Michael Eckerman

Either-or order

Used in the context of general equities. See: Alternative order.

London Metal Exchange (LME)

A market for trading base metals, where tradedoptions contracts are available against the underlyingfutures contract.

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Prototype plan

A qualified retirement plan sponsored by a financial institution.
It may be adopted by executing a written agreement. A prototype is
generally more flexible than the IRS Form 5305 or 5305-A and may have
additional special features. Also called a master pension plan.

Steady state

As an MBSpool ages, or four to six months after component mortgages
have passed at least once the threshold for refinancing, the prepayment
speed tends to stabilize within a fairly steady range.

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Boning

Charging a lot more for an asset than its worth.

Joint bond

A bond that is guaranteed by the issuer and a party other than the issuer.

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Debt-for-equity swap

A swap agreement to exchange equity/returns for debt returns or the converse over a prearranged length of time.

Venture capital limited partnership

A partnership between a startup company and a brokerage firm or
entrepreneurial company that provides capital for the new business in
return for stock in the company and a share of the profits.

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Automated Customer Account Transfer (ACAT)

For transfers of securities from a non-equity trading account to your equity trading account with your broker.

Financial Accounting Standards Board (FASB)

Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP).

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Mean of the sample

The arithmetic average; that is, the sum of the observations divided by the number of observations.

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