You are on page 1of 160

in Chng khon

T IN CHNG KHON
Ngun:bsc.com.vn Copy by GOOGLE Ch : A AAA : Tri phiu c sp hng cao nht v mc an ton. Tri phiu th, v cng ty c nh gi cao nht, c chi tr vn v li y nh mong i khi o hn. Standard & Poors nh gi tri phiu theo th t AAA, AA, A v Moodys Investors Service nh gi theo Baa, v cao hn nh Aaa. y l loi tri phiu c xem l c cp u t an ton, ph hp ngn hng v t chc tit kim mua lm chng khon u t. ABANDON : Xo b Hu b. Hnh ng t b quyn mua hay bn mt s c phn ca cng ty trc ngy o hn ABANDONMENT : S t b. T t b ti sn hay quyn hn i vi ti sn, khng c gng i li ti sn hay ch nh ngi tha k. Trong hu ht cc tiu ban, quyn s hu ti sn b t b c trao cho lin bang hng li ban u, hay giao cho tiu bang nu khng tm thy ngi s hu. Trong lut ph sn, vic t b ti sn l bin php tr li th chp cho ch n c bo m vi s ng ca ngi th u ph sn. ABA TRANSLT NUMBER : M s chuyn ABA. M s dng trong vic giao hon chi phiu gia cc ngn hng. Mi gii ngn hng v t chc tit kim c m s ABAring do American Bankers Association thit lp. M s chuyn c hai phn cch nhau bng du tr (-) Phn u cho bit thnh ph, tiu bang hay a phn ni ngn hng to lc, phn th nh xc nh chnh ngn hng. m s chuyn nm pha gc phi pha trn chi phiu di dng t s ca phn s. Mu s l k hiu Tuyn Chi Phiu (Check Routing Symbol) xc nh Ngn Hng D tr Lin Bang ca t chc tit kim. AGREEMENT : Tho hip ABC. Tho hip gia cng ty mi gii v mt trong cc nhn vin ca cng ty. chp (satisfaction or mortgage) chng nhn n c tr . ACROSS THE BOARD : Cng hng Ton din. Bin chuyn th trng chng khon c nh hng n hu ht chng khon theo cng mt hng. Khi th trng tng ton b th tt c chng khon cng u tng theo.

ACROSS-THE-BOARD (ATB) TARIFF REDUCTION : Gia gim ton b quan thu biu. Cng cn gi l gia gim quan thu biu theo ng thng (linear tariff reduction), y l cng c dng trong cc cuc thng lng mua bn quc t nhm trnh s thng lng gia gim theo tng hng mc. Cc quc gia ng tun theo s gia gim phn trm trong t l quan thu i vi nhng hng ho n nh. ACTING IN CONCERT : Thng ng. Hai hay nhiu nh u t cng lm vic vi nhau cng t mt mc tiu u t. Th d, h cng mua tt c c phn ca cng ty m h mun tip thu. Nhng nh u t ny phi bo cho Hip Hi Chng Khon (SEC Securities and Exchange . Commission u Ban Chng Khon l th trng chng khon) nu h c nh loi tr thnh phn lnh o cng ty m h mun tip thu hay c nh nm quyn kim sot cng ty. hnh ng ny s bt hp php nu nh h thng ng li ko gi chng khon ln hng li. ACTIVE ACCOUNT : Ti khon hot ng tch cc. Ti khon c s k thc v s rt tin thng xuyn cp nht trong thi khong k ton. Ngoi ra, l ti khon th tn dng hay Mc Tn Dng Ngn hng (Bank line or credit) cho bit s vn v s chi tr tin li o hn trn bo co ti khon khch hng. Ngc li l Inactive Account. ACTIVE BOND CROWD : Nhm mua bn tri phiu tch cc. Nhn vin phng tri phiu NYSE c trch nhim v s lng ln nht tri phiu ang mua bn. Ngc li nhm tch cc l nhm d phng (carbinet crowd) tc l nhm mua bn loi tri phiu t khi c a ra mua bn. Nh u t mua bn tri phiu trong nhm tch cc s c c hi mua chng khon t tri phiu gi tt hn l trong th trng tr tr v th trng ny chnh lch gia gi t mua v gi t bn rt xa ACTIVE BOX : Trong kho tn tr nng ng tnh nng ng ca chng khon th chp. Th chp c sn bo m cho s tin vay ca Broker hay cho v th ti khon margin ca khch hng (Margin account ti khon vay tin mua chng khon), mt ni gi l hp an ton (box) tc l ni chng khon ca khch hng ca broker hay ca chnh broker-dealer (broker mua bn cho chnh mnh) c gi an ton. Chng khon tri phiu dng th chp phi do cng ty s hu hoc do khch hng th chp cho cng ty, sau broker th chp cho ngn hng cho vay. i vi tin vay trong ti khon margin, khch hng phi th chp chng khon cho broker. ACTIVE MARKET : Th trng nng ng, th trng mua bn tch cc. Th trng mua bn mt s lng ln chng khon tri phiu hay hng ho. Chnh

lch gia gi t mua v gi t bn khng cch xa my trong th trng nng ng, t hn trong mua bn m thm. Ngoi ra ,s lng chng khon mua bn trn th trng theo tng khi .cc nh qun l tin thuc t chc thch loi th trng nh th v vic mua bn theo tng khi ln chng khon s t c nh hng lm xo trn bin chuyn gi c khi vic mua bn c tnh tch cc.. ACTIVE TRUST : U thc ton quyn. Ti khon u thc trong ngi th u (trustee) c bn phn c bit n nh thc hin u thc di chc (Testamentary trust) do mt chc th ra. Ngi th u c thm quyn bn ti sn tr cho ngi ch n v phn phi ti sn cho nhng ngi tha k. N ngc li vi u thc ca ngi bo tr (grantor trust) hay u thc th ng, ngha l khng c t do quyt nh thc hin. ACTIVITY CHARGE : Ph hot ng. L ph tr vo ti khon ngn hng thanh ton gi ph dch v. Vi ph hot s tng vt ln khi s cn i ti khon rt xung thp hn mt mc no , th d nh ph dch v hng thng trn ti khon chi phiu.Cc ph khc l ph giao dch mua bn da trn vic s dng ti khon, th d ph tng hng mc trong vic vit chi phiu hay ph dch v trong vic rt tin bng my t ng. ACT OF BANKRUPTCY : Tha nhn b v n. Hnh ng (hay cch ng x) c xem l tha nhn bi v n thng l khng c kh nng tr n khi o hn. Ngi cho vay n, ngi tin tng ngi vay phm phi hnh ng ph sn c th trnh kin khn vic ti tr sn xut bng s tin vay mi. iu ny lm tng cc th on khc nhau loi b iu khon bo m b sung nh thu hi hay chuyn i tri phiu hoc thay i trong tho thun giao ko. AFTER DATE (A.D) T thi im ghi tr i. Sau thi im ghi (thng bo). Mt thng bo nh km theo hi phiu hay giy bo tr tin cho bit rng cng c s c chi tr sau thi im c ghi trong thng bo (th d, 30ngy sau thi im ghi). Mt cng c loi ny l hi phiu c k hn (nh k) c th o hn trc khi c th chp. AFTER HOURS DEAL : Giao dch mua bn sau gi chnh thc (sau gi ng ca). Giao dch mua bn trn th trng chng khon kt thc sau khi ng ca ca chnh thc mua bn. Thng thng mua bn ny c ghi nhn bo co vo ngy hnh chnh k tip. AFTER SIGHT : Sau khi thy, sau khi trnh ra. Thng bo rng hi phiu hay giy bo tr tin s c chi tr sau khi n c trnh ra nhn chi tr. Ngi bn vn cn quyn s hu s hng ho ang vn chuyn cho n khi chng t vn chuyn c trnh cho ngn hng chi tr v ngn hng ny chp nhn.

AFTERMARKET : Th trng sau khi pht hnh. Mua bn c phn trn th trng chng khon sau khi cng ty pht hnh c phn ra cng chng. Gi c ca c phn lc ny tng hay gim tu theo th trng cung cu, khng cn theo gi cn bn nh lc cng ty mi pht hnh c phn. AFTERTAX BASIS : T l cn bn sau khi ng thu. T l cn bn so snh li nhun ca tri phiu cng ty (phi ng thu) v tri phiu th (min thu). Th d, tri phiu cng ty chi tr 10% s c li nhun sau khi ng thu l 7,2% i vi ngi nm trong khung thu 28%. V th bt c tri phiu th no tr cao hn 7,2% s cho hoa li cao hn loi tri phiu cng ty chi tr 10%. AFTERTAX REAL RATE OF RETURN : T l li nhun thc sau khi ng thu. S tin m nh u t c c sau khi iu chnh theo lm pht. S tin ny xut pht t li tc v t bn kim c (capital gains) trong cc v u t. Trong lm pht mi dollar u mt i mt phn gi tr v th nh u t phi theo di t l li nhun thc sau khi ng thu k t khi ng ta cam kt v vn. Ni chung, nh u t tm mt t l li nhun tng xng nu khng ni l vt hn t l lm pht. ALLOCATION : V th, s lng t l c phn u t. S lng c phn c mua trong mt danh mc u t (portfolio) theo mt t l so snh vi Bonds, vi tin mt v.v Merill Lynch increased the stock allocation in his benchmark portfolio to 50%: Cng ty u t Merill Lynch gia tng t l u t c phn chng khon trong danh mc u t ca h ln ti 50%. ALLONGE: Phiu bo chng. Chng t km theo cng c chi tr (negotiable instrument) thm bo chng nh khi k chi phiu tr cho bn th ba. Khi ngn hng vay ti phng Cho Vay C Chit Khu (Discount Window) ca Ngn Hng D tr Lin Bang , ngn hng phi b sung vo mt phiu km theo giy ha tr n , hi phiu, ho n c giao cho ngn hng D Tr Lin Bang th chp. ALLOTMENT: Phn b. S chng khon chia ra cho mi thnh vin trong tp on ngn hng u t c thnh lp bao tiu phn phi chng khon mi, gi l ngi ng k bao tiu (subscribers.) hay ngi c phn phi (allottees). Trch nhim ti chnh ca ngi ng k bao tiu c ghi trong thng thng bo phn b do nh qun l bao tiu son tho. ALLOWANCE: Tin chit khu, tin tr cp, tin khu tr. 1. K ton: Ti khon iu chnh tr gi ti sn thng qua ph ca li tc hin hnh, y l s d tr cho khu hao. 2. Ngn hng: D tr tin vay b mt (Loan loss Reserve) dng cho s ph s mt theo d kin i vi n kh i.

3. U thc: Chng thc (di chc) quyt nh ca an ton cho ngi th u ti sn ; th d nh tin tr cp cho ngi go ba. 4. Mua bn: Khu tr tr gi ho n c ngi bn hng ho chp nhn b p vo s h hi hay thiu st. ALPHA: H s Alpha. 1. H s o lng phn li nhun u t c pht sinh ri ro tnh ti. Ni cch khc, h s alpha l phng php ton hc c tnh s li nhun mong mun c t gi tr vn c ca u t, nh t l pht trin li nhun cho mi c phn. N khc s li nhun c c do bin ng gi (volatility) , loi ny c tnh bng h s Beta. Th d, h s alpha l 1,25 cho bit chng khon c d kin tng 25% trong mt nm khi li nhun trn th trng v h s Beta ca chng khon u bng khng. Mt v u t c gi thp tnh theo h s alpha b nh gi di gi tr, nhng y c xem l mt la chn tt. (u t tt v c tim nng tng gi sau ny). Trong trng hp qu h tng u t, alpha o lng mi quan h gia din bin ca qu v h s Beta trong 3 nm. 2. Ti th trng chng khon Lun , t ng alpha stocks dng cho cc cng ty mua bn ln nht v tch cc nht c th so snh vi t Blue Chips ca Hoa K. Vic ci cch xut pht t Big Bang (xem phn sau) nm 1986 a n kt qu l cc c phn c gi tr nht thng em li doanh thu 80%, u chu cc lut l mua bn nghim ngt hn l chng khon Beta hay Gamma. ALTERED CHECK : Chi phiu b sa i. Chi phiu hay cng c chi tr khc c ngy o hn, s dollar hay tn ngi c tr tin b sa i hay bi xo , thng l mc ch la o. Ngn hng c th t chi chi tr phiu nu nghi ng c s co sa t . ALTERNATIVE MINIMUM TAX (AMT) : Thu ti thiu la chn. L loi thu lin bang c o lut Tax Refrom Act of 1986 ci tin li nhm mc ch bo m rng cc c nhn hay cng ty giu c phi chi tr thm t nht mt s li tc . i vi c nhn, AMT c tnh bng cch cng cc mc c u i thu nh thua l th ng (passive losses), li c min thu ca tri phiu c mc ch ring (Private-purpose Bond) pht hnh sau ngy 7.8 l986 v s khu tr i vi ng gp t thin bng chng khon, bt ng sn, tc phm ngh thut, v cc ti sn tng gi theo li tc gp c iu chnh, sau tr cho $ 40.000 cho mt cp v chng cng np chung hay $ 30.000 nu np ring ; 24 % s cn li s chu thu. S c min thu c hu b theo cch 25 xu cho 1 dollar i vi li tc AMT vt qu $150.000 cho cp v chng cng ni ( $ 112.500 i vi c nhn ) AMT ca cng ty cng c min thu nhng vi t l 20 % s sch (bo

co ti chnh) cao hn tng s li tc chu thu cng vi vi cc mc u tin thu khc nh tng gi tr s ng gp t thin c min thu min thu , s thng d khu hao tng tc ca ti sn c a vo phc v sau nm 1986 , li c min thu c a tri phiu c mc ch ring pht hnh sau 1.7.1986 v cc u i cng nghip n nh . Sau nm l984 AMTca cng ty c thit lp da trn nh ngha ca thu v tin kim c v li nhun ch khng phi da trn li tc s sch. AMERICAN BANKERS ASSOCIATION (ABA) : Hip hi Ngn hng Hoa K. Hip hi mu dch quc gia ca cc ngn hng thng mi thng mi Hoa K c thnh lp nm1875. Phn ln trong s l4.000 ngn hng Hoa K l hi vin ca hip hi, l t chc bo tr cho cc hi ngh v hi tho chuyn v khuyn khch pht trin kh nng chuyn mn trong hot ng ngn hng thng qua cc trng ngn hng ABA v mt chi nhnh gio dc ca ABA l Hc Vin Ngn HngHoa K (American Institute of Banking).ABA cng i din cho ngnhh ngn hng trc quc hi v cc c quan thnh lp lin bang. AMERICAN DEPOSITARY RECEIPT: Bin nhn k thc ti Hoa K (ADR) Bin nhn cho cc c phn ca cng ty nc nc ngoi,cc c phn ny c ngn hng Hoa K gi trong hm an ton v cho php c ng c quyn nhn c tc v t bn kim c. Thay v phi mua c phn ca cng ty nc ngoi cc th trng nc ngoi, ngi dn Hoa Kc th mua cc c phn ny ngay ti Hoa K di hnh thc ADR. ADR c c hng trm loi c phn ca nhiu quc gia khc nhau. ADR c tnh bng dollar v c mua bn trn th trng chng khon v th trng t do(Over-the-Counter) theo cng cch nh chng khon pht hnh ti Hoa K. AMERICAN STOCK EXCHANGE (AMEX): Th trng chng khon Hoa K. Th trng chng khon s lng mua bn ng th nh ti Hoa K. To lc ti s 86 Taivity Place cui Manhattan, mi n nm 1921 ngi ta vn c bit Amex vi ci tn Curb v mi n ngy nay n vn m ch l Curb. Ni chung, cc chng khon v tri phiu mua bn ti Amex l thuc cc cng ty t nh n bc trung , ngc li vi cc cng ty khng l c c phn mua bn ti NYSE (New York Stock Exchange), c bit , mt phn ln cc cng ty du ho v gas mua bn ti Amex.Amex cng l ni mua bn cc hp ng options ca nhiu loi chng khon NYSE v mt vi loi chng khon th trng ngoi danh mc . Amex, c phn nc ngoi c mua bn nhiu hn bt c th trng no Hoa K.

AMERICAN STOCK EXCHANGE AUTOAMOS : H thng Autoamos ti Amex. AMEX(American Stock Exchange) s dng h thng Automatic Amex Option Switch mua bn hp ng options. Autoamos c dng mua bn hng ngy t cc i din mua bn (broker) ti cc chuyn vin Amex ri chuyn ngc cc bo co thc hin c ca chuyn vin (Specialist) v cho broker. Autoamos t ng thc hin mua bn t 4 n 6 loi c phn c ngi mua bn nhiu nht ca Standard & Poors 100 index option. ng thi Autoamos c kh nng thc hin nhng lnh mua hp ng t broker ln n 20 hp ng c phn. AMERICAN STOCK EXCHANGE AUTOPER: H thng Autoper Amex. Amex s dng h thng Autoper qua ng dy t ng hng ngy t broker n chuyn vin ti hin trng mua bn (floor) v gi bo co ca chuyn vin v li broker sau khi thc hin cc lnh mua bn ca broker. AMERLIAN- STYLE OPTION: Hp ng option theo kiu Hoa K. Mua bn hp ng option bt c lc no min l trc ngy o hn, khc vi kiu chu u l phi i n ngy o hn ch khng c mua bn trc. AMORTIZATION SCHEDULE: Thi biu chi tr dn. Bng thng thng dng trong th chp v tin vay chi tr dn, cho bit s chi tr o hn, s tin o hn trong mi k chi tr dn, gim s cn i vn , s nm cn thanh ton ht s n. Chi tr dn trong mt nm i vi tin vay $ $1000 li 10%.Chi tr hng thng (P&l;) : 87,92. o lut Bank Merger Act of 1960 cho cc c quan lp php ngn hng quyn chp thun hay khng chp thun st nhp ngn hng hay st nhp cc cng ty cha thuc ngnh ngn hng. Justice Deprartment c th can thip vo nu n khng ng . Mt lnh vc lin quan n lut chng Trust l nim quyn lc th trng (market power) lin quan c bit n hot ng lin doanh (JointVenture) gia cc nhm t chc ti chnh nh h thng my tr tin t ng .Theo quan im ph bin, qua kinh nghim phn x cc v kin co cho rng nhng ngi iu hnh h thng khng th ngn cn nhng ngn hng ngoi hi vin nu nh dch v cung cp (th d, quyn s dng ATM do cc ngn hng khc s hu) c dn chng chp nhn rng ri v gii hn s tham gia ca ngn hng s gy thit hi cho cc ngn hng mun tham gia. APPARENT AUTHORITY: Thm quyn hin nhin. Theo lut php chung th ngi ch phi chu trch nhim v cc hot ng ca nhn vin mnh. Khi bn th ba tn nhim s i din ca nhn vin, th ngi ch khng th ni rng nhn vin ca mnh thiu thm quyn bo cha cho vic lm tri lut php. APPORTIONMENT: S phn chia. Phn chia gii tuyn cc quyn, s hu ch hay chi ph gia ngi mua v ngi bn trong chuyn nhng ti sn. Trong u

thc v ti sn, y l s phn chia li tc v chi ph qun l gia hai hay nhiu ti khon, th d vn v li tc tin li hay phn chia thu ti sn gia nhng ngi th hng ti sn. Ngc li phn chia l phn b, l li nhun kim c hay chi ph c a vo mt ti khon c nht nhm kt ton. APPRAISAL : nh gi c nh. Bng c tnh tr gi th trng ca ti sn do chuyn vin nh gi thit lp da trn phn tch cc d kin xc thc.Tr gi th trng ca ti sn thng dng lm cn bn xc nh tr gi th chp ngn hng cho vay, n c th da trn chi ph thay th, s bn so vi ti sn hay li tc c nh trong tng tng lai t s ti sn pht sinh ra li tc. APPRAISED VALUE: Tr gi c thm nh . Tr gi th trng ca mt ti sn c thm nh vin tiu chun nh gi. Tr gi thm nh chia mt hng mc c th cao hn hay thp hn gi ngi ta chi tr cho n, iu ny tu thuc vo gi th trng ca ti sn tng ng vi hng mc . Vic thm nh da trn gi ph thay th hng mc hay tr gi bn li tng hay gim (theo thi gian ). APPRECLATION: Tng gi tr. 1.Tng tr gi ti sn do tng gi tr trn th trng, c nh gi tng, hay tng li tc kim c khi so vi thi k trc. 2.Tng gi tr mt loi tin t no so vi loi tin t khc m khng c bt c thay i tr gi chnh thc no c ngha l do nhu cu th trng i hi ch khng phi do ph gi tin t. APPROVED LIST : Bng lit k (danh sch) c tha nhn. 1. Ngn hng: tri phiu hay chng khon m ngn hng c th gi li u t, thng thng cn c trn vic nh gi ca cng ty nh gi tri phiu nh Standard Poors, Moodys, Fitchs v cc cng ty khc. Lut l d tr lin bang gii hn s u t ca ngn hng quc gia trong vic ch c u t vo tri phiu chng khon c cp u t c cc cng ty dch v nh gi xc nh. Th d cc tri phiu chng khon c. Standard Poors nh gi t B (BBB) tr ln. Cc ngn hng cp tiu bang (c giy php kinh doanh cp tiu bang) cng chu l thuc quy nh u t nh th, ging ngn hng quc gia theo o lut d tr lin bang. 2.u t: bng danh sch u t c quyn giao cho ngi th u ti sn theo quy ch tiu bang hay do ban qun tr qu h tng u t thc hin APPROVED PREFERRED SHARE TRUST (ADST) : U thc c phn u i c chp thun. Ti Anh, u thc c cng ty lp ra v li ch ca cng nhn v

c ti tr bng cch mua c phn ca chnh cng ty. Thu nh trn c tc ADST c hon cho n khi bn c phn v c v c tr theo t l c gim. ARBITRAGE: Mua bn song hnh Li nhun c c t chnh lch gi khi mua v bn chng khon, tri phiu, hng ho cng loi cng lc trn hay hay nhiu th trng. Th d nh mua bn song hnh cng lc mua mt hp ng v vng ti th trng New York v bn cng lc mt hp ng v vng ti th trng Chicagoh kim c li nhun v lc gi hai th trng khc nhau (Ngi mua bn song hnh c gi bn cao hn gi mua). Mua bn song hnh theo ch s s khai thc chnh lch gi gia hp ng futures ch s chng khon v gi chng khon c s. Bng cch tn dng chch lnh gi tin gia cc th trng, nh mua bn song hnh thc hin chc nng kinh t lm cho mua bn ti cc th trng ny c hiu qu hn. ARBITRAGE BONDS: Tri phiu song hnh. Tri phiu do nh nc th pht hnh c c li sut thch hp bng cch ti ti tr tri phiu c li sut cao trc khi o hn. S tin thu c t chi phiu ti ti tr vi li sut thp c u t vo cng phiu cho n khi tri phiu li sut cao o hn. Tri phiu song hnh lun lun t vn min thu, o lut Tax Reform Act of 1986 hu b vic ny t lu . ARBITRAGEUR: Nh mua bn song hnh. Ngi lm dch v mua v bn cng lc cng mt loi c phn, tin t nhm vo s chnh lch gi c gia hai th trng kim li. ARBITRATION: Trng ti phn x. Mt hnh thc khc thay cho v kin ti to n, nhm dn xp tranh chp gia broker v khch hng cng nh gia cc cng ty mi gii chng khon. Theo thng l cc iu khon phn x trc cc tranh chp c ghi trong tho hip ti khon vi broker, n m bo rng cc tranh chp s c phn x bi bn th ba c tnh khch quan v khng a ra to n. Nm 1989, SEC (Securities and Exchange Commission) chp th un cc thay i bao qut yu cu broker thng bo r rng khi c cc iu khon ny, ngn cm bt c mt gii hn no v quyn ca khch hng trong vic n xin phn x v t ra cc tiu chun nghim ngt v trng ti phn x. Xem: Board of Arbitration. ARMS LENGTH TRANSACTION: Giao dch mua bn ngoi Giao dch mua bn gia nhng ngi cha bit nhau. Giao dch mua bn gia cc bn khng quen bit nhau (trc y khng c lin h hay khng cng mt n v (unaffiliated) l trng hp mt ngi mua sn sng mua v mt ngi bn sn sng bn, mi bn u v li ch ca ring mnh. Gi c trong giao dch mua bn ny

cn c trn tr gi th trng cng bng (theo gi th trng). Giao dch mua bn gia cng ty cha v cc cng ty con khng phi l loi mua bn ngoi. Giao dch mua bn theo loi ny s trnh c nhng xung t quyn li.Th d, theo lut l hin hnh, cha m c th cho con thu bt ng sn v vn c quyn i cc khu tr s ti sn min l h. ASSUMABLE MORTGAGE: Th chp n c sang tay. Th chp cho ngi vay c quyn k chuyn nhng s n cn thiu trong s n ca ng ta, n ngi khc trn s bn ti sn th chp, m khng b tr tin pht trc. Ngi mua chp nhn chi tr s tin vay ng thi hn v cc iu khon cho phn cn li ca th chp v ngi bn vn chu trch nhim th nh i vi s n. Th chp ca Department or Veterans Affairs v th chp do Federal Housing Administration thng l loi c ngi mua chp nhn theo tnh cch trn. ASSUMED INTEREST RATE: Li sut c tha nhn. T l li tc u t c tu thuc vo cch chn la phng thc bo him nhn th duy tr tr tin khng c g thay i khi cht. ASSUMPTION: m nhim m ng. Lin i chu trch nhim cc mn n ca ngi khc,thng thng bng tho hip m nhim (assumption agreement) trong trng hp m nhim v th chp, ngi bn chu trch nhim th nh tr khi ngi cho vay khng bt buc. AT PAR: Theo mnh gi. Gi bng vi mnh gi hay gi danh ngha ca chng khon. AT LIMIT : Theo gi gii hn. Nh u t ch th cho broker mua hay bn chng khon hay hng ho theo gi n nh. Theo giao dch mua bn vi gi gii hn (at-limit transaction), nh u t cng cho bit thi hn broker mua bn (th d, trong vng 2 ngy). AT RISK: ang c ri ro. Cho thy c nguy c thua l. Nh u t gp vn trch nhim hu hn c th i quyn c khu tr thu ch khi no h c th chng minh rng h c kh nng nhn bit nhng ci khng th nhn bit c v li nhun v thua l trong u t. Khng th thc hin c khu tr nu thnh vin gp vn khng c thng bo y v ri ro kinh t th d, nu Tng thnh vin bo m s tr li ton b vn cho thnh vin gp vn d cho vic kinh doanh mo him s thua l. AT SIGHT: C th thy trc mt Cho thy mt cng c tr nh ho n bn hng hay hi phiu c chi tr khi trnh cho ngi chi tr (drawee).

AT THE CLOSE: Vo lc ng ca th trng chng khon. Lnh mua v bn chng khon trong 30 giy cui ca mt v mua bn ti th trng chng khon. Broker khng bo m cc lnh nh th s c thc hin. AT THE MARKET: Theo th trng. Mua bn theo gi th trng khi ang thc hin giao dch mua bn. AT THE MONEY: C gi tng ng Ho vn. Theo gi hin hnh, nh trng hp mt hp ng option c gi thc hin (Exercise price gi im, gi thc thi) tng ng hay gn ng gi chng khon hay hp ng futures c s. AT THE OPENING: Vo lc m ca th trng chng khon. Lnh ca khch hng a cho broker mua hay bn chng khon theo gi lc th trng m ca. Nu lnh khng c thc hin vo lc ny th s t ng hu b. ATTACHMENT: Tch bin ti sn. Lnh (trt) c quyn thu gi ti sn sau khi to n quyt nh phn quyt chi tr cho ch n. Sau khi to n xt x v quyt nh cng b, ch n phi c giy x l ti sn c quyn thu gi mt phn lng cng nhn (garnishment) hay giy thu gi ti sn c nhn trong phm vi quyn hn ni ngi vay c tr thng l th hay phn khu tiu bang (county). Giy c quyn gi ti sn th chp, giy ny ni rng s c quyn tch thu ti sn ca ngi vay thay cho s tin cho vay hay s tin ng trc da trn mc tn dng. ATTEST: Chng thc. Vn kin cam kt chc chn v mt s kin hay tnh trng, bn phn hay trch nhim do ngi lm ra vn kin k, thng l c s hin din ca cng chng vin hay mt ngi khch quan no . Trong trng hp chc th, ngi lm di chc k tn vi s hin din ca hai hay nhiu ngi chng hay trc mt cng chng vin. ATTORNEY AT LAW: Lut s Ngi c u quyn v lut php ngi c tiu bang cp giy chng nhn hot ng v lut php, c php t vn v i din cho khch hng trc to n trong cc v kin hay trc c quan hnh chnh. Thng thng l lut s. ATTORNEY IN FACT: Ngi c u nhim theo thc t s vic. Ngi c ngi khc ch nh lm vic nh mt ngi trung gian di danh ngha ca ngi ch nh .Vn kin u nhim l loi vit tay, v thng l vn kin u nhim quyn hn ca ngi u nhim v c th c tnh tng qut hay gii hn mt s hot ng no c n nh. AUCTION MARKET: Th trng u gi. H thng mua v bn chng khon thng qua Broker trn cc th trng chng khon, n khc vi th trng ngoi danh mc (Over-the-counter th trng t do) y l ni mua bn bng thng

lng. Th trng chng khon New York (New York Stock Exchange-NYSE) l th d tiu biu nht, th trng c h thng u gi i hay th trng song phng (two- sided market) l do l v khng ging vi cuc u gi thng thng theo truyn thng l ch c mt ngi ra gi v nhiu ngi mua (tr gi) y chng ta c nhiu ngi bn v nhiu ngi mua. Trong bt c cuc u gi no, gi c t ra l do u gi cnh tranh gia cc brokers hot ng nh ngi trung gian cho ngi mua v ngi bn. H thng ny c nhng chc nng theo mt trt t nh mt vi lut l mua bn nh sau: 1. Gi t mua hay gi t bn u tin theo gi nh th u tin hn gi t mua v t bn khc c cng mc gi. 2. Gi mt mua cao nht v gi t bn thp nht c u gi gia cc brokers sn mua bn. 3. Cuc u gi mi bt u khi no khng cn tt c gi t bn v gi t mua theo gi cho. 4. Cc v mua bn b mt u b ngn cm. 5. Gi t mua v gi t bn phi c xng ln r rng cho mi ngi u nghe. Ngoi ra, u gi c cnh tranh cng dng cho vic bn cng kh phiu ngn hn. AUCTION-RATE PREFERRED STOCK: Chng khon u i theo li sut u gi. AUTHORIZED INVESTMENT: u t c u nhim. u t do ngi c u quyn hay ngi th u thc hin sau khi c ch th vit trong cng c u thc. i chiu vi u t hp php tun theo lut l ca cc c quan thm quyn v ngn hng tiu bang hay lut l tiu bang lin quan n cc u t c php thc hin bi cc ngi c u quyn v ngn hng tit kim h tng u t. AUTHORIZED SETTLEMENT AGENT: Ngi trung gian c u quyn thanh ton. Ngn hng c u quyn trnh chi phiu hay chi phiu giao ngay (Cash items) cho ngn hng d tr lin bang thu nhn. Trong lnh vc th ngn hng, ngn hng c u quyn thanh ton hi phiu cho vic thanh ton trao i mua bn. AUTHORIZING RESOLUTION: Ngh quyt u quyn. V kin cho php c quan a phng hay chnh quyn a phng pht hnh cng phiu. AUTHORIZED SHARES (STOCKS): C phn c thm quyn pht hnh. S c phn ti a thuc bt c hng loi no trong cng ty c php pht hnh theo cc iu khon thnh lp cng ty. Thng thng mt cng ty trong tng lai tng chng khon c thm quyn pht hnh tu theo cc c ng phiu quyt nh.

