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An organisation comprising academics, business people and government, established in 1968 ...
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The countries and regions bordering the Pacific Ocean, encompassing parts of the North and ...
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The proportion of a company's issued capital that has been paid for by its shareholders. Details ...
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Market parlance for securities (which are pieces of paper) such as government bonds or bank ...
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Unrealised profits that would be crystallised if the owner were to act; for example, land ...
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1.abbrev. prime assets requirement. 2.equal; used in foreign exchange to describe a currency ...
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A facility favoured by gold producers which evens out the price curve or income stream (normally ...
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The face value of a security. If a commonwealth bond is trading at $102 and it was issued ...
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The forerunner of a swap; a method of raising capital in a foreign country to finance assets ...
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A bundle or quantity of bills of exchange, bonds, treasury notes or shares whose details, ...
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A company that controls one or more other companies. The parent company's financial statements ...
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A concept of optimality, recognised as Pareto's Law, which essentially means a situation in ...
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Latin for 'with equal progress'. The phrase is used to indicate simultaneous and equal change ...
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An informal grouping of government officials who meet about once a month to oversee government-to-government ...
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In financial terms, equality of value. The word has come to be used in the sense of 'one-for-one' ...
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See also: takeover.
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See also: general equilibrium theory.
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An option with a time 'window' of 30 or 60 days when the strike price is set or adjusted at ...
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Similar to an option in structure, a participation contract includes a floor return and a ...
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A pass-through security representing an interest in a pool of instruments such as mortgage-backed ...
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See also: contributing shares.
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Two or more individuals who have joined together to carry on a business, sharing in risks ...
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Not declare (pay) a dividend. A company would choose not to pay a dividend if it had made ...
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A security, such as a bond or certificate, that represents an interest in a pool of mortgages. ...
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The length of time needed before an investment makes enough money to recoup the initial outlay ...
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The value of an option when it expires.
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A diagram showing an option's value at expiry relative to a range of underlying prices.
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Abbrev. pay-as-you-earn tax. See also: taxation.
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The person to whom a cheque or bill of exchange is made payable. See also: bill of exchange.
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The bank on which a cheque is drawn (the bank whose name is printed on the cheque) and which ...
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See also: netting.
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Sometimes a reward, sometimes a bribe; a gift or remuneration to someone who has the potential ...
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The proportion of profit distributed through dividends to ordinary shareholders. The ratio ...
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See also: taxation.
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Abbrev. participation certificate.
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Abbrev. pooled development fund
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Abbrev. price-earnings ratio.
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The 'profit' that comes to an economy when political confrontation ends and resources such ...
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Abbrev. Pacific Economic Cooperation Council.
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Tied to. When the $A was pegged to sterling, its exchange rate with other currencies moved ...
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Low-priced, highly speculative shares, an extension of the original meaning of cheap, sensational ...
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Superannuation funds which pay out benefits in the form of a pension (ie, in instalments) ...
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The 'top percentile' is the same as the top 1 per cent. Percentile is a common breakdown on ...
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A theoretical device found mostly in textbooks. Perfect competition assumes that buyers and ...
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Short for perquisites, the additional non-cash benefits provided by an employer to an employee ...
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A bond that is issued with no maturity date. The bondholder earns income on the bond through ...
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A note with the same characteristics as the perpetual bond; that is, no set maturity date ...
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A number issued by banks to their customers as a personal code to be used in conjunction with ...
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A type of loan available from banks, finance companies and other financial institutions, generally ...
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The currency of a country with oil to export, for example, Saudi Arabian riyals. North Sea ...
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See also: petrocurrency.
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Best-known for its highly successful currency option contracts. Abbrev. PHLX.
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A graph of the relationship between wage increases and unemployment. In 1958 A.W. Phillips ...
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Abbrev. Philadelphia Stock Exchange.
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A non-decision-making money-market or foreign-exchange dealer.
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A retail bank, as distinct from a wholesale or investment bank.
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A share option which when converted to a share automatically creates another option.
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Abbrev. personal identification number.
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See also: point.
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The area on the trading floor of a futures exchange where traders gather for action. Each ...
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See also: direct placement.
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A description of a basic financial instrument, uncomplicated by bells and whistles. See ...
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An economy in which the government maintains absolute control of the production and distribution ...
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See also: wage indexation.
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An agreement reached in September 1985 by the G-5 countries (France, West Germany, Japan, ...
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To reinvest profits in a business rather than distribute them to the owners (shareholders). ...
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Abbrev. promissory note.
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The last decimal place in a foreign-exchange quote. If the $A were to rise from 70.10 US cents ...
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A defensive action against a hostile takeover in which a target company takes action to make ...
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See also: leads and lags.
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These were established in 1993 to replace the management and investment companies (MICs) program. ...
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A collection of various company shares, fixed interest securities or money-market instruments. ...
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The blend of investments in a portfolio, taking into account interest rates, inflation, other ...
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A form a portfolio protection developed in the late 1970s by the California-based firm Leland ...
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The acquisition of bonds (of more than twelve months to maturity) or of shares in a company, ...
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Managing a large single portfolio or being employed by its owner to do so. Portfolio managers ...
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Money-market, futures, foreign-exchange and sharemarket traders talk of 'taking a position' ...
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The maximum amount, either net long (bought) or net short (sold) of futures and option contracts ...
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More sombre-sounding than a 'report' but it is the same thing.
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Holding strategic trading positions for a period rather than trading to cancel out positions ...
