CapitalMarket，资本市场，主要用于大于一年的投资。
(Financing,融资，资本市场存在的目的。
Security,证券。
SecuritiesAct(1933),证券法案，
SeniorSecurity,优先级证券，包括债券和优先股。
Stock，股票
(PreferredStock,优先股
间于Bond和CommonStock
红利，由董事会决定是否分发当年红利，董事会可决定将优先股的红利用于再投资，在资金充足时再发放。
索偿权，债券持有人对不按时支付利息的，可以通过法律来强制索取，优先股不可。
CommonStock,普通股
ConvertiblePreferredStock,可转换优先股，可转换成普通股。
GrowthStock，成长股
公司从股东权益上赚取较高的收益率，并将全部/大部分用于再投资，短期风险较大，长期（4—5年）较佳。
当年微软政策，将所有利润用于再投资，而不支付红利，目的是培育日后更高的红利支付能力。
ShortSale,卖空，
投资者看跌，卖空者预计某股票会跌，但他手中现在没有那支股票，所以他会向经纪人借用这支股票，以当前价格将其卖出，并在以后以下跌的价格再次买入该股票，并还给经纪人
Atradingtechniquetypicallyusedwhenastockisexpectedtodeclineinprice.Ashortsaleinvolvessellingborrowedstockanticipatingthatthesamenumberofshareswillberepurchasedlateratalowerprice.Therepurchasesharesarethenreturnedtotheownerfromwhomtheywereborrowed.
BuyLong,买空，
投资者看涨，看好某只股票要涨，但手头没钱买，于是就借经纪人的钱，买进股票。等股票价格上涨后，卖掉股票，换上债务，剩余的，便是自己的利润。
Dividend,红利
StockDividend,股息，以股票的形式发放红利。
DRIP，Dividendreinvestmentplan,红利再投资计划。
Volume,交易量，
Thetotalnumberofsharestraded,ofanindividualsecurityorintheentiremarket,inagivenperiodoftime.
PriceEarningrate,市盈率
反映股票收益与风险的重要指标
市盈率=每股市价/每股税后净利润。
当市盈率（P/E）高于30时，要小心股市泡沫。
Oddlot,零股，散股，
Normally,anoddlotis1to99shares.
Roundlot,整股
Aroundlotis100sharesoramultipleof100shares.
Oddlotdifferential,零股差价
购买零碎股票时支付的额外费用，一般是每股0.125$。
Margin，保证金，MarginAccount，保证金账户
保证金维持要求：
NYSE最低要求是2000$.
1974年，联储委员会将保证金从65%调低至50%。要购买10000$的股票，投资者必须在5天内向自己的账户中至少存入5000$。
投资者权益任何时候不得低于25%（经纪公司通常设置为30%--35%）,一旦过低，账户会“保证金不足”（Under-Margined），经纪公司则会发出“追缴保证金通知”，（MarginCall）。若客户不追缴保证金，则自动出售证券。
例：要求保证金50%，我在账户存入了6000$，然后买入了9000$的股票。
则：9000$现有市场价值(CurrentMarketValue)
9000-6000=3000$借方余额，既我欠经纪人的钱（DebitBalance）
------------------
6000$现有权益（CurrentEquity）
9000×50%=4500$要求的保证金（RequiredMargin）
1500$超额保证金（ExcessMargin）
1500$/50%=3000$购买力（BuyingPower）
CreditBalance，一个帐户中所收到的钱。
（CurrentEquity）现有权益=现有保证金比例×市场价值。
现有保证金比例=（卖空收入+账户存款）/当前市场价值-1。（低于一定比例则margincall）
例，我存入5000，以每股70$，卖空100股。
若，价格不变，
则，现在保证金比例=（7000+5000）/7000-1=5000/7000=0.71大于则赚，小于则亏
则，现有权益=5/7×7000=5000，
若，跌至55$：
则，现有保证金比例=（7000+5000）/5500–1=1.182
则现有权益=1.18×5500=6500赚
若，涨至92$，
则，现有保证金比例=（7000+5000）/9200–1=0.304低于35%，MarginCall
则，现有权益=0.30×9200=2760亏
Option，期权
Acontractallowinganinvestortopurchaseorsell100sharesofstockatapredeterminedpriceanytimeuptoexpirationdate.
UnderlyingSecurity基础股票。可以进行期权交易的股票。
Premium，权酬，期权的价格(权利的价格)，Themarketpriceofanoption.
StrikingPrice，股票的预订价格，predeterminedprice.又称执行价格，exerciseprice.
CallOption，买权（于买方角度，想以当前低价买入未来高价的股票的权力），卖方看跌，买方看涨。
Acontractgivingtheholderarighttobuy100sharesofstockatastrikingpriceanytimeuptoexpirationdate.ACallOptionisboughttoprofitbyariseinthestockprice.
PutOption，卖权(于买方角度，想以当前高价在未来低价卖出股票的权力)，卖方看涨，买方看跌。
Acontractgivingtheholderarighttosell100sharesofstockatapredeterminedpriceanytimeuptoexpirationdate.Aputoptionisboughttoprofitbyadeclineinthestockprice.
Expirationdate，到期日，
Exercise,行权。
Tomakeuseoftherightpossessedbytheholderofanoption.Theoptionholdernotifiesthewriterthattheywishtoexerciseorassigntheiroption.Thewriteristhenobligedtotheholderonthetermsalreadyagreed–theymustbuyorselltheunderlyingasset.
指方即须按约定条件，向期权持有人买进或卖出合约指定的资产。
Writer，立权方，出售期权的一方。
Covered，备兑期权，
如果一手期权的卖主在标的证券中还一股对一股地持有同该期权相反的市场头寸，这个售出的期权就是持保的。也就是说，如果一手空头的看涨期权的卖主拥有其标的股票，该期权是持保的；如果一手空头的看跌期权其标的股票在该帐户中也是卖空，该期权也是持保的（为保证金的目的）。此外，一手空头的看涨期权是持保的，如果它的帐户同时也按与空头看跌期权相同的或更低的定约价买进另一手同一标的证券的看涨期权。一手空头的看跌期权是持保的，如果在它的帐户里还买有一手定约价与空头看跌期权相同或更高的看跌期权。
Uncovered，非备兑期权，裸型期权，无担保期权
如果投资者在出售期权时在其标的证券中没有对冲的头寸，该期权就是无担保的。
例，我手中股票100股，现价50$,我估计要跌，所以，卖出执行价格（strikingprice）50$的此股票（UnderlyingStock）的期权（买权）给张三，到期日（ExpirationDate）是2010.1.1。权酬（Premium）为每股5$。
若，价格没变，则我赚5$×100（权酬）。张三亏了所有权酬，不管他是否行权。
若，价格下跌，则我依然赚5$×100。即便张三没有行买权，我赚的权酬依然可以提供给我下跌至45$的对冲空间。若低于45$，则亏。张三现在行权，则亏的就不止是权酬，还有低于50$的部分。
若，价格上涨，则我以50$每股卖给张三，还是赚5$×100。但最大利润也就只有这些。在未涨到55$前，张三都是亏的，一旦涨过55$则我亏，比如涨到60$，张三行权，意味着，张三以55$买了我60$的股票，稳赚。
Future，期货，FutureContract，期货合约
UnderlyingAssets，基础资产。
是期货合约所对应的现货，这种现货可以是某种商品，如铜或原油，也可以是某个金融工具，如外汇、债券。
Bond，债券，
Acertificateofindebtednessextendingoveraperiodofmorethanoneyearfromthetimeitisissued.Adebtoflessthanoneyearisusuallycalleda“Note”(票据)。Abondisanobligationthatmustberepaidatacertaintime.Meanwhile,theborrowerpaysinteresttothebondholderfortheuseofthemoney。
Note
Adebtsecurity,usuallymaturinginoneto10years.
InvestopediaSays:
Incomparison,billsmatureinlessthanoneyearandbondstypicallymatureinmorethan10years.
Coupon，息票，债券的利息。
Junkbonds，垃圾债券，极少抵押物，高利息，高风险。收购，兼并时常用。
Bondsthatareissuedhavinglittleornocollateralorliquidationvalue.
Debenture，信用债券,无抵押物,靠承诺和整体的信誉来发行的债券。
Anunsecured(withoutcollateral)bondissuedonthegoodwordandgeneralcreditoftheborrower.
Convertibledebenture，可转换信用债券，可转换为普通股。
Fund
Open-endFund，开放式基金，
MutualFund，共同基金，中小投资者将资金以买入基金的方式投入到基金公司，由基金公司以不同的投资组合，投资到不同地方。分散风险。属于开放基金
Close-endFund，封闭式基金，
HedgeFund，对冲基金，为超级富有的少数几个客户创建投资组合，提供多种抵消风险的投资组合，涉及卖空。
MoneyMarket，货币市场，短期借贷市场，期限小于一年，大多在90天内完成。
1.CUSIP
证券统一辨识码。
CommitteeonUniformSecuritiesIdentificationProcedures(证券统一辨识程序委员会)的缩写。美国各种联邦政府债券、市政及公司债券均会获得一个CUSIP码，作为辨识的统一代码。
Symbol，StockSymbol，TickerSymbol
Ashortandconvenientwayofidentifyingastock,
代表上市股票的字母代码，是辨认股票的简便方法，
2.OTC
Over-The-Counter，相对于Exchangetradedmarket交易所场内市场
场外交易市场，柜台市场，和交易所市场完全不同，OTC没有固定的场所，没有规定的成员资格，没有严格可控的规则制度，场外交易包括通常的市场行情清单上没有包含的证券，因此也未受到证券交易所严格规则的约束。
3.ThirdMarket
三板市场，在场外市场买卖已经上市的股票，
Thebuyingandsellingofexchange-listedstocksintheOTCmarket.