Cng ty khng cn phi pht hnh tt c cc c phn c thm quyn pht hnh v c th ngay t lc u gi li ti thiu s c phn pht hnh h bt thu v chi ph . N cn c gi l chng khon c thm quyn c pht hnh. AUTOMATED CLEARING HOUSE (ACH): Nh giao hon thanh l c t ng ho. Phng tin giao hon thanh l (clearing) da trn h thng vi tnh i vi trao i bn N v bn C theo h thng in t gia cc t chc ti chnh . D liu nhp ca ACH c th c thay th cho chi phiu trong vic chi tr qua li nh th chp, hoc trong ng gp k thc trc AVAILABLE CREDIT: Tn dng c sn. Tn dng sn sng c dng mua mi mt ci g, i khi cn c gi l mua ng. Trong lnh vc th ngn hng, c s khc bit gia s cn i cha tr bnh qun (average outstanding balance s cn i hin hnh bnh qun) v mc gii hn tn dng c cng nhn trc ca ngi c th. ngoi ra, y l phn cha c s dng ca mc tn dng ngn hng (line or credit). AVAILABLE FUNDS: Qu c sn. 1. Loi qu ngn hng c th dng p ng yu cu v s trn vay hay c gi trong danh mc u t, tu thuc vo s cnh tranh th trng, nhu cu tn dng li sut th trng v cc yu t khc. Tng s qu tng ng vi s tin mt c trong tay (vault cash) v chi phiu c cc ngn hng khc chi tr (tin mt v tin phi tr t cc ngn hng trn bng cn i ti khon) cng vi tng s tin vay v u t. 2. S cn i c trong ti khon ngi k thc, y l s c th sn sng d u t, em chi tr cho ngi tn dng hay chuyn vo ti khon khc. AVAILABLE RESERVE: D tr c sn. Chnh lch thun gia s cn i d tr thng d c lu tr ti ti khon d tr ti Ngn Hng D Tr Lin Bang hay ti vn phng chi nhnh v qu mn ti phng cho vay c chit khu (Discount Window) AVAL: m bo chi tr ca bn th ba. T ng Chu u c ngha l bo m chi tr ca bn th ba cho ho n hng ho hay giy ha tr n, ngi bo m phi k tn bi th. AVERAGE: Ch s trung bnh. Trung bnh cng s hc tng ng v c iu chnh ca cc chng khon c la chn tnh ch s ny. N cho ta bit bin chuyn tng qut ca th trng hay cc lnh vc quan trng ca th trng. Trong s cc ch s thng dng nht c ch s trung bnh cng nghip Dow Jones, ch s trung bnh vn ti ca Dow Jones. Bi v vic nh gi chng khon c nhn lin quan n vic o lng chiu hng gi c ca chng khon ni chung

hay ca mt nhm cng nghip nn cc ch s trung bnh nhiu loi khc nhau l cng c phn tch rt quan trng. AVERAGE ANNUAL YIELD: Li nhun trung bnh hng nm. Li nhun trung bnh mi nm trong sut thi hn ca chng ch k thc (Certificate or Deposit CD) nhiu nm, vi gi nh rng trn li kt hp vn gi trong k thc. Hoa li trung bnh nm ca CD s cao hn hoa li hng nm thc t bi v n bao gm tin li c c trong khong thi gian di hn . AVERAGE BALANCE: Cn i bnh qun. AVERAGE COLLECTED BALANCE : S cn i thu trung bnh. S dollar trung bnh trong s k thc ti khon chi phiu trong sut thi gian k ton, tng ng vi cc s cn i hng ngy trong s ci tr cho chi phiu cha thu chia cho s ngy. AVERAGE DAILY BALANCE: S cn i trung bnh hng ngy. 1. S trung bnh trong ti khon k thc, tng ng vi tng s cn i k thc hng ngy trong sut thi gian k ton, thng l mt thng, chia cho s ngy. 2. Phng php tnh ph ti chnh th tn dng, tnh bng cch ly s cn i bt u mi ngy cng cho ph mi trong ngy , tr cho chi tr dng mua, ly tng s kt qu chia cho s ngy trong thi gian lm ho n v nhn cho ph ti chnh. AVERAGE DAILY FLOAT: S bnh qun th ni hng ngy. Tr gi dollar bnh qun ca chi phiu hay hi phiu ang c thu nhng cha ghi vo bn c ca ti khon nh qu thu hay qu c sn. Ngoi ra n cn m ch cc hng mc ang thu (items in collection). AVERAGE DOWN: Trung bnh theo chiu xung. Chin thut nhm h thp gi trung bnh phi tr cho c phn cng ty. Th d mt nh u t mun mua 1.000 c phn c th mua 400 c phn theo gi th trng hin hnh v mua chia lm 3 ln, mi ln 200 c phn khi gi rt. Nh th gi ph trung bnh s thp hn nu mua mt ln tt c 1.000 c phn. Nh u t cng ko gi trung bnh xung bt thin thi v thu. Hy ni th d nh sau : mt ngi no mua c phn vi gi $20/c phn, sau gi rt xung cn $10. Thay v khng lm g c, nh u t c th mua vi gi $10 sau bn l c phn mua vi gi $20, nh th c th dng b tr cho s tin khc kim c trong thi gian tnh thu. Tuy nhin theo quy lut Mua Bn Phi Tay (wash sale) ni rng c quyn khai l thua l, nh u t khng c bn chng khon mua vi gi $20 t nht l 30 ngy sau khi mua chng khon vi gi $10.

AVERAGE EQUITY: Vn trung bnh. S cn i trung bnh hng ngy trong ti khon mua bn. Cng ty mi gii chng khon tnh vn hng ngy ca khch hng nh l mt phn phng cch theo di li v li trong giao dch mua bn cha hon tt, n c gi l iu chnh theo th trng (mark to market).Khi cc giao dch mua bn kt thc, s li nhun v thua l c ghi li vo ti khon ca mi khch hng cng vi hoa hng ca cng ty mi gii . D cho vn bin ng hng ngy l chuyn bnh thng, nhng vn trung bnh l ch dn hu ch thc hin cc quyt nh mua bn v m bo c vn p ng cc quy nh v ti khon Margin (ti khon vay tin mua chng khon). AVERAGE LIFE: thi gian hu dng trung bnh. S nm tnh n thi im khi 1/2 dollar tr gi vn ca chng khon s c chi tr .Thi gian hu dng trung bnh l mt phng php tc k tnh thi im thu hi tri phiu, n xc nh hoa li khi o hn ca tri phiu. Cch tnh ny ch c tnh phng chng bi v n cn c trn s chi tr trc ca ngi vay v cc yu t khc .Th d, th chp thng thng 30 nm s chi tr trc nhanh hn nhiu so vi cc th ch khc. Phn na thi gian hu dng ca tri phiu cng ty v th thng c xc nh bng s chi tr trc nhanh hn nhiu so vi cc th chp khc phn na thi gian hu dng ca tri phiu cng ty v th thng c xc nh bng s chi tr trc vo qu d phng chi tr (Sinking Fund). Ngoi ra n cn c gi l thi gian hu dng tnh theo trung bnh (Weighted AverageLife) trong lnh vc chng khon c th chp bo m hay o hn trung bnh (Average Matusity) trong lnh vc tri phiu cng ty v tri phiu th. AVERAGE OUTSTANDING BALANCE: S cn i trung bnh cha chi tr (s cn i trung bnh ang hin hnh) S cn i trung bnh cha chi tr trong danh mc u t th tn dng, bao gm s cn i chi tr tin li c hon li khng tnh trong cc thi k lm ho n trc y. S cn i trung bnh cha chi tr l mt phng php o lng kh nng li nhun v cch dng ti khon, n tng ng vi tng s ti khon chia cho s ti khon c s cn i ny AVERAGE TICKET: Th trung bnh. Giao dch mua bn thng nghip trung bnh trong chng trnh th ngn hng. N cn c gi l hi phiu trung bnh. N c tnh bng cch chia tng s ph dollar c tnh trong mt khong thi gian cho s bn hi phiu. N biu hin hot ng ca ti khon v gin tip o lng l ph trao i th ngn hng do cc ngn hng khc chi tr. AVERAGE UP: Trung bnh theo chiu ln. Mua chng khon ln th trng ang tng gi h thp tng s gi ph, th d, mua tng t cng mt s lng c phn theo tng gi $50, $52, $54, $58 nh vy gi ph trung bnh s l $53,50,

y l mt thc t ton hc nhng n khng xc nh c chng khon c ng mua theo gi hay khng. AVERSIO: Trn gi. 1. Trong thng mi, y l vic bn mt n v c khi lng ln thay v bn tng phn. 2. Trong bo him, aversio periculi c ngha bo him ton b thua l, mt mt. AWARD: Quyt nh Chp nhn 1. Quyt nh ca hi ng trng ti sau khi nghe cc li tranh ci ca cc bn trong mt v tranh chp theo tnh cch hoc ng h bn ny hay ng h bn kia. 2. Chp nhn gi t mua c cnh tranh trong mua bn ti th trng u gi i vi cng kh phiu Hoa K hay tri phiu th. AWAY FROM THE MARKET: Cha ng gi th trng Cch din t c s dng khi gi t mua ca lnh c gii hn (limit order) thp hn hay gi t bn cao hn gi th trng hin hnh ca chng khon. Lnh c gii hn cha ng gi th trng s c chuyn vin gi lai sau ny thc hin tip tr khi c lnh mua hoc hu b (Fill Or Kill FOK).. Ch B BABY BOND: Tri phiu c mnh gi nh Tri phiu n kh hon hay trc tip c mnh gi di $1.000 dollar, thng t $25 n $500. Tri phiu c mnh gi nh lm cho th trng tri phiu va tm vi nh u t nh (t tin), v l m ra mt ngun qu thch hp vi cc cng ty khng iu kin tham gia vo cc th trng ti chnh ln . Nhng ngc li, tri phiu i hi ph qun l cao hn (tng ng vi tng s tin c tng) i vi vic phn phi v tin trnh thc hin v khng c th trng ln v nng ng bo m kh nng chuyn i ra tin mt (kh nng thanh ton) nh cc tri phiu thng thng. BACK CONTRACTS: Hp ng cn lu mi o hn Hp ng futures cn l u mi o hn. N c gi l Back months hay Distant contracts (hp ng cn nhiu thng na mi o hn). Ngc li vi front contracts (hp ng gn n ngy o hn). BACKDATING: Ghi li ngy thng Tng qut: Sp t ngy thng (thi im) vn kin giy t chi phiu hay cc cng c khc sm hn ngy n nh. Qu h tng u t : c tnh cho php ngi trong qu c s dng sm hn mt s tin n nh trong mt khong thi gian n nh. Vi ph bn c gim. nh li li ngy thng, thng i km vi mt v giao dch mua bn ln, l lm cho mt tr gi c hiu lc t trc mua trc thi im nhm p ng cc quy nh ca s trn ha chi trc hay cc quy nh ca th xc nh (mua hay vay).

BALANCE SHEET: Bn cn i ti khon Bo co ti chnh cn gi l bo co tnh hnh hay bo co v th ti chnh, cho bit tnh trng ti sn ca cng ty, n v vn c ng vo mt thi im n nh, thng l lc cui thng. y l mt cch xem xt mt cng ty kinh doanh di dng mt khi vn (ti sn) c b tr da trn ngun ca vn (n v vn c ng). Vn tng ng vi n v vn c ng nn bn cn i ti khon l bn lit k cc hng mc sao cho hai bn u bng nhau. Khng ging vi bn bo co li l l bn cho bit kt qu ca cc hot ng trong mt khong thi gian, bn cn i ti khon cho bit tnh trng cc s kin kinh doanh ti mt thi im. N l mt nh chp (tnh) ch khng phi l mt cun phim (ng) v phi c phn tch da trn s so snh cc bn cn i ti khon trc y v cc bo co hot ng khc. BALANCE SHEET RATIOS: Cc t l cn i ti khon 1. T l dng xc nh tnh trng ti chnh v cc thay i v th ti chnh ca cng ty da trn cc d kin bo co trong bn cn i ti khon. Mt s t l c bit c p dng trong ngn hng. Quan trng nht l t l vn (o lng t l vn c ng i vi tng ti sn) v t l thanh ton (o lng kh nng ngn hng trang tri s tin k thc c rt ra v chi tr qu nhm tho mn nhu cu tn dng ca ngi vay). Cc t l hu ch khc l t l tin vay i vi s k thc (tng s tin vay chia cho tng s k thc) t l thanh l (charge-off ratio), t l xo n v kh i (s xo s thun c tnh theo s phn trm ca tng s tin cho vay). T l d tr tin vay mt t (s d tr tin vay mt t i vi trn vay c kh nng mt t tnh theo s phn trm tng s trn cho vay) v t l tin cho vay cha tr (Nonperforming loans tin vay qu hn cha tr) i vi tng s tin cho vay. 2. T l k ton do nhn vin tn dng ngn hng dng nh gi sc tn dng ca ngi vay. Cc t l thng c s dng rng ri nht l : t l o lng sc chng khon (Acid test ratio) hay t l th bit ngay (quick ratio) (ti sn ngn hn chia cho n hin hnh), t l hin hnh (current ratio) (ti sn hin hnh chia cho n hin hnh) v t l trang tri n (vn lu ng chia cho n di hn). T l ti chnh c th c o lng da trn cc t l trong cc nm trc hay cc ch s cng nghip tnh cho nhanh v d so snh. cc t l quan trng nh t l. BID BOND: Cam kt ca bn u thu Camkt thc hin ca bn u thu v mt hp ng d n quc t. S cam kt c yt th nh l bng chng v kh nng ca ngi u thu c th thc hin cc iu khon trong hp ng. Tn dng th h tr l mt phng php thng thng thng bo cam kt ca bn u thu.

BID TO COVER RATIO: T l gi t mua trng thu v gi t mua khc S gi t mua t c trong cuc u gi cng tri khi so snh vi s gi t mua c chp nhn. T l cao (trn 2,0) cho bit l vic t gi mua rt nng n v cuc u gi coi nh thnh cng : T l thp cho bit nh nc c kh khn trong vic bn tri phiu, v thng thng ko theo ci ui Tail di, c ngha l c chnh lch ln gia hoa li trung bnh v hoa li cao (gi t mua trung bnh v gi t mua thp nht c chp nhn) BlD WANTED (BW): B co u gi Thng bo ca ngi c chng khon, tri phiu mun bn v sn sng xem xt cc gi t mua. Bi v gi cui cng tu thuc vo thng lng nn gi t mua theo b co u gi khng cn phi n nh trc. B co u gi thng c trn cc t yt gi c pht cc th trng. BIDDING UP: Gi t mua tng Gi t mua chng khon lin tip c nng ln v ngi rng gi ang tng vt s lm cho cc lnh mua bn khng th thc hin c. Nh u t mun mua mt s lng ln c phn trong th trng ang tng gi lc ngi nay ang dng lnh c gii hn (lnh mua theo gi n nh hoc thp hn) m bo c gi c li nht, tuy nhin v lnh t bn ang tng trn th trng, nn nh u t phi tng mc gii hn trong lnh mua ln tip tc tch lu c phn. n mt mc no ngi mua to ra gi mua tng gy p lc trn chng khon, nhng lc hu ht gi t ng ngoi vng kim sot ca ng ta. BIG BANG: Bng n ci t S iu chnh ca cc th trng chng khon Londonvo ngy 27-10-1986, bin c nay c th so snh vi bin c May Day Hoa K. N nh du giai on quan trng tin n mt th trng ti chnh th gii duy nht. BIG BLUE : Cng ty IBM Tn thng dng ca Interational Business Machines Corporation (cng ty IBM), do bng hiu ca cng ty sn mu xanh. BlG BOARD: Th trng chng khon New York Tn thng dng ca New York Stock Exchange (NYSE). BATCH: Mt m t Nhm chi phiu, hi phiu hay cc cng c chi tr c tp hp thnh mt n v Vn Phng iu Hnh x l sau trong sut ngy lm vic. N cn c gi l khi (Block). Hy i chiu vi On-line Processing. BATCH HEADER RECORD: S sch tp hp cc danh mc chnh

1. S sch c 94 danh mc a ch ngn hng gi s chi tr ACH (Automated Clearing House). M ny c th khng cng vi m s chuyn ABA nu s chi tr c tin hnh thng thng thng qua mt ngn hng tng tc. 2. M s nhn dng mt nhm ti khon c x l nh mt n v. BD FORM : T khai BD H s ca cng ty mi gii chng khon phi cp nhp ho v np cho SEC, trong ghi chi tit v ti chnh v cn b cng nhn vin. BEAR: Ngi u c gi xung BEAR BOND: Tri phiu trong th trng chiu xung Tri phiu c xem nh l c th tng tr gi trong th trng c chiu xung, c ngha l lc li sut th trng tng. Tri phiu in hnh chi tr cho nh u t mt lot tin mt c nh theo tr gi dollar v theo thi im chi tr, n s gim gi khi li sut th trng tng. Th d, mt vi loi tri phiu no nh chng khon th chp c li sut tch ring (interest-only strip) ch ly theo li sut hay chng khon c th chp bo m chi tr tin li theo kh nng tng tr gi trong th trng chiu xung bi v s chi tr li ca s th chp c s b chm li, vic tr li chm ny lm tng tng s tin mt m nh u t mong nhn c trong thi gian hiu lc ca u t. BEAR HUG: B qu phi lm (b con gu m) Gi t mua cao (Takeover gi t mua nhm mua li mt cng ty gi t mua tip qun cng ty) v th c gi v cc c tnh hp dn ban gim c cng ty b mua (target company), ban gim c c th phn i v cc l do khc nhng phi chp nhn nu khng mun b cc c ng phn i BEAR MARKET: Th trng rt gi lu di -Th trng theo chiu hng xung Gi rt trong mt thi khong ko di. Th trng chng khon theo chiu xung dn n vic ngi ta d bo hot ng kinh t s gim v th trng tri phiu theo chiu xung l hu qu ca li sut th trng gia tng. BEAR RAID: t kch ca ngi u c gi h Nh u t n lc u c gi chng khon bng cch bn khng mt s lng ln c phn. Nhng ngi u c khng b ti s chnh lch gia gi ban u v gi mi thp hn gi ban u sau khi thc hin u c gi. Vic ny tri vi lut l ca SEC, theo lut SEC ch c bn khng theo gi tng mt gch (uptick) (gi sau cng cao hn gi trc ) hay theo gi cng gch o (zero plus tick) (gi sau cng khng thay i nhng cao hn gi sau cng trc gi khc). BEAR SPREAD: Mua bn theo chnh lch trong th trng gi h Chnh lch do u c gi h Sch lc trong th trng option nhm kim li khi gi chng

khon hay . hng ho b rt gi. Ngi theo sch lc ny c th mua phi hp hp ng Call Options v Put Options cng mt loi chng khon theo gi im (gi thc thi) khc nhau kim li khi gi rt. Hoc l nh u t c th mua hp ng put options ngn hn v hp ng put options di hn kim li t s chnh lch gi hai hp ng khi gi h. BEAR SQUEEZE: Nh u c gi h b nghin nt S can thip chnh thc ca ngn hng trung ng v th trng ngoi hi buc nh u c tin t bn khng tin t (bn tin t vay mn) phi bo k v th ca h, nhm ngn chn nh u c tm cch kim li tht nhanh. Thng thng vic ny c thc hin bng cch cm mua tin t a phng nhiu hn s c sn trong th trng ngoi hi v thng lm. cho nh u c tin t thua l nng. BEARER BOND: Tri phiu thuc ngi gi Tri phiu chi tr cho ngi gi (mang) hn l tr cho ngi s hu c ng k trong s ca ngn hng pht hnh hay n v i l pht hnh. Tri phiu ny l cng c chi tr khng cn c vo bn ghi quyn s hu. Ngi c chi tr l ngi c tri phiu v gi n mt cch trung thc (hp php) . Tin li tri phiu c tr na nm mt ln khi phiu li (coupon) c ct ra v trnh cho ngn hng lnh tin li, ging nh chi phiu. ngc li vi tri phiu ng k (Registered Bond): BEARER DEPOSITARY RECEIPT (BDR): Bin nhn tn tr k thc thuc ngi mang Bin nhn s tn kho c tht lp cho ngi mang. BDR c pht hnh cho s c phn trong cc cng ty nc ngoi. BEARER DEPOSIT NOTE (BDR): Chng ch k thc thuc ngi mang Chng ch thuc ngi mang c pht hnh cho s k thc ngn hng. Trong khi chng ch k thc (CD Certificate of deposits) l loi k thc c li th BDR l loi cng c c chit khu (khu tr). BEARER FORM: Th thc tri phiu thuc ngi mang Loi tri phiu khng ng k trong s sch ca cng ty pht hnh v v th c th chi tr cho ngi no c tri phiu. Tri phiu thuc ngi mang c phiu li inh km (coupon) tri ch s gi hay trnh phiu li ny vo ngy o hn li nhn li, v th c tn khc l Coupon Bond. Chng ch chng khon thuc ngi mang c th chi tr m khng cn bi th m ch cn c chuyn giao. C tc c chi tr bng cch trnh phiu li, n c nh ngy chi tr v s chi tr. Hu ht cc chng khon pht hnh ngy nay, ngoi tr chng khon nc ngoi, u di hnh thc ng k, k c tri phiu th pht hnh t nm 1983. BED AND BREAKFAST: Bn tr mua sm Chng khon c bn vo cui ngy trn th trng chng khon sau c mua li vo bui sng k tip. Nh

mua bn c nh to ra mt v thua l b tr vo s t bn kim c b nh thu. Nu gi mua li ngay k tip rt gi mnh so vi gi bn th nh mua bn khng b l do khng c b tr vo thu. BELLY UP: Ph sn Ting lng ni v mt ngi vay, cng ty hay d n pht trin b ph sn v khng c kh nng chi tr cho ch n. Ngoi ra, mt ngn hng hay t chc tit kim v c th l t chc ti chnh b c quan lp php ti chnh ng ca. BELLWETHER: Chng khon u n Chng khon c xem nh l kim ch nam ca chiu hng th trng. Trong lnh vc chng khon, chng khon IBM (International Business Machines) trong mt thi gian di c xem l kim ch nam (chng khon u n) bi v cc nh u t thuc t chc s hu rt nhiu chng khon ny v nhng ngi ny c nhiu kh nng kim sot cung v cu trn th trng chng khon. Cc hot ng mua bn ca cc t chc ti chnh c khuynh hng nh hng n cc nh u t nh v do nh hng n th trng ni chung. Trong lnh vc tri phiu, tri phiu kho bc di hn 20 nm c xem l tri phiu u n (kim ch nam), n biu th chiu hng m tt c cc tri phiu khc c kh nng bin chuyn theo. BELOW MARKET RATE: Li sut thp hn li sut th trng Li sut thp hn li sut thng l trong mt th trng bit, n c th lp ra gip cho ngi mua c li tc thp hay bnh thng, nh li sut trong th chp c tri phiu Doanh Thu C Th Chp (Mortgage Revenue Bonds) ti tr, l li sut ban u thp trong th chp c li sut iu chnh cn gi l Teaser Rate. BELOW PAR: Di mnh gi BENCHMARK: nh chun, cn bn cho li sut, gi c trn th trng Mc chun xc cho gi c, li sut ca chng khon trn th trng khi so snh vi mc ln xung ca li sut i vi tri phiu nh nc. Other benchmark Treasury issues increased more sharply. (li sut cn bn khc ca tri phiu kho bc nh nc tng mnh hn na). tun mt ln s thanh ton th chp 30 nm dt im trong vng khong 17 nm, lm gim ng k s l ph ti chnh cho ngi vay. Xem : Alternative Mortgage Instruments. BLACK FRIDAY: Ngy th su en ti Th trng ti chnh rt gi trm trng. Ngy th su en ti u tin xy ra vo ngy 2l-9-1869 khi mt nhm nh ti chnh c gng c lp (p gi -corner) th trng vng do y mnh s hn lon kinh doanh tip theo sau khng hong (depression suy thoi kinh t). Khng hong nm 1873 cng bt u vo ngy th su v t t ng ngy th su en ti dng ch s tht bi no lm nh hng n cc th trng ti chnh.

BLACK KNIGHT: Hip s en, ngi tim quyn Mt nh u t sp ti s tham gia vo mt v tip th (takeover) (Tim quyn c hu xu hay t gi mua khng ai mong c mua cc c phn c quyn kim sot trong cng ty). BLACK MARKET: Ch en Th trng hng lu v dch v bt hp php. Ch en ni ln khi th trng tiu th pht trin (consumer market th trng tiu th nhiu hn sn xut) hng cm hay hng him. Th trng ch en tng trng mnh trong nn kinh t hoch nh v trong nhng giai on khn cp ca quc gia. BLACK MONDAY: Ngy th hai en ti Ngy 19-10-1987 khi ch s trung bnh cng nghip Dow Jones rt xung n mc k lc l 508 im m tun trc cng rt mnh ri, nguyn do l v nh u t lo lng mc gi chng khon b thi phng (qu cao), ngn sch lin bang v cn cn thng mi b thm ht, v nh hng ca hot ng th trng nc ngoi. Nhiu ngi ti cho chng trnh mua bn bng h thng vi tnh a n s ln xung bt bnh thng (bt n nh) cc im ny. BLACK- SCHOLES OPTIONS PRICING MODEL: Cng thc ton hc c dng rng ri nh gi cc hp ng option. M hnh do Fisher Black v Myron Scholes trin khai phn on hp ng options c c nh gi cng bng hp l khng. M hnh lin kt cc yu t nh : bt n nh (tng gim bt thng) ca li nhun cng ty, mc li sut th trng, mi tng quan ca gi chng khon c s vi gi im (strike price gi thc thi) ca hp ng option o hn. Cc nh gi hin nay s dng m hnh ny c Options Monitor Service. BLUE LIST: Bn danh sch xanh (Tri phiu th). n bn ti chnh hng ngy lit k cc tri phiu c em ra bn bi khong 700 nh mua bn v cc ngn hng, c mnh gi hn 3 t dollar. Bn danh sch xanh phn ln c ni dung v cc d kin thuc tri phiu th Vi nhng tin tc v gi hoa li v cc d kin ng, bn danh sch xanh l ngun tin tc y hiu cc hot ng v khi lng trong th trng cp hai ca loi tri phiu c min thu. Mt vi loi tri phiu cng ty do cng nhng ngi bun bn ny a ra mua bn cng c lit k trn bn danh sch xanh. Tn y ca n l Blue list of Current Municipal Offerings. BLUE SKY LAWS: Lut bo v nh u t Tn thng dng ca lut l chng khon c thit lp nhm bo v nh u t khng mua nhm chng khon v gi tr. Lut l ny thay i theo tng tiu bang nhng c chung nhng iu ngn cm tng t v la o v quy nh ng k hu ht cc c phn c em ra bn ngoi tr tri phiu th. Nhiu tiu bang theo khun mu lut lin bang.

BOARD: Hi ng 1. B phn lnh o chnh thc ca mt t chc ; Hi ng Qun tr (Board of Directors) ca ngn hng hay cng ty, Hi ng Th u (Board of Trustees) ca ngn hng tit kim h tng hay Hip Hi Tit Kim v Cho Vay. 2. Ch tt ca Hi ng Thng c (Board or Governors) ca H Thng D Tr Lin Bang. 3.Tn thng dng ca th trng chng khon, c bit dng cho NYSE (New York Stock Exchange) hay cn gi l Big Board. BOARD BROKER: Ngi mi gii th trng Chicago Nhn vin ca Chicago Board Options Exchange (th trng mua bn hp ng options Chicago) ngi ny iu hnh cc lnh mua bn cha ph hp vi th trng, nn cc lnh ny cha th thc hin ngay, lc h s thng bo cho cc thnh vin th trng nhng ngi ny thi hnh cc lnh . BOARD OF ARBITRATION: Hi ng trng ti Nhm 3 ngi hay vi ngi c ch nh phn quyt cc v kin gia cc cng ty chng khon v cc khch hng i quyn bi thng do khch hng trnh. Phn x hai bn (trng ti phn x arbitration) l phng thc c tha nhn bi NASD (National Association of Securities Dealers), Municipal Securities Rule Making Board (Hi ng Lm Lut v Tri Phiu Th) v cc th trng gii quyt cc v tranh chp, n c p dng cho c cng ty thnh vin ln cng ty khng l thnh vin. BULGE: Tng nht thi Gi c tng nhanh v tm thi p dng cho tt c hng ho hay th trng chng khon, hoc mt loi hng ho hay chng khon c nhn no . BULK FILING: X l nhanh h s chi phiu Hot ng x l chi phiu lin quan n phn loi tht nhanh chi phiu v s tn ca cc chi phiu c hu theo chu trnh son sn bn k khai (statement preparation cycle) hn l theo s ti khon. X l hng lot s tit kim thi gian v sc lao ng bi v chi phiu c xp thnh nhm ch mt ln theo s ti khon ca khch hng khi in v pht cho khch hng cc bo co ti khon chi phiu. BULL: Ngi u t gi tng Ngi ngh rng gi s tng. Ngi ta c th lc quan v trin vng ca mt loi chng khon c nhn, tri phiu hay hng ho, mt mng ca mt ngnh cng nghip hay ton th th trng. Trong ngha tng qut hn, bunish c ngha l lc quan, v th ngi ta c th lc quan v tng th kinh t. BULL BOND: Tri phiu c chiu ln Tri phiu c gi l kh nng tng tr gi trong th trng c chiu ln (bull market) c ngha l khi li sut th trng

ang gim. Trong thc t hu ht cc tri phiu s tng tr gi trong mt th trng c li sut gim, cc tri phiu c bit din bin tt trong th trng chiu ln l loi tri phiu ring v phn vn c th chp bo m (principal only strip mortgage backed securities) (PO). PO bao gm ton th s chi tr vn th chp hot ng tt trong th trng li sut gim bi v ngi th chp ti ti tr tin vay ca h theo li sut th trng thp hn. Nh u t c chi tr li s u t ban u nhanh hn, lm tng hoa li lng tin mt ca tri phiu. BULL NOTE: Tri phiu theo chiu ln tri phiu c bo h gi Ti Anh, tri phiu c km hp ng option bo h gi. Tr gi tri phiu da trn ch s ti chnh hay gi hng ho vo thi im thu hi. Tr gi thu hi ca loi tri phiu ny cao hn vn nu gi c bn (reference price gi tham kho) tng nhng thp hn vn nu gi c bn gim. BULL MARKET: Th trng theo chiu ln Gi ln ca chng khon, tri phiu hay hng ho ko di nhiu ngy.Th trng theo chiu ln thng ko di t nht mt vi thng v c c tnh l s lng mua bn cao. BULL SPREAD: Mua v bn theo chiu ln Sch lc v hp ng option c thc hin bng hp ng put option v call option cch ny s em li li nhun nu nh chng khon c s tng gi. C 3 loi mua v bn song hnh theo chiu ln nh sau : Mua v bn song hnh theo chiu ng: cng lc mua v bn hp ng options cng loi vi gi im (strike price gi chn la) khc nhau nhng cng ngy o hn. Mua v bn song hnh theo lch: cng lc mua v bn

Ch C
CALENDAR: Lch (thi biu) bn chng khon Danh sch cc chng khon s c a ra bn. Tri phiu th tri phiu cng ty, cng phiu, cc chng khon mi u c lch ring cho mi loi. CALENDAR SPREAD: Mua v bn song hnh theo lch Sch lc mua bn hp ng options bng cch mua 2 hp ng option c cng loi chng khon nhng khc ngy o hn. Nu gi im (exercise price= strike price = gi thi hnh) ging nhau th gi l chnh lch theo chiu ngang (horizontal spread). Nu gi thi hnh khc nhau th gi l chnh lch theo ng cho (diagonal spread). Nh u t li hay l l do chnh lch gi hp hay rng (t hay nhiu). CALL: Lnh gi (Lnh thu hi) hp ng option theo chiu ln 1. Ngn hng : ngi cho vay yu cu chi tr sm s tin vay bi v ngi vay khng lm ng cc cam kt trong hp ng nh duy tr s bo him tng xng hay chi tr ng nh k, hoc trong tin vay hot k (Demand Loan) ngi

cho vay thc hin quyn ca ngi cho vay l yu cu chi tr li s tin vay vo bt k thi im no. 2. Lnh gi ca tng kim sot dc tng kim sot vin tin t gi cho ngn hng quc gia lp bo co theo lnh gi (call report) hay bo co tnh hnh (Report of Condition). 3. Lnh ca c quan lp php gi cho mt ngn hng ang kh khn yu cu ngn hng huy ng thm vn, i khi gi l lnh gi vn. 4. Quyn thu hi tri phiu ang lu hnh trc khi o hn. Thi im u tin khi nh pht hnh c th ra lnh gi tri phiu c n nh trong tp qung b mi k pht hnh tri phiu, trong giao ko c ghi iu khon v lnh gi. 5. Quyn mua mt s lng c phn n nh theo mt gi n nh v theo thi im c nh. CALL BUYER: Ngi mua hp ng Call Option. Nh u t mua mt hp ng chng khon trong mt thi gian n nh vi gi n nh ca mt loi c phn. Nu gi c phn ln, ngi mua li, ngc li ngi mua l. CALL DATE: Thi im c lnh gi CALL FEATURE: c tnh c lnh gi (lnh thu hi) Mt phn trong tho thun gia nh pht hnh tri phiu vi ngi mua c gi l indenture (giao ko) trong c ghi thi biu v gi thu hi tri phiu trc thi hn. Hu ht tri phiu cng ty v (tri phiu th u c c tnh l sau 10 nm th c c lnh gi (tri ch thng gi l call protection) tri phiu nh nc th khng c. CALL LOAN: Li sut ca broker cho khch hng vay, c ng trn bo. CALL MONEY: Tin sn sng s dng Tin sn K thc hot k, s k thc u tin t trong qu th trng tin t ngn hn (money market funds). N cn c gi l money at call, l tin c th chi tr li theo yu cu. Ti c, Php, Nht v Anh tin c sn l ti sn d tr khi c ngn hng trung ng t cho c quan chit khu hay cc t chc ti chnh tng t. CALL LOAN RATE: Li sut Brokers cho khch hng vay ngn hng cho khch hng vay. CALL OPTION: Hp ng Call Option. Hp ng mua hay bn theo gi i ln. Quyn c mua 100 c phn ca mt loi chng khon hay ch s chng khon no vi gi n nh trc, trc khi n ngy o hn cng nh trc, i li ngi mua hp ng call option phi tr mt ph mua (premium). Nu gi chng khon i ng hng theo d on ca ngi mua hp ng call option tc l hng i ln th ngi mua s c li trong khi ch u t mt s tin nh (ph mua hp ng) hn l phi b nhiu tin thc s mua s chng khon. i vi

ngi bn, hp ng ny c th em li li tc ph. Ngi bn s b quyn s hu chng khon nu nh hp ng option c thc thi. CALL PREMLUM: Ph mua Call Option Ph tr cho hp ng. CALL (chiu i ln) S tin m ngi mua hp ng Call option phi tr cho ngi bn c quyn mua mt loi chng khon hay ch s chng khon theo gi n nh v theo thi hn n nh. Trong lnh vc tri phiu (u i, kh hon) y l s tin trn mnh gi m nh pht hnh phi tr cho nh u t thu hi tri phiu trc thi hn. CALL PRICE: Gi thu hi theo lnh gi (thu hi) Gi m nh pht hnh chi tr thu hi tri phiu hay chng khon u i theo iu khon c lnh gi hay c tnh c lnh gi (tc thu hi trc thi hn). N cn c gi l Redemption Price (gi chuc li) b p cho ngi s hu tri phiu hay chng khon b thit thi v li tc v khng cn quyn s hu, gi theo lnh gi thng cao hn mnh gi chnh lch ny l ph tr cho lnh gi (call premium). CALL PROTECTION: Khong thi gian khng c lnh thu hi Khong thi gian trong nh pht hnh khng c thu hi tri phiu. Tri phiu nh nc Hoa K thng khng c c tnh lnh gi, tr mt ngoi l l tri phiu di hn 30 nm c th c lnh gi sau 25 nm. Tri phiu cng ty v th thng c thi gian khng c lnh gi l 10 nm. Nh u t sng bng li tc tri phiu phi chc rng n c bo m thi gian khng c lnh gi bi v nu khng c bo m, tri phiu c th b thu hi bt c lc no nh n nh trong giao ko. CALL PROVISION: iu khon v lnh gi (thu hi) iu khon tho thun gia cng ty pht hnh tri phiu v c phn u i vi ngi mua v vic thu hi li tri phiu v c phn trc ngy o hn vi gi c bit trong trng hp c bit. CALL REPORT: Bo co theo lnh gi (yu cu). 1. Bo co li tc v tnh hnh hng qu theo quy nh ca c quan gim st u ngnh t chc ti thnh : Ngn Hng Quc Gia bo co cho Tng kim sot tin t, ngn hng thnh vin tiu bang bo co cho Ngn Hng D Tr lin Bang v.v 2. Bo co pht trin kinh doanh ca vin chc ph trch lnh gi ca ngn hng (bank calling officer). CALL SPREAD: Mua v bn ng thi hp ng Call Option Nh u t cng lc mua mt hp ng call option v bn mt hp ng call option cng loi chng khon, khc ngy o hn.

