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M1
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The sum of Currency held by the public, plus travelers' checks, plus demand deposits, plus other checkable deposits (i.e., negotiable order of withdrawal [NOW] accounts, and automatic transfer service [ATS] accounts, and credit union share drafts.)
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M2
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M1 plus savings accounts and small-denomination time deposits, plus shares in Money Market mutual funds (other than those restricted to institutional investors), plus overnight Eurodollars and repurchase agreements.
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M3
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M2 plus large-denomination time deposits at all depository institutions, large-denomination term repurchase agreements, and shares in Money Market mutual funds restricted to institutional investors.
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Macroeconomics
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The branch of Economics that deals with the economy as a whole.
Macroeconomics focuses on determinants of total national income, deals with aggregates such as aggregates consumption and investment, and looks at the overall level of prices rather than individual...
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Magnetic Stripe Card
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A plastic or paper card with a magnetic stripe containing information about the card owner, the financial value of the card, or other related information.
A magnetic stripe card is a type of card capable of storing data by modifying the magnetism of tiny...
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Managed Account
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An investment account that is owned by an individual investor and looked after by a hired professional Money Manager.
In contrast to mutual funds (which are professionally managed on behalf of many mutual-fund holders), managed accounts are personalized...
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Managed Futures
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Managed futures are a form of investment account - managed by professional investment managers called Commodity Trading Advisors (CTSs) - that utilizes futures contracts and options on futures contracts.
Managed Futures is an account that is like a mutual...
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Management And Employee Buyout - MEBO
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A restructuring initiative that involves both managerial and non-managerial employees buying out a firm in order to concentrate ownership into a small group from a widely dispersed group of shareholders.
MEBOs are generally used to privatize a publicly...
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Management buy-in (MBI)
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When a team of managers buys into a company from outside, taking a majority Stake, it is likely to need private Equity financing.
A MBI happens when a group of investors outside of a company purchase a controlling block of shares and keep the existing...
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Management Buyout - MBO
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When the managers and/or executive of a company purchase controlling Interest in a company.
A private Equity firm Will often provide finance to enable current operating management to acquire or to buy at least 50 per cent of the business they manage. In...
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Management fee
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This is the annual fee paid to the General partner.
It is a fixed fee that a Mutual Fund manager charges investors for his services and work with the fund. It is typically a percentage of limited partner commitments to the fund and is meant to cover the...
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Mandate
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A mandate is the Portfolio given to investment managers by clients to be managed within their Risk control requirements.
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Maple Bond
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A Canadian dollar denominated Bond that is sold in Canada by foreign financial institutions and companies.
Similar to other foreign bonds (such as the bulldog Bond, samurai Bond and the matilda Bond), the maple Bond gives domestic investors (in this case,...
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Market Neutral
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A strategy undertaken by a person or fund attempting to profit from the current direction of the market.
A person using the strategy Will take both Long and Short positions at the same time. An investment strategy or Portfolio is considered market neutral...
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Master Card
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An international payment services and card scheme.
MasterCard Worldwide (NYSE: MA) is a multinational Corporation based in Purchase, New York, USA. Throughout the world, its principal business is to process payments between the banks of merchants and the...
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Matador Bond
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A foreign Bond denominated in pesetas and issued in Spain by a non-Spanish company.
It is a Bond issued on the Spanish market by an Obligor who is not domiciled in Spain.
Matadors are the bullfighters in Spain.
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MATIF
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Regulated market of financial instruments in the Long term on which are negotiated purchases and sales of contracts or options on financial instruments and goods.
MATIF SA (Marché à Terme International de France) is France's futures Exchange, absorbed...
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Matilda Bond
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An Bond denominated in the Australian dollar and issued on the Australian market by a foreign entity.
Also known as a "kangaroo Bond."
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Maturity Date
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For life insurance policies, the maturity date is the end of the contract term.
Maturity date refers to the date when a principal amount of a note, draft, acceptance Bond, or other Debt instrument becomes due or payable. It is also a termination or due...
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Mean Income
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Mean income is calculated by dividing the total income of area residents by the number of residents in the area.
