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Superglossary - Finance Category: Economy and Finance > Finance Date & country: 16/12/2013, USA Words: 5410

Mortgage Pipeline
The period from the taking of applications from prospective mortgage borrowers to the marketing of t

Mortgage Pipeline Risk
The risk associated with taking applications from prospective mortgage borrowers who may opt to decl

Mortgage Pool
A group of mortgages with similar class, interest rate, and maturity characteristics.

Mortgage Rate
The interest rate on a mortgage loan.

Mortgage REIT
An REIT that invests in loans secured by real estate that derives income from mortgage interest and

Mortgage Servicing
The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, an

Mortgage-Backed Securities (MBS)
Investment instruments backed by a pool of mortgage loans.

Mortgagee
The lender of a loan secured by property.

Mortgager
The borrower of a loan secured by property.

Most Active List
The stocks with the highest volume of trading on a certain day.

Most Distant Futures Contract
When several futures contracts are considered, the contract settling last. Related

Moving Average
Used in charts and technical analysis, the average of security or commodity prices constructed in a

MTN
Medium-term notes issued by corporations, much like shorter-term commercial paper.

MUD
A municipal utility district, which is a political subdivision that administers utility-related serv

Multicurrency Clause
An agreement in the case of a Euro loan that permits the borrower to switch from one currency to ano

Multicurrency Loans
Give the borrower the flexibility of drawing a loan in different currencies.

Multifactor CAPM
A version of the capital asset pricing model derived by Robert Merton that includes extra-market sou

Multifamily Loans
Loans usually represented by conventional mortgages on multifamily rental apartments.

Multinational Corporation (MNC)
A firm that operates in more than one country.

Multioption Financing Facility
A syndicated confirmed credit line with attached options.

Multiperiod Immunization
Creating a portfolio that will be capable of satisfying more than one predetermined future liability

Multiple Listing
An agreement used by a broker who is a member of a multiple-listing organization, providing the excl

Multiple Peril Insurance
Insurance policy that covers a wide variety of property damage.

Multiple Rates Of Return
More than one rate of return from the same project that makes the net present value of the project e

Multiple Regression
The estimated relationship between a dependent variable and more than one explanatory variable.

Multiple-Issuer Pools
Under the GNMA-II program, pools formed through the aggregation of individual issuers' loan packages

Multiples
Another name for price-earnings ratios.

Multiplier
In the case of an investment a factor that quantifies the overall effects of investment spending on

Multirule System
A technical trading strategy that combines mechanical rules, such as the CRISMA (cumulative volume,

Municipal Bond
Represents borrowing by state or local governments to pay for special projects such as highways or s

Municipal Bond Insurance
An insurance policy that guarantees payment on municipal bonds in the event the issuer defaults.

Municipal Improvement Certificate
A certificate used to finance local government projects and services that are financed by a special

Municipal Investment Trust (MIT)
A unit investment trust that buys municipal bonds and usually holds them until maturity, passing the

Municipal Notes
Short-term notes issued by municipalities in anticipation of tax receipts, proceeds from a bond issu

Municipal Revenue Bond
A bond issued to finance a public project that is funded by receipts from the project's operation.

Mutilated Security
A certificate on which the name of the issue, the issuer, or some other identifying detail cannot be

Mutual Association
A savings and loan association organized as a cooperative. Members purchase shares, vote on associat

Mutual Company
A corporation that is owned by a group of members and that distributes income in proportion to the a

Mutual Exclusion Doctrine
The tenet that rules municipal bond interest is federal tax-free. In return for this federal tax exe

Mutual Fund
Mutual funds are pools of money that are managed by an investment company and regulated by the Inves

Mutual Fund Cash-To-Assets Ratio
The cash instruments portion of a mutual fund as a proportion of its total assets.

Mutual Fund Custodian
A commercial bank or trust company that holds securities owned by a mutual fund and sometimes acts a

Mutual Fund Theorem
A result associated with the CAPM, asserting that investors will choose to invest their entire risky

Mutual Offset
A system, such as the arrangement between the Chicago Mercantile Exchange (CME) and Singapore Intern

Mutual Savings Bank
A state-chartered savings bank that is owned by its depositors and managed by a fiduciary board of t

Naive Diversification
A strategy whereby an investor simply invests in a number of different assets in the hope that the v

Naked Option Strategies
An unhedged strategy making exclusive use of one of the following

Naked Strategies
Writing an option without owning the underlying asset. Holder is naked because holder may have agree

Named Perils Insurance
An insurance policy that names specific risks covered by the policy.