CALL WRITER: ngi bn hp ng Call option Ngi vit (bn) hp ng chng khon theo gi hp ng v thi gian n nh trc ngi mua c th cn c vo mua theo gi v thi gian . CAPITAL TURNOVER: Quay vng vn S bn hng nm chia cho vn c ng bnh qun (tr gi thun) khi c so snh trong mt thi khong, n s cho bit mc cng ty c th pht trin m khng cn phi u t thm vn. Tng qut, cng ty c li nhun bin t cao th c vn quay vng thp v ngc li. N cn c gi l quay vng vn c ng. CAPPING: Bn git gi Tung ra bn ko gi xung. Bn nhiu c phiu mt lc gy hoang mang, p lc mi ngi bn ra gi r. CAPITALIZATION RATIO: T l t bn ho Phn tch c cu vn ca cng ty bit n, chng khon u i, chng khon thng, vn c ng mi th chim bao nhiu phn trm trong tng s vn cng ty. T l rt hu ch c tnh ri ro tng i v mc h tr ti chnh m ngi s hu chng khon cc mc tng ng c c. Xem Bond Ratio. CAPITALIZE: T bn ho 1. Chuyn li tc lit k thnh s vn, gi l tr gi t bn ho, bng cch chia cho li sut. 2. Pht hnh c phn ti tr cho chi tiu vn (him khi thc hin). 3. Ghi phn chi tiu vn (capital outlays kinh ph vn) nh l phn thm vo ti khon ti sn, ch khng phi nh l chi ph. CASH MANAGEMENT BILL: Phiu n qun l tin mt Cng c n ngn hn do cng kh Hoa K pht hnh c thi hn 50 ngy, n l mt dng khc ca phiu kho bc (treasury notes) hay tri phiu kho bc ngn hn. Phiu n qun l tin mt c bn cho cc nh u t th trng tin t theo n v ti thiu l 1 triu dollars. Phiu n c pht hnh trang tri cho thiu ht ln mt tm thi, th d ngay trc khi n ngy o hn thu thu ch yu nh 15 thng 4 hay 15 thng 6. CASH MARKET: Th trng tin mt. Giao dch mua bn bng tin mt hay th trng ti ch c hon tt, c ngha l quyn s hu hng ho c chuyn t ngi bn sang ngi mua v vic chi tr thc hin ngay lc giao hng ho. Th trng tin mt khc vi th trng hp ng futures, trong hp ng hon tt vo thi im n nh trong tng lai. CASH POSITION: V th tin mt 1. Ti sn tin mt trong ngn hng, ng ngha vi kh nng thanh ton bng tin mt (liquidity). Ni ng l v th tin mt l mc o lng tin mt c trong

tay bao gm tin mt trong kho an ton v tin mt trong my tr tin, tin mt c t vic bn ti sn ngn hn nh chng ch k thc, tri phiu nh nc, tho thun mua li v.v Ngoi ra cn bao gm s cn i ti khon d tr thng d, s k thc cc ngn hng khc, cc chi phiu ang thu. 2. V th d tr trong ti khon d tr ca ngn hng ti Ngn Hng D Tr Lin Bang hay ngn hng tng tc. CASH RATIO: T l tin mt T l tin mt v chng khon d mua bn i vi n hin hnh, ct li ca t l thanh l nhanh (quick ratio). T l tin mt cho bit mc n c th c thanh l nhanh nh th no. i khi n cn c gi l t l thanh l CASH RESERVE: D tr tin mt 1. Tin mt trong kho an ton ca ngn hng c th c dng tho mn cc quy nh d tr ca ngn hng hi vin. Tin mt c trong tay bao gm tin giy v tin ng, c th c dng p ng cc quy nh d tr theo lut php. 2. Xoay tua mc tn dng ti a (line of credit) km theo ti khon chi phiu cho php ngi tiu th vit chi phiu c s lng cao hn s cn i ti khon m khng phi chi tr ph thu chi. N cn c gi l Cash Reserve Checking hay Overdraft Protection CASH SETTTEMENT: Sp xp chi tr bng tin mt Thanh l bng tin mt 1. iu khon chi tr trong vi hp ng option v futures khng yu cu giao chng khon hng ho c s. i vi hp ng options, chnh lch gia gi chi tr cho chng khon c s v gi thc thi ca hp ng s c chi tr bng tin mt cho ngi mua option vo thi im thc thi hp ng. i vi hp ng futures, th trng thit lp gi khi tr vo ngy cui cng mua bn v tt c s cha gii quyt cn li c iu chnh theo th trng cn c vo gi . 2. Trong chng khon mua bn theo hp ng option vic giao chng khon c mua theo thi im mua bn ch khng theo thi im chi tr. CASH SECURITIES EQUIVALENT: Chng khon tng ng tin mt Bt c loi chng khon ca ngn kh, chng ch k thc sn sng c chuyn thnh tin mt. CASH SURRENDER VALUE: Tr gi khng cn l tin mt Trong lnh vc bo him, s tin cng ty bo him s giao li cho ngi mua bo him hu b hp ng bo him. i lc c vit tt CSVLI (Cash Surrender Value of line Insurance), n c ghi nh l mt ti sn trn trn bng cn i ti khon ca mt cng ty c bo him nhn th ly trn s vn.

COMMODITY- BACKED BOND: Tri phiu c hng ho bo m Tri phiu lin quan cht ch vi gi hng ho c s. Nh u t c tri phiu lin quan vi gi bc hay vng s nhn tin li tu theo gi kim loi hin hnh ch khng phi theo tr gi dollar c nh. Theo ngha ny tri phiu l ro cn chng li lm pht v n theo gi chung ca hng ho (ch khng theo gi tin giy). COMMODITY CREDIT CORPORATION: Cng ty tn dng hng ho Cng ty nh nc ti tr cho s tr gi nng phm. C quan ti tr bo m tn dng th ngn hng nhm tr gi cho hng ho xut khu. COMMODITY PAPER: Chng t cam kt bng hng ho Tin vay tn kho hay tin ng trc c hng ho bo m. Nu hng ho qu cnh, vn n c thc hin bi mt ngi bnh thng mang n (common carrier). Nu hng ho c tn kho, bin nhn u thc tha nhn l hng ho ang tn kho v tin thu c t vic bn hng ho s c thng bo n ngi cho vay, y cng cn l bin nhn kho lit k hng ho. l cc chng t (vn n, bin nhn u thc, bin nhn kho) c th c dng bo m cho s tin vay hay tin ng trc. COMMODITY PRICE INDEX (CPI): Ch s gi hng ho Mt tham kho c gi tr v gi tin mt ti ch ca hng ho hay gi hp ng Futures. Ch s gi hng ho do cc c quan nh nc son tho hay do cc th trng ring theo di bin chuyn gi th trng. Ch s gi c dng nm c bn o lng bin chuyn gi c trong mt khong thi gian c nh, thng l hng ngy, hng thng v hng nm. Hoa K ch s gi bn s l ch s chnh thc ca gi nng nghip v cng nghip. COMMODITY TRADING ADVISER (CTA): Nh t vn Mua bn hng ho (hp ng) COMMON LAW: Lut theo tp tc Tin l B phn lut da trn cc quyt nh php lut v tin t. Ngy nay nhiu nim lut php bao gm c lut l v hp ng u rt t lut theo tp tc v tin l. COMMON MARKET: Th trng chung u Chu COMMON STOCK: Chng khon thng, c phn i chng Cc n v s hu ca cng ty c phn (public company). S hu ch (c ng) c quyn b phiu bu hi ng qun tr hay cc vn quan trng khc cng nh c nhn c tc ca chng khon. Trong trng hp cng ty b ph sn, ch n c bo k hay khng c bo k, tri ch v c ng c chng khon u i s c u tin hn cc c ng c chng khon thng. Tuy nhin, ni chung chng khon thng c nhiu tim nng kim li hn.

COMMON STOCK EQUIVALENT: Tng ng chng khon thng Chng khon u i (preferred stock) hay tri phiu c th chuyn sang chng khon thng hay chng ch (warrant) mua chng khon vi gi c bit hay gi thp hn gi th trng. Chng khon dng chuyn qua chng khon thng c tim nng lm long tr gi ca c ng s hu chng khon thng ang lu hnh v vic hon chuyn hay thc hin c ngi ta nhn bit khi thy t l li nhun/c phn b gim hon ton. COMMON STOCK FUNDS: Qu chng khon thng, qu h tng u t ch u t vo chng khon thng. COMMON STOCK RATIO: T l chng khon thng S phn trm tng s t bn ho tiu biu bng chng khon. Theo quan im ch n, t l cao tiu biu c mt khong cch an ton trong trng hp thanh l. Tuy nhin, trn quan im nh u t, t l cao c ngha l thiu n by ti chnh (leverage). Nhng g t l s phi tu thuc phn ln th l s n nh ca li nhun. Cng ty phc v cng cng v in c th hot ng vi t l thp v li nhun c n nh. Theo quy lut chung, khi t l chng khon cng ty cng nghip di 30%, nh phn tch s kim tra mc n nh li nhun v mc trang tri ph n nh trong khong thi gian kh khn cng nh trong khong thi gian thun li . COMMON TRUST FUND

Ch D
DAILY INTEREST: Li hng ngy. Li kim c t thi im k thc cho n thi im rt ra. Ngoi ra, tin li ti khon k thc c kt hp hng ngy v c ghi vo bn c ti khon k thc c kt hp hng ngy v c ghi vo ti khon ca ngi k thc thi khong khc nhau.Th d, k thc $100 trong 1nm (365 ngy) s kim c $ 0,84 tin li kt hp hng ngy trong vng 30 ngy, $2,53 trong 90 ngy, $5,13 trong 180 ngy v $10,67 sau khi trn nm. Xem Compound Interest. DAILY TRADING LIMIT: Gii hn mua bn hng ngy. S ti a m th trng hng ho v hp ng option c php tng hay gim. Khi th trng t n mc gii hn sm v gi nh vy sut ngy, n c ni l ang mc gii hn cao nht hay thp nht trong ngy. Th trng thng p t gii hn mua hay bn hng ngy trong mi hp ng. Th d, Chicago Board of Trade gii hn bng 2 im ($2000 cho mi hp ng) tng hay gim trong hp ng option ca future v cng phiu.

DAISY CHAIN: Mua bn gia ngi u c gi th trng (market manipulators) to ra mt nhu cu gi to v s lng mua bn nh mi nh li cun nh u t hp php. Khi nhng ngi mua bn ny tng gi ln, nh u c gi tung nhng chng khon tri phiu ra, sau b mc cho nhng nh u t thiu cnh gic m s chng khon khon v khng c ngi mua li. DATA CAPTURE: H thng thu d kin H thng in t thu hi phiu bn th ngn hng thng mi nhn trc tip t h thng chi tr mua bn l ca thng bun hay my ng k tin mt in t (Electronic cash register). H thng thu d kin ca ngn hng cn c gi l draft capture (h thng thu hi phiu) lm tng tc thu qu cho cc ngn hng thng nghip x l th v cc ti khon thng nghip ca h bng cch loi b thi gian tri ni ca th tn trong vic x l phiu ghi th ngn hng. DATA ENCRYPTION STADARD (DES): Tiu chun m ho d kin c ngnh ti chnh tha nhn nhm bo v cc thng tin giao dch mua bn bo mt (sensitive transaction information) bao gm s cn i ti khon, m s chng minh ngn hng (cn gi l kho s ca nh pht hnh) v m s m ti khon ca ngi s dng (consumer account access codes). DES l tiu chun chung do Nation Institute of Standards and Technology pht hnh v cng c bit di tn DEA (Data Encryption Algorithm) v c ngnh ti chnh chp nhn. DATE DRAFT: Hi phiu c nh thi im Hi phiu hot k c chi tr theo thi im n nh,khng lin quan g ti thi im chp nhn. DATE OF RECORD: Ngy bo s Ngy thng c ng phi s hu chnh thc c hng c tc.Th d, hi ng qun tr cng ty tuyn b c c tc v ngy 1/11 v tr ngy1/12 i vi c ng c bo s ngy 15/11. Sau ngy bo s, chng khon khng c c tc (ex-dividend). DATED DATE: Ngy ghi s Ngy bt u tnh li. Ngy thng theo li tch lu c tnh trn tri phiu mi hay cc phng thc n khc. Ngi mua tr cho nh pht hnh mt s tng ng vi li sut tch lu k t ngy ghi s n ngy thanh ton tri phiu. Tin chi tr li sut u tin ca tri phiu c lm li cho ngi mua. DATED SECURITIES: Chng khon c nh thi im c nh thu hi (chuc li). DATING: Thi gian gia hn Trong giao dch thng mi, l khong thi hn m nh cung cp dnh cho khch hng .Th d, 90 ngy thay v 30 ngy. Trong cc ngnh c tnh thi v cao v c khong cch thi gian di, thi gian c gia hn (dating) phi hp vi ti tr bng ti khon thu, gip cho nh sn xut c vn

yu c th tip tc sn xut. Dating cn gi l gia hn theo thi v (Seasonal dating) hay gia hn c bit (special of dating). DAY CYCLE: Chu k ban ngy Chu k tin hnh ban ngy chuyn bn n hay bn c ca trung tm ca trung tm giao hon thanh ton t ng gi cc hip hi giao hon trong vng, thng t 8 gi sng n 1 gi tra. DISINTERME DIATION: B trung gian ngn hng Chuyn qu t ti khon hoa li thp cc t chc ngn hng truyn thng sang u t c hoa li cao trong th trng chung. Th d, rt qu t ti khon s tit kim tr hoa li 5,5% mua cng phiu ngn hn c hoa li 10%. Ngc li, ngn hng c th tr li sut cao hn cho ngi k thc, sau tnh vi ngi mn cao ln, iu ny a n tnh trng tin b hn ch v hot ng kinh t b gim xung. Do iu chnh ny ca ngn h ng, vic b trung gian ngn hng khng cn l vn kinh t na. DISINVESTMENT: u t gim Gim u t t bn vn hoc l bng cch thanh l hng ho t bn (nh nh my v trang thit b) hay bng cch khng duy tr hoc khng thay th ti sn t bn sp sa dng ht hay c k. DISPOSABLE INCOME: Li tc s dng tu Li tc c nhn cn li sau khi ng, cc sc thu v cc ph nh nc khng c tnh cch thng mi. Tin ny c th tiu dng cho cc nhu cu thit yu hay khng thit yu hay c th tit kim. DISPROPORTIONATE SHARING ARRANGEMENT: Tho thun phn chia khng ng u Trong tho thun ny, tng thnh vin s chu mt phn gi ph ca chng trnh nhng s nhn t l doanh thu cao hn (khng ng u). Thng thng trong tho thun, tng thnh vin chu 10% gi ph chng trnh v nhn 25% li thun. Tng thnh vin ch chu mt loi gi ph cn nh u t phi chu c hai loi gi ph: gi ph khu tr vo thu v gi ph khng c khu tr vo thu. DISSECTING: Phn tch thi gian mua bn chng khon trong ngy Trong mt ngy mua bn th trng chng khon New York, t 9 :30 sng ti 4:00 chiu, tnh t l s lng mua bn c phn chng khon tng gi mt, t d t 9:30 sng ti 10:30, s lng mua bn l 30 triu c phn, t 10:30 ti 11:00, s lng mua bn l 45 triu c phn DISTANT CONTRACT: Hp ng cn lu mi o hn y ni v hai hay nhiu hp ng futures c thi gian tnh n ngy o hn lu nht. u t c nht c quyn s hu hn 10% chng khon c c quyn bu hin hnh trong mt cng ty.

DIVESTMENT: Ci b bt Chnh sch ca Nh Nc nhm bn cc x nghip Nh nc cho doanh nghip t nhn. Cc x nghip thng thng c bn t theo tng giai on. Vic bn ny c sp xp thng qua mt cng ty v vi li c thit lp v mc ch ny. DIVESTITURE: Ti b tr ti sn T b B tr li ti sn hay u t bng cch bn t, bn ht c phn cho nhn vin, thanh l v.v Ngoi ra n cn c ngha l mt cng ty c lnh phn tn mt s lng ln chng khon ca Cng ty khc m trc y gi u t. Th d, to n ra lnh cho Dupont phi t b (bn ht) chng khon General Motors. DIVIDED ACCOUNT: Ti khon c phn ra. DIVIDEND: C tc. Phn phi li nhun cho c ng theo hng loi ca chng khon v c tr bng hnh thc tin mt, chng khon tm thi (strips) hoc sn phm hay ti sn cng ty (him khi). Hi ng qun tr quyt nh s c tc v thng c tr hng qu. C tc phi c cng b r rng nh li tc trong nm m ngi ta c nhn. C tc qu u t h tng c tr di dng li tc, thng l tng qu theo u t ca qu. Thu nh trn c tc tu theo c phi l tin phn phi t li tc t bn, li tc tin li hay c tc nhn c hay khng. Nhng phn bit ny phn ln khng cn t nm 1988 bng o lut Tax Reform Act of 1986. DIVIDEND CAPTURE: Cch mua bn thu li c tc DIVIDEND DISCOUNT MODEL: M hnh khu tr c tc M hnh ton hc dng xc nh gi chng khon s phi bn da trn tr gi khu tr ca k hoch chi tr c tc tng lai. N c dng nhn bit chng khon di tr gi th trng (undervalued stock) tiu biu cho tim nng li nhun t bn. DIVIDEND EXCLUSION: Min thu c tc Hoa K, iu khon trc khi c o lut Tax Reform Act of 1986 cho php tr vo c tc c tiu chun nh li tc c thu theo qui nh ca lnternal Revenue Service $100 cho c nhn v $200 cho 1 cp v chng cng khai thu. Nm 1986 Tax Act loi b vic ny v c hiu lc t nm thu l987. Cc cng ty ni a c th c min thu li tc 80% ca s c tc nhn t cc cng ty ni a khc. trc khi c o lut 1986, h c tr 85%. DIVIDEND lN ARREARS: C tc trong s n cn kht li- C tc tch lu C tc tch lu ca chng khon u i tch lu, s c tr cho s hu ch hin hnh. Chng khon u i trong tnh hnh cng ty pht hnh phc hi li trin vng kim li s hp dn ngi mua khi c bn vi gi h (gi khu tr) v c c tc tch lu (c tc nm trong s n s tr sau )

DIVIDEND PAYING AGENT: Nhn vin chi tr c tc Nhn vin cng ty, thng l ngn hng thng mi c ch nh chu trch nhim chi tr c tc hng qu cho c ng c tn trong danh sch. Ngi ny c th hoc khng th ging nh nhn vin chuyn giao (Transfer Agent) l ngi theo di thu hi v pht hnh chng khon mi. DIVIDEND PAYOUT RATIO : T l tr c tc Phn trm li nhun tr cho c ng bng tin mt. Thng thng, t l chi tr cng cao chng no th chng t cng ty cng trng thnh chn chn chng . Cng ty dch v v in v in thoi c khuynh hng t l chi tr cao nht. Trong khi cc cng ty ang pht trin nhanh thng ti u t tt c li nhun nn khng chi tr c tc. DIVIDEND RECORD: Bn bo co c tc Standard & Poors Corporation cng b tin tc v cc chnh sch ca cng ty v qu trnh chi tr c tc. DIVIDEND REINVESTMENT PLAN: K hoch ti u t c tc T ng ti u t c tc ca c ng c nhiu c phn trong cng ty. Vi cng ty thm thu hu ht hay tt c ph mi gii chng khon tng ng, vi cng ty h thp (khu tr) gi chng khon. K hoch ti u t c tc cho php c ng tch lu t bn trong mt thi gian di s dng trung bnh gi ph dollar (dollar cost average). i vi cng ty, k hoch ti u t c tc l phng tin tng qu vn m khng phi s dng gi ph th ni trong vic pht hnh chng khon tri phiu mi. DIVIDEND REQUIREMENT: Quy nh v c tc S lng li nhun hng nm cn chi tr c tc quy nh trong hp ng v chng khon u i. DIVIDEND ROLLOVER PLAN: K hoch xoay qua c tc Phng php mua v bn chng khon gn ngy cng ty tuyn b chng khon c chia c tc thu c tc v mua bn li kim mt t li nhun. iu ny i hi phi mua c phn khong 2 tun trc khi chng khon vo v th khng c c tc. Sau ngy cha c chia c tc (ex-dividend) gi s gim xung vo khong bng tr gi c tc, sau s tr li gi c. Bng cch bn hi cao hn gi mua, nh u t c th trang tri gi ph mi gii, thu li c tc, v c mt li nhun nh trong 3 hay 4 tun. K hoch ny cn gi l nm bt c tc (dividend capture). DIVIDEND WARRANT: Chng ch c tc Chi phiu v c tc c ghi trn mt chi phiu s c tc v s thu c tr ra. trong mt vi quc gia chng ch c tc c np cho c quan thu i tr li tin khi bn thn ngi c chng ch khng c n thu. DIVIDEND YIELD: Hoa li c tc T l phn trm li nhun hng nm m nh u t nhn c trn s c phn thng hay c phn u i. Hoa li da trn s c tc hng nm chia cho gi th trng ca c phn (vo thi im mua).

DIVIDENDS PAYABLE: S c tc c tr S Dollar tr gi c tc s c chi tr nh bo co trong bn bo co ti chnh. C tc ny tr thnh mt mn n khi hi ng qun tr cng b v c lit k nh mn n trong bo co hng nm v hng qu. DOCUMENTARY COLLECTLON: Thu theo chng t Cn gi l tin mt cn c trn chng t (cash against documents), mt hnh thc khc ca ti tr tn dng th. DOCUMENTARY COMMERCIAL BILL: Ho n (hi phiu) thng mi c km chng t Hi phiu c ngn hng chp nhn, c vn n v cc chng t khc nh km. Ngc li vi clean draft (hi phiu khng km chng t). Chng t nh km c giao cho ngi chi tr khi ngi ny chp nhn hay chi tr hi phiu DOCUMENTARY CREDIT: Tn dng c chng t Tn dng th thng mi do ngn hng cp chi tr theo tn ngi tha hng, thng l ngi bn hng ho da trn chng t giao nhn n nh trong tn dng. DOCUMENTARY DRAFT: Hi phiu c km chng t. Trong ngoi thng, y l hi phiu c km theo vn n v cc chng Ch E EARNING ASSETS: Ti sn sinh li Ti sn lm pht sinh tin li hay sn sinh ra li tc ngun chnh yu ca li tc thun ca ngn hng. Bao gm trong loi ti sn ny l: tin cho vay v hp ng thu mn, ngoi tr li tc tin li cha hng (unearned interest income) ; tri phiu Nh nc, cng ty, th c lu gi nh chng khon u t (investment securities-), chng khon mua theo tho thun bn li (tho thun mua li Repurchase agreement); ti khon k thc nh k ti ngn hng khc, ngn qu Lin Bang bn cho ngn hng khc v ti sn trong ti khon mua bn. EARNING THE POINTS: im li Thu c im Trong th trng hi oi, y l tnh trng th trng khi gi mua ca mt loi tin t trong th trng tng lai r hn gi th trng tin mt (spot market price gi th trng ti ch). Th d, khi t l th trng tin mt (ti ch ngha l giao v nhn thanh ton ngay) l 1 dollar n 1,6500 mark c, mt thng sau $1 n 1,6450 mark c, chnh lch l 0,0050. Ngi bun bn lc bn theo gi ti ch v sau 1 thng mua li vi gi r hn nh vy l kim c im (im li). Ngc li l losing the points. EARNINGS BEFORE TAXES: Thu nhp cha tr thu Li nhun cng ty sau khi tr li cho tri ch, nhng cha ng thu.

EARNINGS CREDIT: Tn dng c li Yu t iu chnh lm gim chi ph dch v ngn hng ca ti khon k thc, th d ti khon chi phiu c tnh bng cch nhn s cn i bnh qun hng ngy cho tha s chung trong mt khong thi gian k ton. Cc ngn hng ln thng c nh li sut tn dng theo li sut cng kh phiu. EARNINGS MOMENTUM: Li nhun tng tc Kiu tng t l pht trin trong li nhun mi c phn (Earnings per Share) t thi khong ny n thi khong khc, thng lm cho gi chng khon tng. Th d, mt cng ty c li nhun cho mi c phn tng n 15% nm ny v 35% cho nm k tip tc l c li nhun tng tc v s thu thm c li nhun trong gi chng khon . EARNINGS PER SHARE: Li nhun mi c phn Phn li nhun cng ty phn b cho mi c phn ca chng khon thng. EQUIPMENT TRUST CERTIFICATE: Chng ch u thc trang thit b Tri phiu thng c cng ty vn chuyn pht hnh nh cng ty ng st cng ty vn chuyn tu bin, tri phiu dng chi tr cho trang thit b mi. Chng ch cho php tri ch c quyn u tin i vi trang thit b trong trng hp vn v li khng c tr khi o hn. Quyn s hu ti sn i vi trang thit b c lu gi theo tn ca ngi th u thng l ngn hng, cho n khi tri phiu c tr ht. EQUITY: Vn c ng, tin vn EQUITY COMMITMENT NOTES: Giy n cam kt v vn Giy n vn do ngn hng hay cng ty ch qun ngn hng pht hnh. Quy nh mt lc no s c thu hi trc ngy o hn bng s tin thu c t s chng khon thng mi pht hnh. y l loi tri phiu c xem nh l n trn quan im k ton, nhm chi tr cho tin li c khu tr vo thu v tnh vo t l quy nh vn/ti sn ca nh pht hnh. EQUITY CONTRACT NOTES: Giy n cho hp ng vn Giy n hay giy n khng c th chp bo m (debenture do ngn hng hay cng ty ch qun ngn hng pht hnh, c th chuyn i sang chng khon thng vi gi chuyn i n nh vo thi im trong tng lai. N cn c gi l giy n vn. Giy n vn vi iu khon kh hon quy nh (mandatory convertible), quy nh nh pht hnh s i giy n ra c phn chng khon thng, c tiu chun l vn cp hai hay vn lp hai (tier 2 capital vn tng hai) theo hng dn vn c ri ro (risk- based capital) c c quan lp php ngn hng chp nhn. EQUITY FINANCING: Huy ng thm vn c ng ti tr thm vn Tng s tin bng cch pht hnh c phn thng hay chng khon u i. Thng thc

hin khi gi chng khon cao v khi ch cn pht hnh c phn vi s lng t nht cng c nhiu vn. EQUITY FUNDING: Gy qu vn c ng Loi u t phi hp gia hp ng bo him nhn th v qu h tng u t. C phn trong qu c dng th chp cho s tin vay tr ph bo him, to thun li cho nh u t v bo him nhn th v c thm tim nng nng cao u t. EQUITY INTEREST: Quyn li trong vn c ng Khi c dng i vi cng ty th n c ngha l chng khon thng v bt c loi chng khon no c th chuyn i, trao i hoc s dng nh chng khon thng. Khi c dng trong lnh vc d phn (chung vn) th n c ngha l quyn li trong s vn hoc li hoc l trong vic gp vn . EQUITY KICKER: Ngl kch thch vn u t ng gp phn s hu trong mt v kinh doanh c lin quan n s tin cho vay. Th d, gp vn trch nhim hu hn vo bt ng sn th chp cho ngi xy ct bt ng sn mn, di dng ng s hu mt phn nh trong xy dng nh cao tng c tr gi gia tng theo thi gian. Khi to nh c bn, thnh vin gp vn trch nhim hu hn s nhn li c s chi tr cao hn. i li vic lm ny, ngi cho vay thng l tnh ph li sut tin cho vay thp hn li sut bnh thng. Hp ng futures kh hon v chng ch c quyn mua chng khon l loi kch thch vn u t, n lm cho chng khon hp dn ngi u t. EQUITY OF REDEMPTION: Vn chuc li Quyn ca ngi vay c th chp c chuc li ti sn sau khi mt kh nng chi tr v trnh bn u gi ti sn b tch thu, bng cch chi tr s vn cn li (cha tr) cng tin li v cc ph khc cho ngi gi th chp. EQUITY PARTICIPATION: Tham gia vo vic huy ng vn EQUITY REIT: Vn c ng bt ng sn C quan u thc u t bt ng sn gi v th s hu bt ng sn m n u t. C ng trong vn c ng REIT c c tc t li nhun cho thu nh cao tng v c mc thu tng nu ti sn c bn kim li. Ngc li vi cho vay u t bt ng sn. EQUITY SECURITY: Chng khon vn ca c ng Chng khon : C phn thng v u i. Chng ch d phn (gp vn) trong tho thun phn chia li nhun. Chng ch t chc trc, ng k mua trc, c phn kh chuyn, chng ch u thc b phiu hoc chng ch k thc cho chng khon vn c ng .