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The opposite of negative carry. With a positive carry the cost of borrowed funds is lower ...
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See also: lien.
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The system used in Australian share trading from 1959 to the introduction of SEATS in 1987, ...
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Transferring details of financial transactions to ledger accounts.
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Legal authority to do in another's name anything that person might do, or anything within ...
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Abbrev. prescribed payment system. See also: withholding tax.
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Abbrev. public relations.
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The chance that something might go wrong in a transaction before it is settled; eg, a counterparty ...
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Shares which rank ahead of ordinary shares for the purposes of claiming dividend payments ...
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A style of futures trading that allows floor traders to deal with anyone they choose. The ...
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A strategy adopted in June 1931 by Australia's Scullin government to reduce interest rates ...
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Special value. Shares or securities bought at a premium are bought for more than their par ...
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See also: dawn raid.
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Paying a bill or debt before it is due. Some loan agreements carry penalties for early repayment, ...
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See also: withholding tax.
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Certain superannuation benefits must, by law, be maintained ('preserved') in either a superannuation ...
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Funds to cover an exporter's costs before goods are sent overseas.
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Stock that has been placed with subscribers before an issue officially opens and before all ...
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Determining the price level for a commodity or instrument based on supply and demand.
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See also: price maintenance.
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Collusion among manufacturers to maintain artificially high prices for their products. Such ...
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In perfect competition, all producers are price takers, as they have to accept what the market ...
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A yardstick for measuring the value of a company's shares. It shows the relationship between ...
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A commonwealth statutory authority established in March 1984 under the Prices Surveillance ...
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A US bank or investment house authorised to trade in government securities directly with the ...
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Basic industries such as agricultural, pastoral and mining activities, which have always accounted ...
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The new issue market. Bonds and treasury notes sold by the Reserve Bank in regular tenders ...
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The rate charged by banks to their best (prime) customers. Most bank customers pay the prime ...
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An obligation on banks to hold a stock of 'prime' or high-quality liquid assets such as notes ...
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A form of revolving underwriting facility (RUF), in which the maximum margin is set against ...
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The face value amount of a loan, on which interest is calculated. See also: rule of 78.
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A charge that ranks ahead of another. For example, a specific mortgage will usually rank ahead ...
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See also: company.
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Economic activity that is owned and controlled by individuals as distinct from businesses ...
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1. Debt: a method of fundraising where the borrower obtains cash by selling securities - bonds ...
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The activities within an economy that are operated by and undertaken by private individuals, ...
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Money and short-dated government securities in the hands of the private sector, ie, companies ...
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The transfer of government-owned services into private hands. This is usually justified on ...
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A description applied to a balance sheet, profit-and-loss and cashflow statement drawn up ...
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The hearing and determining of any queries about entitlements under the terms of a will. The ...
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In mathematics, the number which results from multiplying two others. Otherwise, almost anything. ...
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A measure of the economic efficiency of individuals, businesses or capital, ie, it can measure ...
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The accounting term for what is left from earnings after all expenses have been provided for. ...
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An account showing a company's earnings and expenses over a period, what it has done with ...
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Cashing in paper profits while the going looks good. If traders or speculators believe a commodity ...
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A highly computerised method of trading and arbitraging between physical, futures and options ...
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A method of distributing the tax burden so that those who earn the most pay the most - the ...
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Financing arrangements where the funds are made available for a specific purpose (the project), ...
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An IOU issued by a borrower, whose name appears on the front of the note and who undertakes ...
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A type of unit trust which pools its unitholders' funds into real estate investments. ...
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See also: company.
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Trading as principal for a bank or investment bank's own account, as distinct from transactions ...
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A brochure that must be issued by any company or authority, such as a finance company, unit ...
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See also: All-Ordinaries Share Price Riskless Notes.
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A variation on margin trading, with the benefit that the borrower is protected from an unwelcome ...
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A regime favouring high tariffs and import restrictions to give domestic industry an advantage ...
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See also: liquidator.
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See also: taxation.
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The allowance that companies make as a charge against profits in order to account for expenses ...
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One person acting on another's behalf, usually in the context of company meetings. A shareholder ...
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Abbrev. public sector borrowing requirement.
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Abbrev. proprietary limited company.
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A company listed on the stock exchange, whose shares can be bought and sold by members of ...
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A fundraising by a company or semi-government authority in which securities can be bought ...
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Assumptions, sometimes backed by legislation, about what is in the public interest, which ...
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Let's not be coy: Goebbels and the Chinese have been content to call it propaganda, and that ...
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The part of the economy which is not privately owned and is controlled by one of the tiers ...
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A form of unit trust that invests in government and semi-government securities, and selected ...
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The expected or actual shortfall between government revenues and expenditure, plus the requirements ...
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Abbrev. prime underwriting facility.
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Withdrawing an issue of bonds or notes after it has been announced. This is usually embarrassing ...
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An alternative expression for deficit financing. See also: deficit financing.
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In gentlemen's language, someone who invests money in a chancey game or business in the expectation ...
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An ad valorem duty imposed on consumer goods. Purchase tax is calculated on the wholesale ...
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The theory that if a common unit of currency existed, it should be able to buy the same value ...
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See also: option.
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A spread composed of a long position and a short position in puts on the same underlying instrument.
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A swap contract which can be cancelled or terminated by either counterparty. See also: ...
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1. A form of corporate structure based on a chain of units, where the level of ownership held ...
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