LIBOR)
    • 1-month
    • 3-month
      • difference
      • rate
      • receipt
    • 6-month
    • bid rate (LIBID)
    • exchange
    • floaters
    • funding
    • LIBOR-based payments
    • LIBOR-based return
    • LIBOR-indexed assets
    • LIBOR-linked coupon
    • link
    • margin
    • payment
    • rates
    • spread
  • London International Financial Futures Exchange (LIFFE)
  • Long futures
  • Long Term Capital Management (LTCM)
  • Long-only managers
  • Long/short hedge funds. See Equity long/short
    • managers
  • Long/short positions, value
  • Long-short strategy. See also Market
  • Long-term bonds, sale
  • Long-term capital gains, deferral
  • Long-term capital projects
  • Long-term care
  • Long-term Equity Anticipation
  • Securities (LEAPS)
  • Long-term instruments, interest rate futures
  • Long-term municipal bond index futures contract
  • Long-term OTC agreements
  • Losses
    • allocation methods
    • occurrence
    • passthrough
  • Low-basis stock, tax impact
  • Low-expected return stocks
  • LTCM. See Long Term Capital Management
  • LTV. See Loan-to-value
  • Lucas, Gerald

  • Ma, Cindy
  • M&A transactions
  • Maastricht hurdles
  • MacPherson, Art
  • Macroeconomic diversification
  • Madhavan, Ananth
  • Mahoney, Christopher
  • Maintenance margin
  • Maintenance test
  • Managed accounts
  • Managed futures. See also Agricultural commodities; Currency; Energy markets; Financials; Metals markets
    • downside risk protection. See Bonds; Stocks
    • history
    • industry
    • basics
    • prior empirical research
    • return distributions
  • Management
    • character fee
    • restrictions
    • structures
  • Management discussion and analysis (MDA)
  • Managers
    • applications. See Portfolios timing decisions. See Investment
      • segregation. See Investor decisions
    • Mandate, winning
    • Mandatory collateral substitution
    • Mandatory prepayments
    • Mann, Steven V.
    • Manufactured housing (MH)
      • loans
      • units
    • Manufactured housing-backed securities
    • Margin. See also Repurchase agreements
      • requirements. See also Initial margin requirements
      • transactions
    • Maritime Administration
    • Marked-to-market
      • value
    • Market. See Fair and orderly market; Primary markets; Secondary markets
      • anomaly strategies
      • bonds, selling
      • cap
      • capitalization
      • conventions
      • conversion price
      • debt. See Emerging markets debt
      • discount cutoff price
      • maker. See Credit
      • portfolio
      • rates. See Short-term market rates
      • risk
        • exposure
    • sectors, exposure
    • timers
    • timing
      • strategies
    • transparency
  • Market if touched order
  • Market neutral hedge funds
  • Market neutral long-short strategy
  • Market neutral managers
  • Market neutral strategy
  • Market value
    • transactions
      • rating process
  • Market value adjusted (MVA) annuities
  • Market value at the beginning (MVB)
    • calculation
  • Market value at the end (MVE)
    • calculation
  • Market XT
  • Market-at-close
  • Markowitz diversification
  • Markowitz, Harry M.
  • Mass customization
  • Master note trust
  • Master owner trust (MOT) structures
  • Master servicers
  • Master trust. See Nonsocialized master trust
    • structure
  • Master trusts/funds
  • Material adverse change
  • Mathieson, Donald J.
  • Maturity
    • restrictions
    • structure. See also Serial maturity structure; Term maturity structure
    • value
  • McCarthy, David
  • MDA. See Management discussion and analysis
  • M&E charges
  • Meador, Joseph
  • MEC. See Modified Endowment Contract
  • Medium-term notes (MTNs)
  • Mengden, Anne
  • Merger arbitrage
  • Merrill Lynch
    • High Yield Index
    • Merchant Banking Group
    • Mortgage Index
  • Metals markets, managed futures
  • Mezzanine bonds
  • Mezzanine debt
    • advantage. See Investors
    • board representation
    • borrower restrictions
    • fund
    • payment priority
    • repayment schedule
  • Mezzanine financing
  • Mezzanine funds
  • Mezzanine tranches
  • MH. See Manufactured housing
  • Mid-Cap SPDRs
  • Middle-of-the-road stocks
  • Midwest Exchange
  • Mini contracts, introduction
  • MIP. See Monthly Investment Plan
  • Mixed asset portfolio, real estate
  • MLMI. See Mount Lucas Management Index
  • Modern portfolio theory (MPT)
  • Modified Dietz return
  • Modified Endowment Contract (MEC)
  • Money at risk
  • Money market equivalent yield
  • Money market instruments
  • Money, time value
  • Money weighted return (MWR)
  • Monthly cash flow construction, example
  • Monthly Investment Plan (MIP)
  • Monthly payment rate
  • Moody’s Investors Service
    • loss curve
    • rate
  • Moos, Jeanne
  • Moral obligation bonds
  • Morgan Stanley
  • Morgan Stanley Capital International (MSCI)
    • Series. See iShares MSCI Series
  • Morgan Stanley Dean Witter
  • Mortality expense
  • Mortgage passthrough securities
  • Mortgage swaps
    • applications
    • disadvantages
    • features
    • structure
    • valuation
  • Mortgage-backed arbitrage
  • Mortgage-backed securities (MBSs). See also Agency MBS; Agricultural MBS; Commercial MBS; Nonagency MBS; Stripped MBS
    • arbitrage
  • Mortgages. See also Adjustable-rate mortgages; Balloon mortgages; Fixedrate level-payment fully amortized mortgage
    • bonds. See Utility mortgage bonds
    • debt
    • leg
    • products. See Real estate
    • rate
    • types
  • Most distant futures contract
  • MOT. See Master owner trust
  • Mount Lucas Management Index (MLMI)
  • Moving averages
  • MPT. See Modern portfolio theory
  • MSCI. See Morgan Stanley Capital International
  • MTNs. See Medium-term notes
  • Mulligan, John
  • Mullins, Jr., David W.
