Investment and Finance

Arbitrage bonds are municipality issued bonds issued intended to gain an interest rate advantage by refunding a higher rate bond in ahead of their call date. Lower rate refunding issue proceeds are invested in Treasuries until the first call date of the higher rate issue.

Australian Stock Exchanges Australian Securities Exchange (ASX) Bendigo Stock Exchange (BSX) NSX National Stock Exchange of Australia

It is a feature allowing fund holders to use an earlier date on a letter of intent to invest in a mutual fund in exchange for a reduced sales charge. It Gives retroactive value to purchases from the earlier date.

A Banker's acceptance is a short term credit investment created by a nonfinancial firm and guaranteed by a bank as to payment. Acceptances are traded at discounts to face value in the secondary market. These instruments have been a popular investment for money market funds. They are commonly used in international transactions.

The Barron's confidence index is an index measuring the ratio of the average yield on 10 top grade bonds to the average yield on 10 intermediate grade bonds. The difference between high rated top grade bonds and low rated bond yields, establishes a measure that is believed to be indicative of investor confidence.

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The Advance Computerized Execution System is a system run by Nasdaq. The Advance Computerized Execution System automates trades between order entry and market maker firms that have established trading relationships with each other. Securities are designated as specified for automatic execution

Interest that has accumulated between the most recent payment and the sale of a bond or other fixed income security.
At the time of a sale, the buyer pays the seller the bonds price plus any "accrued interest".
The accrued interest is calculated by multiplying the coupon rate by the fraction of the coupon period that has elapsed since the last payment.

An auditor's opinion expressing certain limitations of an audit.