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Abbrev. merger and acquisition.
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The pact for a redesigned European economic union, resulting from meetings in 1991 - 93 in ...
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The name of a Torres Strait Islander, Eddie Mabo, who fought for Aboriginal land rights. The ...
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A market-value, weighted measure of the time to maturity of a security. With fixed-interest ...
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The big picture (makros is Greek for 'large'). Macroeconomics focuses on the major aggregates, ...
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The difference between the yields on German bunds (bonds) and French OATs (obligations assimilables ...
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The stock exchange board on which publicly listed industrial and mining company shares are ...
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Established in Manila in 1963, the exchange began trading in November 1965 and is the largest ...
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(1766 - 1834)UK economist whose legacy to economic thought was contained in his Essay on the ...
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MICs were established under the Management and Investment Companies Act 1983 as a federal ...
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A management buy-out where the new management is not already involved in the operation of ...
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A transfer of ownership or control of a company to those who are involved in running the business. ...
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Calculated by taking the total amount of fees deducted from an unlisted managed fund and all ...
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See also: free trade.
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The authority to act for another party. The term is commonly used in the euromarkets: a borrower ...
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The difference between a benchmark interest rate and the rate charged to an individual borrower. ...
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An account enabling a trader to use funds advanced by his or her stockbroker, futures broker ...
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A request for funds to cover an unfavourable movement in price in the futures and options ...
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A reduced margin, calculated by the Sydney Futures Exchange Clearing House, for offsetting ...
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Using a margin account; ie, trading with money borrowed from your broker or bank for that ...
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Someone willing to buy at the present price but who would be deterred by any increase.
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A measure of the increase in total utility (satisfaction, use or need) of consumption of a ...
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To revalue (an asset, liability, financial instrument, etc) to the current market price, as ...
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The key to the free-enterprise system; a generic term for the arrangements by which people ...
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The stockmarket's assessment of a company's value, calculated by multiplying the number of ...
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Supply and demand - those terrible twins which are held to determine the price of a product ...
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A recognised institution or individual willing to trade certain securities at any time; that ...
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Buying or selling at the market price at the close of the day's trading, ie, during the last ...
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See also: open-market operations.
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An instruction to buy or sell a commodity or share at the current market price, with minimum ...
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See also: raid.
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The possibility that future earnings could be adversely affected by a change in market prices ...
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The proportion of the total amount of a service or product - banking or air-conditioners - ...
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What you would get for an asset were you to offer it for sale. The value might be quite different ...
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An order to buy or sell if and when the market price reaches a specified level. Once the specified ...
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See also: securities.
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(1842 - 1924)Marshall combined the traditions of the English classical school of Smith and ...
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A committee formed in May 1983 to examine the proposals of the Campbell Committee in the light ...
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(1818 - 83)German philosopher, economist, socialist and revolutionary. Marx studied at the ...
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Abbrev. Monetary Authority of Singapore.
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See also: netting by master agreement.
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A superannuation vehicle which enables a number of companies or individuals to combine their ...
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In futures trading, offsetting open positions. A trader holding both bought and sold contracts ...
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Traders talk of their book being matched when their borrowings and loans are equal in so far ...
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Marche a Terme International de France, the Paris futures exchange trading futures and options ...
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Global bonds, first sold in 1991, denominated in $A and issued by supranationals such as the ...
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An arrangement of numbers or figures which helps in assessing their significance. An understanding ...
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A consumer market which has reached virtual saturation, with few new customers. In a mature ...
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The term at the end of which a debt or borrowing is to be repaid. A 90 - day bank bill of ...
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The risk in a cross hedge that because the long and short positions have different maturities ...
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1 May 1975, the day that fixed brokerage commissions ended in the US and brokerage became ...
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Abbrev. management buy-in.
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Abbrev. management buy-out.
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Abbrev. mortgage-backed securities.
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In the arithmetic sense, an alternative for 'average'. The arithmetic mean is arrived at by ...
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Newspapers, magazines, television and radio and any other channel of information. A knowledge ...
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An alternative measure of the typical value of a group of numbers. Median differs from mean; ...
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Intermediate-term debt securities, issued for three to thirty years and continuously offered. ...
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A gathering of two or more people at which something is discussed. In the corporate lexicon ...
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A term coined to describe the disaster that ensues when the core of a nuclear reactor overheats ...
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See also: scheme of arrangement.
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A memorandum - a written or electronic message. Ideally, a way of getting information on to ...
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A company document which sets out the basis on which a company is established, giving such ...
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Abbrev. management expense ratio.
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An economic theory common in Europe from the sixteenth to mid-eighteenth centuries which stressed ...
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Merchant banks originated in the sixteenth century in Europe, when they financed trade. The ...
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The combining of two companies to form one entity, suggesting a balance of strength and willingness ...