  • Multi-currency options
  • Multi-factor asset pricing models
  • Multifamily housing
    • revenue bonds
  • Multifamily mortgages
  • Multiple period returns, calculation
  • Multiple share classes
  • Municipal bonds. See Bankbacked municipal bonds; Pre-refunded municipal bonds
    • index futures contract. See Long-term municipal bond index futures contract
    • yields
  • Municipal derivative securities
  • Municipal market, yield spread relationships
  • Municipal notes
  • Municipal securities. See also Taxable municipal securities; Tax-exempt municipal securities
    • acquisition, interest expense deductibility
    • tax provisions, effect
    • types
  • Murray, Roger F.
  • Mutual funds. See also No-load mutual funds; Open-end mutual funds; Retail mutual funds
    • alternatives
    • family, concept
    • industry, changes
    • investing, advantages
    • NAV
    • purchasing costs, changes
    • regulation
    • sales charges
    • structure
    • taxation
    • types, investment objectives
    • usage
    • withdrawals
  • Mutual insurance company
  • Mutual-fund-type structure
  • MVA. See Market value adjusted
  • MVB. See Market value at the beginning
  • MVE. See Market value at the end
  • MWR. See Money weighted return

  • NAIC. See National Association of Insurance Commissioners
  • NAICS. See North American Industry Classification System
  • Nammacher, Scott A.
  • NAREIT. See National Association of Real Estate Equity Trusts; National Association of Real Estate Investment Trusts
  • NAS. See Non-accelerated senior
  • NASD. See National Association of Securities Dealers
  • NASDAQ. See National Association of Securities Dealers Automated Quotations
  • National Association of Insurance Commissioners (NAIC)
  • National Association of Real Estate Equity Trusts (NAREIT)
  • National Association of Real Estate Investment Trusts (NAREIT)
  • National Association of Securities Dealers Automated Quotations (NASDAQ)
    • 100 Index Tracking Stock
    • 100 Trust
    • Composite Index
    • markets
    • National and Small Capitalization OTC markets
    • National Market (NNM)
    • stock market
    • tracking
  • National Association of Securities Dealers (NASD)
  • National Council of Real Estate Investment Fiduciaries (NCREIF)
    • Property Index
  • National Futures Association (NFA)
  • National Securities Markets Improvement Act of 1996
  • Nationally recognized statistical rating organizations (NRSROs)
  • NAV. See Net asset value
  • Nearby futures contract
  • Negative covenants
  • Negative pledge clauses
  • Neglected firm effect
  • Nelken, Izzy
  • Net asset value (NAV). See also Intraday NAV; Mutual funds
    • calculation
    • discounts
  • Net cost of carry
  • Net coupon
  • Net funds cap
  • Net inflow (NIF)
  • Net interest
  • Net operating income (NOI)
  • Net outflow (NOF)
  • Net WAC
  • Networks. See Electronic communications networks
    • crossing
  • New York Board of Trade (NYBOT)
  • New York Coffee Sugar and Cocoa Exchange
  • New York Cotton Exchange
  • New York Mercantile Exchange (NYMEX)
  • New York Stock Exchange (NYSE)
    • Composite Index
    • Rule
  • NexTrade
  • NFA. See National Futures Association
  • NIF. See Net inflow
  • Nikkei
    • Index
  • NNM. See National Association of Securities Dealers Automated Quotations
  • No documentation loan
  • NOF. See Net outflow
  • NOI. See Net operating income
  • No-load mutual funds
  • Nominal bond
  • Nominal rate
  • Nominal yield
  • Non-accelerated senior (NAS) bonds. See also Super-NAS bonds
    • comparison. See Super NAS bonds
    • profile
    • structural development
  • Non-accelerated senior (NAS)
    • percentage. See Deal
  • Nonaccrual tranches
  • Nonagency CMO
  • Nonagency MBS
    • structural analysis
  • Nonagency security
  • Nonamortizing assets, contrast. See Amortizing assets
  • Noncall period
  • Non-commercial bidders
  • Non-competition agreements
  • Noncompetitive bids
  • Nonconforming loan
  • Noncumulative preferred stock
  • Non-disclosure agreements
  • Non-experienced-rated contracts
  • Non-forfeiture options
  • Non-index exposure. See Opportunistic non-index exposure
  • Noninvestment-grade bonds
  • Nonlinear dynamic models
  • Non-MEC
  • Nonparticipating preferred stock
  • Non-primary dealers
  • Non-prime loans
  • Non-real estate ABS
    • review
  • Non-real estate assets
  • Non-real estate factors
  • Non-Seasonally Adjusted AllUrban Consumer Price Index (NSA CPI-U)
  • Non-senior classes
  • Nonsocialized master trust
  • Non-transaction fee program
  • Non-underwriting capacity
  • Non-U.S. auditors
  • Non-U.S. companies, accounting standards
  • Non-U.S. investors
  • Non-U.S. reporting entities
  • Norris, Floyd
  • North American Industry Classification System (NAICS)
  • Notification date
  • Notional amount. See also Default swap contract
  • Notional principal
  • NRSROs. See Nationally recognized statistical rating organizations
  • NSA CPI-U. See Non-Seasonally Adjusted All-Urban Consumer Price Index
  • Nuveen Investments. See Fixed Income Funds; Selected Equity Index Funds
  • NYBOT. See New York Board of Trade
  • NYMEX. See New York Mercantile Exchange
  • NYSE. See New York Stock Exchange

  • Oaktree Capital
  • OAS. See Option-adjusted spread
  • OCC. See Options Clearing Corporation
  • Odd lots
  • Off-balance sheet
    • activity
    • instruments
  • Office buildings
  • Office of Management and Budget (OMB)
  • Office space
  • Official statements
  • Off-the-run bonds
  • Off-the-run securities
  • O'Glove, Thornton L.