4.DTC,DepositoryTrustCorporation全美证券托管公司。
5.NSCC,NationalSecurityClearanceCorporation全美证券清算公司。
DTCC，DepositoryTrust&ClearingCorporation全美证券托管清算公司
FICC负责政府债券和资产支持证券的结算。
6.DowJonesIndex
道琼斯，股票价格平均指数。
共有四组，工业业（30），交通运输业(20)，公用事业(6)，综合（以上三组，共56）。
通常指第一组，（DowJonesIndustrialAverage）工业平均指数。
大约每2年更新一家公司，在纽约证交所每半小时公布一次。
计算，入选的所有股票的总价格/入选股票的总股数。
其成分股声誉好，具有行业代表性，但不包括新兴行业（高科，服务，金融）
7.NASDAQ['nzdk]始于1971年
NationalAssociationofSecuritiesDealers'AutomatedQuotationsSystem，全美证券商协会自动报价系统。
NasdaqIndex反映Nasdaq的市场变化。
8.MarketMaker
做市商，专家经纪人。经纪人的经纪人。投资人找经纪人，经纪人找做市商。
一些独立的证券交易商，为投资者承担某一只证券的买卖，买卖者不需要等待对家的出现即可交易。在Nasdaq称为“Specialist”，专家，在香港称“庄家”。
NYSE的经纪人鲍德，意外摔伤双腿，于是坐在一把椅子上，只买卖西方联合公司的股票，成为第一个做市商。
9.Arbitrage
套利。
在一个市场低价买入，去另一市场高价卖出。
在不同利息率的市场之间买、卖。不同国家，利息率不同，资本从低利率流向高利息率的国家，涉及国际汇率。
好处，消除价差的主要途径。
10.Repo
Repurchaseagreement
例如，账户B急需用钱，他希望以100$每股卖掉手上股票，但现在市场上他的股票只值80$，他估计股票会一直上涨，两个月后会涨到120。所以不舍得卖掉，故以REPO形式，以每股100$卖给账户L，并承诺2个月后以105$买回股票（回购）。
Itallowsaborrowertouseafinancialsecurityascollateralforacashloanatafixedrateofinterest.Inarepo,theborroweragreestosellimmediatelyasecuritytoalenderandalsoagreetobuythesamesecurityfromthelenderatafixedpriceatsomelaterdate.
Reverserepo,ReverseRepurchaseAgreement
Thepurchaseofsecuritieswiththeagreementtosellthematahigherpriceataspecificfuturedate.Forthepartysellingthesecurity(andagreeingtorepurchaseitinthefuture)itisarepo;forthepartyontheotherendofthetransaction(buyingthesecurityandagreeingtosellinthefuture)itisareverserepurchaseagreement.
Reposareclassifiedasamoney-marketinstrument.Theyareusuallyusedtoraiseshort-termcapital.
赚取上例中账户B的钱。稳赚。
11.Exchange-Listed，上市股票。
12.Listed，上市。
13.Speculator，investor区别
投机者，投资者
投机，是买了上市公司的股票后，见涨就卖出，马上获利，是短期炒作行为；一般的散户为了赚钱，基本都是投机行为。
投资，是买了上市公司的股票长期持有，等待公司有了利润后，通过配股或者分红获得利润，一般不做短期炒作；
股票的参与者基本上以投机者居多，投机者被套住时就成了投资者。
14.Option，Future区别
期货交易的标的物是商品或期货合约，而期权交易的标的物则是一种商品或期货合约选择权的买卖权利
期权是单向合约，期权的买方在支付保险金后即取得履行或不履行买卖期权合约的权利，而不必承担义务；期货合同则是双向合约，交易双方都要承担期货合约到期交割的义务。如果不愿实际交割，则必须在有效期内对冲。可以用对冲的方式解除履约责任。
15.Bond，Debenture区别
Bond有抵押物，Debenture是信誉债券，仅靠信誉，无抵押物。
16.Bond，Stock区别
Stock代表所有权，参与公司利润变化，公司兴隆，则股价上涨。
Bond不参与，只回收“本金”和利息。
公司破产后，债券和优先股（PreferredStock）可优先得到本金，又称为“优先级证券”（SeniorSecurity）。
17.Position
头寸
头寸，是一种市场约定，承诺买卖外汇合约的最初部位，买进外汇合约者是多头long，处于盼涨部位；卖出外汇合约为空头short，处于盼跌部位。头寸可指投资者拥有或借用的资金数量。
就证券投资而言，头寸是指在一项资产上做多(即拥有)或做空(即借入待还)的数量。
投资者买入了一笔欧元多头头寸合约，就称这个投资者持有了一笔欧元多头头寸；如果做空了一笔欧元，则称这个投资者持有了一笔欧元空头头寸。当投资者将手里持有的欧元空头头寸卖回给市场的时候，就称之为平仓（ClosingaPosition）。
18.平仓（ClosingaPosition）
是指将交易头寸结清，即以卖出来结清多头头寸，以回补(即买入)来结清空头头寸。在期货或期权市场，平仓亦指在合约到期时交付标的金融工具或实物商品以供交割。
Thedeliveryofunderlyingfinancialinstrumentsorcommoditiesagainstafutureoroptioncontract.Theoffsettingofalongorshortpositioninamarketbymakinganoffsettingtradeintheotherdirection.Atraderwouldcloseashortpositionbybuyingthesameinstrument,orclosealongpositionbysellingit.
19.Short
空头/做空
借入证券。
20.Long
多头/做多
持有证券。
看好股票未来的上涨前景就会立即买入股票，所以做多就是买入股票。
GeneralLedger,
Acompany'saccountingrecords.Thisformal(正式的)ledgercontainsallthefinancialaccountsandstatementsofabusiness.
Theledgerusestwocolumns:onerecordsdebits,theotherhasoffsettingcredits.
Credit,
.Acontractualagreementinwhichaborrowerreceivessomethingofvaluenowandagreestorepaythelenderatsomedateinthefuture,generallywithinterest.Thetermalsoreferstotheborrowingcapacityofanindividualorcompany.
.Anaccountingentrythateitherdecreasesassetsorincreasesliabilitiesandequityonthecompany'sbalancesheet.Onthecompany'sincomestatement,adebitwillreducenetincome,whileacreditwillincreasenetincome.
.Theamountofmoneyavailabletobeborrowedbyanindividualoracompanyisreferredtoascreditbecauseitmustbepaidbacktothelenderatsomepointinthefuture.Forexample,whenyoumakeapurchaseatyourlocalmallwithyourVISAcarditisconsideredaformofcreditbecauseyouarebuyinggoodswiththeunderstandingthatyou'llneedtopayforthemlater.
.Forexample,onacompany'sbalancesheet,adebitwillincreasetheinventoryaccount(anasset)ifthecompanybuysmerchandiseforresaleoncredit.Ontheotherhand,acreditwillincreasethecompany'saccountspayable(aliability).
Debit,
Anaccountingentrywhichresultsineitheranincreaseinassetsoradecreaseinliabilitiesonacompany'sbalancesheetorinyourbankaccount.
Theoppositetransactioniscalledacredit.
AccountBalance帐户结余含义同"结余”
Thenetofdebitsandcreditsforanaccountattheendofareportingperiod.
Thisappliesforalltypesofaccounts.Abankaccountbalanceshowstheamountowedtoyoubythebankwhileacreditcardbalanceshowstheamountyouowetothecreditcardcompany.
SavingsAccount储蓄存款户头
Adepositaccountheldatabankorotherfinancialinstitutionthatprovidesprincipalsecurityandamodestinterestrate.Dependingonthespecifictypeofsavingsaccount,theaccountholdermaynotbeabletowritechecksfromtheaccount(withoutincurringextrafeesorexpenses)andtheaccountislikelytohavealimitednumberoffreetransfers/transactions.Savingsaccountfundsareconsideredoneofthemostliquidinvestmentsoutsideofdemandaccountsandcash.
BecausesavingsaccountsalmostalwayspaylowerinterestratesthanTreasurybillsandcertificatesofdeposit,theyshouldnotbeusedforlong-termholdingperiods.Theirmainadvantagesareliquidityandsuperiorratescomparedtocheckingaccounts.Mostmodernsavingsaccountsofferaccesstofundsthroughvisitstoalocalbranch,overtheinternetandthroughautomatedtellermachines.
Accounting
Toprovidearecordsuchasfundspaidorreceivedforapersonorbusiness.Accountingsummarizesandsubmitsthisinformationinreportsandstatements.Thereportsareintendedbothforthefirmitselfandforoutsideparties.
Conciseaccountinghelpsmanagementmakeaccuratedecisions.
Journal
1.Inaccounting,afirstrecordingoffinancialtransactionsastheyoccurintime,sothattheycanthenbeusedforfuturereconcilingandtransfertootherofficialaccountingrecordssuchasthegeneralledger.Ajournalwillstatethedateofthetransaction,whichaccount(s)wereaffectedandtheamounts,usuallyinadouble-entrybookkeeping簿记,记账method.2.Foranindividualinvestororprofessionalmanager,adetailedrecordoftradesoccurringintheinvestor'sownaccounts,usedfortax,evaluationandauditingpurposes.
