Super Finance Glossary
Over 10,000 financial glossary terms...
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Exchange For Physicals (EFP)
Definition: A transaction in which the buyer of a cash commodity transfers to the seller a corresponding amount of long futures contracts, or receives from the seller a corresponding amount of short futures, at a price difference mutually agreed upon. In this way, the opposite hedges in futures of both parties are closed out simultaneously. Also called Exchange of Futures for Cash, AA (Against Actuals), or Ex-Pit transactions.
Definition: A transaction in which the buyer of a cash commodity transfers to the seller a corresponding amount of long futures contracts, or receives from the seller a corresponding amount of short futures, at a price difference mutually agreed upon. In this way, the opposite hedges in futures of both parties are closed out simultaneously. Also called Exchange of Futures for Cash, AA (Against Actuals), or Ex-Pit transactions.
Exchange Fund (also Known As Swap Fund)
Definition: Investment vehicle introduced in 1999 that appeals to wealthy investors with large holdings in a single stock who want to diversify without paying capital gains taxes. These funds allow investors to exchange their stock for shares in a diversified portfolio of stocks in a tax-free transaction.
Definition: Investment vehicle introduced in 1999 that appeals to wealthy investors with large holdings in a single stock who want to diversify without paying capital gains taxes. These funds allow investors to exchange their stock for shares in a diversified portfolio of stocks in a tax-free transaction.
Exchange Of Assets
Definition: Acquisition of another company by purchase of its assets in exchange for cash or stock.
Definition: Acquisition of another company by purchase of its assets in exchange for cash or stock.
Exchange Of Futures For Swaps (EFS)
Definition: A privately negotiated transaction in which a position in a physical delivery futures contract is exchanged for a cash-settled swap position in the same or a related commodity, pursuant to the rules of a futures exchange. See Exchange for Physicals.
Definition: A privately negotiated transaction in which a position in a physical delivery futures contract is exchanged for a cash-settled swap position in the same or a related commodity, pursuant to the rules of a futures exchange. See Exchange for Physicals.
Exchange Of Stock
Definition: Acquisition of another company by purchase of its stock in exchange for cash or shares.
Definition: Acquisition of another company by purchase of its stock in exchange for cash or shares.
Exchange Offer
Definition: An offer by a firm to give one security, such as a bond or preferred stock, in exchange for another security, such as shares of common stock.
Definition: An offer by a firm to give one security, such as a bond or preferred stock, in exchange for another security, such as shares of common stock.
Exchange Privilege
Definition: A mutual fund shareholder's right to switch from one fund to another within one fund family, usually at no additional charge.
Definition: A mutual fund shareholder's right to switch from one fund to another within one fund family, usually at no additional charge.
Exchange Rate
Definition: The price of one country's currency expressed in another country's currency.
Definition: The price of one country's currency expressed in another country's currency.
Exchange Rate Mechanism (ERM)
Definition: The methodology by which members of the EMS maintain their currency exchange rates within an agreed-upon range with respect to other member countries.
Definition: The methodology by which members of the EMS maintain their currency exchange rates within an agreed-upon range with respect to other member countries.
Exchange Rate Risk
Definition: Also called currency risk; the risk that an investment's value will change because of currency exchange rates.
Definition: Also called currency risk; the risk that an investment's value will change because of currency exchange rates.
Exchange Ratio
Definition: The number of new shares in an acquiring firm that are given for each outstanding share of an acquired firm.
Definition: The number of new shares in an acquiring firm that are given for each outstanding share of an acquired firm.
Exchange Risk
Definition: The variability of a firm's value that results from unexpected exchange rate changes, or the extent to which the present value of a firm is expected to change as a result of a given currency's appreciation or depreciation.
Definition: The variability of a firm's value that results from unexpected exchange rate changes, or the extent to which the present value of a firm is expected to change as a result of a given currency's appreciation or depreciation.
Exchange Risk Factor
Definition: The delta of an option as computed daily by the exchange on which it is traded.
Definition: The delta of an option as computed daily by the exchange on which it is traded.
Exchange Traded Fund
Definition: Similar to an index mutual fund, these tracking stocks trade continuously. Two popular ETFs are the Standard and Poor's depositary receipt (SPDR) launched in 1993 and the NASDAQ-100 Index Tracking Stock (QQQ) which was launched in 1999. These vehicles are popular for hedging as well as investment.
Definition: Similar to an index mutual fund, these tracking stocks trade continuously. Two popular ETFs are the Standard and Poor's depositary receipt (SPDR) launched in 1993 and the NASDAQ-100 Index Tracking Stock (QQQ) which was launched in 1999. These vehicles are popular for hedging as well as investment.
Exchange Traded Funds (ETF)
Definition: Also known as ETF. A basket of stocks similar to an index mutual fund. However, there are a number of important differences between ETFs and mutual funds. The ETF can be traded within the day, they can be shorted, purchased on margin and there even exists options on some ETFs.
Definition: Also known as ETF. A basket of stocks similar to an index mutual fund. However, there are a number of important differences between ETFs and mutual funds. The ETF can be traded within the day, they can be shorted, purchased on margin and there even exists options on some ETFs.
Exchange, The
Definition: A nickname for the New York Stock Exchange. Also known as the Big Board, where more than 2000 common and preferred stocks are traded. The exchange is the oldest in the United States, founded in 1792, and the largest. It is located on Wall Street in New York City.
Definition: A nickname for the New York Stock Exchange. Also known as the Big Board, where more than 2000 common and preferred stocks are traded. The exchange is the oldest in the United States, founded in 1792, and the largest. It is located on Wall Street in New York City.
Exchangeable
Definition: Applies mainly to convertible securities. Means the issuer, if so stated, may substitute a convertible debenture for an existing convertible preferred with identical terms. Most often used when a corporation has an immediate need for equity capital and a low tax rate, and expects either or both conditions to change. This would make the debenture less attractive if the interest tax-deductibility is lost.
Definition: Applies mainly to convertible securities. Means the issuer, if so stated, may substitute a convertible debenture for an existing convertible preferred with identical terms. Most often used when a corporation has an immediate need for equity capital and a low tax rate, and expects either or both conditions to change. This would make the debenture less attractive if the interest tax-deductibility is lost.
Exchangeable Instrument
Definition: Applies mainly to convertible securities. Bond or preferred stock that may be exchangeable into the common stock of a different public corporation.
Definition: Applies mainly to convertible securities. Bond or preferred stock that may be exchangeable into the common stock of a different public corporation.
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