  • OID. See Original-issue discount
  • OMB. See Office of Management and Budget
  • On-balance sheet elements
  • O'Neal, Edward S.
  • One-off premium
  • On-the-run Treasury bonds
  • Open ETFS
  • Open order
  • Open-end funds
  • Open-end home equity loanbacked securities
  • Open-end mutual funds
  • Open-ended funds
  • Open-ended indenture
  • Open-ended mortgage
  • Operating efficiency, LBO impact
  • Operating expenses. See also Annual operating expenses
  • Operation and maintenance fund
  • Opportunistic hedge fund investing
  • Opportunistic non-index exposure
  • Opportunity costs
  • Optimark
  • Optimizer
  • Option-adjusted spread (OAS)
  • Optionality
  • Options. See also Listed equity options; Over-theCounter
    • contract
    • futures, contrast
    • intrinsic value
    • premium
    • price
    • pricing models
    • purchase. See Call options; Put options
    • risk/return characteristics
    • time value
    • trading
    • value
    • writing. See Call options; Put options
  • Options Clearing Corporation (OCC)
  • Options on physicals. See Physicals
  • Options price
    • components
    • factors
    • sensitivity
  • Orders
    • flow, payment
    • types
  • Order-submission process
  • Original-issue discount (OID)
    • bond
    • treatment
  • OTC. See Over-the-Counter
  • OTCBB. See Over-the-Counter Bulletin Board
  • OTM. See Out of the money
  • Out of sample test
  • Out of the money (OTM)
  • Out-of-state issues
  • Overcollateralization
  • Overnight money
  • Over-the-Counter Bulletin Board (OTCBB)
  • Over-the-Counter derivatives
  • Over-the-Counter (OTC)
    • agreements. See Long-term OTC agreements
    • equity
      • derivatives
      • options, contrast. See Listed equity options
  • execution desk
  • instruments
  • listing
  • market. See also National Association of Securities Dealers Automated Quotations
  • options
    • first generation
    • second generation
    • orders
    • products
    • stocks
    • trading

  • PAC. See Planned amortization class
  • Pacific Coast Exchange
  • Paid up additions (PUAs)
  • Pappadopoulos, George
  • Par value
    • test
  • Parallel yield curve assumption
  • Parental Loans for Undergraduate Students (PLUS)
  • Pari passu
    • claim. See Cash flows
    • treatment
  • Paris Club
  • Park, James
  • Parsley, Diane
  • Participating policies
  • Participating preferred stock
  • Participation certificate (PC)
  • Participations
  • Partnerships. See Limited partnerships
  • Passive exposure
  • Passive portfolio strategy
  • Passthrough coupon rate
  • Passthrough structure, paythrough structure (contrast)
  • Paydown structures
  • Payers, swaptions
  • Payment. See Prepayments
    • priority. See Mezzanine debt
    • structure. See Closed-end home equity loan-backed securities
    • willingness
  • Payment-in-kind (PIK) bonds
  • Payment-to-income (PTI) ratio
  • Paythrough structure
    • contrast. See Passthrough structure
  • P/B. See Price-to-book value per share
  • PC. See Participation certificate
  • Pension
    • benefits
    • funds
    • investments. See Stable-value pension investments
  • Percent of bonds clean-up call provision
  • Percent of collateral call
  • PERCS. See Preferred Equity Redemption Cumulative Stock
  • Performance. See Investment; Portfolios
    • evaluation
    • measurement. See Real estate
    • persistence. See Hedge funds
  • Periodic liquidity
  • Periodic return
  • Periods. See Subperiods
    • compression
    • division
  • Peters, Carl C.