Quyn li d phn c gii hn, quyn li trong lin doanh hoc chng ch quyn li trong u thc doanh nghip. Chng khon kh hon, c quyn ng k mua chng khon hoc chng ch c quyn. Hp ng Put, Call Option c quyn u tin trong vic mua hay bn chng khon vn c ng. Nu gi th trng ca chng khon ang ni n trn c chiu hng theo gi chng khon thng th n l chng khon vn c ng. EQUIVALENT BOND YIELD: Li nhun ca tri phiu tng ng So snh hoa li tri phiu khu tr (tri phiu bn di mnh gi) v hoa li tri phiu c Coupon (giy li sut), Cng cn gi l t l tng ng coupon. Th d: nu cng phiu ngn hn 90 ngy, 10% li sut v c mnh gi $10.000 bn gi $9.750 th hoa li tri phiu tng ng s l : $250/$9750 x 365/90=10,40% EQUIVALENT TAXABLE YIELD: Li nhun c thu tng ng So snh hoa li c thu ca tri phiu cng ty v hoa li min thu ca tri phiu th. Tu theo thu biu, li nhun tr thu ca nh u t i vi tri phiu th c th ln hn tri phiu cng ty c li sut cao hn. Th d, mt ngi nm trong khung thu 20% th tri phiu th li sut 10% s c hoa li c thu tng ng l 13,9%. Xem Yield Equivalence bit phng php tnh. ERROR RESOLUTION: Gii quyt sai st Tin trnh sa cha li cc giao dch gy tranh ci i vi ti khon ngn hng ca ngi s dng. Mt ngi tuyn b rng ngn qu b mt ngi khng c thm quyn chuyn i m cha c s ng trc hay giao dch mua bn b nhp vo khng r rng v sai st ca k ton ngn hng, th ngi ny c th sa li sai st bng cch bo cho t chc gi li ti khon . Mt khi c thng bo, t chc ti chnh c t 10 n 45 ngy thm tra li khiu ni v ghi li bn c s ngn qu ghi bn n v sai st. EVERGREEN FUND: Ngn qu lin tc (lun lun mi) u t khi u trong mt cng ty mi. Khng ging nh vn u t c tnh ri ro (mo him), ngn qu ny c tim vo tng giai on sau u t ban u trong sut nhng nm u tng trng ca cng ty. EX- ALL: Khng c g c Bn chng khon khng c c tc, cc quyn, chng ch c quyn mua chng khon (wrrant) hay bt c c quyn no km theo chng khon. EX-COUPON: Khng c phiu li (coupon) (li ca tri phiu)

EX- DIVIDEND: Khng c c tc Thi khong gia thng bo c c tc v chi tr c tc k tip. Nh u t mua c phn trong thi khong ny s khng c c tc. Gi chng khon s tng theo s c tc khi thi im khng c c tc n gn v sau s gim theo s c tc sau thi im . EX- DIVIDEND DATE: Thi im khng c c tc Thi im chng khon khng c c tc, tiu biu l 3 tun trc khi c tc c tr cho c ng trong bn lit k danh sch. Cc c phn lit k trn NYSE khng c c tc 4 ngy hnh chnh trc thi im lit k danh sch. Cc th trng khc thng theo quy lut ny ca NYSE. EX- LEGAT: Cha c tnh php lut Tri phiu th khng c kin hp php ca c quan v lut tri phiu in ln tri phiu , nh hu ht cc tri phiu th u c. Khi loi tri phiu ny c mua bn, ngi mua phi c bo l tri phiu cha c tnh lut php. EX- PIT TRANSACTION: Mua bn khng chnh thc Mua bn ngoi th trng Mua bn hp ng hng ho ngoi hin trng mua bn ca th trng ni hng ho thng c mua bn, v c nhng thi hn n nh. EX- POST MONITORING: Theo di v trc Sau khi o lng s ng trc tn dng nhm p ng cc lut l v nghip v ngn hng. tiu chun c c mc ti a thu chi (overdraft cap), ngn hng phi c h thng theo di bng vi tnh kim sot vic xut nhp ngn qu trong ti khon khch hng. EX- RIGHTS: Khng c quyn (ng k mua trc chng khon) Khng c quyn ng k trc (right) mua chng khon cng ty vi gi h n gi th trng hin hnh cho n thi im c th no . Sau thi im ny cc quyn ng k trc c mua bn tch ra khi chnh chng khon . xem :Ex-Warrants. EX- STOCK DIVIDENDS: Khng c c tc bng chng khon Trong khong gia thi im b co v chi tr c tc. Nh u t mua c phn trong thi khong ny khng c hng c tc chng khon b co; thay vo , ngi bn c phn li c hng, y l ngi s hu chng khon c thi im ghi s cui cng trc khi kho s v lc chng khon s l chng khon khng c tc chng khon. Chng khon s c li c tc chng khon sau thi im chi tr. EX- WARRANTS: Khng c chng ch c quyn mua chng khon Chng khon bn cho ngi mua khng cn c quyn i vi chng ch c quyn km theo chng khon. Chng ch c quyn cho php ngi s hu mua chng khon vo cc thi im trong tng lai vi gi c bit. Ngi no mua chng khon vo ngy 3/6 m chng khon ny nm trong thi im 1/6 tc thi im

khng c km chng ch c quyn th s khng nhn c chng ch n. N thuc ti sn ca c ng ca s bo ngy 1/6. EXACT INTEREST: Li chnh xc Li do ngn hng hay t chc ti chnh khc tr v c tnh theo mt nm 365 ngy, ngc li l li thng ch tnh c 360 ngy. T l chnh lch l 1,0139 c th rt quan trng khi li tnh theo ngy c tnh trn mt khi lng tin ln. EXCEPTION ITEM: Cng c chi tr ngoi l Chi phiu khng th chi tr v l do ny hay l do khc, nh lnh ngng EXEMPT TRANSACTION: Giao dch mua bn khng b rng buc theo lut l Giao dch mua bn ngoi l l nhng giao dch mua bn c min cc quy nh v ng k v qung b. N bao gm cc giao dch nh sau : + Giao dch mua bn ca mt n v n c, ring bit khng phi l nh pht hnh chng khon. + Giao dch mua bn khng thuc nh pht hnh v cc chng khon hin hnh (mua bn trong th trng thng thng). + Giao dch mua bn vi cc t chc ti chnh (ngn hng, t chc tit kim, cng ty u thc, cng ty bo him, k hoch hu tr v phn chia li nhun, cc broker-dealer v.v) Giao dch t nguyn (khng theo yu cu) + Giao dch u thc ti sn. Giao dch theo tho thun ring. Giao dch gia nh pht hnh v nh bao tiu. + Giao dch vi nhn vin nh pht hnh, ngi gp vn (thnh vin) hay vi ban qun tr nu khng c hoa hng gin tip hay trc tip cho s mc ni ny. S min tr theo cc quy nh v ng k v qung b khng c ngha l giao dch ny c min tr cc iu khon v vic chng la o. EXERCISE: S dng quyn thi hnh hp ng chng khon S dng quyn c ghi trong hp ng chng khon. Trn quan im mua bn hp ng options, ngi mua hp ng call option c th thc hin quyn mua c phn c s vi gi theo hp ng bng cch bo cho ngi bn option. Quyn ca ngi mua put option c thc hin khi ngi mua put options bn c phn cho ngi bn put option vi gi tho thun trong hp ng options. EXERCISE LIMIT: Gii hn s dng (thc hin) Gii hn s hp ng option ca bt c 1 loi no c th thc hin trong khong thi gian ngn 5 ngy hnh chnh. i vi hp ng option chng khon, gii hn thc hin thng l 2.000 hp ng. EXERCISE NOTICE: Thng bo thc hin hp ng chng khon Thng bo ca broker cho bit mt khch hng mun thc hin quyn mua chng khon c

s trong hp ng option. Thng bo nh th c chuyn n ngi bn option (option seller) thng qua corporation clearing. Ch F FACE- AMOUNT CERTIFICATE COMPANY: Cng ty pht hnh chng ch theo mnh gi Chng ch (cng c n) do cng ty u t pht hnh cam kt tr cho nh u t mt s tin nh cng b (mnh gi) vo thi im n nh. Nh u t cho chng ch (mua chng ch) tng s tin theo tng giai ot hoc tr mt ln tin. FACE- AMOUNT CERTICATE: Chng ch theo mnh gi Loi tri phiu n ca cng ty chuyn pht hnh chng ch theo mnh gi, mt trong ba loi qu h tng u t c o lut Investment Company Act of 1940 gii thch r. S hu ch tr cho nh pht hnh theo tng thi k v ngi pht hnh ha s tr cho ngi mua theo mnh gi khi o hn hay tr gi b cuc (surrender value) nu nh chng ch c giao li trc thi hn. FACE VALUE: Mnh gi Tr gi tri phiu, tn phiu (note), th chp hay cc chng khon c ghi trn chng ch hay cng c . Tri phiu cng ty thng c pht hnh vi mnh gi $1.000. Tri phiu th vi mnh gi $5.000,tri phiu nh nc lin bang $10.000. Mcd gi tr tri phiu bin ng t lc pht hnh n lc thu hi, nhng n vn c thu hi theo mnh gi khi o hn, tri ch thng nhn c mt chnh lch nh thm vo mnh gi l tr gi cn c trn tnh li sut. V th tri phiu 10% li sut vi mnh gi $1000 th tri ch c tin li l $100 mi nm. Mnh gi cn c gi l Par Value hay Nominal Value. FACILITIMES MANAGEMENT: iu hnh phng tin Hot ng ca phng x l d kin ca ngn hng phc v do bn th 3 thc hin, thng thng l theo tho thun hp ng trong nhiu nm. iu nay gip cho ngn hng bt c gnh nng phi duy tr mt h thng hp my vi tnh v cnh tranh vi cc cng ty khc trong lnh vc chuyn mn x l d kin, ng thi gip cho ngn hng d dng p ng y quy nh v an ton EDP. FIREWALLS: Lut l phng nga Lut l ni v vic ring phn bao tiu chng khon ca mt ngn hng ra khi cc hot ng thu gom v cho vay s k thc. Lut l ny bao gm vic gii hn chia s thng tin gia ngn hng v ng ngn hng ca n c chng khon pht hnh, cc quy nh v chia ring nhn vin v gii hn s chng khon bn cho khch hng ngn hng. FIRM COMMITMENT: Cam kt chc chn. Tho thun bao tiu chng khon theo ngn hng u t mua t chng khon ca nh pht hnh cung ng ra

cng chng, cn gi l firm commitment underwriting (cam kt chc chn bao tiu). Ngi bao tiu, tc l ngn hng u t nh theo tho thun gi nh th s kim c li nhun do chnh lch gia gi mua vi gi c n nh theo gi cnh tranh hay gi thng lng v gi cung ng cho cng chng (gi bn ra th trng). Bao tiu c cam kt chc chn khc vi cc tho thun c iu kin phn phi chng khon, tri phiu, nh cam kt ng h v cam kt lm ht sc mnh. T ng bao tiu thng khng dng trong cc cam kt c iu kin nh th, n ch c dng chnh xc trong bao tiu c cam kt chc chn, i khi gi l tho mua. FIRM ORDER: t hng c nh Cung ng bn hng ho hay dch v trong mt giai ot quy nh. Nu ngi mua chp nhn s cung ng trong thi gian quy nh th ngi bn buc phi bn theo cc iu khon a ra. Ngc li, nu ngi mua khng chp nhn (tr li) th vic cung ng ca ngi bn khng cn hiu lc. FIRM QUOTE: Bo gi c nh Danh t ngnh chng khon lin quan n gi t mua l trn hay gi cung ng chng khon do ngi to th trng (market maker) a ra v khng ng nht vi bn nh gi danh ngha (hay nh gi tm thi) (nominal quote-subject quote). Theo lut l thc hin ca National Association of Securitises Dealers (NASD) cc bn nh gi cn thng tho hay xem xt li nhiu hn ng nht vi bn nh gi danh ngha. FIRREA: Lut ci t c ch cng ty ti chnh FIRST BOARD: Bng th nht Ngy thng giao hp ng futures do Chicago Board of Trade v cc th trng futures thit lp. FIRST CALL DATE: Thi im c lnh gi th nht- Thi im c lnh gi u tin Ngy u tin n nh trong giao ko ca cng ty hay trong hp ng tri phiu th theo mt phn hay ton b tri phiu th c thu hi vi gi n nh. Th d, tri phiu XYZ o hn nm 2010 c th c lnh th nht vo ngy 1-5-1993, c ngha l nu XYZ mun, XYZ c th tr dt im cho c ng bt u t ngy thng nm 1993. Cc broker mi gii tri phiu nh gi cc hoa li ca tri phiu nh th bng c hai hoa li: hoa li khi o hn (tc nm 2010) v hoa li n khi c lnh gi (1993). FIRST- CLASS PAPER: Chng t (giy n) cp cao nht, loi 1 Cng cn gi l Fine paper, chi phiu hay hi phiu c rt Ngn hng hay Trung Tm Ti Chnh chnh (trng yu nht, cp cao nht ).% FIXED ECHANGE RATE: T gi hi oi c nh T gi hi oi nh gia tin t cc nc. Ti hi ngh tin t quc t Bretton Woods nm 1944, mt h

thng t gi hi oi thit lp, h thng tn ti n thp nin 1970 khi h thng t gi hi oi th ni c cng nhn. FIXED- INCOME INVESMENT: u t li tc c nh Chng khon tr theo t l li nhun c nh. l loi cng phiu, tri phiu cng ty, th tr li sut c nh khi o hn v chng khon u i tr c tc c nh. Cc u t nh th thun tin trong thi gian lm pht thp, nhng khng bo v s hu ch chng li vic gim sc mua trong giai on lm pht gia tng, bi v tri ch hay c ng ca chng khon u i ch nhn c s li hay c tc nh n nh trong khi gi hng ho tng ln. FIXED PRICE: Gi c nh u t : trong vic pht hnh chng khon tri phiu mi ra cng chng, gi theo ngn hng u t trong nhm bao tiu ng bn ra cng chng. Gi ny duy tr c nh cho n khi no nhm bao tiu (syndicate) khng cn hiu lc na. T ring ca loi h thng ny l h thng cung ng gi c nh (fixed price offerring system). Tri li, tri phiu u Chu cng c bn thng qua nhm bao tiu (underwriting syndicate i l bao tiu) nhng c cung ng trn c s l cho php khch hng xt la chn. Th d, chnh lch bao tiu c th c iu chnh ph hp vi ngi mua c bit no . Hp ng : loi hp ng c gi nh trc v khng th thay i bt chp gi thc t ca sn phm. FIXED RATE (LOAN): Tin cho vay c li sut c nh Loi tin cho vay c li sut khng bin chuyn theo cc iu kin th trng chung. Loi ny gm c tin vay c th chp theo li sut c nh (fixed rate mortgage) (cn gi l tin vay c th chp thng thng conventional mortgage) v tin vay ca ngi tiu th tr theo tng k (consumer installment loan) cng nh tin vay kinh doanh c th chp li sut c nh (fixed rate business loan). Tin vay li sut c nh thng c li sut gc cao hn trn vay li sut linh hot nh tin vay th chp li sut iu chnh (ARM) bi v ngi cho vay khng c bo v khi ph tin t tng lc h lp li sut c nh tin cho vay. FLOOR OFFICIAL: Vin chc ti sn giao dch Nhn vin th trng mua bn chng khon, ngi c mt ti hin trng mua bn chng khon dn xp cc s vic trong phng thc u gi nh vn v quyn u tin trong vic u gi. Vin chc ti hin trng thi hnh cc quy nh ngay ti ch v nhng phn quyt ca h thng c ngi ta chp nhn . FLOOR PLANNING: Hoch nh cho hng kho Tin vay ngn hng dng ti tr cho hng kho ca ngi mua bn. Ngi mua bn pht ra mt bin nhn u thc (trust receipt) cho ngn hng v chi tr cho ngn hng khi hng kho c bn.

Loi hoch nh ny c chnh lch li nhun thp hn v t c thch hn cc hnh thc cho vay thng mi khc. Ngoi ra cn c ri ro, ngn hng phi gnh chu mt mt tin bc nu nh ngi mua bn bn hng ho m khng thng bo vi ngi cho vay (ngn hng) gi l selling out of trust. Vic ti tr cho ngi mua bn loi ny thng c thc hin ch khi no hng ho c nhiu ngi yu cu. FLOOR TlCKET: Phiu hin trng giao dch Tm tt thng tin c i din c ng k a vo phiu lnh khi nhn c lnh mua hay bn t khch hng. Phiu hin trng cho broker ti hin trng nhng thng tin cn c iu hnh mua chng khon. Quy lut ngnh chng khon quy nh r phi c cc thng tin trn phiu hin trng. FLOOR TRADER: Ngi bun bn ti sn giao dch Thnh vin ca th trng chng khon hay th trng hng ho, y l ngi bun bn cho chnh h hay bng ti khon ca ring h. Ngi bun bn ti hin trng phi tun th lut l mua bn tng t nh cc chuyn vin th trng l ngi mua bn vi t cch i din cho ngi khc. ng ln ln t ng ny vi floor broker. FLOATATION COST: Gi ph th ni Gi ph ca chng khon hay tri phiu mi pht hnh. Gi ph thay i theo s bao tiu ri ro v cng vic phn phi c th. N bao gm 2 yu t: 1. S b p kim c ca nh ngn hng u t (ngi bao tiu) do chnh lch gia gi phi tr cho nh pht hnh (cng ty hay c quan nh nc) v gi cung ng ra cng chng. 2. Chi ph ca nh pht hnh (dch v lut php, k ton, in n v cc chi ph ngoi d kin) . Cc nghin cu SEC cho bit l gi ph th ni ca chng khon cao hn tri phiu, c ngha l thng thng chng khon c phn phi rng ri hn v c nhiu bt n hn i vi tri phiu l loi thng c bn tng khi ln cho mt vi nh u t. SEC cng nhn thy rng gi ph th ni c s phn trm trong tng s tin kim c ln hn i vi nh pht hnh nh nu so vi nh pht hnh ln hn . iu ny l v dch v php l ca nh pht hnh v cc chi ph khc c khuynh hng tng i ln v c nh. Ngoi ra, s pht hnh nh thng thuc nh pht hnh km n nh nn i hi nhiu chi ph pht trin qung b v tip th. Mt chng khon c pht hnh bao gm c quyn cung ng (right offering) th vic bn v bao tiu ri ro khng ng k do ph th ni nh, c bit nu gi di gi (under- pricing) ng k. Chnh lch bao tiu l im then cht lm gi ph th ni thay i, ng khung t 23,7% ca tm mc pht hnh nh chng khon thng n mc thp 1,25% ca mnh gi tri

phiu cp cao. Mc chnh lch c xc nh bng thng lng ln gi t mua cnh tranh. FLOW OF FUNDS: Dng chuyn dch ca qu. FLOW- THROUGH: Lu lng tri ni. T ng dng din t ci cch li tc, s gim tr v s tn dng bt ngun t hot ng kinh doanh c s dng nh th no i vi thu c nhn v chi ph cho li nhun mc d mi loi phi chu trc tip s li tc v gim tr. FUNDS STATEMENT: Bo co ngn qu. y l loi bo co ti chnh nhm phn tch ti sao vn hot ng ca cng ty gia tng hay gim i. FUNDS TRANSFER: Chuyn ngn qu. 1. Chuyn ngn qu gia cc ti khon c lin h hay cho ti khon bn th ba. 2. Chuyn ngn qu bn ngoi gia mt t chc ti chnh ni xut pht ngn qu v mt t chc ti chnh ni nhn ngn qu . FUNGIBILITY: Tng ng nh nhau. C cng gi tr hay cht lng. Mt chng khon t do chuyn i vi mt loi chng khon khc v c th dng thay cho chng khon c mua bn th chng khon c c xem l chng khon tng ng. FUNGIBLES: C th chuyn i C th hon i. Cng c mang tay, chng khon tri phiu hay hng ho c tr gi tng ng, c th thay th cho nhau, c th hon i vi nhau. Cc hng ho nh u nnh hay la m, c phn thng ca cng mt cng ty, giy bc dollar tt c thuc loi c th hon i. c tnh c th hon i vi nhau ca cc hp ng option, da theo ngy o hn thng thng v gi im, m ngi mua v bn c th bn tng bn tho v th ca h bng cch mua bn b qua st li thng qua cng ty giao hon thanh l hp ng options (Options Clearing Corporation cng ty giao hon v thanh l v options). FURTHEST MONTH: Thng xa nht Trong mua bn hng ho v hp ng option, thng xa nht tnh t lc thit lp hp ng. Th d, hp ng futures cng kh phiu c th c nhng hp ng ang c gi gm hp ng 3, 6 v 9 thng. Hp ng 9 thng l hp ng c thng xa nht v hp ng 3 thng l hp ng thng gn nht FUTURE ADVANCE: ng trc cho tng lai iu khon trong tho thun tin vay c th chp cho php ngi cho vay . ng trc ngn qu sau khi tin cho vay u tin chm dt v chi ht ngn qu cho s tin vay ny, m khng cn phi c chng t th chp khc hay phi thm th chp. Th d, hu ht trong lnh vc ti tr xy dng, tin vay c th chp xy dng c bo m bng chnh cng trnh xy dng c ti tr. Tin ng trc xy dng c thc

hin theo tng cng on xy dng c n nh theo thi kho biu lp trc v thng theo th t u tin i vi khch hng lit k sau thi im hon tt cho vay nhng trc khi chi thm ngn qu. FUTURE DATING: nh thi im trong trong lai FUTURE ESTATE: Ti sn trong tng lai FUTUR INTEREST: Quyn li tng lai Quyn li trong t ai hay ti sn c nhn cho ngi gi c quyn c . s hu (right of possession) mc d khng phi l ch s hu (ownership). C quyn li (a vested interest quyn li c giao cho) mang ngha l c quyn i chi tr nh : i khi tr vo mt thi im n inh, i chi tr s ti sn : u thc, th d quyn li ca cng nhn trong k hoch hu tr ca cng ty, tin chi tr khi hu tr. quyn li ph thuc ny ch chuyn c ch quyn s hu (ownership) khi no c bin c c bit xy ra th d nh khi ngi bo tr hay ngi lp ra u thc cht. Xem Remainderman. FUTURES COMMISSION MERCHANT (FCM): Ngi mua bn hp ng futures c hoa hng Cng ty hay c nhn tham gia cho mi hay chp nhn cc lnh mua hay bn hp ng futures. Ngi ny chp nhn ly tin mt hay chng khon mua bn kim chnh lch (margin trading) v phi theo cc lut l trong th trng hp ng futures. FUTURES CONTRACT: Hp ng Futures Tho hip mua v bn mt s lng c bit hng ho hay cng c ti chnh vi gi ring no theo ngy o hn trong tng lai c n nh. Gi c thit lp gia ngi mua v bn ti hin trng th trng hng ho s dng h thng la to bo gi. (open outcry bo gi bn hay gi mua bng cch la to ln) . Mt hp ng futures cam kt cho ngi mua c mua hng ho lm c s trong hp ng v ngi bn phi bn, tr khi hp ng c bn cho ngi khc trc khi thit lp ngy thng hp ng, iu ny xy ra khi ngi mua bn mun kim mt li nhun hay chn ng thua l. Cc hp ng mua bn option theo ngi mua option c th chn hoc l c hay l khng thc hin option theo ngy thng thc hin. FUTUES MARKET: Th trng hp ng futures Th trng hng ho ni hp ng futures c bn mua. Mi th trng mua bn khc nhau nhng loi hp ng c bit. Cc th trng chnh l Amex Commodity Exchange, The Commodity Exchange Inc (Comex), the New York Coffee, Sugar and Cocoa Exchange, The New York Cotton Exchange, The New York Mercantile Exchange v New York Futures Exchange tt c New York, The Chicago Board of Trade, The International Monetary Market, the Chicago Mercantile Exchange, The Chicago

Rice and Cotton Exchange v Mid America Commodity Exchange of Trade, ti thnh ph Kansas, Mo ; v Minneapolis Grain Exchange ti Minneapolis. FUTURES OPTION: Hp ng Futures c chn gi theo mun. Hp ng option trn mt hp ng future. FVO (FOR VALUATION ONLY): Ch nh gi. Ch G GOOD MONEY: Tin c gi tr ni ti cao Ngn qu: qu lin bang, c gi tr thanh l cng ngy ngc li vi qu thanh l nh. Qu ny c hiu ngm theo hai cch: 1. Qu i hi 3 ngy thanh l. 2. Qu dng thanh l cc giao dch trong c mt ngy th ni. Lut Greshams: l thuyt cho rng tin c gi tr ni ti cao hn, tin tt s dn dn c rt ra khi vng lu chuyn v thay th bng ng tin c gi tr ni ti km hn. GOOD- THIS- MONTH ORDER (GTM): Lnh n cui thng Lnh mua hay bn chng khon tri phiu (thng vi gi gii hn hay gi ngng do khch hng nh) c gi tr n cui thng. Trong trng hp gi gii hn, khch hng ch th cho broker hoc l mua vi gi gii hn hoc gi cao hn. Trong trng hp gi ngng, khch hng ch th broker ng k th mt khi c mt dch v mua bn chng khon thc hin theo gi ngng n nh. GOOD THROUGH: Lnh sut. Lnh mua hay bn chng khon tri phiu hay hng ho theo gi n nh trc vo thi khong nh, tr khi hu b, thc hin hay thay i. N l loi lnh c gii hn v c th l GTW xc nh, GTW trong thi khong ngn hn di hn. GOOD- TILL- CANCELED ORDER (GTC): Lnh n khi no hu b. Lnh ca khch hng cng ty mi gii mua v bn chng khon, thng (cha nh vo) GROSS REVENUES: Tng doanh thu ca ti sn gp vn. Tt c doanh thu c t hot ng sinh li ca cc ti sn do thnh vin gp vn s hu. T ng Gross Revenues khng bao gm doanh thu c t li tc tin li hay thng v bn, ti ti tr hay do b tr khc v cc ti sn thuc thnh vin gp vn. GROSS SALES: S bn gp. Tng s bn thun theo tr gi bng lit k hng ho, khng c khu tr s bt gi cho khch hng, li nhun hay tin li hoc bt c mt iu chnh no khc. Xem Net Sales. GROSS SPREAD: Chnh lch gp. Chnh lch gi gi chng khon cung ng cho cng chng v gi m nh bo tiu tr cho nh pht hnh. S chnh lch ny c chia cho ph iu hnh, khu tr ca ngi mua bn (hay ca ngi bao tiu)

v hoa hng cho nhm bn selling concession) (khu tr cho nhm bn). Xem Concession, Flotation (floatation) Cost. GROSS YIELD: Hoa li gp. Hoa li ca tri phiu trc khi tr thu. GROUP BANKING: Nhm nghip v ngn hng. Hnh thc ca cng ty m (cng ty ch qun) trong mt nhm qun l c quyn kim sot mt vi ngn hng ang tn ti. Mi ngn hng trong nhm c Hi ng Qun Tr ring, cng ty ch qun lin kt cc hot ng ca tt c cc ngn hng trong nhm v nm a s chng khon vn trong cc ngn hng thnh vin. Xem Bankers bank, Chain Banking, lnterlocking Directorate. GROUP NET ORDER: Th t thun ca nhm. Mt th t c tp on bao tiu chp nhn v quyn li ca tp on. Cc loi hoa hng c chi tr cho thnh vin tu theo s gp phn ca h trong tp on bao tiu. GROUP OF SEVEN: Nhm G-7 . Mt nhm quc t hay gm cn b trng ti chnh ca 7 quc gia cng nghip hng u, gp nhau lin kt chnh sch kinh t v tin t. Nhm ny cn gi l nhm G-7 gm Nht, Ty c, Php, Anh, , Canada, v Hoa K c t chc nm 1986. GROUP OF TEN: Nhm 10 Mi nc k ngh ho chnh yu, c gng phi hp tin t v cc chnh sch ti chnh to ra mt h thng kinh t th gii n nh hn. Ch H HEAVY MARKET: Th trong nng n (gi i xung). Th trng chng khon, tri phiu hng ho b rt gi do cung ng t bn nhiu hn lnh t mua. HEDGE/HEDGING: Phng h gi Bo h gi. Chin lc dng b p li ri ro u t. Mt bo h ton ho l mt bo h loi b kh nng kim li ln thua l trong tng lai. Th d c ng rt lo u v gi chng khon st, h c th lp ro cn bo h cc chng khon bng cch mua Put Option v chng khon hay bn call option. Mt ngi no c 100 c phn chng khon XYZ ang bn vi gi $70 c phn, c th bo h v th ca mnh bng cch mua put op tion cho php ng ta quyn c bn 100 c phn vi gi $70 vo bt c thi im no trong vng vi thng k tip. Nh u t ny c th phi tr mt s tin no gi l ph mua option c quyn ny. Nu chng khon XYZ trong thi gian ny b rt gi, nh u t c th thc hin option, c ngha l bn chng khon vi gi $70 theo bo v c gi $70 cho cc chng khon XYZ. Cc c ng cng c chng khon XYZ cng c th bo h v th ca h bng cch bn Call Op tion. Trong vic mua bn ny, ng ta bn quyn mua chng khon XYZ vi gi $70 c phn cho vi thng ti . i li ng ta nhn c ph mua bn op tion. Nu

chng khon XYZ rt gi, li tc c t ph option s b li khong rt gi ca chng khon. Bn khng (bn chng khon vay mn) l cch khc c s dng rng ri trong k thut bo h gi. Nh u t thng c gng bo h gi chng li lm pht bng mua ti sn v n tng gi nhanh hn lm pht. Cc cng ty thng mi ln mun bo m gi h s nhn hay chi tr mt loi hng ho, s bo h v th ca h bng cch mua v bn ng lc trong thi trng hp ng futures. Th d Hershays cng ty socola s bo h ngun cung cp cacao trong th trng hp ng futures gii hn ri ro do gi cacao tng ln. HEDGE CLAUSE: iu khon bo h. iu khng c khng nh thng thy trong vn kin th trng, cc bn bo co nghin cu chng khon hay vn bn khc phi lm nh gi u t, n c min cho ngi vit trch nhim v tnh chnh xc ca thng tin c c t ngun ng tin cy. Bt chp cc iu khon ny c th lm gim nh trch nhim php l, ngi vit vn c th chu trch nhim v tnh cu th khi s dng thng tin. Ngn ng in hnh cho iu khon bo h l : thng tin c cung cp y l thng tin ly c t cc ngun ng tin cy nhng tnh xc thc th khng c m bo . HEDGE FUND: Qu bo h. T ng ngnh chng khon dng m t qu h tng u t no dng cc k thut bo h. Th d, qu Prudential-bache Option Growth s dng hp ng futures v ch s th trng chng khon v bn khng vi hp ng option chng khon gii hn ri ro (c ngha kim tin trong bt c hon cnh th trng no). Xem Hedge/Hedging. HEDGE RATIO: T l bo h gi. T l hp ng option so vi hp ng Futures m ngi mua mua loi tr ri ro trong giao dch mua bn. T l da trn h s delta ca hp ng option. Th d, nu hp ng Future thay i $1 th s lm thay i ph option l $0,5, t l s l 2 hp ng option cho mi hp ng futures. HEDGED TENDER: t gi thu c bo h. Bn khng (Selling short bn chng khon vay mn) mt s lng c phn ang c t gi thu bo v gi khng rt trong trng hp tt c c phn ny khng c chp nhn (chp nhn theo gi t mua thu). Th d, cng ty ABC hay cng ty khc mun mua cng ty ABC tuyn b gi t thu l $52/ c phn khi c phn ABC ang bn vi gi th trng l $40. By gi gi th trng c phn ABC tng dn bng gi t thu (gi t mua cao hn gi th trng Tender offer) l $52. Nh u t mun bn tt c 2000 c phn vi gi $52 nhng khng th chc chn bn c 2000 c phn. Vi gi ngh $52/ c phn, nh u t ngh rng chc ch bn c 1.000

c phn do ng ta s bn khng 1.000 c phn c chp nhn theo gi v khi gi t thu ht hiu lc (ht hn) v gi th trng c phn ABC bt u rt gi th nh u t vn bn c ht 2.000 c phn vi gi $52 hoc l st vi gi . Mt na cho ngi t gi thu v mt na th bn khng. HEMLINE THEORY: L thuyt gu vy cho th trng. kin k quc cho rng gi chng khon bin chuyn cng chiu hng tng qut nh hemlines (gu vy) ca vy di ph n. Vy ngn trong thp nin 1920 v thp nin 1960 c xem l du hiu ca chng khon tng gi, trong khi vy di trong thp nin 1930 v 1940 c xem l biu th gi h. D i lc n k l nh li tin tri, l thuyt gu vy phiu nh th c lp ra cho danh mc u t thin v tri phiu (bond-oriented portfolios) vi Kicker phn li thm ca vic chuyn i ra chng khon, d tr bo h chng li lm pht. HIGH RATIO LOAN: Tin vay c t l cao. Tin vay c th chp c s lng c ngi cho vay ng trc gn bng vi tr gi ti sn c nh gi. Thng thng, t l tin vay/tr gi ti sn th chp cao hn 80% c xem l tin vay c t l cao. Ngi cho vay trong trng hp ny thng yu cu ngi vay phi c bo him tin vay c th chp. HIGH- TECH STOCK: Chng khon cng ty k thut cao. Chng khon ca cc cng ty lin quan n cc lnh vc k thut my vi tnh, bn dn, k thut sinh hc, ngnh r-bt, chng khon k thut cao thnh cng c li nhun pht trin trn mc trung bnh v v th gi chng khon rt hay thay i. HIGH- YLELD BOND: Tri phiu hoa li cao. Tri phiu c xp loi BB hay thp hn v tr hoa li cao b p li ri ro cao. Xem Junk Bond. HIGHLY LEVERAGED TRANSACTION: Giao dch mua bn c h tr ti chnh cao. Tin vay ngn hng ti tr cho vic th c mt cng ty, ti t bn ho hay mua li c phn cng ty vi s h tr ti chnh (leveraged buyout mua li c phn cng ty tip qun cng ty vi s h tr ti chnh bn ngoi m lc vic ti tr ny dn n vic s n ca ngi vay tng gp i v t l n/ti sn trn 50% hoc khi ngi vay c tng s n (k c chng khon u i) vt qu 75% tng s ti sn. Ngoi ra, s tin vay c th c lp ra vi sc bt (h tr ti chnh) cao nh s iu chnh nghip v ngn hng hay nh n v bao tiu. HIGHS : Gi chng khon t gi cao mi. Chng khon t n gi cao mi trong mua bn hng ngy sut 52 tun hin ti n c lit k bng ch highs trong bo hng ngy). Cc nh phn tch k thut xem t l gia chng khon c gi cao mi v chng khon c khung gi thp mi trong th trng chng khon

l mt iu rt ng quan tm vch ra cc chiu hng u t trong th trng chng khon. HIRE PURCHASE (HP): t trc ly sau. Mt giao dch bun bn trong ngi mua k thc trc (t cc) s mua hng ho v tr thnh ngi s hu khi s i cn li c tr (khi tr s cn thiu li). Khng ging nh ngi mua theo tn dng, HOLDING COMPANY AFFILIATE: Cng ty nhp vo cng ty ch qun (cng ty m). Ngn hng hay cng ty ngoi ngn hng thuc s hu ca cng ty ch qun ngn hng hay cng ty ch qun tit kim v cho vay. Cc hot ng ngoi ngn hng nh iu hnh mt cng ty cho vay c th chp hay cng ty con x l d kin c thm quyn hot ng nu c quyt nh l c lin quan cht ch vi dch v ngn hng v km theo mt s vic ch thc (thc s c cng vic lm). Xem : Holding Company. HOLDING PERIOD: Thi gian lu gi. Khong thi gian mt ti sn c chnh ph lu gi. Hoa K, cc ti sn vn c lu gi 6 thng hay hn na th c hng thu c bit v vn kim c. Xem Anticipated Holding Period, Investment Letter. HOLDING THE MARKET: Duy tr th trng lu gi th trng. Tham gia th trng bng lnh mua gi chng khon hay hng ho nhm n nh chiu hng ang xung. Quan im SEC xem lu gi l hnh thc vn ng bt hp php, ngoi tr trng hp n nh vic pht hnh chng khon mi thng qua SEC trc bnh vin hay bnh x. Bnh x loi ny sau c iu hnh theo hp ng thu mn bi t chc khng v li hay mt cng ty hot ng kinh doanh nh cng ty bnh vin Hoa K. Tri phiu doanh thu bnh vin, l mt loi khc ca tri phiu pht trin cng nghip, c min thu, nhng vic min thu cng c gii hn. Xem Revenue Bond. HOT CARD: Th ngn hng khng cn hiu dng. Th ngn hng khng th dng chi tr, thng l v th c bo co l mt hay b nh cp hay do nh pht hnh hu b. . HOT ISSUE: Pht hnh nng Tri phiu nng. Tri phiu mi pht hnh c a s cng chng mua. Theo thng l, tri phiu pht hnh nng tng vt gi trong ln pht hnh u tin, v s cu nhiu hn s chng khon c sn. Theo lut l ca National Association or Securities Dealers th vic phn phi tri phiu pht hnh nng do nhm bao tiu ngn hng u t thc hin. Xem Underwrite. HOT MONEY: Tin nng. Qu u t lun thay i cch kim hoa li cao, ngn hn. Ngi mn theo tin nng, nh ngn hng pht hnh chng ch k

thc c hoa li cao, s phi b loi b ngay khi c ngi mn khc tr li sut cao hn. HOT STOCK: Chng khon nng. 1. Chng khon b nh cp 2. Chng khon mi pht hnh m gi nhanh chng tng ln. HOTS: Tri phiu kho bc ngn hn mi pht hnh. Tri phiu nng. Ti Anh, y l t ng thn mt ch Tri Phiu Kho Bc ngn hn vo ngy pht hnh. HOUSE: T doanh Th trng chng khon London. 1. Cng ty hay c nhn tham gia kinh doanh vi t cch broker t mnh mua bn trong hot ng ngn hng u t hay chng khon v cc dch v tng quan . 2. bit danh ca London Stock Exchange. HOUSE ACCOUNT: Ti khon ca cng ty mi gii chng khon. Ti khon c x l ti tr s chnh ca cng ty mi gii hay c qun l bi ban iu hnh ca cng ty. Ni cch khc ti khon ny c phn bit vi ti khon thng thng do nh bun iu hnh trong khu vc. Thng th nh bun khng nhn hoa hng trn ti khon ca cng ty mi gii mc d ti khon nm trong khu vc ca h. . HOUSE CALL: Lnh gi ca cng ty mi gii. Thng bo ca cng ty mi gii cho bit l vn ca khch hng trong ti khon vay mn chng khon di mc cho php. Nu vn khch hng di mc ny, broker phi c lnh gi khch hng np thm tin mt hay chng khon. Nu khch hng khng cung ng theo mc chnh lch yu cu, v th ca h s b thanh l. Mc gii hn ca lnh gi cng ty mi gii thng cao hn mc ca National Association of Secunties Dealers (NASD), nhm t iu chnh (self-regulatory group) v cc th trng chnh c phm vi quyn hn vt trn cc lut l ny. Mt quy nh duy tr chnh lch nh th c b sung vo cc quy nh ban u v chnh lch c thit lp bi o lut T ca Hi ng D Tr Lin Bang. Xem House Maintenance Requirement, Margin Call. HOUSE MAINTENANCE REQUIREMENT: Quy nh duy tr ca cng ty ml gii chng khon. Cc lut l thit lp trong ni b v c thng qua ca cc cng ty mi gii chng khon trong chng khon tn phiu c lin quan n ti khon vay mn chng khon (ti khon margin ca khch hng) cc quy nh duy tr ca nh mi gii thit lp mc vn phi c duy tr trnh gia tng vn thm vo hay em bn ht th chp. Mc ny thng cao hn mc NASD v th trng chng khon i hi. Xem House Call, Minimum Maintenance.