Journalingisanessentialpartofobjectiverecord-keepingandallowsforconcisereviewandrecordstransferlaterintheaccountingprocess.Journalsareoftenreviewedaspartofatradeorauditprocess,alongwiththegeneralledger(s).
TrialBalance[会计]试算表
Abookkeepingworksheetinwhichthebalancesofallledgersarecompiledintodebitandcreditcolumns.Acompanypreparesatrialbalanceperiodically,usuallyattheendofeveryreportingperiod.Thegeneralpurposeofproducingatrialbalanceistoensuretheentriesinacompany'sbookkeepingsystemaremathematicallycorrect.
Preparingatrialbalanceforacompanyservestodetectanymathematicalerrorsthathaveoccurredinthedouble-entryaccountingsystem.Providedthetotaldebtsequalthetotalcredits,thetrialbalanceisconsideredtobebalanced,andthereshouldbenomathematicalerrorsintheledgers.However,thisdoesnotmeantherearenoerrorsinacompany'saccountingsystem.Forexample,transactionsclassifiedimproperlyorthosesimplymissingfromthesystemcouldstillbematerialaccountingerrorsthatwouldnotbedetectedbythetrialbalanceprocedure.
BackOffice后勤部门
金融机构的后勤支持部门，负责处理交易的结算、交割、记录保存及监督程序等工作。参见FrontOffice(前线部门)和MiddleOffice(中后勤部门)。"Thedepartmentinafinancialinstitutionthatprocessesdealsandhandlesdelivery,settlementandregulatoryprocedures.Seealso:Office"
Administrationandsupportpersonnel(人员,职员)inafinancialservicescompany.Theycarryoutfunctionslikesettlements,clearances,recordmaintenance,regulatory(管理的,控制的,调整的)compliance,andaccounting.Whenorderprocessingisslowduetohighvolume,itiscommonlyreferredtoas"backofficecrunch(咬碎;扎扎地踏;咬碎声;处理（数据）)."
Afinancialservicescompanyislogicallybrokenupintothreeparts:thefrontofficeincludessalespersonnelandcorporatefinance,themiddleofficemanagesriskandITresources,andthebackofficeprovidesadministrativeandsupportservices.
FrontOfficeFrontOffice
前线部门
金融机构中最接近市场买卖操作的交易人员及助理。参见BackOffice（后勤部门、后台业务部），MiddleOffice（中后勤部门）。"TheFrontOfficedescribesthedealingandsupportstaffinafinancialinstitutionwhoareclosesttothebuyingandsellingoperationsofamarket.Seealso:BackOffice,MiddleOffice"
Thesalespersonnelandcorporatefinanceemployeesinafinancialservicescompany.It'sinthefrontofficewhererevenuesaregenerated.
MiddleOffice中间部门
"就金融机构而言,通常是指负责计算交易盈亏以及风险管理的部门.参见FrontOffice（前线部门），BackOffice（后勤部门）。""Thepartofafinancialinstitution'ssettlementprocessthatmostcloselyliaiseswiththefrontoffice,recordingtradesandtradingpositions.Seealso:FrontOffice,BackOffice"
Thegroupofemployeesinafinancialservicescompanythatmanagesrisk,calculatesprofitsandlosses,and(generally)isinchargeofinformationtechnology.Themiddleofficedrawsontheresourcesofboththefrontandthebackoffices.
Afinancialservicescompanyislogicallybrokenupintothreeparts:thefrontofficeincludessalespersonnelandcorporatefinance;themiddleofficemanagesriskandITresources;andthebackofficeprovidesadministrativeandsupportservices.
InternalRevenueService(IRS)美国国税局
AUnitedStatesgovernmentagencythatisresponsibleforthecollectionandenforcementoftaxes.TheIRSwasestablishedin1862byPresidentLincolnandoperatesundertheauthorityoftheUnitedStatesDepartmentoftheTreasury.Itisprimarilyengagedinthecollectionofindividualincometaxesandemploymenttaxes,butalsohandlescorporate,gift,exciseandestatetaxes.TheIRSissometimesreferredtoasthe"taxman".
TheIRSisheadquarteredinWashington,D.C.ItisanexpansiveorganizationthatservicesthetaxationofallAmericans.In2006,theIRSprocessedabout133millionpersonalincometaxreturnsandalmostsixmillioncorporateincometaxreturns,bringingintrillionsofdollarsoftaxrevenue.
Fail
Atransactionthathasnotbeensettledbeforeadeadline.
Failisalsousedasabanktermwhenabankisunabletopayitsdebttootherbanks.Theinabilityofonebanktopayitsdebttootherbanksininterbankfundtransfersystems,canpotentiallyleadtoadominoeffect,causingseveralbankstobecomeinsolvent.
Insolvent
无力偿付
"指公司无力偿还到期的债务,亦指公司的债务超过资产价值的情况.参见Solvent（有偿债能力）。""Acompanybecomesinsolventwhenitiseitherunabletopayitsdebtsasandwhentheyfalldue,orwhenitsliabilities,includingcontingentandprospectiveliabilities,exceedthevalueofitsassets.Theoppositeofsolvent."Seealso:Solvent
Liabilities
负债
SettlementDate结算日
1.Thedatebywhichanexecutedsecuritytrademustbesettled.Thatis,thedatebywhichabuyermustpayforthesecuritiesdeliveredbytheseller.2.Thepaymentdateofbenefitsfromalifeinsurancepolicy.
Thesettlementdateforstocksandbondsisusuallythreebusinessdaysafterthetradewasexecuted.Forgovernmentsecuritiesandoptions,thesettlementdateisusuallythenextbusinessday.
TradeDate交易日
Thedateonwhichasecuritytradeoccurs.
Thisdiffersfromthesettlementdate,whichisusuallybetweenoneandfivedaysafterthetradedate,dependingonthetransactiontype.
DeliveryDate交割日
1.Thefinaldatebywhichtheunderlyingcommodityforafuturescontractmustbedeliveredinorderforthetermsofthecontracttobefulfilled.2.Thematuritydateofacurrencyforwardcontract.
Allfuturesandforwardcontractshaveadeliverydateuponwhichtheunderlyingmustbetransferredtothecontractholderifheorsheholdsthecontractuntilmaturityinsteadofoffsettingit.
ValueDate起息日
Afuturedateusedindeterminingthevalueofaproductthatfluctuatesinprice.Typically,youwillseetheuseofvaluedatesindeterminingthepaymentofproductsandaccountswherethereisapossibilityfordiscrepanciesduetodifferencesinthetimingofvaluation.Suchproductsincludeforwardcurrencycontracts,optioncontracts,andtheinterestpayableorreceivableonpersonalaccounts.Alsoreferredtoas"valuta".
Forexample,inthecaseofsavingsbonds,theinterestiscompoundedsemi-annuallysothevaluedateiseverysixmonths.Thisremovesanyuncertaintyforinvestorsbecausetheircalculationsofinterestpaymentswillbethesameasthegovernment's.
Reconciliation.[会]对账
Anaccountingprocessusedtocomparetwosetsofrecordstoensurethefiguresareinagreementandareaccurate.Reconciliationisthekeyprocessusedtodeterminewhetherthemoneyleavinganaccountmatchestheamountspent,ensuringthatthetwovaluesarebalancedattheendoftherecordingperiod.
Attheendofeverymonthitisagoodideatoreconcileyourcheckbookbycomparingyourreceiptswithyourbankstatement.Amongotheradvantages,thistypeofaccountreconciliationmakesitpossibletodeterminewhethermoneyisbeingfraudulentlywithdrawnfromanaccount.
Consolidate
consolidate[con·sol·i·date||kn'sldet]
v.巩固,统一,使联合;巩固
Tocombinetheassets(资产),liabilities（负债）andotherfinancialitemsoftwoormoreentitiesintoone.
Thistermisgenerallyusedinthecontextofconsolidatedfinancialstatements.Whenstatementsareconsolidated,allsubsidiariesreportundertheumbrellaoftheparentcompany.
ClearingMemberTradeAgreement(CMTA)
Anagreementbywhichaninvestormayenterderivativetradeswithalimitednumberofdifferentbrokersandlaterconsolidatethesetradeswithonebrokeragehouseforclearing.
Whenthepositionisconsolidated,somebrokerswill'giveup'theirpositiontotheclearingfirm.ThepositionsshouldbeclearedthroughtheOptionsClearingCorporation.
Derivative
Infinance,asecuritywhosepriceisdependentuponorderivedfromoneormoreunderlyingassets.Thederivativeitselfismerelyacontractbetweentwoormoreparties.Itsvalueisdeterminedbyfluctuationsintheunderlyingasset.Themostcommonunderlyingassetsincludestocks,bonds,commodities,currencies,interestratesandmarketindexes.Mostderivativesarecharacterizedbyhighleverage.
Futurescontracts,forwardcontracts,optionsandswapsarethemostcommontypesofderivatives.Becausederivativesarejustcontracts,justaboutanythingcanbeusedasanunderlyingasset.Thereareevenderivativesbasedonweatherdata,suchastheamountofrainorthenumberofsunnydaysinaparticularregion.Derivativesaregenerallyusedtohedgerisk,butcanalsobeusedforspeculativepurposes.Forexample,aEuropeaninvestorpurchasingsharesofanAmericancompanyoffofanAmericanexchange(usingAmericandollarstodoso)wouldbeexposedtoexchange-rateriskwhileholdingthatstock.Tohedgethisrisk,theinvestorcouldpurchasecurrencyfuturestolockinaspecifiedexchangerateforthefuturestocksaleandcurrencyconversionbackintoeuros.