  • Philadelphia Stock Exchange
  • Physicals, options
  • PIK. See Payment-in-kind
  • Pink Sheets
    • stocks
  • Plain English Disclosure
  • Plain vanilla equity swap
  • Planned amortization class (PAC)
    • structure
    • tranches
  • Planner-selected securities
  • Pledge clauses. See Negative pledge clauses
  • Plexus Group
  • Plotnick, Lisa
  • PLUS. See Parental Loans for
  • Undergraduate Students
  • PO. See Principal-only
  • Policy loan
  • Political considerations
  • Pool
    • balance
    • factor
    • insurance
    • risk
    • trades. See specified pool trades
  • Pooled funds. See Stable-value pooled funds
  • Portable expertise
  • Portfolios. See also Dedicated portfolios; Investment-grade portfolio; Market
    • considerations
    • construction. See also Active portfolio; Indexed portfolio
    • diversification. See Credit
    • diversifier, real estate (impact)
    • issues
    • management. See also Collateralized debt obligations; Stable-value portfolio
      • overview. See Active portfolio; Common stock
    • managers
      • applications
    • monitoring
    • performance
    • position. See Hedge funds manager
    • returns, enhancement
    • strategy. See Passive portfolio strategy
      • selection
    • structure, feature
    • trading
    • yield
  • POSIT
  • Position Statement
  • Position limits
  • Potter, Mark
  • PPC. See Prospectus prepayment curve
  • PPMs. See Prepayment penalty mortgages
  • PPR
  • PPR REI
  • Preferred Equity Redemption Cumulative Stock (PERCS)
  • Preferred Redeemable Increased Dividends Equity Securities (PRIDES)
  • Preferred securities. See Trust originated preferred securities
  • Preferred stock. See also Adjustable-rate preferred stock; Convertible preferred stock; Dutch auction preferred stock; Fixed-rate preferred stock; Nonparticipating preferred stock; Participating preferred stock; Remarketed preferred stock
    • contrast. See Common stock
    • financing
    • issuance
    • ratings
    • types
  • Pre-packaged bankruptcy
  • Prepayment penalty mortgages (PPMs)
  • Prepayments. See also Auto loan-backed
    • securities; Mandatory pre-payments
    • behavior, factors
    • benchmark. See Public Securities Association
    • conventions
    • fees
    • penalties
    • rate
    • risk
    • tranching
  • Prerefunded municipal bonds
  • Present value (PV)
  • Price. See Call price; Put price
    • discovery process
    • limits
    • quotes. See U.S. Treasury bills
    • sensitivity
    • trading, relationship
    • volatility. See also Expected price volatility
    • volume, relationship
  • Price of the underlying
  • Price-earnings (price/earnings)
    • effect, reduction
    • ratio
      • reduction
  • Price-to-book value per share (P/ B) ratio
  • Pricing. See Leverage loans
  • Pricing efficiency. See Stock market
  • PRIDES. See Preferred Redeemable Increased Dividends Equity Securities
  • Primary dealers
  • Primary markets
  • Primary trend
  • Prime borrowers. See also Sub-prime borrowers
  • Prime CDs
  • Prime market
  • Prime rate
  • Principal. See also Notional principal
    • collections
  • Principal cash flow, distribution
  • Principal-only (PO)
    • class
    • price
    • securities
  • Prior operating history. See Venture capitalists
  • Private commercial real estate equity/debt
  • Private commodity pools
  • Private debt, investment characteristics
  • Private equity. See also Debt
    • distressed debt, conversion
    • investments
      • characteristics
    • market, hold/sell
    • recycling, distressed debt (usage)
  • Private Export Funding Corporation
  • Private label CMBS
  • Private label credit cards
  • Private REITs
  • Process risk
  • Profit/loss profile
  • Program trades
  • Programmatic GSE issuance platforms
  • Property
    • clause, release/substitution
    • rights. See Intellectual property rights
    • type
  • Proprietary investing
  • Prospectus
  • Prospectus prepayment curve (PPC)
  • Protection-buyer
  • Protection-seller
  • Proxy
    • statements
    • value
  • PSA. See Public Securities Association
  • PTI. See Payment-to-income
  • PUAs. See Paid up additions
  • Public commercial real estate debt
  • Public commodity pools
  • Public credit enhancement programs, support. See Debt
  • Public debt
  • Public equity, investment characteristics
  • Public orders
  • Public real estate equity
  • Public Securities Association (PSA)
    • prepayment benchmark
    • speed
  • Purchasing power risk
  • Pure growth stocks
  • Pure life insurance contract
  • Pure value stocks
  • Put options
    • purchase
    • writing
  • Put price
  • Put provisions
  • Put-call parity relationship
  • Puts. See Hard puts; Soft puts

  • QIDS. See Quarterly Income Debt Securities
  • QQQs
    • position
  • QSRs. See Quick service restaurants
  • Quality option
  • Quality tests. See also Cash flows
  • Quantitative equity long/short hedge fund managers
  • Quarterly Income Debt Securities (QIDS)
  • Quasi-sovereign
  • Quek, Timothy
  • Quick service restaurants (QSRs)
  • Quotations
  • Quoting conventions. See U.S. Treasury coupon securities

  • Railroads. See Equipment trust financing
  • Ramp-up period
  • RANs. See Revenue anticipation notes
  • Rate reduction bonds (RRBs)
    • enhancement levels
    • risks
    • structure
  • Rating agencies
    • considerations. See Credit card receivables
  • Rating symbols. See Corporate bonds
  • Rating transition matrix
  • RC. See Revolving credit
  • Real duration
  • Real estate. See Mixed asset portfolio