HOUSE OF ISSUE: Cng ty bao tiu pht hnh. Cng ty ngn hng u t bao tiu vic pht hnh chng khon hay tri phiu v bn tri phiu, chng khon ra cng chng. Xem Underwrite. HOUSE PAPER: Giy n trong nh, giy n ni b. Hi phiu do cng ty cha hay cng ty con rt ra v mt cng ty st nhp (cng ty con) chp nhn. HOUSE REQUIREMENT: Quy nh ca cng ty mi gii chng khon. S lng vn ti thiu m khch hng phi duy tr trong ti khon Margin (ti khon v ay tin mua chng khon) tu theo lut l ca tng cng ty mi gii chng khon (hu ht cc cng ty u c quy nh duy tr cao hn quy nh nh nc). HOUSE RULES: Lut l cng ty mi gii. Thut ng ngnh chng khon ni v lut l ni b v cc chnh sch ca cng ty mi gii lin quan n vic m v iu hnh ti khon ca khch hng v cc hot ng ca khch hng trong cc ti khon nh th. Lut l cng ty mi gii c thit lp bo m l cng ty c iu kin thun tin tun th cc quy nh ca gii chc thm quyn v Theo lut thu ca M nm 1984, tnh bnh qun li tc c s dng khi li tc ca mt ngi trong nm hin ti vt qu 140% li tc trung bnh ng thu trong 3 nm trc. o lut Tax Reform Act of 1986 hu b cch tnh bnh qun li tc. Ch I INCOME BOND: Tri phiu li tc. Mn n theo vic chi tr li sut ph thuc vo li nhun c t nm ny sang nm khc. Tri phiu nh th c mua bn phng (flat) c ngha l khng c li sut tch lu v y thng l mt cch la chn khc thay v tuyn b ph sn . Xem : Adjustment Bond. INCOME CAPITAL CERTIFICATE (ICC): Chng ch vn c li tc. Cng c ti chnh do nh nc lp ra gip cc t chc tit kim ang gp kh khn. Cc t chc tit kim cn huy ng vn s pht hnh ICC cho nh nc i ly tin mt hay giy ha tr n. Chng ch ny s c thu hi khi t chc tit kim phc hi li c vn thun v c li c sc mnh ti chnh. INCOME DISTRIBUTION: S phn phi li tc. Li nhun tr cho nh u t trong qu h tng u t hay u thc theo n v. Li tc c phn phi theo t l s hu c phn, tnh t tng li nhun tr cho l ph qun l v thu. INCOME EFFECT: Hiu qu ca li tc. Tc ng ca thay i gi c trn sc mua ca ngi tiu th. Khi gi ca mt loi sn phm gim th ngi tiu th c li tc n nh s c nhiu trn hn c th chi tiu cc sn phm khc. Trong khi hiu qu ca li tc to nn s pht trin trong mt vi lnh vc th mt ngnh no c gi ang h li kim c li nhun km hn.

INCOME FUND: Qu h tng u t v li tc. Mt loi qu h tng u t nhm tm mt li tc hin hnh n nh t vic u t vo cc tri phiu chi tr tin li. INCOME INVESTMENT COMPANY: Cng ty u t kim li tc. Cng ty qun tr, iu hnh qu h tng u t nghing v kim li nhun cho cc nh u t, nhng ngi nh gi li tc s pht trin thm ln. Cc qu ny c th u t tri phiu hay chng khon c c tc cho hay c th vit (bn) Call Option c bo k bng chng khon. xem lnvestment Company. INCOME LIMITED PARTNERSHIP: T chc gp vn trch nhim hu hn, nhm kim li tc. Gp vn trch nhim hu hn v bt ng sn, du ho, gas, trang thit b thu mn, mc ch l kim li tc cao, hu ht c th b nh thu. Gp vn nh th c lp ra l cho cc ti khon c iu kin trnh thu ging nh ti khon hu tr c nhn, ti khon k hoch Keogh hay k hoch hu tr. INCOME LIMITS: Cc gii hn ca li tc. Mc ti a m cc gia nh c li tc bnh thng hay thp c th kim c, tr tin nh hay tin vay c th chp li sut thp. Mc gii hn da trn tm c gia nh v a im a l. INCOME PROPERTY: Ti sn c li tc. Bt ng sn c mua v n c pht sinh ra li tc. Ti sn c th trong phn gp vn trch nhim hu hn c li tc, hay do c nhn hoc do cng ty s hu. Ngi mua cng hy vng kim c li nhun t bn khi bn ti sn. INCOME PROPERTY MORTGAGE: Tin hay c th chp ti sn c pht sinh li tc xem Conlmercial Mortgage. INCOME SHARES: C phn li tc. Mt trong hai loi hay hng loi ca chng khon vn do qu mc ch kp (dual purpose fund) pht hnh hay do cng ty u t phn i, loi kia l c phn vn (catpital shares). Ngi gi c phn li tc nhn c tc ca c hai hng loi c phn, xut pht t li tc (c tc v li sut) do danh mc u t mang li, trong khi ngi gi c tc t bn (vn) nhn li nhun t bn chi tr cho c hai hng loi. C phn li tc thng thng c mt bo m li tc t nht, n c tnh tch lu. INCOME STATEMENT: Xem Profi t and Loss Statement. Bo co li tc. Bo co ti chnh cho bit tm tt cc hot ng ti chnh ca mt cng ty trong mt thi khong n nh, k c li l thun trong thi khong nu. Bo co ny thng c km theo Bn Cn i Ti Khon lit k ti sn v n ca cng ty trong cng thi khong. Bo co c lp hng qu v hng nm sau np cho SEC .

INCOME STOCK: Chng khon li tc. Loi chng khon cp cao (blue-chip) c mua kim li nhun u n v lu di . khc v h c s lng lnh vt qu kh nng thc hin, hay cho cc cng ty khng c ngi mua bn ti hin trng. Nhng broker ny c gi l broker 2 dollars bi v hoa hng ca h cho mt cuc mua bn l trn l by nhiu. Broker c lp c cc broker kia bi dng bng cc l ph m trc y c quy nh c nh nhng nay c th thng lng. Xem Give Up. INDEX: Ch s. Phc hp thng k dng tnh nhng bin i trong kinh t hay trong th trng ti chnh, thng c din t bng s phn trm thay i da trn nm cn bn hay da vo thng trc. Th d, ch s gi tiu th s dng nm 1967 lm nm cn bn, ch s ny c thit lp trn s hng ho v dch v tiu th chnh yu, n chuyn bin ln xung khi t l lm pht bin chuyn. Khong u thp nin 1980, ch s tng t 100 nm 1967 n gn khong 300, c ngha l gi hng ho m ch s da vo tnh tng gi hn 200% Cc ch s cng tnh ton mc ln xung ca th trng chng khon, tri phiu, hng ho, phn nh gi c th trng v s c phn trong cng chng ca cc cng ty. Mt vi ch s ni ting l ch s NYSE, ch s AMEX, ch s Standar & Poors v ch s Value Line. Cc ch s t quan trng hn thuc cc nhm cng nghip nh ngnh ung, ng st hay my vi tnh cng c theo di. Cc ch s th trng chng khon hnh thnh nn tng cho mua bn trong hp ng options ch s. Xem : Stock Indexes and Averages. INDEX ARBITRAGE: Mua v bn song hnh theo ch s. Xem Abitrage. INDEX FUND: Qu h tng u t v ch s. Qu h tng u t c danh mc u t gn lin vi ch s c tm rng nh ch s Standard & Poors v v th cc din bin ca n phn nh ton cnh th trng. Nhiu nh u t thuc t chc, nht l nhng ngi tin tng l thuyt nng lc th trng, u t vo qu ch s vi gi nh rng vic c gng ph v ch s trung bnh th trng trong sut vic u t l iu v ch v cc u t ca h trong cc qu ny t nht cng theo kp th trng. INDEX CLAUSE: iu khon iu chnh theo ch s. Cn gi l iu khon duy tr tr gi (maintenance- of-value), mt iu khon trong hp ng quc t nhm bo v cc bn khng b tc ng bi bin ng t gi hi oi. iu khon c nhng iu chnh quy nh trong gi hp ng trong trng hp c cc thay i t gi ngoi d kin. INDEX OF LEADING INDICATORS: Xem Leading lndicators. Ch s ca cc biu th hng u.

INDEX OPTIONS: Hp ng option v ch s. Hp ng Call option v Put option v ch s chng khon. Cc loi hp ng ny c mua bn ti New York, M v Chicago Board Options Exchanges. Cc ch s c tm rng bao gm mt phm v rng ln cc cng ty v cc ngnh cng nghip, trong khi cc ch s tm hp bao gm chng khon trong mt ngnh cng nghip hay mt khu vc ca kinh t. Hp ng option ch s cho php nh u t mua bn trong mt th trng ring bit hay mt nhm cng nghip m khng phi mua theo c nhn tt c chng khon. Th d, mt ngi no ngh rng chng khon du ho s rt gi h c th mua mt put option v ch s du thay v bn khng c phn trong na t cng ty du ho. INDEX PARTICIPATION: xem Basket. INDEXED INVESTMENT: u t theo ch s. Xem Gold indexed Investment, Market index deposit. INDEXING: Lp mc lc Tnh ch s. 1. Hng danh mc u t ca mt ngi gn lin vi ch s c tm rng nh Standard & Poors cng nh tng ng vi din bin ca n hoc mua c phn trong mt qu ch s. 2. Kt hp trn lng, thu, hay cc li sut khc vi mt ch s. Th d, mt hp ng lao ng c th yu cu tnh ch s tin lng i vi s gi tiu th bo v chng li s thit hi sc mua trong thi gian lm pht gia tng. INDICATED YIELD: Hoa li c bo trc. T l li Coupon hay c tc theo t phn trm ca gi th trng hin hnh. i vi chi phiu li sut c nh, n ging nh h oa li hin hnh. i vi chng khon thng, n l gi th trng chia cho c tc hng nm. i vi chng khon u i, n l gi th trng chia cho c tc theo hp ng. INDICATION: S bo hiu. c chng nhng g m phm vi mua bn ca chng khon s phi l (gi t mua v gi t bn) khi mua bn li tip tc sau khi vic mua bn b nh hon hay b ngng v bt qun bnh ca cc lnh hay v l do khc, cng cn gi l th trng c bo hiu INSIDE MARKET: Th trng ni b Bn bo gi t mua v gi t bn gia nhng ngi mua bn cho hng kho ca nng h. Khc vi th trng bn l, y bng bo gi l gi m khch hng tr cho ngi mua bn. N cn c gi l lnterdealer Market, Wholesale Market (th trng mua bn s) . INSIDER: Ngi trong ni b. Ngi c c hi bit nhng tin tc then cht (quan trng) trc khi tin tc c thng bo ra cng chng. Thng thng t

ng ny mun ni n cc thnh vin hi ng qun tr, cc vin chc cao cp v cc cng nhn then cht nhng theo nh ngha m rng hp php th n cng bao gm c thn nhn v nhng ngi c mt v tr c th khai thc d liu trn tin tc ni b ny. Lut php cm nhng ngi trong ni b mua bn nh nhng hiu bit ni b. INSIDER LENDING: Cho ngui trong ni b vay Tin cho cc gim c v cc vin chc ngn hng vay. Lut ngn hng quy nh rng s tin cho ngi ni b vay phi cng li sut v cc iu khon tn dng nh cho khch hng vay. INSOLVENCY: Khng c kh nng thanh ton. Khng c kh nng tr n khi o hn. Xem Bankruptcy. Crash Flow, Solvency. INSTALLMENT CONTRACT: Hp ng tr dn (tr gp). tho thun chi tr cho hng ho mua, s chi tr vn v li c thc hin theo tng thi khong k tip nhau. N cn c gi l Installment Sales Paper v Installment Paper (giy n tr gp) . INSTALLMENT CREDIT: Tn dng tr dn dn, tr tng k. Tin vay c chi tr li cng vi tin li s vn vay v tin li c chi tr li theo cc thi khong bng nhau. y l loi tin vay c tr li dn dn cho n ht theo mt thi biu chi tr dn n nh. Loi tin vay ny c bo m bng ti sn c nhn th d tin vay mua xe hi ch khng phi hng bt ng sn. bn l v cung ng thm nhiu dch v ti chnh c lin quan. Xem : Floatation Cost, Secondary Distribution, Underwrite. INVESTMENT BANKING: Nghip v ngn hng u t. Bn v phn phi s chng khon mi pht hnh do mt n v trung gian ti chnh thc hin (tc ngn hng u t) ngi ny mua chng khon (c phn) t nh pht hnh di dng mnh l ngi ch v chp nhn ri ro khi phn phi chng khon cho cc nh u t. Tin trnh mua v phn phi c phn (chng khon) c gi l bao tiu (underwriting). Thng thng, vi ngn hng u t tham gia vo vic cung ng (bn) c phn (chng khon), mi ngn hng ng bn mt phn c phn c ngh em ra bn, i li h s nhn mt phn l ph bao tiu gi l Spread. INVESTMENT BANKING (SECURITIES) BUSINESS: Doanh nghip nghip v ngn hng u t. Doanh nghip c thc hin bi broker, dealer hay ngi chuyn mua bn tri phiu th, tri phiu nh nc ca loi tri phiu mi phn phi, mi c bao tiu vi t cch l ngi mua bn cho chnh mnh hoc mua hay bn tri phiu theo lnh v v li ch ca ngi khc vi t cch l ngi trung gian mi gii (broker).

INVESTMENT CERTIFICATE: Chng ch u t Chng ch chng minh c u t trong mt hip hi tit kim v cho vay v cho bit s tin u t. Chng ch u t khng c quyn b phiu v khng c dnh lu g n trch nhim c ng. N cn c gi l chng ch vn h tng u t. Xem Mutual Association. INVESTMENT CLUB: Cu lc b u t. Nhm ngi gp chung ti sn phi hp cc quyt nh u t. Mi thnh vin ca cu lc b ng gp mt s vn nht nh cng thm s tin c u t mi thng hay mi qu cc quyt nh mua chng khon hay tri phiu no s do cc thnh vin b phiu. Ngoi vic gip mi thnh vin c nhiu kin thc hn v u t, cc cu lc b ny gip nhng ngi c t tin tham gia vo cc u t ln hn m ch tr t hoa hng hn. National Association of Investment Clube ng ti Royal Oak, Michigan. INVESTMENT COMPANY: Cng ty u t. Cng ty, c tnh ph iu hnh, u t cc qu gp vn chung ca cc nh u t nh vo chng khon tri phiu tng ng vi cc mc tiu u t ra. N cung cp cho cc ngi gp vn cc dch v qun l chuyn nghip, a dng ho v linh hot m nu l c nhn th kh m thc hin c. C hai loi cng ty u t c bn : 1. Cng ty u t m rng, thng c bit l qu h tng u t, c mt s lng c phn th ni trong cng chng (v th mi c tn l m rng) v sn sng bn hay thu hi theo tr gi ti sn thun hin hnh ca chng khon tri phiu . 2. Cng ty u t c gii hn ngi tham gia (closed end) c bit vi ci tn u thc u t, ging nh cng ty kinh doanh, n c mt s c phn c nh trong cng chng v c mua bn nh chng khon, thng l trn cc th trng chnh. -Cc cng ty theo kiu m rng c chia ra lm hai loi, da trn cc chnh sch gi ph b sung. 1. Qu c ph (chng khon tri phiu) c bn trong th trng ngoi danh mc (th trng khng chnh thc) bi broker t mua bn, ngi ny khng nhn hoa hng thng v, thay vo h cng ph ti (loading fee) vo tr gi ti sn thun vo lc mua. Ph ny tiu biu l 8,5% c khu tr cho s lng c mc thp 4%. Khng c ly ph khi c phn ca qu c bn. .. 2. Qu khng c ph, c cc cng ty bo tr bn trc tip. Cc cng ty nh th khng tnh ph ti, d sao cng c thu cc ph nh nhng khng c g l bt bnh thng. Cc nh bun bn trong cng ty u t c gii hn kim c doanh thu thng v t s hoa hng lm trung gian bnh thng, hp php. C hai cng

ty u t m rng v gii hn u tnh ph iu hnh hng nm, thng thng nh mc t 1/2 % n 1%) tr gi u t. Theo o lut cng ty u t 1940, bn bo co ng k v bn qung b ca mi cng ty u t phi cho bit cc mc tiu u t c bit. Theo c bn, cc cng ty c xp loi nh sau : qu chng khon thng a loi ho, quy cn i (bao gm tri phiu chng khon thng, chng khon u i), qu chng khon u i v tri phiu (c c im li tc c nh), qu c bit (trong ngnh cng nghip, nhm cng nghip, tm c (cng ty), qu li tc (chng khon tri phiu c hoa li cao), qu hiu sut (performance fund) (chng khon pht trin) ; qu mc tiu kp (mt hnh thc ca cng ty c gii hn cho ngi ta c hi chn la hoc l c phn c c tc hay c phn t bn kim c) v qu th trng tin t (cc cng c th trng tin t). INVESTMENT COUNSEL: C vn u t Ngi c trch nhim cung cp t vn cho khch hng v iu hnh cc quyt nh u t. Xern Portfoho Manager. INVESTMENT CREDIT: Tn dng u t S gia gim trong n thu li tc qua nhiu nm do nh nc cho php i vi cc cng ty thc hin cc u t mi trong cc hng loi ti sn no , cho trang thit b ban u. N ,cng gi l tn dng thu u t. Tn dng u t c thit lp khuyn khch kinh t bng cch tng cng chi tiu t bn, k t 1960 n l mt c im ca lut thu lc c lc khng. V s phn trm cng thay i. Nm 1985 s phn trm l 6% hay l0% ca gi mua, tu thuc vo thi gian tn ti ca ti sn. Ging nh tn dng, tn dng u t c khu tr t ho n thu ch khng t li tc trc khi nh thu: v c lp vi tr gi gim theo thi gian (khu hao). o lut Tax Reform Act or 1986 thng hu b tn dng u t c hiu lc tr v trc (hiu lc hi t) cho cc ti sn thc hin sau ngy 1-1- 1986 . o lut 1986 cng cho php gia gim 35% tr gi tn dng mang sang t nhng nm trc. INVESTMENT GRADE: Cp u t Tri phiu c nh gi t hng AAA n BBB. Xem Junk Bond. INVESTMENT HISTORY: Trong qu trnh u t Ni dung kinh nghim c t trc, lp nn thng l u t lin quan n tm quan trng ca mi lin h gia cng ty v khch hng. Th d, lut l thc hin cng bng ca NASD cm bn chng khon tri phiu mi cho thnh vin trong gia nh ca ngi bun bn ang phn phi, nhng nu c tin trong qu trnh u t trong c mi lin h c bit gia ngi bun bn v khch hng, th thng v trn khng vi phm lut php. INVESTMENT IN PROPERTIES: u t trong ti sn. S ng gp vn thc t c chi tr hay phn b vo cc ti sn mua, pht trin, xy dng hoc ci

thin theo quy nh ca chng trnh. S lng c sn cho u t tng ng tng s tin thu c c huy ng tr cho l ph ban u ch chi mt ln) (front-end fees). INVESTMENT INCENTIVE: Phn khuyn khch cho u t. Tr cp ti chnh, u i thu hay gim bt lut l quy nh vi nh khuyn khch u t, c bit l u t trc tip ca nc ngoi. Trong ngoi thng, cc quc gia thng dng cc phn khuyn khch cho nh u t nc ngoi thit lp cc nh my sn xut lm tng li tc xut khu. Nhng du lch th ngoi l nu c phn khuyn khch th cng c t ch dnh cho cc ngnh phc v du lch, ngnh ny s dng (tiu th) nhiu vn ni a h n l chng c. INVESTMENT INCOME: Li tc u t Li tc t chng khon tri phiu v cc u t khc ngoi kinh doanh; nh c tc, tin li chnh lch v hp ng option, li tc t tc quyn hay tr cp hng nm (annuity), v li nhun t bn trn chng khon, tri phiu, hp ng option, future kim loi qu. Theo o lut Tax Reform Act or 1986 tin li trn ti khon vay chng khon bn c th c dng b vo li tc u t m khng c gii hn. Li tc u t kim c do cc hot ng th ng khng c tnh theo cc li tc th ng khc. Li tc u t cn gi l li tc thc t cha c (unearned income) v li tc theo danh mc u t (Portfolio income). INVESTMENT LETTER: Th c ch nh u t: Mua bn ring chng khon mi, th khng nh (letter of intent) gia nh pht hnh chng khon v ngi mua c thit lp ni rng chng khon hin ang c mua di dng u t ch khng phi mua bn li. y l iu cn thit nhm trnh ng k chng khon vi SEC (theo cc iu khon ca SEC: iu 144, ngi mua chng khon nh th rt cuc c th bn li chng khon cho cng chng nu nh hi cc iu kin c trng, k c phi c mt thi gian lu gi t nht l 2 nm). S s dng th ch nh u t lm pht sinh ra cc t ng : chng khon th v tri phiu th m ch cc chng khon tri phiu khng ng k. Xem : Letter Security. INVESTMENT MANAGER: Nh qun l u t: Cng cn gi l nh qun l qu, mt ngi qun l qu u t nh l qu hu tr hay qu h tng u t. Nh qun l s xc nh cc tiu chun u t th d nh hoa li cao hay pht trin u n. INVESTMENT PERFORMANCE REQUIREMENTS (IPR): Cc quy nh thc hin u t: Cc iu kin t ra cho u t trc tip ca nc ngoi. Mt

quc gia c th quy nh rng nh u t nc ngoi ng trc l s u t theo mt s ti thiu tin t mnh, tun th cc lut l c trong nc ch nh hoc cung cp mt s phn trm c nh cng vic cho nc ch nh. IPR c xem l phn i li ca mt quc gia u t vn vo h tng c s v cc phng tin hot ng kinh doanh. i vi ngoi thng, IPR l mt loi ro cn khng s dng quan thu biu, nhng n c nhiu quc gia s dng n. INVESTMENT SECURITIES: Chng khon u t: Chng khon d mua bn do ngn hng gi trong danh mc u t ca ti khon trong bn cn i ti khon. Chng khon u t cng vi s tin cho vay l ngun chnh yu ca li nhun ngn hng, v thng c 2 chc nng then cht : l ngun thanh ton ca ngn hng hay l ngun ngn qu tho mn nhu cu tin vay hoc nhu cu tin mt ca khch hng v l ngun b sung li nhun t s t bn kim c c th khi em bn chng khon. Chng khon cp u t ca ngn hng c th c chp nhn lm th chp p ng cc quy nh bo m v s d tr phi lu gi. Chng khon u t ca ngn hng c tnh nh tr gi s sch (k ton) c chi tr dn hay gi ph mua ban u tr cho s chi tr dn hoc s b dn vo mnh gi. Ti sn trong ti khon mua bn c tch ring khi danh mc u t chng khon u t v cc chng khon khc m ngn hng c iu kin bao tiu v bn li cho cng chng hay t chc ti chnh v cng tch ri khi chng khon c lu gi theo tho thun mua li. Ti sn trong danh mc u t mua bn c iu chnh theo tr gi th trng hng ngy. Xem Barbell Portfolio, Bond Swap, Laddered Portfolio. INVESTMENT SERVICE BUREAU: Vn phng dch v cho nh u t: Dch v cng cng ca NYSE nhm p ng th tra vn v tt c cc loi u t c lin quan n chng khon tri phiu. INVESTMENT SERVICE CENTER (ISC): Trung tm dch v u t: Cn gi l Trung Tm u T, mt c quan c thit lp trong mt quc gia ang pht trin x l cc n xin u t ca nc ngoi trong cc d n hay cc phng tin trong nc. Trong mt vi quc gia, ISC c th cp giy cho php nhp khu v u t nhng thm quyn ca Trung Tm thng b gii hn theo cc yu cu thng thng. INVESTMENT STRATEGY: Sch lc u t: Lp k hoch phn b ti sn gia cc la chn nh chng khon, tri phiu, nhng chng c tng ng tin mt v bt ng sn. Mt sch lc u t phi c vch ra da trn quan im ca nh u t v li sut, lm pht, pht trin kinh t v cc yu t khc, cng phi k n tui tc nh u t, sc chu ng ri ro, s t bn(vn) c sn u

t v nhu cu tng lai cho t bn nh ti tr cho vic gio dc cp trung hc cho con ci hay mua mt cn nh. Nh t vn u t s gip ngh ra mt sch lc nh th. Xem Investment Advisory Service. INVESTMENT STRATEGY COMMITTEE: U ban sch lc u t: U ban trong phng nghin cu ca cng ty mi gii. U ban thit lp ton b sch lc u t m cng ty s gii thiu n khch hng. Gim c nghin cu, nh kinh t ch cht v vi nh phn tch hng u u c chn trong u ban ny. Nhm s t vn cho khch h ng v s lng tin u t vo chng khon, tri phiu, hay cc cng c tng ng tin mt, cng nh nhng nhm cng nghip, chng khon c nhn hay tri phiu c v hp dn c bit. INVESTMENT TAX CREDIT: Tn dng thu u t. Xem Investment Credit. INVESTMENT TRUST: U thc u t. Xem Investment Company. INVESTMENT VALUE OF A CONVERTIBLE SECURITY: Tr gi u t ca mt chng khon kh hon. Gi c tnh theo chng khon kh hon s c nh gi bi th trng nu n khng c c im kh hon. Tr gi u t chng khon kh hon ca cng ty c xc nh bi cc cng ty dch v t vn u t v theo l thuyt s khng bao gi thp hn gi ca chng khon ni. Ngi ta tnh c tr gi ny bng cch c tnh gi bn ca tri phiu bt kh hon (thng straight) hay c phn u i ca cng cng ty pht hnh. Tr gi u t phn nh li sut v th th trng ca chng khon tng khi li sut h v ngc li. Xem Premium Over Bond Value. INVESTOR RELATIONS DEPARTMENT: Phng quan h vi nh u t Trong cc cng ty quan trng lit k, y l v tr ca mt ban chu trch nhim v cc quan h vi nh u t v bo co n trng phng ti chnh hay gim c ngoi giao (gim c v quan h bn ngoi). Nhim v thc t c th thay i tu vo cng ty c gi c mi quan h chung v ti chnh bn ngoi hay khng. Cc trch nhim tng qut nh sau : - bit rng cng ty c thng hiu, trong phm vi hot ng v mc tiu ca cng ty v c xem nh c thun li trong th trng ti chnh v t bn, iu ny c ngha l phi c d liu a vo bn bo co hng nm v cho cc ti liu pht hnh khc, phi hp cc din vn ca ban iu hnh cp cao v cc bo co chung vi n lc to quan h vi cng ng ti chnh v thng xuyn tng cng tnh nht qun v to hnh tng mt cng ty tch cc. - m bo y v ng thi im cc thng tin ti liu cho dn chng bit v lm vic vi ban php ch trong vic tun th

Ch J JUNIOR MORTGAGE: Th chp cp thp (v th t) Th chp c gi tr th t thp hn cc th chp khc. Th d th chp cp 2, cp 3. Nu ngi n b v n, th chp cp 1 s c gii quyt trc ri mi n th chp cp thp. JUNIOR REFUNDING: Chi tr bng tri phiu mi. Chi tr hon li n nh nc c o hn t 1- 5 nm bng cch pht hnh tri phiu mi c o hn t 5 nm tr ln. JUNIOR SECURITY: Chng khon cp thp (v th t). Chng khon c quyn u tin thp hn chng khon cp cao trong vic i ti sn hay li tc. Th d, chng khon u i th u tin sau giy n, nhng giy n mt loi tri phiu khng bo m li thp hn tri phiu th chp. Chng khon thng th li thp hn tt c chng khon cng ty. Mt vi cng ty nh cng ty ti chnh c chng khon tri phiu thp hn cp cao (trung cao) v thp hn cp thp, ci trc u tin hn ci sau nhng c hai thp hn n cp cao. JUNK BOND: Tri phiu cp thp v gi tr. Tri phiu c gi tr tn dng xp loi BB hay di BB do cc c quan nh gi xp loi. Mc d c s dng thng thng nhng t ny lm ngi ta lin tng n mt ngh xu nn cc nh pht hnh v ngi s hu thch dng t tri phiu hoa li cao hn l dng t trn. Cc tri phiu gi tr cp thp c pht hnh bi cc cng ty khng c cc bng ghi nhn theo di lu di v thng v v li nhun hay bi cc cng ty c kh nng tn dng c vn . N l phng tin thng thng ca vic ti tr mua t cng ty khc. V n c nhiu bt n v tr hoa li cao hn tri phiu cp u t, nn nhiu nh u t cc chng phiu nhiu ri ro c bit ch tm mua bn tri phiu ny. Cc t chc c nhng trch nhim v u thc ti sn (fiduciary) khng c u t vo loi tri phiu ny (are regulated). Xem Fallen Angels. JURISDICTION: Php quyn, phm vi quyn hn. c American Bankers association nh ngha l quyn php nh, quyn hay thm quyn nghe v quyt nh mt v kin, nh quyn hn ca to n. T ny thng c cp trong cc cuc tranh ci v ti chnh v u t c lin quan n phm vi quyn hn ca cc gii chc khc nhau c quyn quy nh trn lnh vc ny. Th d, hi ng d tr lin bang, khng phi SEC (nh ngi ta tng) c quyn hn trong v kin Ch K KEY MANAGEMENT: Qun l b kho (m s). Trong tin trnh x l d kin v chuyn ngn qu bng in t, y l vic kim sot m s nhn dng c nht cho mi t chc ti chnh trong mng li. Ngn hng khng bao gi chuyn b kho r rng v nh vy th coi nh khng c m ho, nn s dng cng

thc m ho c chp nhn chung ngn nga nhng vic khng c giao cho thm quyn . Cc ngn hng thay i m s tng thi k gi l b kho ca nh pht hnh (keys) v l do an ton. KEY RATE: Li sut then cht. Li sut kim tra trc tip hay gin tip li sut cho vay ca ngn hng v gi ph tn dng m ngi vay phi tr. KEY RATIO: T l then cht. T l do nh phn tch ti chnh dng nh gi bn bo co tnh trng ti chnh v li tc ca ngn hng. Cc t l c xc nh bao gm: t l vn/ ti sn ; t l s d tr cho tin cho vay b mt/ tng s tin cho vay ; t l thanh ton v t l thc hin nh t l li nhun / ti sn (ROA Return on Assets), li nhun / vn c ng (ROE- Return on Equity) v t l li nhun ca mi c phn. T l then cht l mt biu th tng qut cho ta bit din bin hot ng ca ngn hng v c th em so snh vi s liu nm trc. KEYNESIAN ECONOMICS: Kinh t theo phi Keynes. Ni dung t tng kinh t xut pht t nh kinh t hc ngi Anh v l nh c vn nh nc John Maynard Keynes (1883-1946), tc phm nh du mt bc ngot, The General Theory of Employment Interest anh Money, c xut bn nm 1935. Vit sut thi k i khng khong, Keynes tin rng s can thip tch cc ca nh nc trong th trng l phng php duy nht bo m kinh t pht trin v n nh. ng ta gi lp lun c bn l s cu khng s gy ra nn tht nghip v s cu qu mc gy ra lm pht. V th nh nc s phi tc ng li ko mc ca ton th s cu bng cch iu chnh mc chi tiu ca nh nc v thu kho. Th d, trnh gim pht Keynes ng h gia tng chi ph nh nc v c chnh sch tho khon tin t (easy money) s a n kt qu l c nhiu u t hn, cng n vic lm nhiu hn v gia tng tiu th. Kinh t theo phi Keynes c nh hng rt ln i vi cc chnh sch kinh t chung ca cc quc gia cng nghip, k c M. Tuy nhin trong thp nin 1980 sau cc giai on suy thoi lin tc, pht trin chm, t l lm pht cao ti M, ngi ta c mt quan im ngc li, cc nh ch trng chnh sch tin t v phi cung cp (supply siders) buc ti vic can thip qu mc ca nh nc gy ra nhng rc ri cho nn kinh t. Xem Aggregate Supply, Laisser-Faire, Macroeconomics, Monetarist, Supply-side Economics. KICKBACK: Tin t lt, tin c. Ti chnh: cch thc hin theo cc cng ty thng v ti chnh thng cho nhng ngi bun bn bng tin mt, nhng ngi gim gi chng t mua tr gp thng qua h. Nh nc v cc hp ng t : ngi bn chi tr b mt cho mt ngi no c cng trong vic a cho hp ng hay thc hin mt thng v y l tin t lt bt hp php. Quan h lao

ng : vic lm bt hp php theo ngi ch i chi li phn trm tin lng c lut php hay hp ng cng on lao ng quy nh, nu cng nhn cn mun tip tc lm vic. KICKER: Tc nhn khuyn khch. c im thm vo cam kt n thng lp ra tng cng tnh th trng, bng cch cung cp trin vng gp vn c ng. Th d, tri phiu c th chuyn i thnh chng khon nu c phn t n mc gi no . iu ny lm cho tri phiu hp dn hn i vi nh u t bi v tri ch c tim nng hng li ch an ton vn c ng cng thm tin chi tr li. Ngoi ra, c im ny l c c nhng c quyn v chng ch u tin mua chng khon. Vi loi tin cho vay c th chp cng c nhng c im khuyn khch ny di dng tham gia s hu di hnh thc phn trm thu nhp rng (Tng thu nhp) Kickers (c im khuyn khch) cn c gi l Sweeteners. KILLER BEES: Ngi bo v k yu. Nhng ngi gip cng ty t v chng li cc n lc mun tim quyn ca mt cng ty khc (takeover bid t gi mua cao hn gi th trng nhm tim quyn cng ty kia). Killer Bees thng l nhng ngn hng u t lp ra cc sch lc nhm lm cho mc tiu tim quyn tr nn km hp dn hay kh m th c. KITING: Mnh kho (ti chnh) th bng, nng tr gi. Hot ng ngn hng thng mi : 1. K thc v rt chi phiu trong cc ti khon ti hai hay nhiu ngn hng, theo hng c li th th ni, c ngha l, hng c khong thi gian ngn hng k thc thu tin t ngn hng chi tr. 2. La o bng cch thay i cc con s trn chi phiu tng mnh gi chi phiu. Chng khon tri phiu : ko gi chng khon ln mc cao bng nhng phng php mua bn theo mnh kho li ko (vn ng). Ch L LAST TRADING DAY : Ngy mua bn sau cng. Ngy mua bn cui cng, trong ngy ny mt hp ng future c th c thanh ton. Nu hp ng khng c b tr th hoc l mt tho hip gia bn mua v bn bn phi c tho thun hoc l hng ho vt cht phi c ngi bn giao cho ngi mua. LATE CHARGE: Ph pht do chm tr. Tin pht do chi tr chm tin vay c th chp hay tin vay chi tr tng k sau khi ht thi gian gia hn. L ph pht do tr chm c tnh theo s phn trm ca s cn i cha tr (s n cha tr) v nu khng c tr th khng th cng vo s n li ca tin vay (Tnh ring ra).