Haircut
1.Thedifferencebetweenpricesatwhichamarketmakercanbuyandsellasecurity.2.Thepercentagebywhichanasset'smarketvalueisreducedforthepurposeofcalculatingcapitalrequirement,marginandcollaterallevels.
1.Thetermhaircutcomesfromthefactthatmarketmakerscantradeatsuchathinspread.2.Whentheyareusedascollateral,securitieswillgenerallybedevalued（贬值）sinceacushion（缓冲物，垫子）isrequiredbythelending（出借，）partiesincasethemarketvaluefalls.
Spread
1.Thedifferencebetweenthebid（买家出价）andtheask（卖家出价）priceofasecurityorasset.2.Anoptionspositionestablishedbypurchasingoneoptionandsellinganotheroptionofthesameclassbutofadifferentseries.
Prospectus
招股书
Aformallegaldocument,whichisrequiredbyandfiledwiththeSecuritiesandExchangeCommission,thatprovidesdetailsaboutaninvestmentofferingforsaletothepublic.Aprospectusshouldcontainthefactsthataninvestorneedstomakeaninformedinvestmentdecision.Alsoknownasan"offerdocument".
POP
公开发行价格
英文PublicOfferingPrice的缩写，指证券向公众发行的售价，承销商会将佣金计入发行价内。就共同基金而言，若采用单一报价方式，公开发售价等同基金的单位净值(NAV)，认购费另外支付;若采双向报价，发售价等于基金单位净值加上认购费。参见MutualFund（共同基金）及One-wayQuote/Two-wayQuote(单一报价/双向报价)。Synonym:PublicOfferingPriceTheissuepriceofanewsharethatisfixedbytheunderwriteronbehalfofacompany.Theunderwriter'scommissionisbuiltintotheprice.SharesinamutualfundmaybepurchasedatthePOP.Seealso:Fund
Facility
Atermusedtodescribefinancialassistanceprogramsofferedbylendinginstitutionstohelpcompaniesrequiringcapital
Thesefinancialassistanceprogramsaremerelyanothernameforloanstakenonbycompanies.Examplesofsuchfacilitiesincludeswinglineloansandlinesofcredit.Oftenyouwillhearofcompaniesobtainingdifferentcreditfacilities,astheycanvarybetweencommittedoruncommitted.
DepositoryTrustCompany(DTC)
Oneoftheworld'slargestsecuritiesdepositories,itholdsinexcessofUS$10trillionworthofsecuritiesincustody托管.TheDTCactslikeaclearinghouse(票据交换所)tosettletradesincorporateandmunicipalsecurities.
Depository
受托人
受托保管金钱或有价证券等贵重财物的个人或机构。Astoragefacilityforsecuritiesregistrationandownerships.
Custody
托管
证券托管是指妥善保管证券，以及保持证券所有权的准确记录。跨境交易使得市场对本地及全球证券托管服务的需求日增。参见Clearstream（国际结算系统），Euroclear（欧洲结算系统）。"Thestorageandsafekeepingofsecurities,andthemaintenanceofaccuraterecordsoftheirownership.Cross-bordertradinghasproducedagrowingneedforcustodyservicesbothwithincountriesandglobally.Seealso:Clearstream,Euroclear"
DeliveryInstruction,发运通知单
Acustomer'sdirectionstoabrokerastothedispositionoffundsandsecuritiesinthecustomer'saccount.Forexample,acustomermustinstructthebrokerwhethersecuritiesplacedintheaccountshouldbesenttothecustomerorkeptinstreetnameintheaccount.
optionsdeliveryinstruction:期权交付指令
ReceiveVersusPayment(RVP)
Aninstructionaccompanyingsellorders,statingthatonlycashwillbeacceptedinexchangefordeliveryofthesecurities.
Institutionsareusuallyrequiredbylawtoonlyacceptcash.
DVP
券款对付
英文DeliveryVersusPayment的缩写，指债券交易的结算方式，即买卖双方在约定的结算日，债券与资金同步进行交收。Synonym:DeliveryVersusPaymentThenormalmethodofsettlingbondtradeswherebydeliveryofthesecurityismadeonthesamedayaspaymentiseffected.
Asecuritiesindustryprocedureinwhichthebuyer'spaymentforsecuritiesisdueatthetimeofdelivery.Securitydeliveryandpaymentaresimultaneous.
Alsoknownasdeliveryagainstpayment,deliveryagainstcash,orfromthesellside.
Mismatch
错配
"1.指债务期限与投资期限之间的显著差异,比如以短期债务为长期投资融资,即存在期限错配的问题,会有资金周转不灵的风险.""2.指空头交易头寸与多头头寸不相配的情况.参见MatchedBook（对应账簿）,Long（多头）,Short（空头）。""1.Adifferencebetweenthelengthoftimeforwhichmoneyisborrowedandthelengthoftimeforwhichitisinvested,orthedifferencebetweenthematuritiesofborrowingandinvestments.OneexampleiswhenabankborrowsmoneyforaC1125shorttimebutlendsitforalongerperiod,sothereisamismatchbetweenitssourceanduseoffunds.2.Amismatchedbook,oramismatchinanoveralltradingposition,occurswhenshortandlongpositionsdonotcomplementeachother.""Seealso:Mismatch,Long,Short"
MatchedBook
对应账簿
"指银行的资产与负债的期限结构基本相同,换句话说,即短、中、长期的资产与负债规模相当.亦指贷款利息收入与资金成本相当的情形."参见Book（账簿）。"Abookwherethematuritydatesforabankortrader'sliabilitiesmatchthoseoftheassets.Also,whereborrowingcostsequaltheinterestearnedoninvestments.Seealso:Book"
Abankisrunningamatchedbookwhenthematuritiesofitsassetsandliabilitiesareequallydistributed.Alsoknownas"asset/liabilitymanagement".
Ariskmanagementtechniqueforbanksthatensurestheyhaveequalvaluedliabilitiesandassetswithequalmaturities.
TIPS
美国通膨保值公债
"英文TreasuryInflation-ProtectedSecurities的缩写,是美国财政部发行的一种特殊公债.TIPS持有人除享有一般美国公债零信贷风险的好处外,还可回避通货膨胀侵蚀债券价值的风险.TIPS派发的票息及偿还的本金会经通膨调整—按消费者物价指数加以调整,令投资人得以享有某一水平的实质回报.参见Index-linkedBonds(与指数挂钩的债券)."
TreasuryInflationProtectedSecurities(TIPS)
AspecialtypeofTreasurynoteorbondthatoffersprotectionfrominflation.LikeotherTreasuries,aninflation-indexedsecuritypaysinteresteverysixmonthsandpaystheprincipalwhenthesecuritymatures.Thedifferenceisthatthecouponpaymentsandunderlyingprincipalareautomaticallyincreasedtocompensateforinflationasmeasuredbytheconsumerpriceindex(CPI).Alsoreferredtoas"Treasuryinflation-indexedsecurities".
IfU.S.Treasuriesaretheworld'ssafestinvestments,thenyoumightsaythatTIPSarethesafestofthesafe.Thisisbecauseyourrealrateofreturn,whichrepresentsthegrowthofyourpurchasingpower,isguaranteed.Thedownsideisthat,becauseofthissafety,TIPSofferalowreturn.Othercountrieshavesimilarsecurities.Forexample,inCanadathisisknownasa"realreturnbond"(RRB).
Syndicate
银团
指负责发行债务的金融机构所组成的团体。组成银团的目的是要分散发行的风险，并将之分割成可控制的量。Agroupofinstitutionsresponsibleforissuingdebt.Asyndicateisformedtosharetheriskofanissueandsplititintomanageableamounts.
Agroupofbankers,insurers,etcetera,whoworktogetheronalargeproject.
Asyndicateonlyworkstogethertemporarily.Theyarecommonlyusedforlargeloansorunderwritingstoreducetheriskthateachindividualfirmmusttakeon.
WhenIssued(WI)
Atransactionwhichismadeconditionallybecauseasecurityhasbeenauthorized,butnotyetissued.
Treasury(国库)securities,splits,andnewissuesarealltradedonawhen-issuedbasis.Thetermisactuallyshortfor"when,as,andifissued."
Whatisthepurposeofa'when-issued'market
Today,abidder（出价人，投标人）atagovernmentsecurityauction(拍卖)canonlysecond（支持）guesswhatthedemandforabondwillbe.Thisuncertainityleadstoavolatilitywheneverthereisalargeauction.Awhen-issuedmarketwillenablebidderstogetanideaofhowmanyinvestorsareinterestedinbuying.Reducedvolatilitywilldrawmoreinvestorsandleadtofurtherdevelopmentofthebondmarket.
Howdoesthewhen-issuedmarketwork
Jul31,2006,12.02amIST
A"when,asandifissued"(commonlyknownas'when-issued')securityreferstoabondwhoseissuehasbeenannouncedbutnotyettakenplace.