    • absolute return enhancer
    • assets
    • debt/equity hybrid
    • impact. See Investment; Portfolios; Risk
    • investment
      • characteristics
      • execution
    • investors, characteristics
    • issues, overview
    • mortgages. See Commercial real estate mortgages
      • products
    • performance
      • measurement
    • relevance. See Investors
    • usage. See Infiation
    • valuation
    • values, disappearance
  • Real estate investment trusts (REITs). See also Private REITs
    • usage
  • Real Estate Operating Company (REOC)
  • Real estate-backed ABS
  • Real estate-backed securities
    • collateral. See Residential real estate-backed securities
    • understanding
  • Real yield
  • Realized capital appreciation
  • Reconstitution
  • Recouponing
  • Recovery statistics
  • Redemptions
    • fee
    • request
    • value
  • REDI Book
  • Reduced paid up
  • REFCORP. See Resolution Funding Corporation
  • Reference Bills
  • Reference Notes
  • Reference rates
  • Refinancing risks
  • Refunded bonds
  • Refunding provisions
  • Registered Investment Advisors (RIAs)
  • Registered traders
  • Registration statement
  • Regulated investment company (RIC)
  • Regulatory actions. See Hedge funds manager
  • Regulatory management
  • Reid, Brian
  • Reinvestment period
  • Reinvestment risk
  • REITs. See Real estate Investment trusts
  • Relative strength
  • Relative value arbitrage
  • Release provision
  • Remarketed preferred stock
  • Renewal and replacement fund
  • Renewal period
  • Rentzler, Joel
  • REOC. See Real Estate Operating Company
  • Reopenings
  • Repayment schedule. See Mezzanine debt
  • Repurchase agreements (Repos). See also Callable repo; Reverse repo; Synthetic repo
    • basics
    • documentation
    • interest
    • margin
    • market, jargon
    • rate. See General collateral repo rate
      • determinants
  • short position, covering
  • transactions
    • market. See Governmentsponsored enterprises
  • Required minimum distribution (RMD) rules
  • Reserve funds. See also Cash reserve funds
  • Reserve maintenance fund
  • Reset period
  • Residential real estate-backed securities, collateral
  • Residual Option Certificates (ROCs)
  • Residual Option Longs (ROLs)
  • Residual risk
  • Resolution Funding Corporation (REFCORP)
  • Resolution Trust Corporation (RTC)
    • deals
  • Retail centers
  • Retail investors, trading arrangements
  • Retail mutual funds
  • Retail real estate
  • Retail stock trading
  • Return on investment (ROI)
  • Returns. See Absolute return; Arithmetic mean return; Cumulative returns; Dollar; Expected return; Geometric mean return; High equity-like returns; Internal rate of return; Modified Dietz return; Money weighted return; Periodic return; Time weighted return
    • annualizing
    • attribution
    • calculation. See Investment; Multiple period returns; Subperiods
    • components. See Single period returns
    • distributions. See Managed futures
    • enhancements. See Portfolios
    • enhancer. See Real estate
    • management
    • rate
      • single period. See Single period
    • swaps, total return
    • time, accounting
    • transference
    • volatility
  • Revenue anticipation notes (RANs)
  • Revenue bonds. See also Health care revenue bonds; Higher education revenue bonds; Housing revenue bonds; Support revenue bonds; Transportation revenue bonds; Utility revenue bonds
    • flow-of-funds structure
  • Revenue growth
  • Revenue Reconciliation Act of 1993
  • Reverse floaters
  • Reverse repo
  • Revolving credit (RC)
  • Revolving line of credit
  • Revolving period. See also Auto loan-backed securities
  • Revolving structure
  • Reward-to-risk ratio
  • RHS. See Rural Housing Service
  • RIAs. See Registered Investment Advisors
  • RIC. See Regulated investment company
  • Rising floor DB
  • Risk. See Bonds; Borrower; Call risk; Credit; Currency; Exchange rate risk; Infiation; Interest; Investing; Liquidity; Prepayments; Purchasing power risk; Reinvestment; Total risk
    • adjustment
    • contrast. See Systematic risk
    • definition
    • management
      • conceptual issues
    • managers
    • measures
    • officer
    • premium
    • reducer, real estate (impact)
    • review
    • transference
  • Risk-based capital charges
  • Risk-based capital requirements
  • Risk-free arbitrage
    • arguments, usage
    • profits
  • Risk-free benchmark security
  • Risk-free profit
  • Risk-free rate
  • Risk/return
    • characteristics
    • profile. See Convertible bonds
  • Risk-sensitive investors
  • Risk-tolerant investors
  • RJR Nabisco Holdings
  • RMD. See Required minimum distribution
  • ROCs. See Residual Option Certificates
  • ROI. See Return on investment
  • Rollover
  • ROLs. See Residual Option Longs
  • RRBs. See Rate reduction bonds
  • R-squared
  • RTC. See Resolution Trust Corporation
  • Rubin, Robert
  • Rule 80A. See Trading
  • Rule 80B. See Circuit breakers
  • Rule of de minimis
  • Rural Electrification Administration
  • Rural Housing Service (RHS)
  • Rural Telephone Bank
  • Russell 1000
    • benchmark
  • Russell 2000
  • Russell, Frank

  • Safe harbor provisions
  • Sales charges. See also Mutual funds
  • Sales-force distribution
  • Salomon Brothers
  • Mortgage Index
  • Salomon Smith Barney (SSB)
  • Same-currency government benchmark
  • SAP. See Special allowance supplement
  • Sasveld, Derek
  • Savanayana, Uttama
  • Savings and loan (S&L)
    • associations
    • crisis
  • SBA. See Small Business Administration
  • Schinasi, Garry J.