LATE TAPE: Ln bng chm. Chm ln mn hnh cc bin chuyn gi v vic mua bn trn mt th trng chng khon c bit qu b bn. Nu trn mn hnh chm hn 5 pht th con s u tin ca mt gi s b xo b. Th d, mua bn vi gi 62 3/4 c bo co l 2 3/4. Xem Digit Deleted. LATENT DEFECT: Khuyt im tim n. Tnh trng khng hon ho ca bn cht, c tnh sn xut hay cu trc ca mt sn phm lm cho vic kim nhn chuyn su, hp l khng th thc hin r rng c. LAUNDERED MONEY: Tin c ty. Xem Money Laundering. LAW OF ONE PRICE: Quy lut mt gi. L thuyt kinh t cho rng s cnh tranh lm cn bng gi c ca cc sn phm ging ht nhau, c bn trong cc quc gia khc nhau khi loi b hng ro mu dch v khng tnh gi ph vn chuyn. Quy lut mt gi l tin cn bn ca l thuyt mu dch t do. LAY OFF: Lm gim ri ro Gin cng nhn. Ngn hng u t: lm gim ri ro trong cam kt h tr theo nh ngn hng ng mua v bn li cho cng chng bt c phn no ca chng khon pht hnh khng c c ng, nhng ngi ang gi quyn mua, ng k t mua. Ri ro ny l tr gi th trng s h trong sut t 2 n 4 tun khi c ng ang quyt nh thc hin hay bn cc quyn ca h hay khng. gim thiu ti a ri ro, nh ngn hng u t : 1. Mua tt c cc quyn ang em bn, cng lc bn cc c phn tiu biu cho cc quyn ny. 2. Bn khng mt s lng c phn tng ng vi cc quyn c th l khng mun thc hin tiu biu c th ln n 1/2% s pht hnh. N cn gi l Laying Off. Lao ng: khng ghi tn cng nhn trong bng lng mt thi gian di hay tm thi v kinh t ang xung hay sn xut b ct bt ch khng phi do h lm vic yu hay vi phm cc quy nh ca cng ty. LEAD BANK: Ngn hng ch tr. 1 Ngn hng tr liu, sp xp mt nhm cho vay (loan syndication), trong c mt s ngn hng mua phn tham gia cho mnh. Ngn hng ch tr s thu l ph qun l cho vic tp hp nhm cho vay v tr liu cc iu khon ti tr. Trong th trng tri phiu Chu u, ngn hng hot ng nh mt n v trung gian cho cc thnh vin trong tp on (hay nhm) bao tiu. 2. Ngn hng u t qun l vic bao tiu chng khon. N cn gi l nh qun l hng u hay nh bao tiu qun l. LEADER: Hng u. 1 Chng khon hay cc nhm chng khon tuyn u trong mt th trng ang vt ln hay rt xung. Tiu biu l cc chng khon tuyn u c cc t

chc mua hay bn tht mnh v h mun chng t vai tr lnh o ca h trong th trng thuc ngnh ca h. 2 Sn phm c nhiu c phn trong nhiu th trng. LEADING INDICATORS: Cc biu th hng u. Thnh t ca ch s c Commerce Departments Bureau of Economic Analysis M pht ra hng thng. Nm 1985 s thnh t l s trung bnh tun l lm vic ca cc cng nhn sn xut, s trung bnh hng tun ca cc tri quyn (quyn c hng chi tr) v bo him tht nghip, nhng lnh mi t hng tiu th v nguyn vt liu; hiu sut bn b n (cc cng ty nhn cung ng t t chm dn t bn cung cp) ; thnh lp kinh doanh thun (net business formation), cc hp ng v nh my v trang thit b, cc giy php xy dng mi, cc thay i hng kho, cc gi nguyn vt liu d thay i, gi chng khon, ngun cung cp tin t (M2) v s vay mn kinh doanh, tiu th. Ch s ca cc biu th hng u, c cc thnh t ch s c iu chnh theo lm pht, d on r rng s ln ln xung xung ca chu k kinh doanh. LIMIT ORDER: Lnh gii hn. Lnh mua hay bn chng khon theo gi n nh hay gi tt hn, broker s thc hin vic mua bn trong mt gii hn gi. Th d, khch hng t lnh gii hn mua chng khon cng ty XYZ vi gi 30 khi chng khon ang bn gi 32. D gi chng khon l 30 1/8 broker s khng thc hin vic mua bn. Tng t, nu khch hng t lnh gii hn bn chng khon XYZ vi gi 33 khi gi hin ti l 31, broker cng khng thc hin mua bn cho n khi gi chng khon l 33. LIMIT ORDER INFORMATION SYSTEM: H thng thng tin lnh gii hn. H thng in t thng bo tin tc cho nhng ngi ng k cc chng khon tri phiu c mua bn trn cc th trng hin hnh ni h mua bn , cho bit v chuyn gia mua bn, s lng cc lnh, gi t bn v gi t mua. iu ny gip cho nhng ngi ng k mua c gi thch hp nht. LIMIT PRICE: Gi c gii hn. Gi trong lnh c gii hn. Th d mt khch hng c th t ra mt lnh c gii hn bn c phn vi gi 45 hay mua vi gi 40. Broker s thc hin lnh theo gi c gii hn ny hay gi tt hn (bn t 45 tr ln, mua t 40 tr xung). LIMIT UP, LIMIT DOWN: Gii hn cao nht thp nht Bin chuyn gi ti a c cho php trong hp ng futures hng ho trong sut mt ngy mua bn. Trong trng hp c bit th trng bin chuyn mnh, gi hp ng futures c

th tng n mc gii hn ti a hay h n mc ti a trong khong thi gian vi ngy lin tip. LIMITED COMPANY: Cng ty hu hn. Hnh thc kinh doanh thng dng nht Anh, cng ty ng k theo o lut cng ty c th so snh vi tng cng ty (incorporation lin hip cng ty) theo o lut tiu bang M. Vit tt : Ltd hay PLC. LIMITED DISCRETION : T do quyt nh c gii hn. Tho hip gia broker v khch hng cho php broker thc hin mt s mua bn no m khng cn hi kin khch hng Th d, bn mt v th hp ng option n ngy o hn hay bn mt chng khon va mi c tin khng thun li. LIMITED PARTNERSHIP: Gp phn (vn) c trch nhim gii hn v n v quyn hn (gp vn trch nhim hu hn). T chc c thnh lp bi tng thnh vin gp vn (General Partner), ngi qun l mt d n v nhng thnh vin gp vn, ngi u t tin bc nhng c trch nhim hu hn v n v khng tham gia vo vic iu hnh qun l hng ngy v thng khng th thua l hn s vn m h ng gp. Thng thng thnh vin gp vn nhn li tc t bn kim c, li th v thu ; cn tng thnh vin th thu ph theo s phn trm t bn kim c v li tc. Gp vn trch nhim hu hn nm trong lnh vc thu mn bt ng sn, du ho v gas, trang thit b nhng n cng c ngnh ti chnh cng nghip in nh, nghin cu v pht trin, v cc d n khc. Gp vn trch nhim hu hn cng cng c bn thng qua cng ty mi gii vi u t ti thiu $5.000, trong khi gp vn trch nhim hu hn t nhn tp hp vi nhau khong di 35 thnh vin, mi thnh vin u t hn $20.000. Xem : Income Limited Partnership, Master Limited Partnership, Oil and Gas Limited Partnership, Passive, Research and Development Limited Partnership, Unleveraged Program. LIMITED PRINCIPAL: Chuyn vin trng yu (ngi to th trng) c trch nhim hu hn, trong cc lnh vc c bit. Ngi qua k thi kh nng chuyn mn c chng nhn c kin thc v chuyn mn t vn cng vic kinh doanh ca mt hi vin trong mt hay nhiu lnh vc chuyn mn cao c bit (c gii hn tng khu vc. Nu chuyn vin trng yu trong lnh vc c bit mun c vai tr chc nng trong mt hay nhiu lnh vc chuyn mn tng qut dnh cho tng chuyn vin trng yu v chng khon th h phi c LIQUIDITY PREFERENCE THEORY: L thuyt u tin cho kh nng thanh ton tin mt. L thuyt thch tin mt. Theo l thuyt phi Keynes th nh u t mong mun gi tin bng ti sn lu ng (ti sn d chuyn i ra tin mt) th d nh ti khon chi phiu- hn l gi tin trong ti sn khng linh hot (kh

chuyn ra tin mt) (th d nh chng khon, tri phiu, bt ng sn). Vic a thch ny c gii thch bng: 1. ng c thc y giao dch mua bn hay s mong mun c tin sn chi dng khi cn. 2. ng c phng xa, c c tnh l ngi ta lng l khi tin dnh cng vo ti sn kh chuyn i ra tin mt. 3. ng c u c, h tin rng li sut th trng c th tng trong tng lai. Theo l thuyt phi Keynes, tin li l s chi tr i vi nh u t, n thuyt phc nh u t t b kh nng thanh ton bng tin mt ca h,v th cc v u t di hn s lm cho li sut cao hn li sut ca u t ngn hn. Chnh lch ny c gi l chnh lch kh nng thanh ton tin mt. L thuyt ny khc vi thuyt k vng(Expectation Theory). LIQUIDITY RATIO: T l kh nng thanh ton bng tin mt. Tnh kh nng ca mt cng ty c th p ng cc mn n ngn hn n ngy o hn. Xem Current Ratio, Net Quick Assets, Quick Ratio. LIQUIDITY RISK: Ri ro v thanh l Ri ro khi ngn hng phi bn l ti sn p ng nhu cu tin mt. Th d, ngi k thc yu cu c tin mt ngay. Ri ro v thanh l thng c gii ngha theo t l kh nng thanh l c sn v s yu cu v ngn qu. LIS PENDENS: V kin ang x Ting La tin ch mt v kin ang x, y l thng bo theo lut nh bo cho tt c cc bn l ang c mt v kin co c th nh hng n cc quyn lin quan n mt ti sn no . Thng bo ny c ng trn nht bo. LISTED OPTION: Hp ng option lit k. Put option hay Call option m th trng c thm quyn mua bn, gi chnh xc l hp ng option mua bn trn th trng. LISTED SECURITY: Chng khon, tri phiu ng k. Chng khon hay tri phiu c cng nhn mua bn bi mt trong cc th trng c t chc v ng k M, th trng ny lit k hn 6.000 loi chng khon tri phiu ca khong 3.500 cng ty. Tng qut, li ch ca vic c ng k l: 1. C mt th trng trt t. 2. Kh nng thanh ton bng tin mt. 3. n nh gi cng bng hp l. 4. Bo co s bn v bo gi lin tc v chnh xc. 5. Thng tin v cc cng ty c lit k.

6. Lut l nghim ngt bo v s hu ch chng khon tri phiu. Mi th trng c quy nh lit k ring, trong s NYSE l cht ch nht. Chng khon tri phiu lit k bao gm chng khon, tri phiu, tri phiu kh hon, chng khon u i, chng ch c quyn mua chng khon, cc quyn u tin mua chng khon, v cc hp ng options, tuy nhin khng phi tt c hnh thc no ca chng khon tri phiu u c chp nhn trn tt c cc th trng. Cc chng khon tri phiu khng lit k c mua bn trn th trng ngoi danh mc. Xem Listing Requirements, Stock Exchange. LISING REQUIREMENTS: Cc quy nh v lit k. Mt chng khon phi hi cc iu kin v lut l trc khi c lit k mua bn trn mt th trng. Trong s cc quy nh ca NYSE c: cng ty phi c ti thiu 1 triu c phn do dn chng gi v c tr gi th trng tng cng ti thiu 1,6 triu dollars cng nh li tc thun hng nm trn 2,5 triu dollars cha tr thu li tc lin bang. LIVING TRUST: U thc gia nhng ngi cn sng. Xem Inter Vivos Trust. LOAD: Ph (tnh vo ngi mua) Ph bn. Ph bn do nh u t tr tc l ngi mua c phn trong qu h tng u t c ph hay tr cp hng nm. Ngi ta tnh loi ph ny khi c phn hay s n v c phn c mua; ph rt tin gi l ph chn hu (Back-End Load) (hay Rear-End Load). Qu no khng tnh ph ny gi l qu khng ph bn. Xem: Investment Company. LOADING: Tnh thm ph. Phn tnh thm l ph ri ro nhiu loi khc nhau ca ngn hng chit khu. LONG BOND: Tri phiu di hn. Tri phiu c thi hn trn 10 nm. V tri phiu ny lu gi tin ca khch hng mt thi gian di nn n c nhiu ri ro hn tri phiu ngn hn c cng cht lng do thng c hoa li cao hn. LONG COUPON: Li coupon tr lu. 1. Ln chi tr u tin ca tri phiu pht hnh c thi khong di hn cc k chi tr cn li, hay lu hn chnh tri phiu pht hnh. Cc thi biu theo thng l th yu cu chi tr theo tng k 6 thng nn li coupon tr lu l kt qu ca vic tri phiu c pht hnh hn 6thng trc khi n ngy o hn chi tr t u tin theo thi kho biu. Xem: Short Coupon. 2. Tri phiu c li, c thi gian o hn trn 10 nm. LONG DATE FORWARD: Thi im cn lu. Hp ng th trng hi oi c tnh u c lin quan n cc v th sau hn mt nm. Giao dch mua bn c ri ro cao v c th c mt bn i tc sn sng vo v th i nghch. LONG HEDGE: Bo h gi lu di -Mua hp ng bo h gi.

1. Hp ng futures c mua bo v chng li s tng gi ph thanh ton mt cam kt tng lai. Cng cn gi l mua bo h gi. Ngi bo h gi c hng li t chnh lch c bn thp (chnh lch gia gi tin mt hin ti v gi tng lai) nu mua hp ng future di gi tin mt hin ti, v t chnh lch c bn ln nu mua hp ng future cao hn gi tin mt hin ti. 2. Mua hp ng futures hay call option phng li sut gim, cng nh gi cng hoa li hin ti ca chng khon li tc c nh. LONG LEG: Bn mua- ng v bn mua. Mt phn ca mua v bn song hnh hp ng option ( option spread) tiu biu mt cam kt mua chng khon c s. Th d, nu mua v bn song hnh bao gm mua call option v bn put option th mua call gi l ng v bn mua. LONG MARKET VALUE (LMV): Tr gi th trng hin hnh (ng v pha ngi mua).. Tr gi th trng hin hnh ca chng khon do mt khch hng s hu, cn c trn gi ng ca ca ngy hm trc. ng ngha vi Current Market Value. LONG POSITON: V th s hu V th mua. 1. Quyn s hu chng khon, cho ngi u t quyn chuyn giao quyn s hu cho ngi khc bng cch bn hay tng, quyn nhn bt c li tc no c t chng khon v quyn nhn li hay l khi tr gi chng khon thay i. 2. Quyn s hu chng khon tri phiu ca nh u t do cng ty mi gii gi. LONG SPREAD: Mua v Bn song hnh nghing v bn mua. Tt c vic mua v bn song hnh c th phn bit thnh hai loi Long (mua) v Short (bn). Mua v bn song hnh nghing v bn mua hay bn bn tu thuc vo hp ng ngi mua v bn song hnh nghing v bn mua hay nghing v bn bn, ngha l hp ng gn hay xa thi im giao nhn. Th d: Mua v bn song hnh theo chiu ln (bull spread) (cn gi l long spread) xy ra khi nh u t mua mt hp ng gn n ngy o hn v bn mt hp ng cn lu mi o hn. LONG STRADDLE: Mua hng hai. Mua mt Call Option v mt Put Option ca cng chng khon c s, cng gi im v thng o hn. LONG TERM: Di hn 1. Thi gian lu gi 6 thng hay hn, tu theo o lut Tax Refrom Act of 1986 v c th c p dng tnh thu t bn kim c (mi n nm 1988) 2. Phng thc u t trong th trng chng khon trong nh u t mun tng gi tr bng cch lu gi chng khon chng mt nm tr ln. 3. Tri phiu c thi hn t 10 nm tr ln.Xem Long Bond, Long Term Debt, Long Term Financing, Long- Term Gain, Long- Term Loss.

LONG- TERM DEBT: N di hn. N c thi hn t mt nm tr ln. Thng thng, tin li c tr tng k trong sut thi hn ca tin cho vay, v s vn c th c tr khi giy n hay tri phiu o hn. Tng t, tri phiu di hn c thi hn t 10 nm tr ln. LONG- TERM FINANCING: Ti tr di hn. N v tt c vn c ng khng th hon tr trong 1nm. Xem Long-Term Debt. LONG-TERM GAIN: Tin kim c (tin li) di hn.

Ch M
MARKET ECONOMY: Kinh t th trng. Nn kinh t ni giao dch thng mi phn ln nm trong lnh vc t. Vn, lao ng, nguyn vt liu v.v phn ln c phn b theo cn v cu v s can thip ca nh nc vo gi c v cc hot ng kinh t mc ti thiu. Tuy nhin trong thc t, s can thip ca nh nc trong th trng thng mi l vn ca mc . Theo mc ti thiu, tt c Nh nc u thit lp cc tiu chun mi trng, sc kho v lao ng, iu chnh mt vi gi c trong lnh vc cng. MARKET IF TOUCHED ORDER (MIT): Mua bn khi lnh n mc. Lnh n mc mua bn. Lnh mua hay bn chng khon hay hng ho ngay khi t n gi th trng nh trc, ti im ny n tr thnh lnh th. Khi bp ang bn gi $4,75/bashel mt ngi no c th tham gia th trng nu Lnh n Mc mua l $4,50. Ngay khi gi gim cn $4,50 hp ng s c mua vi danh ngha khch hng theo bt c gi th trng no ang hin hnh khi lnh c thc hin. MARKET INDEX: Ch s th trng. Cc con s tiu biu cho cc tr gi nghing v thnh t no to nn ch s. Th d, ch s th trng chng khon th nghing v phn gi c v s c phn ang hin hnh (do c ng v ngi mua gi) ca cc loi chng khon. Ch s chng khon Standard and Poors 500 l mt trong nhng ch s thng dng nht, nhng vn c v s cc ch s khc theo di chng khon trong cc nhm cng nghip khc nhau. MARKET INDEX DEPSIT: K thc theo ch s th trng. Ti khon tit kim hay chng ch k thc tr li sut theo ch s hng ho hay ch s th trng MARKET LEADER: Cng ty hng u trong th trng. Mt cng ty c th phn ln nht trong mt ngnh cng nghip. Cng ty hng u n nh gi c ca ngnh v tiu chun dch v bng cch t mt khun mu cho ngnh cng nghip. MARKET LETTER: Bn tin th trng. Bn tin cung cp cho khch hng cng ty mi gii hay bn vit ca mt nh phn tch u t c lp, ng k vi SEC

nh l mt c vn u t v bn cc bn tin cho ngi ng k mua. Cc bn tin ny c nh chiu hng li sut, kinh t, v th trng ni chung. Bn tin ca cng ty mi gii ng li cc xut ca cc phng ban nghin cu thuc cng ty. Cc bn tin c lp tu thuc c tnh ca ngi vit th d, ch tp trung vo chng khon ang tng gi hay cc ngh ca h da trn phn tch k thut bn nh gi Hulbert l bn nh gi thuc th loi ny. MARKET MARKER: Nh to th trng. Ngi sn sng ng ra thc thi cc lnh mua v bn theo danh ngha khch hng hay cho ti khon ca ring ng ta, hay theo s ghi nhn cc lnh mua bn. Nh to th trng l mt ngi no chp nhn ri ro mua bn bng chp nhn s hu ti sn c mua bn, v thc thi cc giao dch mua bn theo gi thng bo trong cng chng. Chnh lch gia gi t mua v gi t bn ca nh to th trng khng qu ln phi loi tr cc giao dch mua bn theo gi bo. Trong th trng c t chc. nh th trng chng khon hay th trng hp ng Futures nh to th trng (c c quan nh nc hay chnh tr trng cp giy php. . Xem make a Market. MARKET- NOT-HELD ORDER (MARKET NH): Lnh t do quyt nh. Lnh th c tm mc ln v s lng chng khon cho php broker ti sn mua bn c t do quyt nh v gi c hoc nh thi im thc hin lnh th. MARKET ORDER: Lnh th. Lnh mua hay bn chng khon vi gi tt. nht ang c. Hu ht cc lnh c thc hin trn th trng chng khon u l lnh th. MARKET OUT CLAUSE: Mua bn ngoi iu khon. iu khon gii to i lc c ghi vo tho thun bao tiu theo loi cam kt, chc chn, c bn l cho php ngi bao tiu khng b rng buc vi cam kt mua nu nh c cc bin chuyn pht trin ngc chiu quan trng (pht trin khng li) lm nh hng n th trng chng khon tri phiu ni chung. Vic ny him thy cc nh ngn hng u t ln, h t khi vit outs (cc ngoi l) tng cc tho thun v tr gi ca bn cam kt ca h l mt vn c quan tm ti a (gi tr bn cam kt c t ln hng u). MARKET PRICE: Gi th trng. Gi c bo co sau cng ca chng khon c bn trn mt th trng. i vi chng khon tri phiu bn trn th trng ngoi danh mc, cc gi t bn v gi t mua hin hnh c phi hp vo mt thi im c bit s to ra gi th trng cho chng khon. i vi chng khon khng c mua bn tch cc, nh nh gi (kim nh vin) hay cc nh phn tch c th xc nh gi th trng loi chng khon ny khi cn th d nh thanh l mt ti sn. Trong th gii kinh

doanh chung, gi th trng m ch gi c bn mua v bn bn ng v mt sn phm hay dch v v c xc nh bng s cng v cu. MARKET RATE OF INTEREST: Li sut th trng. 1 . li sut c xc nh bng s cung v cu ngn qu trong th trng tin t. Li sut th trng tng gim tu thuc s cu ngn qu, iu kin th trng v chinh sch tin t. 2. li sut ca ngn hng nhm hp dn ngi k thc, n c th tng ng hay cao hn li sut ca nhng ngi cnh tranh. MARKET RESEARCH: nghin cu th trng. Kho st tm mc, c tnh v tim nng th trng trc khi pht trin sn phm hay dch v mi bit dn chng mun g. Nghin cu th trng l bc u tin ca tip th Phm vi bao gm t khi nim ban u v sn phm n phn phi cui cng n ngi tiu th. Trong th trng chng khon, nghin cu th trng lin quan n cc yu t phn tch k thut nh s lng, gi c tng gim, tm rng th trng. Cc nh phn tch cn c vo cc yu t ny tin on chiu hng gi c. MARKET RISK: Ri ro v th trng. Kh nng u t s thay i gi khi cc iu kin trong th trng thay i. Chng khon bt n nh hay u c s c tim nng ln hn v gi li hay gi l so vi cc u t c gi n nh. Xem Systematic Risk. MARKET SEGMENTATION THEORY: L thuyt phn mng th trng. L thuyt v li sut th trng ni rng cc th trng ngn hn v di hn hot ng c lp vi nhau v nh u t c nhng s thch thi gian o hn c nh khc nhau. N cn gi Segmented Marketes Theory (L thuyt th trng c phn mng). Nhng ngi ng h l thuyt ny cho rng li sut ngn hn v di hn c th trng ring ca n, mi th trng c ngi mua v bn ring ca n, v khng d g thay i ln nhau. MARKET VALUE ON THE TRADE DATE: Tr gi th trng vo thi im mua bn. Tng s lng mua gi li (k c hoa hng) hoc tin thu c thun ca bn khng (bn chng khon vay mn). MARKET VALUE-WEIGHTED INDEX: Ch s nghing v tr gi th trng. Ch s c nhng thnh t hng theo tng tr gi th trng ca cc c phn ang hin hnh (do c ng v ngi mua gi). N cng cn c gi l : ch s nghing v t bn ho (capitalization-weighted index). S thay i gi c ca mt thnh t c tc ng tng ng i vi ton th tr gi th trng ca chng khon tri phiu. Th d, ch s k thut vi tnh mua bn trn th trng AMEX

(American Stock Exchange) c 30 chng khon thnh t. T trng ca mi chng khon chuyn bin lin tc dng vi nhng thay i gi c chng khon v s lng c phn ang hin hnh . Ch s bin chuyn cng vi gi chng khon thay i. MARKETABILITY: Tnh th trng (d dng mua bn nhanh chng). c tnh ca mt loi chng khon c bit no c th mua v bn nhanh chng v d dng. Mt loi chng khon c s lng ln c phn ang lu hnh v c mua bn tch cc c xem l thch hp mua bn v cng d i ra tin mt (d thanh ton bng tin mt). Theo cch dng thng thng, tnh th trng c th i thnh tnh d chuyn i ra tin mt (d thanh ton bng tin mt) nhng tnh d thanh ton bng tin mt nhn mnh n s bo tn (gi vng) tr gi khi chng khon c mua bn. MARKETABLE SECURITIES: Chng khon tri phiu d bn. Chng khon tri phiu c bn d dng. Trong bng cn i ti khon cng ty, n l ti sn c th sn sng d i ra tin mt. Th d, chng khon tri phiu nh nc chng t chp nhn ca ngn hng, giy n thng mi. gi vic thc hnh k ton theo li c, nhng ci ny c tnh theo gi ph hay tr gi th trng, h gi no thp hn th tnh theo gi . MARKETING: tip th. Chuyn dch hng ho v dch v t ngi cung cp n ngi tiu th. iu ny bao hm ngun gc sn phm, thit k, pht trin, phn phi, qung co, kch thch (khuyn mi), thng bo rng ri cng nh phn tch th trng bit r th trng no tng hp. MATCHED ORDERS: Kt hp lnh. 1. K thut li ko bt hp php bng cch b p lnh mua v lnh bn to ra n tng (gi to) hot ng ca chng khon, nh to cho gi tng ln lm li cho nhng ngi tham gia vo mu ny. 2. Hnh ng ca nh chuyn mn to ra mt gi m ca hp l st vi gi ng ca trc y. Khi vic tch lu mt loi lnh hoc mua hay bn y nn tr tr trong vic m rng mua bn trn mt th trng, nh chuyn mn c gng tm cch cn bng ngc li cc lnh hoc mua gi li hoc bn t s chng khon tn ca ring h lm gim mc chnh lch. MATCHED SALE-PURCHASE TRANSACTION: Giao dch mua bn kt hp ( Hoa K). Phng thc ca U ban Th Trng M Rng Lin Bang theo Ngn Hng D Tr Lin Bang New York bn chng khon tri phiu nh nc cho ngi bun bn khng thuc din ngn hng da trn s chi tr trong qu lin

bang. Tho hip yu cu ngi bun bn bn tr li chng khon tri phiu vo mt thi im c bit trong khong t 1 n 15 ngy. Fed chi tr cho ngi bun bn li sut bng li sut chit khu. Giao dch ny cng cn gi l tho hip mua li ngc chiu, n lm gim s cung ng tin trong nhng thi khong tm thi v lm gim s cn i trong ngn hng ca ngi bun bn v do lm tng thm qu d tr. V th Fed c th iu chnh mc bnh trng tin t bt bnh thng v l do thi v hay cc l do khc. Xem Repurchase Agreement. MATCHING ORDERS: Cc lnh phi hp n khp. Hot ng ca cc lnh tham gia cng lc ban u mua hay bn mt loi chng khon nhm to ra mt din bin mang v mua bn tch cc trong chng khon (c tnh bt hp php). MATERIAL INFORMATION: Thng tin c th. Bt c d kin no tc ng n quyt nh ca nh u t mua mt loi chng khon no . MATRIX TRADING: Mua bn ma trn. nh i tri phiu, theo ngi bun bn tm cch li dng s lm lc tm thi trong khc bit chnh lch hoa li gia cc tri phiu trong cng mt loi nhng mc gi tr khc nhau hay gia cc tri phiu cc hng loi khc nhau. MATURE ECONOMY: Kinh t sung mn. Kinh t ca quc gia c dn s n nh hay ang gim, v chng bao lu kinh t pht trin tht mnh. Nn kinh t nh th c c tnh l: gim chi tiu v ng s v nh my, gia tng tng i chi tiu tiu th. Nhiu nn kinh t Ty u c xem l sung mn hn kinh t M v ngc hn vi cc nn kinh t ang pht trin nhanh Vin ng. MATURITY DATE: Ngy thng o hn. 1. Ngy thng theo s vn ca giy n, hi phiu, chng t chp nhn (ca ngn hng) tri phiu hay cc cng c n khc n ngy o hn v c chi tr. Cng ging nh th, l ngy kt thc hay ngy o hn theo n tr tng k (tr gp) phi c tr ht. 2. Trong vic chuyn giao s hu ti khon thu (factoring), ngy thng o hn l ngy thng o hn trung bnh ca ti khon thu c chuyn giao, khi ngi c chuyn giao (factor) gi trc tip tin hng thng n ngi bn s ti khon thu bn. MATURITV GAP: Thi gian o hn cch khong. Xem Gap, Gapping. MATURITY TICKLER: S ng k s tin cho vay. Xem Loan Register. MAXIMUM CAPITAL GAINS MUTUAL FUND: Qu h tng u t nhm c t bn kim c ti a. Qu c mc tiu s em li t bn kim c ln cho c ng Trong th trng gi ln (u c gi ln bull market) n hu nh tng nhanh hn th trng chung hay qu u t h tng theo li thng thng.