Byinferencea`when-issued'marketisonewheresuch'when-issued'instrumentsaretraded.InIndiathe'when-issued'marketingovernmentsecuritiesisexpectedtotakeoffinfewdayswithtransactionstakingplaceonRBI'sNegotiatedDealingSystem-OpenMarkets(NDS-OM),anon-linetradingplatformforgovernmentsecurities.
Inawhen-issuedmarkettradecantakeplaceonlyfromthedayanauctionofgovernmentsecuritiesisnotifieduptothedateoftheauction.
Duringthisperiodtherewillbeakindofabook-buildingwithbuyingandsellingoftheto-be-issuedsecuritygoingonsimultaneously.Oncethesecuritesareissuedthroughtheauctiontherewillbeasettlementofallthesebuy-selltransactionsthathastakenplaceearlier.
Whocanparticipateinawhen-issuedmarket
Broadlyawhen-issuedmarketisopentothoseinstitutionswhichparticipateinthegovernmentbondsmarket.TheRBInotificationdescribestheparticipantsasbanks,primarydealersoranyotherentitiesitnotifies.
SinceinstitutionaltradeingovernmentbondstakesplaceindematformwithRBIactingasthedepository,RBIallowsonlythoseentitiestotradethosewhocanholdgovermentsecuritiesindematerialisedform.Primarydealerscanparticipateupto10%ofthesizeoftheforthcoming（即将来临的）auction.Otherscantradeforavalueupto5%oftheauction.
ReserveBankOfIndia(RBI)
ThecentralbankofIndia,whichwasestablishedonApril1,1935,undertheReserveBankofIndiaAct.TheRBIusesmonetarypolicytocreatefinancialstabilityinIndiaandischargedwithregulatingthecountry'scurrencyandcreditsystems.
LocatedinMumbai,theReserveBankofIndiaservesthefinancialmarketinmanyways.Oneofitsmostimportantfunctionsisestablishinganovernightinterbanklendingrate.TheMumbaiInterbankOfferRate,orMIBOR,servesasabenchmarkforinterestraterelatedfinancialinstrumentsinIndia.
AuthorizedStock
Themaximumnumberofsharesthatacorporationislegallypermittedtoissue,asspecifiedinitsarticlesofincorporation.Thisfigureisusuallylistedinthecapitalaccountssectionofthebalancesheet.Alsoknownas"authorizedshares"or"authorizedcapitalstock".
Thisnumbercanbechangedonlybyavoteofalltheshareholders.Managementwilltypicallykeepthenumberofauthorizedshareshigherthanthoseactuallyissued.Thisallowsthecompanytosellmoresharesifitneedstoraiseadditionalfunds.
Bloomberg
Amajorglobalproviderof24-hourfinancialnewsandinformationincludingreal-timeandhistoricpricedata,financialsdata,tradingnewsandanalystcoverage,aswellasgeneralnewsandsports.Itsservices,whichspantheirownplatform,television,radioandmagazines,offerprofessionalsanalytictools.
OneofitskeyrevenueearnersandwhattheyarewellknownforistheBloombergTerminal-anintegratedplatformthatstreamstogetherpricedata,financials,news,tradingdata,andmuchmoretomorethan250,000customersworldwide.
DeliveryVersusPayment(DVP),
付款交割,指买方需要在交付证券当时支付有关款项。证券的交付及付款必须同时进行
Redemption
Thereturnofaninvestor'sprincipalinasecurity,suchasastock,bond,ormutualfund.
Redemptionofmutualfundsharesfromamutualfundcompanymustoccurwithinsevendaysofreceivingarequestforredemptionfromtheinvestor.
赎回指债券发行人在债券到期时赎回债券。参见Warrant（认股权证）。Therepurchaseofabondatmaturitybytheissuer.
Warrant
认股权证
一种衍生工具，持有人有权在一定的期限内按约定的认购价向发行人购进一家公司的普通股，认购价通常高于发行时标的股票的市价。认股权证的有效期通常较长，可以是数年至永久有效。认股权证通常依附公司债或优先股发行，作为吸引投资人认购的“赠品”，但认股权证有其独立的价值，可自由转让、单独买卖。认股权证的标的股票通常是发行公司自身的股票，但也可以是子公司的股票。参见CoveredWarrant(备兑认股证)。"Atypeoffinancialinstrumentattachedtoasecuritythathasaseparatelifeandvalue.Awarrantallowstheinvestortopurchaseordinarysharesatafixedpriceoveraperiodoftime(years)ortoperpetuity.Thepriceofthesharesisusuallyhigherthanthemarketpriceatthetimeofissue.Awarrantisfreelytransferableandcanbetradedseparately.Warrantsareusuallyissuedbycompaniesfortheirownshares,orthesharesofasubsidiary.Coveredwarrantsareissuedbybanks,forthesharesofothercompanies,orforuseasatradinginstrument."
Aderivativesecuritythatgivestheholdertherighttopurchasesecurities(usuallyequity)fromtheissuerataspecificpricewithinacertaintimeframe.Warrantsareoftenincludedinanewdebtissueasa"sweetener"toenticeinvestors.
Themaindifferencebetweenwarrantsandcalloptionsisthatwarrantsareissuedandguaranteedbythecompany,whereasoptionsareexchangeinstrumentsandarenotissuedbythecompany.Also,thelifetimeofawarrantisoftenmeasuredinyears,whilethelifetimeofatypicaloptionismeasuredinmonths.
RR,RegisteredRepresentative
ApersonwhoworksforabrokeragecompanythatislicensedbytheSecurityandExchangeCommission(SEC)andactsasanaccountexecutiveforclientstradinginvestmentproductssuchasstocks,bondsandmutualfunds.Alsoknownasan"accountexecutive".ItisalsoreferstoapersonregisteredwiththeCommodityFuturesTradingCommission(CFTC)whoworksforacommissionhouseorafuturescommissionmerchant.
TobecomelicensedasaRegisteredRepresentativetoactasagentinthebuyingandsellingofsecurities,apersonmustpasstheSeries7andSeries63securitiesexaminations.Also,thepersonmustworkforabrokeragelicensedbytheSEC,NYSEandNASD.
1.Anindividualorfirmwillingtobuyorsellsecuritiesfortheirownaccount.2.Onewhopurchasesgoodsorservicesforresaletoconsumers.
Adealerdiffersfromanagentinthatadealeractsasaprincipalinatransaction.Thatis,adealertakesownershipofassetsandisexposedtoinventoryrisk,whileanagentonlyfacilitatesatransactiononbehalfofaclient.
Broker-Dealer
Apersonorfirminthebusinessofbuyingandsellingsecuritiesoperatingasbothabrokerandadealerdependingonthetransaction.
Technically,abrokerisonlyanagentwhoexecutesordersonbehalfofclients,whereasadealeractsasaprincipalandtradesforhisorherownaccount.Becausemostbrokeragesactasbothbrokersandprincipals,thetermbroker-dealeriscommonlyusedtodescribethem.
Shareholder
Anyperson,company,orotherinstitutionthatownsatleastoneshareinacompany.指持有机构或公司股票者。Ashareholdermayalsobereferredtoasa"stockholder".
Shareholdersaretheownersofacompany.Theyhavethepotentialtoprofitifthecompanydoeswell,butthatcomeswiththepotentialtoloseifthecompanydoespoorly.
Pairoff
1.Apurchaseofsecuritiestooffsetapreviouslytransactedsaleofthesamesecurity.2.Atransactioninsecuritiesmarketswhereoff-settingbuyandselltradesaresettledincash,basedonthedifferenceinthepricesbetweentheoff-settingtrades.Nosecuritiestradehands;insteadthesettlementdifferencebetweenthetradesiscalculated,andamoneywireissenttotheappropriateparty.
1.Theoffsettingpositionisusuallytransactedwithinthesamedayoftheoriginalpurchase.Thisisalsoreferredtoascrystallization.2.Matchingtradesforpairoffcanreducesettlementrisksandsecuritywiretransferfees.Itisultimatelyaformofspeculation.
Offset抵销,弥补,补偿
1.Toliquidateafuturespositionbyenteringanequivalent,butopposite,transactionwhicheliminatesthedeliveryobligation.2.Toreduceaninvestor'snetpositioninaninvestmenttozero,sothatnofurthergainsorlosseswillbeexperiencedfromthatposition.
1.Investorswilloffsetfuturescontractsandotherinvestmentpositionsinordertoremovethemselvesfromanyassociatedliabilities.Almostallfuturespositionsareoffsetbeforethetermsofthefuturescontractarerealized.Despitethefactthatmostpositionsareoffsetnearthedeliveryterm,thebenefitsofthefuturescontractasahedgingmechanismarestillrealized.2.Iftheinitialinvestmentwasapurchase,asaleismadetoneutralizetheposition;tooffsetaninitialsale,apurchaseismadetoneutralizetheposition.Forexample,ifyouwantedtooffsetalongpositioninastock,youcouldshortsellanidenticalnumberofshares.Bydoingso,yournetownershipofthestockwouldbezero,andyouwouldnotincuranyfurthergainsorlossesfromtheposition.
Liquidate['likwideit]清算,清偿,消除
1.Toconvertassetsintocashorequivalentsbysellingthemontheopenmarket.2.Whenanentitychoosesorisforcedbyalegaljudgmentorcontracttoturnassetsintoa"liquid"form(cash).