  • Schneeweis, Thomas
  • Scholes, Myron
  • Screw clause
  • SDC. See Securities Data Corporation
  • Search costs
  • SEC. See Securities and Exchange Commission
  • Secondary markets
  • Secondary sales
  • Second-to-die insurance
  • Sector funds
  • Sector index
  • Sector SPDRs
  • Secured debt
  • Securities. See Federal agency securities; Municipal securities; U.S. Treasury securities; Zero-coupon Treasury securities
    • 125 loans, support
    • analysis. See Fundamental security analysis
    • fair value
    • features. See Government-sponsored enterprises
    • fundamental analysis
    • selection techniques. See Active strategy
    • trading
    • types. See also Government-sponsored enterprises
    • understanding. See Real estate-backed securities
  • Securities Act of 1933
  • Securities Act of 1934
  • Securities and Exchange Commission (SEC)
    • action
    • approval
    • disclosure rules
    • filing
    • priorities
    • registration
      • requirements
    • regulation
    • requirements
  • Securities Data Corporation (SDC)
  • Securities Exchange Act of 1933
  • Securitization vehicles
  • Seed capital
  • Segregated accounts
  • Selected Equity Index Funds (Nuveen Investments)
  • Sell limit order
  • Sell stop order
  • Seller interest
  • Semi-standardized baskets
  • Semistrong-form efficiency
  • Senior lenders
  • Senior notes
  • Senior subordinated notes
  • Senior tranches
  • Senior-mezzanine notes
  • Senior-secured bonds
  • Senior/subordinate structure
  • Senior-subordinated bonds
  • Senior-subordinated structure
  • Senior/subordinated structure
  • Senior-unsecured bonds
  • Separate account products
  • Separate accounts, contrast. See General account products
  • Separate Trading of Registered Interest and Principal Securities (STRIPS)
  • Separate-account GICs
  • Separately managed accounts
  • Sequential-pay bonds
  • Sequential-pay CMOs
  • Sequential-pay method
  • Serial maturity structure
  • Service fee
  • Service providers. See also Hedge funds manager
  • Serviceability
  • Servicer advances
  • Servicing. See Aircraft leasing
  • Settlement
    • date
    • price
    • procedures. See also Stripped MBS
    • rate
  • Seven-pay test
  • Share classes. See also Multiple share classes
  • Shared enhancement series
  • Shareholders
    • distributed documents
    • fees
    • letters
  • Sharpe ratio
  • Sharpe, William F.
  • Sherrerd, Katrina F.
  • Shifting interest structure
  • Shopping centers
  • Short interest ratio
  • Short rebate
  • Short selling
    • hedge funds
  • Short volatility risk
  • Short-term capital gains
  • Short-term cash flow
  • Short-term credit instrument
  • Short-term credit protection
  • Short-term debt instruments
  • Short-term financing. See Leverage
  • Short-term gains
    • deferral
    • passthrough
  • Short-term instruments, interest rate futures
  • Short-term market rates
  • Short-term notes
  • Short-term repos
  • SIC. See Standard Industrial Classification
  • Simple interest
    • scenario
  • Single period
    • rate of return
  • Single period returns, components
  • Single premiums
  • Single-family mortgage revenue bonds
  • Single-monthly mortality (SMM) rate
  • Single-premium life insurance
  • Single-price method
  • Sinking fund
    • provision
    • requirement
  • Size bias
  • Skelton, Jeffrey, L.
  • Skill-based investment process
  • Skilled nursing facilities (SNFs)
  • S&L. See Savings and loan
  • SLABS
  • SLMA. See Student Loan Marketing Association
  • SLS. See Supplemental Loans to Students
  • Small Business Administration (SBA)
  • loan-backed securities
  • Small Order Execution System (SOES)
  • Small-firm effect
  • Smidchens, Eriks
  • SMM. See Single-monthly mortality
  • SNFs. See Skilled nursing facilities
  • Snyderman, Mark
  • SOAS
  • Sobel, Robert
  • SOES. See Small Order Execution System
  • Soft bullets
  • Soft dollars
  • Soft puts
  • Solvency
  • Sondergeld, Eric T.
  • Soros, George
  • Sovereign ceiling
  • Sovereign credit
    • analysis
      • structural considerations
    • perspective
  • SPDAs
  • SPDRS. See Standard & Poor’s Depository Receipts
  • Special allowance supplement (SAP)
  • Special bonds
  • Special purpose vehicle (SPV)
  • Special servicers
  • Special situation venture capital
  • Specialists
  • Special-purpose vehicle (SPV)
  • Specified pool trades
  • Speculative bonds
  • Speculative-grade bonds
  • Split tier issues
  • Sponsor group
  • Spot market
  • Spot price
  • Spread. See Credit; Excess spread; Stripped spread
    • duration
  • Spurgin, Richard
  • SPV. See Special purpose vehicle; Special-purpose vehicle
  • Stable value
    • evolution
    • future
  • Stable-value collective fund
  • Stable-value contracts, considerations
  • Stable-value market
  • Stable-value pension investments
  • Stable-value pooled funds
  • Stable-value portfolio
    • management
    • objectives
  • Stable-value products
  • Standard & Poor’s
    • 100 index
    • estimates
    • preferred stock rating definitions
    • rating criteria
    • Tobacco index
  • Standard & Poor’s 500
    • benchmark
    • comparison
    • Composite
    • futures contract
    • index
    • Index Fund
    • measurement
    • portfolio
    • premium
    • returns
    • Stock Index
    • stock index
    • usage
  • Standard & Poor’s Depository Receipts (SPDRS). See also MidCap SPDRs; Sector SPDRs
  • Standard credit option
  • Standard Industrial Classification (SIC)
  • Start-up companies
  • Start-up financing, providing