Nhng trong th trng ang rt gi, n hu nh rt gi nhanh hn mc trung bnh ca th trng. S bt n nh c hng gia tng ny l kt qu ca chnh sch u t trong cc cng ty nh, pht trin nhanh c chng khon mang c tnh bt n nh hn cc chng khon trong cc cng ty ln c t chc, iu hnh tt. MAXIMUM LOAN VALUE: Tr gi tin cho vay ti a. S lng ti a m mt Broker-dealer c th cho mt khch hng vay mua chng khon cn c theo quy nh ca nh nc. MAY DAY: Ngy 1 thng 5. Ngy 1-5-1975 khi khng cn hoa hng mi gii ti thiu c inh M. Thay vo l t l u thc thc hin cc v mua bn trao i, cc broker c php tnh ph theo ca h. May Day c km theo nhng thay i nh cng ty mi gii gi h thc hin cc lnh mua hay bn vi hoa hng thp nhng khng c t vn u t. S chm dt hoa hng c nh cng nh du s ra i ca ngnh mi gii c a dng ho bng cc dch v ti chnh c tm rng, tn dng k thut vi tnh v cc h thng truyn thng tn tin. MEAN PRICE: Gi trung bnh cng. Trong th trng tin t, hng ho v chng khon, y l gi trung bnh gia gi t mua v gi t bn. MEAN RETURN: Li nhun trung bnh. Trong phn tch chng khon, tr gi mong i hay trung bnh ca tt c li nhun c th c trong cc u t thuc danh mc u t. Trong vic lp ngn sch t bn (vn), n l tr gi trung bnh ca s li nhun phn phi c th c. Danh mc u t tip cn vi phn tch u t nhm nh lng mi lin h gia ri ro v li nhun. N gi nh rng trong khi cc nh u t c nhng s thch v mc ri ro khc nhau th nh u t sng sut s lun lun tm kim t l li nhun ti a theo mi mc ri ro c th chp nhn c. l li nhun trung bnh hay mong i m nh u t c gng ti a ho theo mi mc ri ro. N cn c gi l Li Nhun K Vng (Expected Return). Xem Capital Asset Pricing Model, Efficient Portfolio, Portfolio Theory. MECHANICS LIEN: Quyn gi th chp v xy dng. Quyn gi th chp trn cc nh cao tng hay cc cng trnh xy dng, c nh nc cho php i vi cc nh thu, ch cng nhn v cc nh cung cp nguyn vt liu dng trong xy dng hay sa cha. Quyn gi th chp c hiu lc cho n khi nhng ngi ny c chi tr y v trong trng hp thanh l h c chi tr u tin trc nhng ch n khc. MEDIUM- TERM BOND: Tri phiu c thi hn trung bnh. Tri phiu c thi hn o hn t 2 n 10 nm. Xem lntermediate Term, Long Term, Short Term.

MEMBER BANK: Ngn hng thnh vin ( Hoa K). Ngn hng l thnh vin ca H Thng D Tr Lin Bang, bao gm tt c cc ngn hng c giy php quc gia (national chartered banks) v cc ngn hng c giy php tiu bang. y l iu kin c t cch thnh vin v c chp nhn . Ngn hng thnh vin c quy nh mua chng khon trong Ngn Hng D Tr Lin Bang trong khu vc tng ng 6% vn c bn ni b (Paid-in Capital) hay thng d c bn ni b. Phn na u t ny c lu gi nh ti sn ca ngn hng thnh vin, cn phn na cn li c th c lnh gi ca Fed bt c lc no. Ngn hng thnh vin cng c yu cu duy tr mt s phn trm k thc d tr di hnh thc tin t trong kho an ton v duy tr s cn i k thc Ngn Hng D Tr lin Bang trong khu vc ca ngn hng thnh vin. S cn i d tr ny c th to nn mt phm vi chuyn dch tin v cc dch v khc bng cch s dng h thng mng thng tin Fed ni cc ngn hng cc ni trong nc. MEMBER FIRM: Cng ty thnh vin. Cng ty mi gii c t nht mt t cch thnh vin trn mt th trng chnh, d sao theo quy lut th trng t cch thnh vin l t cch di danh ngha ca mt nhn vin ch khng phi cho chnh bn thn cng ty. Mt cng ty nh th c hng cc quyn v cc c quyn ca thnh vin nh quyn b phiu v chnh sch mua bn trao i cng vi cc cam kt ca thnh vin nh cam kt gii quyt cc tranh chp vi khch hng thng qua phng thc trng ti v th trng (mua bn trao i). MEMBER ORDER: Lnh ca thnh vin. Lnh ca mt thnh vin bao tiu i vi mt khch hng l hay thuc t chc. Mi thnh vin bao tiu nhn hoa hng theo cc lnh do nh qun l bao tiu giao. Cc lnh ca thnh vin thng thng c th t u tin thp nht trong giai on thc hin lnh (so vi lnh ca khch hng) . MEMBER SHORT SALE RATIO: T l bn khng ca thnh vin. T l tng s c phn c bn khng cho cc ti khon ca cc thnh vin NYSLE trong mt tun chia cho tng s bn khng cng tun. Bi v nh chuyn mn, ngi bun bn ti hin trng, v ngi bun bn ngoi hin trng mua bn cho ti khon cc thnh vin thng c xem nh l ngi c u c tt nht trong lnh vc kinh doanh, nn t l m h dng l mt biu th c gi tr bit chiu hng th trng. T l 82% ( hay cao hn c xem nh c tnh u c gi h (gi h mt thi gian di), t l 68% hay thp hn th c tnh tch cc v gi ln lu di (u c gi ln). T l bn khng ca thnh vin c ng cng vi s thng k l trn ca NYSE trong n bn ngy th hai bo Wall Street v trong tun bo ti chnh Barron.

MEMO ENTRY: S liu nhp ghi nh. Ghi vo bn n hay bn c ca ti khon khch hng, s liu ny c ghi vo s nht k giao dch ca ngn hng vo mt thi im khc vi thi im giao dch mua bn thc s xy ra. S liu trong s nht k c nhp vo tng s ci vo cui ngy. MEMORANDUM INVOICE: Bn lit k hng ho ghi nh. Thng bo ca ngi bn gi cho ngi mua, trong c ghi s lng, tr gi, chi tit vn chuyn, giao nhn vv. Bn lit k ghi nh c th tr thnh h s xc nh cc iu khon giao dch mua bn. MUNICIPAL BOND INSURANCE: Bo him tri phiu th. Cc chnh sch bao tiu bi nh bo him t, bo m tri phiu th trong trng hp) v n (khng tin chi tr). Hoc l thc th nh nc pht hnh hoc l nh u t mua bo him ny. N d phng tri phiu do nh (u t mua theo mnh gi c th b v n. Mt s cng ty bo him ln u c loi bo him ny, nhng phn ln do hai t chc : Ambec Indemni ty Corporation (trc y gi l American Municipal Bond Assurance Corporation) mt vi n v ca Citicorp, v Municipal Bond Assurance Corporation (MBAC), vn chung ca cc nh bo him t. Tri phiu th c bo him thng c nh gi cao nht do c tnh th trng cao (mua bn d v nhanh) v gi ph pht hnh thp. Tuy nhin, theo quan im ca nh (u t, hoa li ca n thp hn tri phiu khng bo him c tng t gi tr v gi ph bo him b nh pht hnh chuyn qua cho nh u t. Mt vi n vi u thc u t v qu h tng u t dnh ring tri phiu th c bo him cho nh u t sn sng mua bn vi hoa li thp hn i cht b li l c thm an ton MUNICIPAL BOND INSURANCE ASSOCIATION: Hip hi Bo Him Tri Phiu Th. Xem Municipal Bond lnsurance. MUNICIPAL IMPROVEMENT CERTIFICATE: Chng ch v ci thin th. Chng ch do nh nc a phng pht hnh thay cho tri phiu ti tr cho cc ci thin v dch v ca th, nh m rng va h, lp t h thng cng rnh, sa cha, ng ph. Cc cam kt n nh th c chi tr ly t loi thu n nh c bit nh trn nhng ngi c hng li t cc ci thin ny, v s tin chi tr c th c giao cho nh thu thc hin cng trnh. Tin li trn chng ch thng c min thu nh nc Xem General Obligation Bond. MUNICIPAL INVESTMENT TRUST (MIT): U thc u t tri phiu th. n v u thc u t mua tri phiu th v chuyn li tc min thu n c ng. Tri phiu trong danh mc u thc u t thng c gi li cho n ngay o hn, khng ging nh cc tri phiu lin tc mua bn trong danh mc u t

tri phiu th m rng. MIT c bn thng qua broker, ph vo khong 3% s vn c chi tr, vi s u t nh nht l $1000. U thc ny c tnh cht a dng ho, danh mc u t c qun l chuyn nghip, c chi tin li hng thng, c th so snh vi tin chi tr hng na nm ca tri phiu th c nhn Hoa K, nhiu qu MIT ch u t chng khon tri phiu trong mt tiu bang. Th d, cc c dn ti California ch mua MIT ca California, tt c tin li c min thu lin bang, tiu bang v a phng. Ngc li mt c dn California mua MIT quc gia c th phi ng thu tiu bang v a phng trn s trn li c t tri phiu ngoi tiu bang trong danh mc u t ca qu. MUNICIPAL NOTE: Giy n th. Theo cch dng thng thng, y l cam kt n ca th c ngy o hn gc l 2 nm hay ngn hn. MUNICIPAL REVENUE BOND: Tri phiu thu nhp th. Tri phiu c pht hnh ti tr cho cc cng trnh cng cng nh cu, ng hm hay h thng cng rnh v c h tr trc tip t cc thu nhp ca cc k hoch ny. Th d, nu tri phiu thu nhp th c pht hnh xy mt cy cu, ph cu ng thu t ngi i xe s dng cu ny c em chi tr ht cho tri phiu. Tr khi c nhng quy nh c bit trong giao ko, ngi gi tri phiu khng c quyn i n trn cc ngun khc ca nh pht hnh. MUNICIPAL SECURITIES RULEMAKING BOARD: Hi ng t lut l cho tri phiu th. Xem Self-Regulatory Organization. MUTUAL ASSOCIATION: Hip hi h tng u t. Hip hi tit kim v cho vay c t chc nh hp tc x do cc hi vin s hu. Cc k thc ca hi vin tiu biu cho s c phn. C ng b phiu v cc vn ca hip hi v nhn li tc di hnh thc c tc. Khng ging cng ty cp tiu bang S & L, thiu s trong ngnh cng nghip, cc hip hi h tng u t khng c php pht hnh chng khon. V n thng do Office Of Thrit Supervision (OTS) cp giy php hot ng (chartered) v tu thuc vo Savings Association Insurance Fund (SAIF). Cc k thc theo nguyn tc k thut ph thuc vo mt thi khong ch i trc khi c rt ra, mc d trn thc t s tin c php rt ra theo yu cu, kh nng thanh ton bng tin mt ca hip hi c bo m bng kh nng mn t Federal Home Loan Bank dng th chp nh lm vt th chp. MUTUAL COMPANY: Cng ty h tng u t Cng ty c quyn s hu v li nhun c phn phi cho cc hi vin theo t l ca s cng vic m h lm cho cng ty. Cc hnh thc thng dng nht l :

1. Cng ty bo him h tng, c cc hi vin l ngi nm gi chnh sch, c quyn ch nh cc gim c v nhng ngi c u thc v nhn c tc hay phn khu tr trn s ph bo him sau ny (future premiums). 2. Ngn hng tit kim h tng theo iu khon tiu bang, c cc hi vin l ngi k thc c chia li nhun thun nhng khng tham gia vo vic qun tr. 3. Hip hi tit kim v cho vay lin bang, hip hi h tng u t c hi vin l ngi k thc c quyn b phiu v nhn c tc. MUTUAL EXCLUSION DOCTRINE: Hc thuyt loi b c tnh h tng ( Hoa K). Hc thuyt ny ch trng loi b thu lin bang i vi tin li ca tri phiu th. Hc thuyt cho rng cc tiu bang v chnh quyn a phng khng c nh thu cc ti sn nh nc (trung ng). Nh nc lin bang s p li bng cch khng nh thu lin bang i vi ti sn nh nc a phng. ng ngha vi Mutual Reciprocity, Reciprocal Immunity. MUTUAL FUND: Qu h tng u t. Qu c iu hnh bi cng ty u t nhm huy ng vn c ng v u t vo chng khon, tri phiu, hp ng option, hng ho hay cc chng khon th trng tin t. Cc qu ny gip nh u t c li th a dng ho v c s qun l chuyn mn. V cc dch v ny m h phi tnh ph iu hnh, tiu biu t 1% tr xung ca ti sn hng nm . Qu h tng u t (c th u t theo) kiu nng ng mo him (cp tin) hay thn trng d dt (bo th). Nh u t s phi nh gi kh nng chu ng ri ro ca h trc khi quyt nh xem qu no tng xng vi h. Ngoi ra, vic nh thi im mua hay bn cn tu thuc vo bi cnh kinh t, tnh trng th trng chng khon tri phiu, li sut v cc nhn t khc. MUTUAL FUND CUSTODIAN: Ngi gim h qu tng u t ngn hng thng mi hay cng ty u thc cung ng dch v gi an ton cho cc chng khon tri phiu thuc s hu ca qu h tng u t v cng c th ng vai tr nhn vin chuyn giao, thc hin chi tr hay thu nhn u t t c ng. Ngi gim h qu tng u t phi tun th cc lut l c nh nc quy nh. MUTUAL IMPROVEMENT CERTIFICATE: Chng ch ci thin h tng. Xem Municipal Improvement Cerrificate. Ch N NAKED RESERVE: Khng c theo quy nh v d tr: Khng cn c s d tr cn c trn s k thc (khng cn c chng ch v vng) NAKED TRUST: U thc th ng- (khng theo di chc). Xem Grantor Trust. NARROW MARKET: Th trng hn hp. Th trng chng khon tri phiu hay hng ho c c tnh mua bn yu t, gi c nhiu bin ng nh hng n khi

lng hn trng hp mua bn nng ng tch cc. Th trng ca mt loi chng khon no b ni l hn hp nu nh gi c rt xung hn mt im gia cc mua bn l trn m khng c s gii thch r rng no, n ni ln tnh trng km tin li v c qu t lnh t mua bn. T ng th trng mng (thin v th trng km tch cc (inactive market) ng ngha vi th trng hn hp. NARROW MONEY: S tin dng ngay (tnh nng ng nht). Tng s gp linh hot nht trong ngun cng tin t ca mt quc gia. Cc nc khc nhau c cc phng cch thanh ton khc nhau, nhng s tin dng ngay thng nm khung M0 n M1. NARROW- RANGE SECURITY: Tri phiu trong khung hn ch. Ti Anh, tri phiu n c li c nh. Lut Nh nc n nh tnh cht ca u t do ngi th u ti sn thc hin, theo Lut ny gn mt na s u t phi l u t vo tri phiu (u t c bo m). NARROWING THE SPREAD: Thu hp chnh lch. Thu hp mc chnh lch gia gi t mua v gi t bn ca mt chng khon. y l kt qu ca vic t mua v cung ng ca cc nh to th trng v cc chuyn vin. Th d gi t mua mt chng khon m hu ht mi ngi u sn lng chi tr l $10/c phn v gi t bn gi thp nht m ai cng sn sng bn l $10 3/4 . Nu broker hay nh to th trng ng mua c phn vi gi $ 10 1/4 trong khi gi t bn vn mc $10 3/4 th c ngha l chnh lch c thu hp li. NASD: National Association of Securities Daler Hip hi quc gia ca ngi mua bn chng khon. T chc khng v li c thnh lp di s lin kt h tr ca Investment Bankers Conference v Securities and Exchange Commission nhm tun th theo o lut Maloney. Cc thnh vin NASD bao gm hu ht cc nh ngn hng u t v cc cng ty u t c lin quan mua bn trn th trng ngoi danh mc. Hot ng di s gim st ca SEC, cc mc tiu c bn ca NASD l: 1. Tiu chun ho cc thc hin trong lnh vc. 2. Thit lp cc tiu chun o c lun l trong mua bn chng khon tri phiu. 3. Cung cp mt b phn i din c vn cho nh nc v nh u t v cc vn li ch chung. 4. Thit lp v cng c cc lut l cng bng v hp l v mua bn chng khon. 5. Thit lp mt b phn k lut c kh nng thc thi cc iu khon trn. NASD cng quy nh cc thnh vin phi duy tr mt s ti sn ng ph nhanh, s ti sn ny phi nhiu hn s n hin hnh vo bt c thi im no. Ch o kim tra v kim ton nh k bo m mc kh nng thanh ton cao v tnh trung

thc ti chnh trong cc thnh vin. Phng c trch v cc cng ty u t chuyn quan tm n cc vn ca cc cng ty u t v c trch nhim xem xt li ti liu thng v cng ty trong mng ca ngnh chng khon tri phiu. NASD FORM FR-1: T khai th thc 1-NASD. Th thc quy nh cho nhng nh mua bn nc ngoi trong vic ng k chng khon tri phiu i vi cc pht hnh tri phiu chng khon trong tin trnh phn phi, theo h ng tun theo cc lut l ca NASD lin quan n pht hnh nng (hot issue). Theo lut Fair Practice ca NASD, cc cng ty tham gia vo vic phn phi phi cung ng ra cng chng mt cch ngay thng hp php vi gi cung ng chung. Bt c mt thng v bn no c lp ra nhm u t vn trn vic pht hnh nngnh trong ngy u tin mua bn li bn vi s chnh lch qu ln theo gi vt gi cung ng chung th s vi phm lut l ca NASD. Cc v vi phm bao gm bn cho cc thnh vin trong gia nh nhng ngi mua bn hay cho cng nhn, gi nh rng cc thng v bn nh th khng c bo v nh thc hin u t thng thng. NASD Form FR-1 cn gi l t khai xc nhn tng th (blanket certification form). NASDAQ: National Association of Securities Dealers Automated Quotations System, thuc National Association of Securities Dealers v do c quan ny iu khin. NEW ISSUE: Pht hnh mi. Chng khon hay tri phiu ln u tin pht hnh ra cng chng, s phn phi ny phi theo cc lut l ca nh nc. Pht hnh mi c th ln u tin c cung ng bi cng ty trc y thuc t nhn hay l cc chng khon tri phiu c pht hnh thm bi cng ty c phn ho v c lit k thng xuyn trn cc th trng chng khon . Vic cung ng mi ra cng chng phi ng k vi nh nc. Cc mua bn ring khng ng k vi nh nc trong trng hp th xc nhn thc hin (letter of intent) khng nh l chng khon tri phiu c mua u t ch khng bn li cho cng chng. Xem Hot Issue, Letter Security Underwrite. NEW MONEY : C s tin mi. S ti chnh di hn c thm do pht hnh tri phiu chng khon mi hay do s chng khon tri phiu vt qu s CKTP ang o hn hoc do CKTP ang c tr li. NEW MONEY PREFERRED: S tin mi c u i. Chng khon u i c pht hnh sau khi Nh nc loi b thu cho nh u t nhn c tc chng khon u i c tng t 60% n 85%, bng vi s loi b thu trn s c tc chng khon thng. S thay i lm li cho cc t chc ti chnh, nh cng ty bo him gii hn s lng chng khon thng m h c kh nng

gi tiu biu l 5% ti sn. Vic u i cho s tin mi cho c hi c c cc li th v thu trong u t tri phiu c tin li phi ng thu y . S hu b thu cho cng ty v s c tc gim xung cn 80% bt u t nm1982. NEW TIME: Thi im mi. M t giao dch mua bn mt loi chng khon trong sut hai ngy mua bn sau cng trong ti khon. Giao dch mua bn vo thi im mi c thanh ton trong giai on k tip. Khi broker hay nh to th trng khng c thng bo v nh ca nh u t mun hon thanh ton th xem nh l nh u t mun thanh ton trong ti khon hin hnh. NEW YORK CLEARING HOUSE ASSOCIATION: Hip hi trung tm giao hon thanh l New York. Hip hi ngn hng giao hon thanh l lu i nht v ln nht Hoa K. Trung tm thuc 11 ngn hng trung tm tin t, l ngi iu hnh CHIPS (Clearing House Interbank Payments System H thng chi tr lin ngn hng ca trung tm giao hon thanh l) Ch O OFFER BY PROSPECTUS: Cung ng bng tp qung b. Xem Inital public Offering OFFER DOCUMENT: Ti liu v cung ng tip qun. Thng bo ca cng ty n c ng bao gm cc chi tit gi t mua tip qun ca cng ty khc. Thng bo cho bit gi mi c phn v gii thch mc tiu tip qun s em li nh th no cho c ng. OFFER FOR SALE: Cung ng bn. Xem Inital public Offering OFFER LIST: Danh sch ngh ring. Trong thng lng mu dch quc t, danh sch cc sn phm khng l thuc vo thng lng, hay sn phm c thu quan c gim hay hu b. OFFERING: Cung ng ra cng chng: Xem public Offering OFFERING CIRCULAR: Ti liu v cung ng. Xem Prospectus. OFFERING DATE: Ngy thng (thi im) cung ng. Thi im chng khon hay tri phiu u tin c bn ra cng chng. Xem: Dated Date, Public Offering. OFFERING PRICE: Gi cung ng. Gi mi c phn lc chng khon tri phiu mi (ln u ) c cung ng hay cung ng ln th hai bn ra cng chng. Th d, nu chng khon XYZ mi pht hnh c nh gi l $ 40/c phn th gi cung ng $40. Khi c phn qu h tng u t c trong dn chng, c phn c bn vi tr gi thun ti sn cng gi l gi cung ng hay gi t bn cng vi chi ph bn nu c. Trong qu khng ph, gi cung ng bng vi tr gi ti sn

thun. Trong qu c tnh ph, ph tnh c cng vo tr gi ti sn thun c gi cung ng. Xem Offer OFFRING SCALE: Gi cung ng theo t l thi hn. Gi ca loi tri phiu c ngy o hn khc nhau do nh bao tiu cung ng ra cng chng. Gi cung ng ny cng c th din t bng t ng: hoa li khi o hn. OFFER WANTED (OW): Thng bo cn ngi cung ng (cn mua). B co ca mt ngi c kh nng mua chng khon cho bit ng ta ang tm mt ngi c kh nng cung ng chng khon. Ch vit tt OW thng thy trong T Hng (t lit k chng khon) v T Vng (lit k tri phiu cng ty) c NQB pht hnh dnh cho loi chng khon tri phiu do ngi bun bn trn Th Trng Ngoi Danh Mc mua bn. Xem Bid Wanted. OFFICIAL LIST: Danh sch chnh thc. Trong th trng chng khon, danh sch chng khon mua bn trn th trng cp mt, cn gi th trng chnh. Danh sch chnh thc c pht hnh hng ngy cng vi thng bo v cc giao dch mua bn trong sut mt ngy hnh chnh. Danh sch bao gm gi chng khon, s pht hnh mi, thi im c c tc.v.v OFFICIAL NOTICE OF SALE: B co chnh thc v thng v bn. B co ca chnh quyn th mi ngn hng u t trnh cuc u thu cnh tranh cho vic pht hnh tri phiu sp ti. B co cho bit tn ca vin chc th bit thm chi tit v cho bit cc thng tin c bn v vic pht hnh nh mnh gi v cc iu kin quan trng. Bo Bond Buyer thng ng cc nh co nh th. OFFICIAL STAFF COMMENTRY: Ch gii ca Ban Cn B. Bn ch gii c Ban Cn B Nh Nc son tho nhm gii thch cc vn trong nhng phn quan trng ca lut l bo v ngi tiu dng. OFFICIAL STATEMENT: Bo co chnh thc. Bn bo co chi tit pht hnh tri phiu th. Thng bo ti chnh ca nh nc ang hot ng cung ng tri phiu th trong c ghi mc ch ca vic pht hnh v nh u t s c chi tr li nh th no. Bo co chnh thc cho bit r cc thng tin thch ng v tnh trng ti chnh ca nh pht hnh OFFICIAL STAEMENT: Bo co ca vin chc, bo co chnh thc. Xem legal Opinion. OFFSET: B p, b tr, cn i. Thanh ton hp ng Option K ton : 1. S lng tng ng hay s cn bng ngc vi s lng khc bn phn i xng trong cng s ci hay trong s ci ti khon khc. Xem Absorbed. 2. S lng lm trit tiu hay gim mt mn n. Ngn hng:

1. Quyn hp php ca ngn hng gi li qu k thc trang tri cho s tin cho vay khng c tr gi l quyn b l (right of offset). 2. Con s cha trong th ngn hng kt hp vi m s do ngi gi th nh s tiu biu cho s chng minh ca ngi k thc gi l Pan- Pin Pari. Chng khon, tri phiu, hng ho, hp ng option: Chm dt giao dch lin quan n mua hay bn mt option c cng nhng c im khi nm gi mt hp ng. Bo h gi, nh bn khng (bn chng khon vay mn) mt chng khon OPTION: Hp ng mua hoc bn da vo gi c phiu, tri phiu, ch s. Tng qut : quyn mua v bn ti sn i li c mt s trn da trn tho thun. Nu quyn ny khng c thc hin sau mt thi khon n nh, hp ng option o hn v ngi mua option s thit mt tin. Xem : Exercise. Chng khon tri phiu : tho thun giao dch chng khon tri phiu lin quan mt thit vi chng khon, hng ho hay ch s chng khon. Hp ng option c mua bn trn nhiu th trng. 1. Call option cho ngi mua quyn c mua 100 c phn ca chng khon c s vi gi c nh trc thi im c n nh trong tng lai thng l 3,6 v 9 thng. c quyn ny, ngi mua Call Option tr cho ngi bn, gi l ngi vit (tc gi writer), mt ph gi l premium (ph mua option) ph ny s b mt nu ngi mua khng thc hin option trc thi im n nh theo tho thun. V th ngi mua Call s d on gi c phn c s s tng trong thong thi gian n nh. Th d, mt Call Option trn 100 c phn XYZ c th giao cho ngi mua quyn c mua cc c phn ny vi gi $100/c phn bt c lc no trong vng 3 thng k tip. mua option , ngi mua c th phi tr ph option l $2/c phn hay $200/100 c phn. Nu lc hp ng option XYZ ang bn vi gi $95/c phn, ngi mua option s c li nu gi chng khon XYZ tng, nu XYZ tng vt ln $120/c phn trong 2 thng, ngi mua option c th thc hin option mua 100 c phn vi gi $100 v sau bn li vi gi $120/c phn, gi li s chnh lch lm li nhun (tr ph $2/c phn). Ngc li, nu XYZ rt xung di $95 v gi nguyn trong 3 thng, vo cui thi im ny Call option o hn v ngi mua Call s khng phn li c $2/c phn ph option b ra (tng cng l, $200). 2. Ngc li Call Option l Put option, n cho ngi mua quyn c bn mt s c phn n nh vi mt gi n nh trong mt thi khong n nh. Ngi mua Put Option k vng gi chng khon c s s rt. Mt ngi no ngh rng gi chng khon XYZ s rt c th mua mt Put option chng khon XYZ c gi tr 3

thng gm c 100 c phn vi gi $100/c phn v tr ph option l $2 . Nu XYZ rt xung cn $80/c phn, ngi mua Put sau c th thc hin quyn bn 100 c phn XYZ vi gi $100, trc ht ngi mua s mua 100 c phn vi gi $80 c phn v sau bn cho ngi bn Put option (ngi vit tc gi) vi gi $100/c phn nh th kim li c $l8/c phn (li $20/c phn tr cho ph option ) . Thc t, hu ht cc Call v Put Option t khi c thc hin. Thay vo , nh u t mua v bn option trc khi o hn, h mua bn nhm vo gi ph option tng hay gim. Bi v ngi mua option ch phi t mt s tin nh ph option) cho mt s lng ln chng khon nn mua, bn option s cho ta nhiu n by ti chnh (h tr ti chnh) v c th t c li nhun khng l. Cc nh bun bn option c th vit option c bo k trong h c chng khon c s, hoc l vit option khng ( c rt nhiu ri ro) trong trng hp h khng c chng khon c s: Thng thng, ngi bun bn option thua l nhiu ph option v mua bn khng thnh cng trc khi t c mua bn c nhiu li nhun . Cc nh bun bn thnh tho hn th li kt hp Call l Put Option khc nhau theo v th ri ra v hng hai. H li hay l l do mc chnh lch rng hay hp (t hay nhiu) gia gi c option. Option chng khon thng c trao cho cc nh iu hnh cng ty nu nh cng ty t c nhng mc tiu ti chnh no , nh t c mc bn hay li nhun mong i. Nh iu hnh c tng option mua chng khon cng ty vi gi thp hn gi th trng v bn chng khon ny ra th trng kim li. Xem Call, Coverea option Deep In (Out Of) The Money, In The Money, Naked Option, Option Writer, Out of Money. OPTION AGREEMENT: Tho thun option. T khai ca khch hng cng ty mi gii khi m ti khon option. N ghi chi tit cc thng tin ti chnh v khch hng, ngi ng tun theo cc lut l mua bn Option Tho c ny cn gi l t khai thng tin option, n m bo vi broker l cc ngun ti chnh ca khch hng, chu ng c thua l c th xy ra trong mua bn option . Khch hng phi nhn c mt bn qung b t OCC (Options Clearing Corporation) trc khi bt u mua bn OPTIONAL DIVIDEND: La chn c tc. C tc c tr bng tin mt hay bng chng khon. C ng c quyn la chn loi chi tr c tc. OPTIONAL PAYMENT BOND : tri phiu c chi tr theo la chn. Tri phiu c vn v li c tr tu theo la chn ca tri ch hoc l bng mt hay nhiu loi tin t nc ngoi hay bng tin t ni a. OPTION HOLDER: Ngi cn gi option, s hu ch hp ng option. Ngi no mua mt Call hay Put option nhng cha thc hin hay bn n. Ngi gi

Call mun gi chng khon c s tng, cn ngi gi Put th mun gi chng khon c s gim. OPTION MUTUAL FUND: Qu h trong u t option. Qu h tng u t mua hay bn option tng tr gi c phn ca qu. Qu h tng u t option c th theo ng li bo th (d dt thn trng) hay cp tin (nng ng mo him). Th d, qu bo th c th mua chng khon v tng li tc c ng bng ph option do bn Call v Put option theo s chng khon trong danh mc u t. Loi qu ny c gi l qu li tc option Hon ton ngc li l qu pht trin option mua Call v put option theo chng khon m nh qun l qu ngh rng s rt gi hay tng gi mnh, nu nh qun l ng th s kim c tht nhiu li nhun thng qua vic thc hin option. n by ti chnh trong option s gip qu c th tng li nhun theo bi s nhn gp my ln. OPTION PREMIUM: . Ph option. S tin cho mi c phn m ngi mua option tr cho ngi bn option c quyn mua (call) hay bn (Put) chng khon c s theo mt gi n nh trong mt thi khong n nh. Gi ph option c nh gi theo s tng 1/8 hay 1/16 ca 1% v c in trong bng option ca cc nht bo. Ph option $5/c phn c ngha l ngi mua option s phi tr $500 cho mt option l00 c phn. Xem Call Option. Put Option. OPTION SERIES: Lot option. Cc option cng hng loi (Call option hay Put option cng chng khon c s) v cng c cng gi thc hin v thng o hn . Th d tt c Call option 80 thng 10 XYZ l mt s ri cng nh tt c Put option 100 thng7 ABC xem Option. OPTION SPREAD: Ri option ra Mua v bn song hnh hp ng option. Mua v bn option cng hng loi vo cng mt lc. Nh u t p dng sch lc mua v bn song hnh option hy vng t c li nhun t s chnh lch nhiu hay t (rng hay hp) gia cc option khc nhau. Mua v bn song hnh option c th c thc hin c li nhun trong c th trng ln hay xung. Th d: 1. Tham gia hai option vi cng gi thc hin, nhng c thi im o hn khc nhau. Th d, nh u t c th mua Call option 60 thng t XYZ (hp ng Call option gi thc hin $60/ c phn o hn thng 7 theo chng khon cng ty XYZ). 2. Tham gia hai option c gi im (gi thc hin) khc nhau nhng c cng thi im o hn. Th d, nh u t mua Call 60 thng 4 XYZ v bn Call 70 thng 4, theo chng khon cng ty XYZ) Lut php : hng dn xut pht t to n php quyn court of jurisdiction) hay quy tc lut l. Cc cng c chi tr : yu cu ca ngi chi tr i vi ngi thc hin, nh trn chi phiu ghi tr theo lnh

ca (khi c i din bi) John Doe . Mua bn : yu cu mua, bn, gi ao nhn hng ho hay dch v m nh pht hnh lnh cam kt theo cc thi im n nh. ORDER MEMORANDUM: Phiu ghi lnh hay cn gi l Order Ticket. Bn k khai ng k cc lnh bao gm cc ch dn ca khch hng lin quan n vic sp xp (tho thun) mt lnh mua hay bn). Bn ghi nh cc lnh bao gm cc thng tin nh tn v s ti khon khch hng, th loi chng khon, loi giao dch (mua, bn, bn khng v.v. . .) v cc ch dn c bit (nh thi im hoc cc gii hn v gi). N ng ngha vi Order Memo, Order Ticket. ORDER ROOM (ORDER DEPARTMENT); Phng t lnh (mua hay bn). Phng trong cng ty mi gii chng khon chu trch nhim chuyn lnh n mt th trng thch hp thc hin. ORDER TICKET: Phiu lnh. Th thc c mt i din c ng k (ngi thc hin ti khon) ca cng ty mi gii hon tt da trn ch th ca khch hng. N cho bit lnh l lnh mua hay bn, s n v, tn chng khon, loi lnh (lnh th, lnh gii hn hay lnh ngng) tn khch hng v m s. Sau khi thc hin lnh trn hin trng mua bn hay phng thng v cng ty (nu ngoi danh mc), gi c vit v khoanh trn trn phiu lnh v ngi broker hon tt c ch danh bng s. Phiu lnh phi c gi li trong mt thi gian theo quy nh ca lut. ORDINARY INCOME : Li tc thng thng. Li tc c t cc hot ng thng thng ca c nhn hay cng ty kinh doanh, n khc vi t bn kim c c t vic bn ti sn. Trc khi c lut thu nh nc, thu t bn kim c di hn thp hn thu li tc thng thng. Lut thu sau ny xo b thu sut u i ny, nhng n vn gi t ng n nh ring ny c th trong tng lai gia tng thu sut li tc thng thng. ORDINARY INTEREST: Li thng thng. Li c tnh theo 360 ngy mt nm thay v 365 ngy cch tnh sau gi l li chnh xc) Ch P PAPERLESS ENTRY: Mc nhp khng cn n giy t. 1. Chuyn ngn qu bng in thoi hay bng ch th t my vi tnh ch khng phi bng chi phiu hay hi phiu. 2. K thc chi tr bng my in t t c quan nh nc hay t chc t nhn vo ti khon ca ngi k thc. PAR: Theo mnh gi. Tng ng vi tr gi danh ngha hay tr gi trn mt ca chng khon. Th d, mt tri phiu bn theo mnh gi ngha l c cng gi tr s trn c pht hnh hay s tin s c tr khi n ngy o hn nh tri

phiu mnh gi $1000. i vi c phn thng, mnh gi do cng ty pht hnh thit lp. C thi, mnh gi tiu biu cho u t nguyn thu nm sau mi c phn chng khon v hng ho, tin mt, dch v, nhng ngy nay khng cn nh vy na. Thay vo , mnh gi l mt s lng c quy cho ci g (nh $1 cho mt c phn), c dng tnh ton tr gi tnh bng tin ca cc c phn thng trong bng cn i ti khon cng ty. Mnh gi khng c lin h g vi tr gi th trng, tr gi ny c xc nh bi cc tnh ton v tr gi ti sn thun, hoa li v cc k vng ca nh u t v li nhun tng lai. Mt vi cng ty pht hnh chng khon khng mnh gi. Xem Stated Value. Mnh gi cng quan trng i vi tri phiu v chng khon u di. Li sut ca tri phiu da trn s phn trm ca mnh gi tri phiu mt tri phiu li sut 10% s tr hng nm l0% mnh gi tri phiu. C tc chng khon u i thng, thng c tr theo s phn trm mnh gi ca chng khon u i pht hnh. PAR BOND: Tri phiu theo mnh gi. Tri phiu ang bn theo mnh gi, ngang bng vi tr gi danh ngha hay tr gi b mt ca tri phiu. Mt tri phiu cng ty c th c thu hi ( chuc li ) vo ngy o hn vi gi $100 l mt tri phiu theo mnh gi khi n mua bn trn th trng vi gi $1000. PAR EXCHANGE RATE: T gi hi on danh ngha (theo l thuyt). Xem par of exchange. PAR GRADE: Cp c bn. Xem basis grade. PAR VALUE: Mnh gi. Xem PAR.. PORTFOLIO: Danh mc u t. Kt hp s hu t hai tr ln cc u t Chng khon, tri phiu, hng ho, bt ng sn, cng c tng ng tin mt, hay cc ti sn khc bi mt c nhn hay nh u t thuc t chc. Mc ch ca danh mc u t l lm gim ri ro bng cch a loi ho u t. Xem Portfolio Beta Score, Portfolio Theory. PORTFOLIO BETA SCORE: H s Beta danh mc u t S bt n nh ca ton th danh mc u t chng khon tri phiu ca c nhn, c o lng bng h s Beta ca chnh chng khon tri phiu . H s Beta o lng bt n nh ca mt loi chng khon lin quan n ton th th trng ging nh ch s Standard & Poors 500. Beta bng 1 c ngha l chng khon bt n nh cng mc vi th trng. PORTFOLIO INCOME: Li tc trong danh mc u t. Xem Investment Income.