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A borrowing that falls between straight debt and equity, such as subordinated debt or equity-linked ...
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Abbrev. most-favoured nation.
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The study of markets and individual units in the economy (from the Greek mikros, meaning 'small'). ...
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Abbrev. management and investment companies.
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Chicago's 'third' commodity exchange. Founded in 1868, it is the fourth-largest in the US, ...
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As its name suggests, an area in a bank or investment bank which 'sits' between the front ...
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The middle rate between buy/sell quotes in foreign exchange. If the $US/yen quote were 80.20/80.30, ...
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(1806 - 73)British philosopher, political economist, exponent of utilitarianism, child prodigy. ...
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See also: budget.
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A floating-rate note with an embedded collar, providing a return in a specified band between ...
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The minimum rate at which the Bank of England would lend funds to the discount houses. The ...
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Japan's equivalent of a department of treasury. This department has many functions including ...
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A powerful department of the Japanese government which oversees industry in the same way that ...
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The proportion of a company's profit or loss attributable to outside shareholders in subsidiary ...
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Shareholders who do not own the controlling interest in the equity (shares) of a company. ...
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A factory which produces coinage. The Royal Australian Mint, located in Canberra, is a division ...
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Written details of a meeting, usually certified by the chairman as being an accurate record ...
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A discrepancy in the maturities of assets and liabilities. This may be brought about deliberately, ...
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The market risk created if a hedge does not exactly cover an exposure.
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What brokers try to avoid. A broker who missed the market for a client would have lost the ...
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Abbrev. market-if-touched order.
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Abbrev. Ministry of International Trade and Industry (Japan).
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One containing features of both capitalism and socialism. Australia is a mixed economy, with ...
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Abbrev. minimum lending rate.
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Abbrev. money market certificate.
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Abbrev. market on close.
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A measure of the typical value in a series of numbers. The mode is the value which occurs ...
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A measure of the proportional change in the value of an instrument that results from a change ...
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1. abbrev. Ministry of Finance (Japan). 2. abbrev. multi-option facility.
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Marche des Options Negociables de la Bourse de Paris, the Paris equity options market, under ...
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The belief that the quantity of money is the main influence on economic activity and price ...
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The various measures of the money supply used to determine the growth of credit. See also: ...
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The organisation in Singapore carrying out the functions of a central bank. Abbrev. MAS.
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The branch of economic policy usually handled by a country's central bank and concerned with ...
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To convert into money.
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In one sense, the lubricant of all economies. An enigmatic textbook description says that ...
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See also: cash base, money supply.
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A firm which borrows parcels of money as agent and lends them to another, charging a fee for ...
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The 'shorter end' (ie, the short-term area of the capital market, where banks, finance companies, ...
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A savings instrument in the US, offering an interest rate tied to the US Treasury Bill rate. ...
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The US equivalent and forerunner of Australia's cash management trusts.
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A measure of liquidity in the economy (as shown by the quantity of cash in the hands of the ...
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A large US bank, usually found in a key city location, that trades and issues securities. ...
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A once pejorative term for someone lending at rates of interest well above those charged by ...
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The control of the production and sale of a product, and therefore its price, by one individual ...
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The other side of monopoly. There is only one buyer, who therefore dictates the price.
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A method of random sampling to achieve numerical solutions to mathematical problems.
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A leading US corporate credit rating agency. Founded in 1903 by John Moody, it merged in 1961 ...
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Holding down more than one job (the second is done by moonlight). Usually applied disapprovingly, ...
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The risk that a counterparty in a transaction has an incentive to take exceptional risks in ...
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Benevolent compulsion, or making others conform without enforcing rules directly. The Reserve ...
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A form of security, most common in property purchases. In the case of a mortgage under Australia's ...
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The business of originating secured mortgage loans, either as principal or agent, managing ...
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A portfolio of mortgages. See also: mortgage-backed certificate, pass-through security, ...
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A unit trust that pools investors' funds and invests them in residential, commercial and industrial ...
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A variety of asset-backed security, representing an interest in a pool of mortgages. A major ...
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The lender of funds under a mortgage; for example, a bank or building society.
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The borrower of funds under a mortgage.
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A country given favourable tariff treatment by another, usually reciprocally Abbrev. MFN.
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The average of a sequence of numbers over a specific period. The average 'moves' as new numbers ...
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Abbrev. medium-term note.
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Finance provided with the option of using different currencies. Some loans are written with ...
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A facility with a wider range of funding options than the standard underwritten euronote, ...
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Offsetting of receivables and payables among three or more parties to a transaction, with ...
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Companies operating in more than one country, often in several, producing a significant proportion ...
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A term used by Keynes to describe the effect on the cumulative national income of a change ...
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US term for a unit trust. See also: unit trust.
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The ability to buy or sell in one market and close out the position in the same commodity ...
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