1.Anindividualmaychoosetoliquidatehisorherpossessionsorinvestmentstopayoffcreditors,convertassetstocashforspendingorbecausetheinvestmentsarenotgoingtoincreaseinvalueandtheinvestorwantstore-allocatefunds.2.Businessesarebestknowntoliquidateassetsasapartofbankruptcyprocedure,buttheprocesscanalsobeusedbybusinessestofreeupcash,evenintheabsenceoffinancialhardship.
ToBeAnnounced(TBA)
Atermusedtodescribeaforwardmortgage-backedsecuritiestrade.Pass-throughsecuritiesissuedbyFreddieMac,FannieMaeandGinnieMaetradeintheTBAmarket.ThetermTBAisderivedfromthefactthattheactualmortgage-backedsecuritythatwillbedeliveredtofulfillaTBAtradeisnotdesignatedatthetimethetradeismade.Thesecuritiesare"tobeannounced"48hourspriortotheestablishedtradesettlementdate.
Thesettlementproceduresofmortgage-backedsecuritiesTBAtradesareestablishedbytheBondMarketAssociation.Eachtypeofagencypass-throughsecurityisgivenaspecifictradesettlementdateforeachmonth.Tradecounterpartiesarerequiredtoexchangepoolinformationby3:00pm(EST)48hourspriortotheestablishedsettlementdate.Tradesareallocatedin$1millionlots.
Flip
Apointwhentradersshiftfromhavingmorelongpositionstohavingmoreshortpositions,orviceversa.Aflipcanbedescribedasasituationwhenatraderdecidesthattheiroutlookorstrategyisnolongerawinningone,andbeginstotakestepstoreversetheirpositions.Thismayinvolvesellinglongequitypositionsinfavorofshortpositions,orthroughtheuseofderivativeinstruments.InvestopediaSays:
Thiscanbeaveryeffectivetoolfordeterminingthetrendofacertaincurrency.Ashiftfromlongtoshortpositionsindicatesthatthemarket'sbullishoutlookonaspecificcurrencycouldbecomingtoanend.Anothersuchexamplecouldbethemarketforcrudeoil,whichhasbeenknowntobeaveryvolatiletrade,withtradersoften"flipping"positionsnumeroustimesoverthecourseofacontract.Point
点
价格波动以“点”(point)及“点子/跳动点”(pip)表示，视乎市场及金融工具而定，1点可以折合成若干点子，比如100点子，不过有时1点就是指1个跳动点。就债券及贷款而言，1点是指债券面额或贷款本金的1%。就股票而言，1点通常是指1元。
Bullish
看涨
相信价格将上涨。因此，如果市场浮现看涨的气氛，价格会走高。与看跌或看空(bearish)相反。参见Bearish（看跌/看空/熊市的）。Holdingabeliefthatpriceswillrise.Abullishsentiment(观点)inthemarketwillthereforepushpriceshigher.Theoppositeofbearish.Seealso:Bearish
Thegeneraldirectionofamarketorofthepriceofanasset.Trendscanvaryinlengthfromshort,tointermediate,tolongterm.Ifyoucanidentifyatrend,itcanbehighlyprofitable,becauseyouwillbeabletotradewiththetrend.
Asageneralstrategy,itisbesttotradewithtrends,meaningthatifthegeneraltrendofthemarketisheadedup,youshouldbeverycautiousabouttakinganypositionsthatrelyonthetrendgoingintheoppositedirection.Atrendcanalsoapplytointerestrates,yields,equitiesandanyothermarketwhichischaracterizedbyalong-termmovementinpriceorvolume.
Equity,
Theterm'smeaningdependsverymuchonthecontext.Infinance,ingeneral,youcanthinkofequityasownershipinanyassetafteralldebtsassociatedwiththatassetarepaidoff.Forexample,acarorhousewithnooutstandingdebtisconsideredtheowner'sequitybecauseheorshecanreadilyselltheitemforcash.Stocksareequitybecausetheyrepresentownershipinacompany.FX
外汇市场
FX是外汇市场的缩写。外汇市场是各种货币的存款(绝大多数的期限在12个月以内)互相交换的场所，以现货、远期、期货和期权等形式进行。汇率(FXrates)是两种货币进行交换的比率，例如欧元兑美元的汇率是指1欧元可兑换到多少美元。参见SpotMarket（现货市场），Forwards（远期合约），Futures（期货合约），Option（期权）。
Forex(FX)
Themarketinwhichcurrenciesaretraded.Theforexmarketisthelargest,mostliquidmarketintheworldwithanaveragetradedvaluethatexceeds$1.9trillionperdayandincludesallofthecurrenciesintheworld.
Thereisnocentralmarketplaceforcurrencyexchange;tradeisconductedoverthecounter.Theforexmarketisopen24hoursaday,fivedaysaweek,andcurrenciesaretradedworldwideamongthemajorfinancialcentersofLondon,NewYork,Tokyo,Zürich,Frankfurt,HongKong,Singapore,ParisandSydney-spanningmosttimezones.Theforexisthelargestmarketintheworldintermsofthetotalcashvaluetraded,andanyperson,firmorcountrymayparticipateinthismarket.
Failtodeliver
[经]未能交付
situationwherethebroker-dealeronthesellsideofacontracthasnotdeliveredsecuritiestothebroker-dealeronthebuyside.Afailtodeliverisusuallytheresultofabrokernotreceivingdeliveryfromitssellingcustomer.Aslongasafailtodeliverexists,thesellerwillnotreceivepayment.
IfPartyAfailtodeliverthefinishedproductsintime,alllossthusincurredshouldbebornebyPartyA.
若甲方不能按期交货,由此而造成的一切损失都将由甲方负担
failtoreceive
未能接收
situationwherethebroker-dealeronthebuysideofacontracthasnotreceiveddeliveryofsecuritiesfromthebrokerdealeronthesellside.Aslongasafailtoreceiveexists,thebuyerwillnotmakepaymentforthesecurities.Derivative衍生物
SEC(SecuritiesAndExchangeCommission)Fee
AnominalfeethatwascreatedbytheSecuritiesExchangeActof1934tobeanadditionaltransactioncostattachedtothesellingofexchange-listedequities.Thisfeeisusuallylistedasaseparatefee,independentofanyassociatedbrokeragecommissionsorfees.Upuntil2007,thefeeis1%ofonethree-hundredthofthedollarvalueoftheequitiessold.After2007,thefeewillbe1%ofoneeight-hundredthofthedollarvalueoftheequitiessold.
TheproceedsoftheSECfeearecollectedfromthebrokeragefirmsandareeventuallyreturnedtotheU.S.Treasury.ThisfeeprovidesthenecessarycapitalforthegovernmenttopayforthecostsinvolvedintheSEC'sregulationofequitydealersandtheequitiesmarket.Notethatthisfundonlyappliestothesellingofmostclassesofequitiesandequity-relatedoptions.Debtinstruments,suchasbonds,arenotchargedthisfee.Correspondent
Thenamegiventoabank,broker,dealer,orfinancialinstitutionthatactsonbehalfofanotherfinancialinstitutionwithlimitedorrestrictedaccesstothefinancialmarketswhereatransactionmustoccur.
Commonlydonebysmallerfinancialcorporationsthatdon'tnecessarilyhavethecapitaltoenterintoforeignmarketsandsetupnewoperations.Thisisacheapermethodofprovidinginternationalservicestoclientsthroughagreementsandpartnerships.
BrokervsDealer,Brokerbuys/sellssecurtiesonhis/herclientsbehalfanddealerbuys/sellssecurtiesforhis/heraccounts.
Brokersanddealersaretermsassociatedwithsecurities.Thoughbothhavealmostthesamework,theyaredifferentinmanyaspects.Themaindifferencebetweenabrokerandadealerisinrespectoftheirroleinthemarket,aswellasthecapitalrequired.Abrokerisapersonwhoexecutesthetradeonbehalfofothers,whereasadealerisapersonwhotradesbusinessontheirownbehalf.
Adealerisapersonwhowillbuyandsellsecuritiesontheiraccount.Ontheotherhand,abrokerisonewhowillbuyandsellsecuritiesfortheirclients.
Whendealingwithsecurities,dealersmakealldecisionsinrespectofpurchases.Ontheotherhand,abrokerwillonlymakepurchasesaspertheclient’swishes.Whiledealershavealltherightsandfreedomregardingthebuyingandsellingofsecurities,brokersseldomhavethisfreedomandtheserights.
Abrokerisnormallypaidacommissionfortransactingthebusiness.Brokersdonothaveanyassets,butonlyactasmiddlemenbetweensellersandbuyers.Ontheotherhand,adealerisnotpaidacommission,andheorsheisaprimaryprincipal.Dealerswillhaveassetsoftheirownwhichtheysellatalaterstage.
Brokersanddealershavetoadheretocertainguidelinesandregulations.Bothbrokersanddealershavecertainfinancialresponsibilities.
Summary:
1.Abrokerisapersonwhoexecutesthetradeonbehalfofothers,whereasadealerisapersonwhotradesbusinessontheirownbehalf.
2.Adealerisapersonwhowillbuyandsellsecuritiesontheiraccount.Ontheotherhand,abrokerisonewhowillbuyandsellsecuritiesfortheirclients.
3.Whiledealershavealltherightsandfreedomregardingthebuyingandsellingofsecurities,brokersseldomseldomhavethisfreedomandtheserights.
4.Abrokerhasonlyalittleexperienceinthefieldcomparedtodealers.Ithasalsobeenseenthatbrokersbecomedealersoncetheygetexperience.