  • Start-up management team
  • Stat arb
  • State levels, tax treatment
  • State Street Global Advisors. See also streetTRACKS Funds
  • Statistical data. See Hedge funds
  • Stat-USA
  • Staum, Jeremy
  • Stepped up DB
  • Step-up bonds
  • Step-up-to-fixed coupons
  • Step-up-to-fioating coupons
  • Stock insurance company
  • Stock market
    • indicators
    • overreaction
    • pricing efficiency
    • strategies. See Active stock market strategies
  • Stocks
    • basket
    • cost basis, step-up
    • exchanges
    • index futures
      • pricing
    • managed futures, downside risk protection
    • options
    • selection
  • Stocks, trading. See Retail stock trading
    • mechanics
    • occurrence
    • priority rules
  • Stop limit order
  • Stop order
  • Stop out discount rate
  • Stop-out yield
  • Story bond
  • Straight value
  • Stranded assets
  • Stranded costs
  • StreetTRACKS Funds (State Street Global Advisors)
  • Strike price
  • Stripped MBS
    • trading/settlement procedures
  • Stripped spread
  • Stripped yield
  • STRIPS. See Separate Trading of Registered Interest and Principal Securities
  • Strong-form efficiency. See also Semistrong-form efficiency
  • Structural analysis. See Nonagency MBS
  • Structural considerations. See Sovereign credit
  • Structural development. See Nonaccelerated senior bonds; Super NAS bonds
  • Structural risks
  • Structured notes
  • Structuring
  • Student Loan Marketing Association (SLMA)
  • Student loan rate cap
  • Student loan-backed securities
    • collateral
    • structures
  • Style analysis
  • Style classification systems
  • Subordinate notes
  • Subordinated bonds
  • Subordinated tranche
  • Subordinate/equity investors
  • Subordinate/equity tranche
  • Subordination
    • deals
  • Subperiods
    • returns, calculation
  • Sub-prime borrowers
  • Subscriber services
  • Subscription amount
  • Suburbanization
  • Super Designated Order Turnaround (SuperDOT)
  • Super NAS bonds
    • NAS bonds, comparison
    • structural development
  • Supermajority
  • Supermarkets
  • Super-regional malls
  • Supershares
  • Supplemental Loans to Students (SLS)
  • Supply/demand, factors
  • Support revenue bonds
  • Surplus fund
  • Surrender charges
  • Survivorship bias
  • Survivorship insurance
  • Swaminathan, Bhaskaran
  • Swaps. See Equity; Index amortizing swap; Interest rate; Mortgage swaps; Total return index swaps
    • contract, notional amount. See Default
    • counterparty
    • futures
      • contracts
    • options
    • position, interpretation
    • rate
    • spread
    • total return. See Returns
  • Swaptions. See Payers
  • Swingline options
  • SWP. See Systematic withdrawal plan
  • Symmetric risk
  • Syndicated loan
    • definition
    • facility, types
    • fees
    • purchase
  • Syndicating. See Loans
  • Synthetic CDOs
  • Synthetic exposure
  • Synthetic GICs
  • Synthetic positions risks, cash positions (comparison)
  • Synthetic repo
  • Synthetic structures, asset allocation
  • Synthetics. See Actively managed synthetics; Alpha synthetics; Buy-and-hold synthetics
    • rise
  • Systematic risk
    • index
    • unsystematic risk, contrast
  • Systematic withdrawal plan (SWP)

  • TAMRA. See Technical and Miscellaneous Revenue Act of 1988
  • Tangible net worth (TNW)
  • TANs. See Tax anticipation notes
  • TAPs
  • Target term closed-end funds
  • Tax anticipation notes (TANs)
  • Tax risk
  • Tax treatment. See Dividends; Local levels; State levels; Zero-coupon Treasury securities
  • Taxable municipal securities
  • Tax-backed debt
  • Tax-backed obligations. See Dedicated tax-backed obligations
  • Tax-exempt interest
  • Tax-exempt investors
  • Tax-exempt municipal securities
  • TBA. See To be announced
  • Teaser rate
  • credit cards
  • Technical analysis
    • contrast. See Fundamental analysis
    • usage
  • Technical analysis-based strategies
  • Technical analysts
  • Technical and Miscellaneous Revenue Act of 1988 (TAMRA)
  • Tender Offer Bond (TOB) programs
  • Tennessee Valley Authority (TVA)
  • Term insurance
  • Term loan. See also Amortizing term loan; Institutional term loan
  • Term maturity structure
  • Termination date
  • Term-out option
  • Thaler, Richard
  • Theta
  • Third market
  • Third-party distribution channels
  • Third-party investor
  • Third-party providers
  • Ticking fee
  • Tick-test rules
  • TIIS. See Treasury Infiation-Indexed Securities
  • Time
    • accounting. See Returns
    • value. See Money
  • Time to expiration
  • Time tranching
  • Time value. See Options
  • Time weighted return (TWR)
    • estimation
  • Time-gap financing
  • Timers. See Market
  • Timing cost
  • TIPS. See Treasury Infiation Protection Securities
  • TIPs. See Toronto Stock Exchange Index Participations
  • TLa. See Amortizing term loan
  • TMCC. See Toyota Motor Credit Corporation
  • TNW. See Tangible net worth
  • To be announced (TBA)
  • TOB. See Tender Offer Bond
  • Tolk, Jeffrey
  • Tonge, Darrell
  • Topalian, Adam
  • Top-down approach, bottom-up approach (contrast)
  • TOPrS. See Trust Originated Preferred Securities
  • Toronto Stock Exchange Index
  • Participations (TIPs)
  • Total return swaps (TRSs)
    • application
      • overview
    • entering
  • Total return (TR)
  • Total return (TR) index swaps
    • applications
  • Total risk
  • Toyota Motor Credit Corporation (TMCC)
  • TR. See Total return
  • Tradable basket products
    • comparison
  • Trade date accounting
  • Trades. See Block trades; Program trades