Narrow Market
An inactive market, which displays large fluctuations in prices due to a low volume of trading.

Narrowing The Spread
Reducing the difference between the bid and ask prices of a security.

NASD Form FR-1
A form required by the NASD of foreign dealers to ensure that firms participating in a new distribut

Nasdaq Stock Market
The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two

National Bank
A commercial bank approved by the U.S. Comptroller of the Currency, which is required to be a member

National Debt
Treasury bills, notes, bonds, and other debt obligations that constitute the debt owed by the federa

National Market
Related

National Market Advisory Board
Group that advises the SEC on establishing a national exchange market system, which is a highly auto

National Market System (NMS)
Refers to over-the-counter trading. System of trading OTC stocks under the sponsorship of the NASD.

National Quotation Bureau
A service that publishes bid and offer quotes from market makers in OTC transactions.

National Stock Exchange (NSE)
Second-largest stock exchange based in India.

Nationalization
A government takeover of a private company.

Natural
Used in the context of general equities. Customer buyer or seller, versus a principal or profile int

Natural Logarithm
Logarithm to the base e (approximately 2.7183).

Near Money
Assets that are easily convertible into cash, such as money market accounts and bank deposits.

Nearby
The nearest active trading month of a financial or commodity futures market. Related

Nearby Futures Contract
When several futures contracts are considered, the contract with the closest settlement date is call

Nearest Month
The expiration date of an option or future that is closest to the present.

Need The Tick
Used for listed equity securities. A stock must trade up/down at least one tick (1/8) in order to co

Negative Amortization
A loan repayment schedule in which the outstanding principal balance of the loan increases, rather t

Negative Carry
Related

Negative Cash Flow
Occurs when spending in a business is greater than earnings.

Negative Convexity
A bond characteristic such that the price appreciation will be less than the price depreciation for

Negative Covenant
A bond covenant that limits or prohibits certain actions unless the bondholders agree.

Negative Duration
Occurs when the price of an MBS moves in the same direction as interest rates.

Negative Income Tax
A proposal to assist taxpayer with below-subsistence-level incomes. After filing a tax return, such

Negative Pledge Clause
A bond covenant that requires the borrower to grant lenders a lien equivalent to any liens that may

Negative Working Capital
Occurs when current liabilities exceed current assets, which can lead to bankruptcy.

Negative Yield Curve
When the yield on a short-term security is higher than the yield on a long-term security, partially

Neglected Firm Effect
The tendency of firms that are neglected by security analysts to outperform firms that are the subje

Negotiable
A security whose title is transferable by delivery . See also

Negotiable Instrument
An unconditional order or promise to pay some amount of money, easily transferable from one party to

Negotiated Certificate Of Deposit
A large-denomination CD, generally $1MM or more, that can be sold but cannot be cashed in before mat

Negotiated Commission
An unfixed broker's commission that is determined through negotiation, depending on the specifics of

Negotiated Markets
Markets in which each transaction is separately negotiated between buyer and seller (i.e., an invest

Negotiated Offering
An offering of securities for which the terms, including underwriters' compensation, have been negot

Negotiated Sale
Determining the terms of an offering by negotiation between the issuer and the underwriter rather th

Negotiated Underwriting
A securities offering process in which the purchase price paid to the issuer and the public offering

NEO
Abbreviation for nonequity options, which are options contracts on foreign currencies, debt issues,

Net
The gain or loss on a security sale as measured by the selling price of a security less the adjusted

Net Adjusted Present Value
The adjusted present value minus the initial cost of an investment.

Net Advantage Of Refunding
The net present value of the savings from a refunding.

Net Advantage To Leasing
The net present value of entering into a lease financing arrangement rather than borrowing the neces

Net Advantage To Merging
The difference in total post- and pre-merger market value minus the cost of the merger.

Net After-Tax Gain
Capital gain after income taxes have been paid.

Net Asset Value (NAV)
The value of a fund's investments. For a mutual fund, the net asset value per share usually represen

Net Assets
The difference between total assets on the one hand and current liabilities and noncapitalized long-

Net Benefit To Leverage Factor
A linear approximation of a number, that enables one to operationalize the total impact of leverage

Net Book Value
The current book value of an asset or liability; that is, its original book value net of any account

Net Book Value
The acquisition cost of an asset less any accumulated depreciation. See also book value and contra a

Net Capital Requirement
SEC requirement that member firms and nonmember securities broker-dealers maintain a maximum ratio o