5.Abrokerisnormallypaidacommissionfortransactingthebusiness.Adealerisnotpaidacommission,andheorsheisaprimaryprincipal.
LimitedLiabilityCompany(LLC)
Acorporatestructurewherebytheshareholdersofthecompanyhavealimitedliabilitytothecompany'sactions.
Basically,anLLCisahybridbetweenapartnershipandacorporation.
Inventory,库存
"也称为存货(stock),指公司贮存的原材料、半成品和成品。""Acompany'sstockofrawmaterials,semi-finishedandfinishedgoods.Alsoknownsimplyasstock."
Therawmaterials,work-in-processgoodsandcompletelyfinishedgoodsthatareconsideredtobetheportionofabusiness'sassetsthatarereadyorwillbereadyforsale.Inventoryrepresentsoneofthemostimportantassetsthatmostbusinessespossess,becausetheturnoverofinventoryrepresentsoneoftheprimarysourcesofrevenuegenerationandsubsequentearningsforthecompany'sshareholders/owners.Possessingahighamountofinventoryforlongperiodsoftimeisnotusuallygoodforabusinessbecauseofinventorystorage,obsolescenceandspoilagecosts.However,possessingtoolittleinventoryisn'tgoodeither,becausethebusinessrunstheriskoflosingoutonpotentialsalesandpotentialmarketshareaswell.Inventorymanagementforecastsandstrategies,suchasajust-in-timeinventorysystem,canhelpminimizeinventorycostsbecausegoodsarecreatedorreceivedasinventoryonlywhenneeded.Turnover
营业额
Revenue
营业收入
RR,
RegisteredRepresentative
Flat
持平
1.指股票或金融工具的价格既不上升也不下跌，也称sideways（横向波动）。2.形容债券以不带应计利息的条件买卖，例如遭违约的债券。3.形容头寸既非做多头亦非做空头。"Thepriceofashareorfinancialinstrumentthatisneitherrisingnorfalling;alsocalledsideways.Also,abondthatistradingwithoutaccruedinterest,suchasabondindefaultandapositioninamarket,orafinancialinstrument,whichisbalanced,neitherlongnorshort."
1.Apricethatisneitherrisingnordeclining.2.Inforex,theconditionofbeingneitherlongnorshortinaparticularcurrency.Alsoreferredtoas'beingsquare'.3.Abondthatistradingwithoutaccruedinterest.
1.Ifastockoverthelastmonthhasbeentradingaround$30,itcanbethoughtofastradingflat.2.IfyouhadnopositionsintheU.S.dollaroryourlongandshortpositionscanceledeachotherout,youwouldbeflatorhaveaflatbook.3.Abondistradingflatifthebuyerofthebondisnotresponsibleforpayingtheinterestthathasaccruedsincethelastpayment(accruedinterestisusuallypartofthebondpurchaseprice).Bondsthatareindefaulttradeflat.
TheSBAprovidesagreatdealofinformationtoassistwithsmall-businessstartupandgrowth,aswellasonlineeducationalevents.Localofficesprovidesupportthroughcounselingandspecialevents.TheSBAprovidesanetworkofprofessionalswhohavevolunteeredtheirexpertisetoaidsmallbusinesses.
美国中小企业管理局的使命是：为小企业的创业发展提供技术援助、保贷款融资服务，解决小企业发展过程中的资金短缺问题，
为小企业投资基金(公司)提供资金和人才方面的支持。对符合国家产业、经济政策的方向进行风险投资，加速小企业的成长，
为了小企业能够规避市场的风险，以政府项目承包来拉动小企业的发展。在风险投资市场的发展过程中，美国政府意识到，
仅依赖于自由市场来满足高技术企业的资金需求是不够的，市场未能自身有效地分配资金。因此提出了州政府介入风险资金市场的必要性。
自20世纪80年代初以来，美国有超过25个州建立或正在筹建某种形式的州政府资助的风险基金。其特点为：
第一，基金项目的设计。在设立基金前，州政府进行详尽的研究，确定基金是否符合本地区的需求。
州政府重点考虑当地经济发展中基金的作用和基金拟达到的规模以及产业发展的最终目标。更重要的是，州风险投资项目只能被看做是
在当地发展高科技产业整体计划中的一部分。因此州风险投资计划不仅包括设立基金，还包括资助企业“孵化器”和风险投资网络。
第二，确立基金目标。州政府十分重视基金结构设计，包括基金的最终目标和评价指标。因此，州政府所面临的最根本问题是
基金应当注重投资回报率还是投资经济指标。投资回报率是投资额收益值的客观的业绩衡量指标，是私人风险投资公司评价自身业绩的而衡量尺度；
投资经济指标是以创造就业职位、社区福利等因素来衡量。
第三，风险投资经济。州政府风险投资基金可以多种方式进行投资，如直接投资于企业或作为私人基金的有限合伙人，
或两者的结合。为积极参与和更好地监督管理投资的企业，大基金倾向于将它们的投资组合限定相对较少数量的企业，
这个数字大大超过了种子期阶段和早期创业阶段企业融资的需求。结果基金公司可能偏向于投资企业的而后期阶段。州政府必须制定投资标准，
防止上述倾向发生。
较为合理的措施是州政府仅动用很小比例的退休基金注入风险投资基金。
总体说，美国各州政府基金所采用的管理模式各异，且成功率差别也很大。比较成功的是马赛诸萨州技术发展公司和密歇根州风险投资基金，
在州政府设立的基金中堪称典范。
Loan
Theactofgivingmoney,propertyorothermaterialgoodstoanotherpartyinexchangeforfuturerepaymentoftheprincipalamountalongwithinterestorotherfinancecharges.Aloanmaybeforaspecific,one-timeamountorcanbeavailableasopen-endedcredituptoaspecifiedceilingamount.
Thetermsofastandardizedloanareformallypresented(usuallyinwriting)toeachpartyinthetransactionbeforeanymoneyorpropertychangeshands.Ifalender出借方requiresanycollateral,thiswillbestipulated规定intheloandocumentsaswell.Mostloansalsohavelegalstipulationsregardingthemaximumamountofinterestthatcanbecharged,aswellasothercovenants契约suchasthelengthoftimebeforerepaymentisrequired.Loanscancomefromindividuals,corporations,financialinstitutionsandgovernments.Theyareawaytogrowtheoverallmoneysupplyinaneconomyaswellasopenupcompetition,introducenewproductsandexpandbusinessoperations.Loansareaprimarysourceofrevenueformanyfinancialinstitutionssuchasbanks,aswellassomeretailersthroughtheuseofcreditfacilities.
·LoanServicer
贷款服务
Prepayment
提前偿付
泛指在债务到期前已偿还。就抵押贷款而言，这是指在原定偿还计划以外的额外还款。有时贷款合约会规定，提前还款须向放款人缴付提前还款罚金(prepaymentpenalty)。如果提前偿还毋须支付罚金，借款人即拥有提前还款权(prepaymentprivilege或priorredemptionprivilege)。参见Amortization(1。分期偿还)。"Inmortgages,anyunscheduledprincipalpaymentmadeinadditiontothenormalamortization.Seealso:Amortization"
Underlying
1.Inderivatives,thesecuritythatmustbedeliveredwhenaderivativecontract,suchasaputorcalloption,isexercised.2.Inequities,thecommonstockthatmustbedeliveredwhenawarrantisexercised,orwhenaconvertiblebondorconvertiblepreferredshareisconvertedtocommonstock.
Thepriceoftheunderlyingisthemainfactorthatdeterminespricesofderivativesecurities,warrantsandconvertibles.Thus,achangeinanunderlyingresultsinasimultaneouschangeinthepriceofthederivativeassetthatislinkedtoit.Inmostcases,theunderlyingisasecuritysuchasastock(inthecaseofoptions)oracommodity(inthecaseoffutures).
Prime
Aclassification类别ofborrowers,ratesorholdingsinthelendingmarketthatareconsideredtobeofhighquality.Thisclassificationisplacedonthoseborrowersthataredeemed视为tobethemostcredit-worthy，andtheprimerateistheratethatalenderwilllendtoitshighqualityborrowers.
Lendersuseacreditscoringsystemtodeterminewhichloansaborrowermayqualify.Amajorvariableinthiscreditscoringsystemisaborrower’sFICOscore(whichmayrangefrom300to850).IngeneralaborrowerwithaFICOscoregreaterthan620isconsideredtobeeligibleforaprimeloan;however,othervariablessuchasapastpaymenthistory,arecordofbankruptcy破产,foreclosure抵押品赎回权的取消andtheloan-to-value（LTV）ratio质押率arealsoconsidered.Sincealender’sincentivesarenotalwaysalignedwithaborrower’sincentives,itisimportantforconsumerstoshopforthebestloanatthebestrate.
BasisPoints
基点
100个基点等于1个百分点，即1基点等于0.01个百分点。基点是市场谈论利率和债券收益率的标准计量单位。"Onehundredthofapercentagepoint,or0.01,thestandardmarketmeasureforinterestratesandbondyields债券收益."
InterestRate
利率
"利率是资金的价格,反映借贷的成本.利率一般按年计算,比如年息5%(5厘),是指借款人一年需向放款人支付本金的5%,作为占用资金的代价.支付利息是为了补偿放款人牺牲使用资金的权利、贷款期间因通货膨胀导致资金购买力下降的损失以及因放贷所承担的其它风险.""Thecostpaidbyaborrowertoalenderoveraperiodoftime,oftencalculatedannually.Itisintendedtocompensatelendersforthesacrificeoflosingtheimmediateuseoftheirmoney,fortheinflationaryerosionofbuyingpoweroverthelifeoftheloan,andfortheriskinvolvedinlending."