  • Trading. See Institutional trading
    • activity
    • arrangements. See Institutional investors; Retail investors
    • collar (Rule 80A)
    • costs
      • classification
      • control
    • explicit costs
    • implicit costs
    • occurrence/mechanics. See Stocks
    • procedures. See also Stripped MBS
    • relationship. See Price
    • rich/cheap
    • volume
  • Traditional asset classes
  • Trail commission
  • Tranches. See also Accrual tranche; Nonaccrual tranches; Planned amortization class; Subordinated tranche
  • TRANs
  • Transaction costs
    • research
  • Transportation revenue bonds
  • Treasury bills. See U.S. Treasury bills
  • Treasury Infiation Protection Securities (TIPS)
    • function
  • Treasury Infiation-Indexed Securities (TIIS)
  • Tri-party repo
  • Triple-net lease
  • TRSs. See Total return swaps
  • True-up mechanism
  • Truglia, Vincent
  • Trust Indenture Act of 1939
  • Trust-Originated Preferred Securities (TOPrS)
  • TVA. See Tennessee Valley Authority
  • TWR. See Time weighted return

  • UBS Asset Management
  • UIT. See Unit investment trust
  • Uncapped floaters
  • Underlying
  • Underwriting criteria
  • Underwritten deal
  • Undiversifiable risk
  • Unenhanced commercial paper
  • Uninformed traders
  • Unique risk
  • Unit investment trust (UIT)
  • Unit Priced Demand Adjustable Tax-Exempt Securities (UPDATES)
  • Unit trusts
  • Universal life insurance
  • University of London
  • Unlimited tax general obligation debt
  • Unlisted stocks
  • Unperturbed price
  • Unrealized capital appreciation
  • Unrealized gain/loss
  • Unsecured debt
  • Unsystematic risk
    • contrast. See Systematic risk
  • UPDATES. See Unit Priced Demand Adjustable TaxExempt Securities
  • Upfront fee
  • Uptick. See Zero uptick trade
  • U.S. Aggregate Index (Lehman Brothers)
  • U.S. Bureau of Economic Analysis (BEA)
  • U.S. Bureau of Labor Statistics
  • U.S. Census Bureau
  • U.S. Department of Commerce
  • U.S. Department of Treasury
  • U.S. General Accounting Office (GAO)
  • U.S. Treasury bills
    • futures
    • price quotes
  • U.S. Treasury bonds
    • futures
      • conversion factors
  • U.S. Treasury coupon securities, quoting conventions
  • U.S. Treasury notes. See also Fixed-rate Treasury notes
    • futures
  • U.S. Treasury securities
  • U.S. Treasury strips
  • U.S. Treasury zero coupons
  • U.S. Treasury zero-coupon bonds
  • U.S. Treasury zero-coupon securities
  • U.S. Treasury zeros
  • U.S. Yield Curve Factor
  • Utility company bonds
  • Utility mortgage bonds
  • Utility revenue bonds

  • VA. See Veterans Administration
  • Valuation. See also Real estate
    • bubble
    • dates
  • Value Line Composite Average (VLCA)
  • Value-at-risk
  • Variable amortizing schedule
  • Variable annuities
  • Variable life insurance
  • Variable pay term note (VPTN)
  • Variable-rate demand obligations (VRDOs)
    • hybrids. See Commercial paper
  • Variable-rate securities
  • Variation margin
  • Vega
  • Venture capital. See also Special situation venture capital
    • financing, steps
    • funds
    • geography, specialization
    • industry, specialization
    • investment vehicles
    • legal/regulatory issues
  • Venture capital fund of funds
  • Venture capitalists
    • exit plan
    • prior operating history
    • role
  • Venture funds. See Corporate venture funds
  • Veterans Administration (VA)
  • VLCA. See Value Line Composite Average
  • Volatility. See also Conditional annualized
    • volatility; Expected price
    • volatility; Price; Returns
    • risk. See Short volatility risk
    • shorting
    • spikes
  • Voluntary bankruptcy
  • Voting rights
  • VPTN. See Variable pay term note
  • VRDOs. See Variable-rate demand obligations
  • Vulture investors

  • WAC. See Weighted average coupon
  • Wagner, Wayne H.
  • Wall Street Journal, 98
  • WAM. See Weighted average maturity
  • Ward, Barry
  • WARF. See Weighted average rating factor
  • Warrant
    • amount
    • trading
  • Warwick, Ben
  • Washington Metropolitan Area Transit Authority
  • Watermark. See High watermark
  • Waugh, Stuart
  • Weak-form efficiency
  • Wealth relative rate
  • Web-based brokerage firms
  • WEBS. See World Equity Benchmark Shares
  • Weighted average coupon (WAC). See also Gross WAC; Net WAC
    • coupons
  • Weighted average maturity (WAM)
  • Weighted average rating
  • Weighted average rating factor (WARF)
  • Weisman, Andrew
  • When-issued securities
  • When-issued trades
  • Whole life insurance
  • Whole loan
  • Wholesale distribution
  • Williams, C. Nola
  • Wilshire 5000
  • Wilson, Richard S.
  • Wirehouses
  • Withdrawals
  • Wolff, Eric D.
  • Workers, compensation
  • World Equity Benchmark Shares (WEBS)
  • Wrap
    • accounts
    • fees
    • programs
    • provider
  • Wrapped deals
  • Wurtzebach, Charles

  • Yankee CD
  • Yield. See Bond-equivalent yield; Certificates of deposit; Commercial paper; Municipal bonds; Nominal yield; Portfolios; Real yield; Stripped yield
    • beta
    • calculation
    • curve
      • assumption. See Parallel yield curve assumption
    • maintenance
    • ratio
    • spreads
      • relationship. See Municipal market
  • Yield to call
  • Yield to maturity
  • Yield to worst

  • Zero uptick
  • Zero-cost credit exposure
  • Zero-coupon bonds
  • Zero-coupon instruments
  • Zero-coupon market
  • Zero-coupon Treasury bonds
  • Zero-coupon Treasury securities
    • tax treatment
  • Zulaf, Carl
  • Zulauf, Carl
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