Mean household income is obtained by dividing the total household income by the number of people living in the household. Income is the sum...
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Median Income
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Median income divides the income Distribution into two equal parts, one with residents having incomes above the median and the other with residents having incomes below the median.
Median family and household incomes are based on the Distribution of the...
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Mercantilism
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The main economic system used during the sixteenth to eighteenth centuries.
The main goal was to increase a nation's wealth by imposing government regulation concerning all of the nation's commercial interests. It was believed that national strength could...
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Merger - absorption
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Operation by which a company transfers the whole of its property to an absorbing company, against the attribution of shares of the latter to the shareholders of the former company, with possibly a balance in Cash.
It is the combining of two or more companies,...
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Metropolitan Statistical Area
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A federally designated geographically unit consisting of an urbanized area a central city of least 50,000 residents and a regional population of 100,000.
Federal banking regulations permit financial institutions doing business within an MSA to use a single...
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Mezzanine financing
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This is the term associated with the middle layer of financing in leveraged buy-outs.
1. A type of Equity financing used in takeovers. It uses preferred shares and convertible securities to make a target firm larger.
2. Financing that combines Debt...
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Micro pal Rating
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To evaluate the performance of a fund and the consistency of that performance relative to other funds in the sector, Standard and Poor's Micro pal has developed the Standard and Poor's Micro pal Star Ranking (TM) based on a fund's relative performance in the...
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Micro-Cap
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Micro Cap refers to a company with a market capitalization of between $50 million to $300 million.
Micro Cap stands for micro capitalization. These are the smallest companies by market capitalization in a given market.
Capitalization of income means...
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Mileage Allowance
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A Deduction of automobile expenses for people using their vehicles for business, charity, moving, medical, or any other allowable reason.
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Modified Endowment Contract (MEC)
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A modified endowment contract or MEC is a life insurance contract
For federal income Tax purposes, it is funded in a way that violates the "7-pay" test under Section 7702A(b) of the Internal Revenue Code. In that case, lifetime distributions from the policy...
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Money Flow Index
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A Volume indicator that tracks the flow of money into or out of a market.
A divergence between the Money Flow Index and price trend can warn of a possible trend Reversal.
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Money Manager
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A professional responsible for managing the securities Portfolio of an individual or Institutional Investor.
In return for a fee, the money manager has the fiduciary responsibility to choose and manage investments prudently for his or her clients. Money...
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Money Market
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A sector of the Capital Market where Short term obligations such as Treasury bills, commercial paper and bankers' acceptances are bought and sold.
The money market is the global financial market for Short-term borrowing and lending. It provides Short-term...
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Money order
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Financial instrument, issued by a bank or other Institution, allowing the individual named on the order to receive a specified amount of Cash on demand.
It is often used by people who do not have checking accounts. A money order is a payment order for...
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Money Supply
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The entire quantity of bills, coins, loans, credit and other liquid instruments in a country's economy.
Money supply is divided into multiple categories - M0, M1, M2 and M3 - according to the type and size of account in which the instrument is kept. The...
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Multinational Corporation - MNC
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A Corporation that has its facilities and other assets in at least one country other than its home country.
MNC's have offices and/or factories in different countries and usually have a centralized head office where they co-ordinate global management....
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Multiple Compression
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The effect that arises when a stock trades at a certain multiple and, while Earnings may be good, the stock price doesn't move or sometimes goes down.
The result is that the given multiple is reduced even though nothing is fundamentally wrong with the...
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Multiples
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A typical Valuation technique in corporate finance.
A term that measures some aspect of a company's financial well-being, determined by dividing one metric by another metric. The metric in the numerator is typically larger than the one in the denominator,...
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Musharakah
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A joint enterprise or partnership structure with profit/loss sharing implications that is used in Islamic finance instead of Interest-bearing loans.
Musharakah allows each party involved in a business to share in the profits and risks. Instead of charging...
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Mutual Fund
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An investment company that enables investors to Pool their funds with other investors in order to invest in a professionally managed diversified Portfolio of securities.
The three major types of mutual funds are Money Market, Bond, and stock.A mutual...
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