Aunitthatisequalto1/100thof1%,andisusedtodenote指示thechangeinafinancialinstrument.Thebasispointiscommonlyusedforcalculatingchangesininterestrates,equityindexesandtheyieldofafixed-incomesecurity.Therelationshipbetweenpercentagechangesandbasispointscanbesummarizedasfollows:1%change=100basispoints,and0.01%=1basispoint.So,abondwhoseyieldincreasesfrom5%to5.5%issaidtoincreaseby50basispoints;orinterestratesthathaverisen1%aresaidtohaveincreasedby100basispoints.
Forexample,Jimneedstoborrow$92,500topurchasea$100,000property.TheLTVratioyieldsavalueofabout92.5%.Sincebankersusuallyrequirearatioatamaximumof75%foramortgagetobeapproved,itmayprovedifficultforJimtogetamortgage.Similartootherlendingriskassessmentratios,theLTVratioisnotcomprehensive全面enoughtobeusedastheonlycriteriainassessingmortgages
CollateralizedMortgageObligation(CMO)
Atypeofmortgage-backedsecuritythatcreatesseparatepoolsofpass-throughratesfordifferentclassesofbondholderswithvaryingmaturities,calledtranches.Therepaymentsfromthepoolofpass-throughsecuritiesareusedtoretirethebondsintheorderspecifiedbythebonds'prospectus.
HereisanexamplehowaverysimpleCMOworks:TheinvestorsintheCMOaredividedupintothreeclasses.TheyarecalledeitherclassA,BorCinvestors.Eachclassdiffersintheordertheyreceiveprincipalpayments,butreceivesinterestpaymentsaslongasitisnotcompletelypaidoff.ClassAinvestorsarepaidoutfirstwithprepaymentsandrepaymentsuntiltheyarepaidoff.ThenclassBinvestorsarepaidoff,followedbyclassCinvestors.Inasituationlikethis,classAinvestorsbearmostoftheprepaymentrisk,whileclassCinvestorsbeartheleast.CMOsusuallyofferlowreturnsbecausetheyareverylowriskandaresometimesbackedbygovernmentsecurities.
Basis
基差
accrualbasis权责发生制，应计制，权责发生基础，应计基础
cashbasis现金制(以现金为依据的记帐法)
Accruals
Accountsonabalancesheetthatrepresentliabilitiesandnon-cash-basedassetsusedinaccrual-basedaccounting.Theseaccountsinclude,amongmanyothers,accountspayable,accountsreceivable,goodwill,futuretaxliabilityandfutureinterestexpense.
Theuseofaccrualaccountshasgreatlyincreasedtheamountofinformationonaccountingstatements.Beforetheuseofaccrualsonlycashtransactionswererecordedonthesestatements.Butcashtransactionsdon'tgiveinformationaboutotherimportantbusinessactivities,suchasrevenuebasedoncreditandfutureliabilities.Byusingaccruals,acompanycanmeasurewhatitoweslookingforwardandwhatcashrevenueitexpectstoreceive.Italsoallowsacompanytoshowassetsthatdonothaveacashvalue,suchasgoodwill.
Accruedinterest应计利息receivable应收款/payable应付
在进行对帐（Reconciliation）时，系统提供一个手边现金帐簿以核对凭证。通过输入银行凭证文件，用户可以进行人工或自动核对。
Bankreconciliation（银行存款余额调节表）：对于银行对账单中现金余额与企业现金账户中现金余额之间存在差异的项目进行详细分析。
FOR2012/04/10,
Trade-for-TradeSettlement
RRRegisteredRepresentative,
alsocalledageneralsecuritiesrepresentative,astockbroker,oranaccountexecutive,
isanindividualwhoislicensedtosellsecuritiesandhasthelegalpowerofanagent
intheUSA.
Registeredrepresentativesusuallyworkforbroker-dealerslicensedbytheSecurities
ExchangeCommission(SEC)andtheSelfRegulatoryOrganizations(SRO)oftheNewYorkStockExchange(NYSE)
andNationalAssociationofSecuritiesDealers(NASD).
RecentlytheenforcementarmoftheNYSEandNASDhavecombinedtobeknownasthe
FinancialIndustryRegulatoryAuthority(FINRA).
Tobecomearegisteredrepresentative,onemustbesponsoredbyabroker-dealerfirmandpassthe
FINRA-administeredSeries7examinationoranotherLimitedRepresentativeQualificationsExam.
Somestatelawsandbroker-dealerpoliciesrequiretheSeries63examinationtobepassed,aswell.
Aregisteredrepresentative(orsimply"RR"or"rep"or"broker")isauthorizedtosellalargearray
ofsecuritiessuchasstocks,bonds,mutualfunds,variableannuities,etc.andshouldnotbeconfused
withthemorenarrowlylicensedfinancialservicesrepresentative,whoislicensedbypassingthe
FINRAseries6securitiesexam.TheSeries6permitsthe"rep"tosellonlymutualfundsandvariable
annuitycontracts.Variableproductssuchasvariableannuitiesorvariableuniversallifeinsurance
policiestypicallyalsorequirerepsobtaintheappropriatestateinsurancedepartmentlicense(s)required
forsuchvariable.
ContinuousNetSettlement(CNS)
Anautomatedbook-entryaccountingsystem.CNScentralizesthesettlementofcomparedtransactionsandmaintainsanefficientflowofsecurityandmoneybalances.
DuringtheCNSprocess,therearereportsthataregeneratedwhichdocumentthemovementsofmoneyandsecurities.Thissystemprovidesclearanceforinstrumentslikeequities,corporatebonds,UnitInvestmentTrustsandmunicipalbonds.
averagepriceaccount,
AveragePriceAccountIdentifiers
Broker-dealersoftenusetheir"averagepriceaccounts"asamechanismtobuyorselllargeamountsofagivensecurityfortheirinstitutionalcustomers.Underthisarrangement(约定,商议),abroker-dealer'saveragepriceaccountmaybuyorsellasecurityinsmallincrementsthroughoutatradingsession,andthentransfertheaccumulatedlongorshortpositiontooneormoreinstitutionalaccountsforavolume-weightedaveragepriceafterthemarketclose.
Aswithtransactionsinvolvingprimebrokeragearrangements,therecurrentlyisnouniformityinhowbroker-dealersidentifythesetransactionsinEBSsubmissions.Asaresult,theCommission'stradinganalysesmayinadvertentlydouble-countsuchtransactions--onceintheEBSsubmissionforthefirm'saveragepriceaccount,andagainintheEBSsubmissionfortheinstitutionalaccountreceivingpositionsfromtheaveragepriceaccount.TwoadditionaldataelementsinproposedRule17a-25aredesignedtoprovideuniformityinidentifyingtransactionsinvolvingaveragepriceaccounts.
TradeReportingAndComplianceEngine(TRACE)
AprogramdevelopedbytheNationalAssociationofSecuritiesDealers(NASD)whichallowsforthereportingofover-the-counter(OTC)transactionspertaining(与…有关)toeligiblefixed-incomesecurities.Brokers,whoareNASDmembersanddealwithspecificfixed-incomesecurities,arerequiredtoreporttheirtransactionsbySecuritiesandExchangeCommission(SEC)rules.
From1998-2001,theSECapprovedrulesadoptedbytheNASDregardingthetransactionsinallU.S.corporatebondsandsecondaryOTCfixed-incometransactions.Theserulesweredevelopedtobringgreaterpricetransparencytobondmarkets.Subsequently,TRACEwasbroughtintoplayin2002tocomplywiththenewlyapprovedrules.TheprogramreplacedthepreviousFixedIncomePricingSystem(FIPS)usedsince1994.
UIT单位投资信托
Aninvestmentcompanythatoffersafixed,unmanagedportfolio,generallyofstocksandbonds,asredeemable"units"toinvestorsforaspecificperiodoftime.Itisdesignedtoprovidecapitalappreciationand/ordividendincome.Unitinvestmenttrustsareoneofthreetypesofinvestmentcompanies;theothertwoareMutualFundsandClosed-endFundsEachunittypicallycosts$1,000andissoldtoinvestorsbybrokers.UITscanberesold(转售)inthesecondarymarket.AUITmaybeeitheraregulatedinvestmentcorporation(RIC)oragrantortrust.Theformerisacorporationinwhichtheinvestorsarejointowners;thelattergrantsinvestorsproportionalownershipintheUIT'sunderlyingsecurities.---------------------------------------------------------------------------2012-7-5
PennyStocksareanystockthattradesbelow$5pershare.Mostfinancialadvisorsandlong-terminvestorstendtoavoidthemcompletelybecauseoftheextremelyhighriskthatcomeswithowningthem.Theygenerallytendtofluctuatewildlyinprice,andalthoughsomereportspectaculargainsinamatterofafewdays[orevenhours],thosewhoinvestinthemaregenerallysurprisedwhentheydisappearaltogether.
Generally,ifastockistradingthatlow,itisdangeroflosingitslistingwithanexchange.Whenthishappens,acompanyisnormallyeitherinverybadfinancialshape,oronthebrinkofbankruptcy.Smartinvestorsopttoavoidthese.