PORTFOLIO INSURANCE: Bo him danh mc u t. Ngi qun l danh mc u t s dng hp ng futures v ch s chng khon bo v danh mc u t chng khon chng li th trng gim gi. Thay v bn chng. khon khi b gim gi, nh qun l bn hp ng futures vi gi h hn, dng li nhun chnh lch ny b li cho s trong danh mc u t chng khon. Cc th trng no khng c kh nng vo ngy Th Hai en (Black Monday) x l mt s lng ln chng khon tri phiu mt cch c hiu qu v thng xuyn lm gin on bun bn (circuit breaker) th xem nh vic bo him danh mc u t khng cn tc dng. Xem Program Trading. PORTFOLIO INVESTMENT: u t khng kim sot cng ty. u t qu t khng cho nh u t kim sot mt phn hay ton b mt cng ty ngha l di 51% PORTFOLIO LENDER: Ngi cho vay gi nguyn danh mc cho vay. Ngi cho vay thng l ngi u tin cho vay c th chp, ngi ny gi s tin cho vay trong danh mc cho vay ca mnh cho n khi o hn (cho n khi ngi vay tr nt n) v khng bn s tin cho vay ny cho nh u t trong th trng cp hai. Ngi cho vay ny hng li tc thun t chnh lch cho vay tc chnh lch gia ti sn sinh li. v n k thc, ngc li vi ngn hng cho vay c th chp, ngi ny c li nhun t l ph. PORTFOLIO MANAGER: Nh qun l danh mc u t Chu trch nhim chuyn mn v Danh Mc u T Chng Khon cho c nhn hay nh u t thuc t chc. H cn c gi l nh qun l tin bc (money manager), nht l khi c cc dch v c bit th gi l C Vn u T (investment counsel). Nh qun l c th lm vic cho qu h tng u t, qu hu tr, k hoch chia li nhun, phng u thc ngn hng, cng ty bo him. c tr ph qun l ny, nh qun l c trch nhim ca ngi c u thc ti sn nhm qun l ti sn mt cch thn trng v chn la c hi u t chng khon, tri phiu, cng c tng ng tin mt, bt ng sn sao cho t c li nhun tt nht vo bt c thi im no. Xem Portfolio Theory, PrudentMan rule. PORTFOLIO THEORY: L thuyt v danh Mc u T Phng thc quyt nh u t khn ngoan nht cho php nh u t phn loi xp hng, nh gi, v kim sot c li nhun v ri ro. N cng cn gi l L thuyt Qun L Danh Mc u T hay L Thuyt Hin i V Danh Mc u T. C bn ca l thuyt l thm nh mi tng quan gia ri ro. L thuyt bt u bng vic phn tch chng khon theo nh thng l, chuyn trng tm phn tch c tnh u t c

nhn bng xc nh mi tng quan s liu gia cc loi chng khon tri phiu trong ton th danh mc u t. Phng thc l thuyt c 4 giai on : - nh gi chng khon tri phiu : m t ton th bi cnh ti sn trong phm vi ri ro v li nhun. - Quyt nh phn b ti sn : xc nh ti sn s c phn b nh th no gia cc loi u t, tri phiu hay chng khon. - Ti u ho danh mc u t : iu ho ri ro v li nhun khi chn la tri phiu chng khon u t, nh xc nh danh sch chng khon no cho li nhun tt nht vi mc ri ro va phi. - o lng hiu sut (performance measurement) : chia mc hiu sut mi chng khon (ri ro) thnh cc loi lin quan n th trng (h thng v lin quan n ngnh cng nghip (s d). POSLTION : V th. 1 . Ngn hng : S cn i thun ca ngn hng trong lnh vc ngoi t. 2. Ti chnh : iu khin ti chnh cng ty. PREFERRED ORDINARY SHARE: C phn thng c u tin. Vn c quyn v c tc gia khung c phn u i v c phn thng. PREFERRED STOCK: Chng khon u i. Loi chng khon vn (capital stock) chi tr c tc theo li sut n nh v u tin hn chng khon thng trong vic chi tr c tc v thanh l ti sn. Chng khon u i thng khng c quyn b phiu. Hu ht chng khon u i l loi tch lu, ngha l nu c tc b cho qua (khng c chi tr v l do no ), n s c tch lu li v phi c chi tr trc c tc ca chng khon thng. C tc b cho qua i vi chng khon u i khng tch lu (noncumulate preferred stock) th coi nh l khng bao gi c li. Chng khon u i c d phn (participating preferred stock) cho c ng c quyn chia li nhun cao hn s c tc c tuyn b cng vi cc c ng thng, n khc vi chng khon u i khng d phn c c tc quy nh theo gii hn. Chng khon u i iu chnh (adjustable-preferred stock) chi tr c tc c iu chnh, thng theo tng qu, da trn s thay i li sut cng kh phiu hay li sut th trng tin t. Chng khon u i kh khon (convertible preferred stock ) l loi c th i ra mt s c phn thng n nh v v th bin) ng hn chng khon bt kh hon, loi ny ging vi tri phiu li tc c nh Xem Convertible, Cumulative Preferred, Par- ticipating Preferred, PIK Securities ; Prior-preferred Stock.

PREFERRED STOCK RATIO: T l chng khon u i. Chng khon u i theo mnh gi c chia cho ng s t bn ho. Kt qu l s phn trm t bn ho tri phiu v tr gi thun c tiu biu bng chng khon u i. PRELIMINARY INVOICE: Bn ho n tr b, s b. Ti liu do ngi bn gi trc cho ngi mua trong xut cc iu khon mua bn trong giai on u ca mt giao dch mua bn. Bn ho n tr b c th l c bn cho cc thng lng sau ny hoc c th c ngi mua chp nhn l ti liu chung cuc v iu khon mua bn. PRELIMINARY PROSPECTUS: Bn qung b s b. Ti liu u tin do nh bao tiu s pht hnh chng khon mi ph bin cho cc nh u t sp sa u t. Ti liu cho bit chi tit ti chnh v vic pht hnh nhng khng bao gm tt c thng tin nh bn qung b sau cng hay bn qung b theo lut nh v mt phn ti liu c th c thay i trc khi pht hnh bn qung b sau cng . Bi v mt phn ba ca bng qung b s b in bng mc nn n c gi l red herring (c trch ). PREMIUM: Tin thng Chnh lnh cao hn mnh gi Ph mua option- Ph bo him. 1. Tng qut : s chi tr thm nh l tin thng. 2. Tri phiu: a) S tin c c do tri phiu bn cao hn mnh gi. Th d, tri phiu mnh gi $1.000 khi bn c $1.100 th tin chnh lch (premium) l $100. iu ny cng p dng cho lot chng khon u i. Xem Premium Bond b) S tin (tr gi) c c khi gi thu hi ca nh pht hnh vt qu mnh gi tri phiu c thu hi. Xem Call Premium. Bo him: ph tr cho cng ty bo him thc hin bo him. S chi tr 1 ln hay nhiu ln cn thit lp nn qu tr cp hng nm. Hp ng option: (hp ng t gi trc) : gi ph m ngi mua put option hay call option phi tr cho ngi bn hp ng option. Ph mua option c xc nh bi cc lc lng cng v cu ca th trng. Chng khon: a) Ph c tr bi ngi bn khng bn chng khon vay mn short seller) khi mn chng khon bn khng. b) Tr gi ca gi mt chng khon cao hn chng khon khc. Th d, nh phn tch chng khon c th ni l chng khon cng ty thc phm XYZ bn vi gi chnh lch hn 15% ca chng khon cng ty thc phm khc, c ngha l chng khon ny c tr gi cao hn chng khon cng ngnh. Tuy nhin, n

khng nht thit l chng khon vt gi. Tht ra, n cho bit l: cng chng u t ch c th nhn bit tim nng th trng ca n khi n tip tc tng gi. Tng t nh th, nh phn tch c th ni rng chng khon ngnh thc phm ang bn chnh l 20% i vi ch s Standard & Poors 500, cho bit gi tng i mnh i vi ton th th trng. c) Trong pht hnh chng khon tri phiu mi, tr gi gi mua bn c phn cao hn gi pht hnh . d) Tr gi cao hn tr gi th trng c chi tr trong vic a ra gi m tip qun (tender offer). xem Premium Raid. PREMIUM BOND: Tri phiu c chnh lch gi cao hn. Tri phiu c gi bn cao hn mnh gi hay gi thu hi. Th d tri phiu c mnh gi $1.000 c gi l tri phiu c chnh lch gi nu c bn vi gi $1.050. PRICE- DIVIDEND RATIO (P/D): T l gi c tc. Gi th trng ca chng khon chia cho c tc mi c phn vo nm trc T l P/D xc nh tr gi ti sn ca mt loi chng khon c trong danh mc u t ca nh u t. PRICE/EARNINGS RATIO (P/E): T l gi/li nhun. Gi chng khon chia cho li nhun mi c phn. T l P/E c th hoc l s dng li nhun c bo co trong nm sau cng (gi l t l P/E theo di : trailing P/E t l P/E qua) hoc l dng d on ca nh phn tch v li nhun nm ti (gi l t l P/E sp ti : forward P/E). T l P/E qua c lit k cng vi gi chng khon v hot ng mua bn trong bo hng ngy. Th d, chng khon ang bn gi $20/c phn c li nhun $1 trong nm qua th c t l P/E qua l 20. Nu cng chng khon d tr c li nhun $2 nm ti, n s c t l gi/1i nhun ( P/E ) sp ti l 10 . T l P/E cng cn gi l bi s, n cho nh u t nim l h ang chi tr bao nhiu cho sc kim li nhun ca cng ty. T l P/E cng cao th nh u t cng chi tr nhiu v v th h mong rng cng cn c nhiu li nhun Chng khon c t l P/E cao vi bi s cao hn 20 l loi chng khon ca cng ty tr ang pht trin nhanh. Chng khon ny c nhiu ri ro hn chng khon c t l P/E thp bi v k vng pht trin cao d b bin ng hn pht trin thp. Chng khon t l P/E thp thng trong cc ngnh pht trin thp, chn chn (trng thnh) hay trong nhm chng khon khng cn c chiu c tc l cc cng ty cht lng cao, t chc tt v thuc loi lo lng c li nhun n nh v thng xuyn tr c tc. Thng thng chng khon c t l P/E thp c hoa li cao hn chng khon c t l P/E cao v chng khon ny thng khng tr c tc (dng c tc pht trin thm).

PRICE ESCALATION: Gi leo thang, nng gi. Gi sn phm hay dch v tng cao hn bnh thng. Thng thng s gia tng ny l do c thm gi ph. Th d, hng xut khu c gi cao hn hng ni a v c thm ph vn chuyn, ph ti chnh. Lng lao ng cao hn hay gi ph b phn ri cng lm cho gi leo thang (lm nng gi). PRICE GAP: L hng ca gi. T ng c dng khi gi chng khon hoc l vt ln hay ri tut xung khung gi mua bn sau cng m khng c gi u. Th d, chng khon c th tng vt vt ln gi ng ca $20 c phn, trong khi khung gi ngy hm l $18 $20. Qua ngy hm sau khung gi m ca l $22 -$24 v c tin s c cng ty khc tip qun (Takeover Bid). Hoc l khi cng ty bo co li nhun thp hn mong i v do khung gi $18 $20 s rt xung khung gi $13 m khng c khung gi no nm gia hai khung gi trn. Cc nh phn tch k thut, xem l hng gi c l nhng chuyn bin quan trng, h ghi n ln biu bi v l hng ny thng biu th v th mua hay bn qu mc. PRICE INDEX: Ch s gi c. Ch s trung bnh gi bn l v gi bn bun (bn s) ca hng ho hay dch v . Ch s ny dng o lng lm pht, n tnh theo s phn trm gi trung bnh cn c trn nm c bn no . Ch s gi tiu th (consumer cusdexes) thng c gi l ch s gi bn l (Retail price Index RPI) hay CPI (Cousumer price index). Ch s bn bun (bn s) (Wholesale indexes) thng c gi l ch s gi sn xut (Producer price index PPI) hay ch s gi bn bun (Wholesale price index WPI) PRICE LEADER: Cng ty lm ch gi c. u s gi c. Cng ty c sc mnh th trng trong mt ngnh cng nghip c th ph v (khng b nh hng, cnh tranh gi c. Cng ty lm ch gi c s n nh gi trong tp on u s chuyn ngnh (oligopoly) v cc i th cnh tranh phi theo trnh chin tranh gi c. Vic nh gi khng phm php nhng khi cc i th cnh tranh m mu hp lc h gi n mc ti thiu, th cuc chin gi c s pht trin. Trong hu ht cc quc gia vic ny l bt hp php. PRICE LEVEL ADJUSTED MORTGAGE (PLAM): Tin vay c th chp c iu chnh theo mc gi. Mt hnh thc tin vay c th chp chi tr tng du (graduated payment mortgage) trong li sut chi tr c gi c nh nhng s cn i hin hnh c iu chnh theo lm pht tu thuc ch s gi c tng ng. theo tng giai on, tu theo thi biu nh k c c hai ngi vay v ngi cho vay chp thun s cn i hin hnh ang n c xem xt li tng ng vi tr gi ti sn v s chi tr hng thng cng c xem xt li theo cch tnh tng ng ny. Xem Alternative Mortgage Instrument.

PRICE LIMIT : Gii hn v gi. Xem Limit Price. PRICE METHOD: Phng thc gi. Xem Piece rote. PRICE-NET TANGIBLE ASSETS RATIO: T l gi/ti sn hu hnh thun. cho ti sn hu hnh thun ca n PURPOSE LOAN: Tin vay c mc ch. Tin vay c chng khon tri phiu bo m v c dng mua chng khon tri phiu khc theo lut l tn dng v ti khon margin ca nh nc. PURPOSE STATEMENT: Bo co mc ch. T khai do ngi vay trnh c ghi chi tit mc ch vay c chng khon tri phiu bo m. Ngi vay ng khng dng tin vay mua chng khon tri phiu tri vi quy nh ca nh nc. Xem : Nonpurpose Loan, Regulation U. PUT : Hp ng Put option. Xem Put option. PUT BOND: Tri phiu c quyn tr li trc ngy o hn. Tri phiu cho php ngi gi tri phiu thu hi (chuc) s tin theo cc thi khon n nh trc ngy o hn v nhn y mnh gi. Tri ch c php giao li tri phiu cho nh pht hnh mt ln trong thi gian cn hiu lc pht hnh hoc lu hn. i li c quyn ny: tri ch phi chu thit thi mt t hoa li khi chn tri phiu put thay v chn tri phiu c li sut khng th chuc li ( thu hi ) trc thi hn . PUT BUYER: ngi mua hp ng Put option. Nh u t tr ph mua hp ng option theo mt thi gian n nh c quyn bn chng khon c s theo gi n nh. PUT OPTION: Hp ng Put option (mua, bn chng khon theo chiu xung). -Tri phiu : quyn ca tri ch thu hi mnh gi tri phiu trc thi hn . xem : Put Bond . Hp ng option : hp ng cho quyn bn mt mt s tri phiu n nh theo gi n nh trong mt thi hn nht nh. Ngi mua hp ng put option c quyn ny, i li h phi chi tr ph mua option (option premium). Ngi bn put option cho ngi mua quyn ny, i li h c nhn ph mua option. th d, ngi mua hp ng option cng ty XYZ gi im 70 o hn thng 5 (XYZ May 70 Put) c quyn bn 100 c phn cng ty XYZ vi gi $70 cho ngi bn hp ng put option bt c lc no cho n ngy o hn thng 5. Ngi mua put option hy vng chng khon s rt gi trong khi ngi bn hp ng put option li hy vng chng khon s ng gi, tng gi hay rt xung mt gi t hn li nhun do ph mua option mang li . PUT SPREAD: Mua v bn song hnh hp ng put option. Nh u t mua mt hp ng Put Option ca mt loi chng khon no v bn mt hp ng

put option ca cng loi chng khon nhng khc ngy o hn, gi im hoc c hai. PUT THROUGH: Xong xui, thnh tu. Giao dch mua bn cng lc kt thc (do mt nh bun bn thc hin trn mt th trng chng khon ). Trong bun bn hon tt (put through sale), mt khch hng bn v mt khch hng mua mt khi lng ln mt loi chng khon. PUT TO SELLER : Bn li cho ngi bn. Nhm t ng c s dng khi hp ng put option c thc hin. Ngi vit ( hay bn ) hp ng option (option writer) cam kt mua li c phn c s theo gi tho thun. Th d, hp ng put option XYZ thng 7 40 (XYZ June 40 Put hp ng put option cng ty XYZ gi $40, o hn thng 7) Put to seller (c bn li cho ngi bn), ngi vit s phi mua li 100 c phn cng ty XYZ vi gi $40/ c phn ca ngi gi hp ng ( ngi mua hp ng put option) cho d tr gi th trng hin ti ca c phn cng ty XYZ c th thp hn $40/ c phn PUT WRITER: Ngi bn hp ng Put option. Nh u t nhn ph mua hp ng option theo mt thi gian n nh v cam kt mua chng khon c s theo gi n nh khi ngi mua hp ng put option mun bn. PYRAMIDING : Tin hnh theo kiu hnh kim t thp. . Tng qut : hnh thc bnh trng kinh doanh bng cch s dng n by ti chnh xy dng c cu cng ty phc hp La o : mu trn s tr gi khng tn ti, thng tin hnh theo dng hnh hc vi mt chui cht ch , ngy nay b xem l bt hp php. Mt th d ni ting l trng hp la o ca Ponzi vo cui thp nin l920 ngi u t c Ponzi tr li nhun bng s tin ca ngi u t mi cho n khi s vic b b u t : s dng li nhun khng c thc ca mt v th chng khon tri phiu hay hng ho lm th chp mua thm v th bng qu mn ca Broker. Ch Q Q- TIP TRUST: U thc Q-tip. U thc li ch ti sn kt thc c tiu chun. Loi u thc ny cho php c chuyn ti sn gia v vi chng. Ngi u thc Q- Tip chuyn thng li tc ca ti sn n ngi phi ngu sut i nhng c quyn phn phi ti sn khi ngi phi ngu mt. Loi u thc ny cho ngi u thc c tiu chun c khu tr khng gii hn nu c ngi phi ngu mt trc. U thc Q-Tip dng cung cp cp dng cho ngi phi ngu trong khi vn gi ti sn ca mnh ring ra ngoi ti sn ca ngi phi ngu kia (nh l thnh vin hn nhn tng lai) nu nh ngi u thc mt trc.

QUADRATIC PRICING MODEL: Biu mu nh gi bnh phng QUADRATIC PRICLNG MODEL : Biu mu nh gi ti chnh cho bit th trng ti u cho sn phm hay dch v mi v gi/hoa li ti u ca mt sn phm mi. Tim nng li nhun cao nht thuc v cc sn phm quen thuc dnh cho mt nhm khch hng c bit c n nh th d nh cng ty mi gii phc v trn gi, dch v ngn hng ring t, y dch v thng l sn phm c tnh hng ho th d nh cng ty mi gii gi thp hay th tn dng. QUADRILATERAL TRADE AGREEMENT: Tho thun mu dch h tng bn bn. Tho thun mu dch qu cnh gia 4 quc gia. QUALIFIED ACCEPTANCE: Chp nhn c tiu chun. Mt gii hn trong cc iu khon chp nhn bi ngi s hu hi phiu. Nhng ngi ra lnh chi tr hay ngi bi th c gii to khi s n khi s chp nhn c tiu chun tr khi c thng bo trc l ngi s hu t chi chp nhn n. QUALIFIED BLOCK POSITIONER: Ngi c t cch mua bn tng khi lng ln chng khon. Ngi mua bn tham gia vo vic mua hay bn tng khi lng ln chng khon vi khch hng v ngi mua bn ny hi tt c iu kin quy nh v vn u t thun ti thiu. QUALIFIED ENDORSEMENT: Bi th c tiu chun hn nh. Bi th (k vo mt sau chi phiu hay cng c chi tr Negotiable Instrument) chuyn mt s tin cho mt ngi khc ch khng phi cho ngi c tr, n mun ni n s gii hn s n ca ngi bi th. Khng c ngun h tr (without recourse) l th d d thy nht trong vic bi th, n c ngha l nu cng c khng c chp nhn th ngi bi th khng c trch nhim. Bi th c tiu chun l loi c gii hn (nh ch k gi) do ngi ta thch dng t ng bi th c gii hn (restricted endorsements). QUALIFIED INDEPENDENT APPRAISER: Ngi nh gi c lp c t cch (hi tiu chun). Mt ngi c th l k s du m c lp hi tiu chun hay nh nh gi bt ng sn c t cch v tnh c lp, ngi ny t mnh m trch vic nh gi mt loi ti sn no v l ngi : A. c cp giy chng nhn v ng k thc hin nghip v ti b phn chuyn vin tng ng hoc b phn php nh, nu c th ni l ng theo hot ng cng vic ca ng ta nh theo yu cu. ng ta l ngi c th chng t chnh ng ta c tiu chun kh nng nh gi loi ti sn m ng ta t m nhn B. c hon ton c lp, trong : - ng ta c thng tin v mc ch c nh gi v s da trn chng trnh v mc ch chung.

- ng ta da vo chng t y , xc thc v tr gi v da trn nh- gi theo kinh nghim v phn on ca ring ng ta. - ng ta khng c quyn li hin ti hay quyn li d tnh trong tng lai, hp php v c li, trong ti sn c nh gi. - ng ta khng c quyn li trong giao dch c xut lin quan n ti sn hoc trong cc bn ang thc hin giao dch mua bn . - Vic thu mn ng ta v tin cng khng ph thuc vo tr gi c ng ta thit lp hoc ph thuc vo bt c iu g hn l cung cp bn bo co hng l ph c nh trc. - ng ta khng phi l ngi ca tng gim c thnh vin (sponsor). QUALIFIED OPINION: kin theo tiu chun. kin ca kim ton vin km theo bn bo co ti chnh yu cu xem xt li gii hn ca kim ton hay nhng ngoi t m nh kim ton a vo bn bo co. L do c kin ny l : mt v kin co nu nh thua s nh hng nng n n tnh trng ti chnh cng ty; n thu cha gii quyt lin quan n mt v chuyn giao khng bnh thng ; khng c kh nng xc nh mt phn hng kho v khng n c a im. Xem : Accountants Opinion. QUALIFIED OTC MARKET MAKER: Nh to th trng tiu chun trong th trng ngoi danh mc (th trng t do). Nh mua bn to mt th trng bng chng khon mua bng ti khon Margin th trng ngoi danh mc (margin ti khon vay tin mua chng khon) v ngi ny hi iu kin theo quy nh s vn u t thun ti thiu. QUALIFIED PLAN OR TRUST: K hoch hay u thc theo tiu chun . K hoch hon thu do ngi ch thit lp cho cng nhn theo lut l Nh nc. K hoch ny thng c ng gp ca ngi ch th d, k hoch phn chia li nhun hay hu tr v cng c th c ng gp ca cng nhn. S tin ny c dnh tit kim v s c chi tr khi v hu hay thi vic. Cng nhn ch ng thu khi no rt tin. Khi ngi ch chi tr cho cc k hoch nh th, h s c khu tr khi ng thu v c cc li th thu khc. Xem : 401 (K) Plan, Salary Reduction Plan. QUALIFIED THIRD MARKET MARKER: Nh to th trng cp ba tiu chun. Ngi mua bn to mt th trng bng chng khon c lit k trn th trng v hi iu kin theo quy nh vn u t ti thiu. QUALIFYING ANNUITY: Tin tr cp hng nm tiu chun. Tin tr cp hng nm c mua theo (hay thit lp ra) chng trnh u t cho ti khon hu

tr c nhn, mt loi nh k hoch hay u thc tiu chun l k hoch hu tr v phn chia li nhun. Xem: Keogh Plan QUALIFYING RATIO: T l theo tiu chun. Tng s chi ph nh ca hng thng bao gm s chi tr li vn, thu v bo him c tnh bng s phn trm tng li tc hng thng; hoc l tng s n hng thng tnh theo s phn trm tng li tc hng thng. T l theo tiu chun, theo kinh nghim ngi cho vay, s xc nh kh nng chi tr ca ngi vay.
QUALIFYING SHARE: C phn c t cch. S hu c phn chng khon thng c t cch l gim c mt cng ty pht hnh.

QUALIFYING STOCK OPTION: Hp ng option chng khon c tiu chun. c quyn thng cho mt cng nhn cng ty, n cho php cng nhn c mua mt s c phn ca chng khon vn vi gi c bit theo cc iu kin c chp nhn trong lut nh nc. Theo lut th: 1. K hoch hp ng option ny phi c c ng chp nhn. 2. Khng c chuyn nhng. 3. Gi im (exercise price gi thc hin) phi thp hn gi th trng vo thi im hp ng option c pht hnh. 4. Ngi c thng khng s hu qu 5% s chng khon c quyn b phiu hay 5% tr gi tt c cc loi chng khon hin hnh (10% nu vn c ng di $1 triu dollar Hoa K). Cng nhn c thng khng phi ng thu li tc vo thi im c thng hay vo thi im thc hin hp ng option. Nu gi th trng xung di gi option th c th pht hnh hp ng option khc c gi im thp hn. Mi cng nhn gii hn trong $100.000 tr gi chng khon bao gm trong hp ng option c thc hin trong mt nm theo lch (calendar year). QUALIFYING UTILITY: Cng ty tin ch cng cng theo tiu chun ( Hoa K). Cng ty tin ch cng cng trong c ng c th c hon thu khi ti u t $750 c tc ($1.500 cho cp v chng cng ng k) vo chng khon cng ty. Mi n cui nm 1985 ch tnh thu khi bn chng khon. K hoch ny c o lut Economic Recovery Tax Act of 1981 ban hnh nh l phng tin gip cho cc cng ty tin ch cng cng gia tng vn u t. Hu ht cc cng ty c t cch lp k hoch ny u l cc cng ty v in. QUALITATIVE ANALYSIS: Phn tch nh tnh. Tng qut: phn tch nh gi cc nhn t quan trng khng th o lng chnh xc c.

Phn tch chng khon v tn dng: phn tch lin quan n cc cu hi v kinh nghim, c tnh, nng lc tng qut ca ban qun tr, o c cng nhn v tnh trng mi quan h lao ng ch khng lin quan n cc d kin ti chnh thc t ca cng ty. QUALITATIVE MARKET RESEARCH: Nghin cu nh tnh th trng. Dng phng php phng vn ngi tiu th v tp trung vo nhng nhm xc nh mt sn phm bit c hp dn th trng khng hay ti sao li hp dn th trng. S chnh xc ca cc kt qu ty thuc vo tm mc li tnh cht ca mu. Nghin cu nh tnh thng dng kim nghim cc nim v sn phm mi. QUALITY ADJUSTMENT: iu chnh cht lng. Trong hp ng futures hng ho th bt c hp ng no cng u c n nh khung cp c th chp nhn c ca hng ho, cp c bn (base grade) c tha nhn khi tnh gi hp ng v iu chnh cht lng khi tnh gi thanh ton giao theo cc cp khc c th chp nhn c. S gi thanh ton c iu chnh trong giao dch mua bn hp ng futures khi hng ho cung ng khc vi quy nh trong hp ng ban u. QUALITY ALLOWANCE: Tr cp cho cht lng. Xem Allowance. QUALITY AUDIT: Kim tra cht lng. Tin trnh chng nhn cht lng sn phm . QUALITY CIRCLE: Nhm cht lng. K thut qun l cng ty p dng u tin ti Nht. Cc nhm cht lng bao gm cc nhm cng nhn lm vic vi nhau xc nh v th ca vn , qun l kim tra cht lng, ci tin nng sut. QUALITY CONTROL: Kim sot cht lng. Tin trnh bo m rng sn phm lm ra ph hp vi tiu chun cht lng cao. Gim st hng ho vo nhiu thi im khc nhau trong qu trnh sn xut do ngi hay my mc thc hin l mt phn quan trng trong tin trnh kim sot cht lng. QUALITY OF EARNINGS: Cht lng li nhun. Nhm t ng m t li nhun cng ty c c do gia tng s bn v kim sot gi ph n khc vi li nhun gi to d o tr gi hng kho tng v lm pht hay do c cc ti sn khc. Trong thi k lm pht cao, cht lng li nhun c hng gim bi v phn ln li nhun cng ty bt ngun t tr gi hng kho tng. Trong thi k lm pht thp, cng ty t c s bn cao v gi c gi ph thp s c cht lng li nhun cao mt nhn t thch hp cho nh u t, nhng ngi sn sng chi tr cao c li nhun cht lng cao.

QUANT: Nh phn tch. Ngi c k nng ton hc v tin hc chuyn cung cp dch v h tr bng s liu v phn tch trong ngnh chng khon. Ch R ( Cha c ) Ch S SECOND- PREFERRED STOCK: Chng khon u i hng nh. Chng khon u i di mc chng khon u i khc lin quan n quyn u tin c c tc v ti sn khi thanh l. C phn u i hng nh thng c pht hnh km c tnh kh hon hay chng ch c quyn mua chng khon warrant thm phn hp dn nh u t. Xem : Junior Security, Preferred Stock, Prior- Preferred Stock, Subscription Warrant. SECOND ROUND: Vng nh. Giai on trung gian ca ti tr vn mo him venture capital vn u t liu lnh tip theo sau tin u t gc ( seed money, hay tin u t ban u start up) v cc giai on vng u trc giai on lng chng (mezzanine level), khi cng ty n im chn mi thnh mt cng ty tim quyn (mua t mt cng ty khc bng tin vay leveraged buyout mua t c n by ti chnh) bng ban qun l hay bng vic cung ng u tin c phn ra cng chng ( IPO ) Initial Public Offering. SECONDARY DISTRIBUTION: Phn phi cp hai. Bn ra cng chng s chng khon tri phiu pht hnh trc y do cc nh u t ln thng l cc cng ty, t chc hay nhng cng ty c st nhp ang gi, n khc vi chng khon tri phiu mi pht hnh hay phn phi u tin, lc ny ngi bn l cng ty pht hnh. Ging nh cung ng u tin, vic cung ng ln th nh cng do Ngn Hng u T x l, hoc l mt mnh hay cng nhm bao tiu ngha l h mua ca ngi bn vi gi tho thun sau bn li s chng khon tri phiu , thnh thong vi s gip ca nhm bn, vi gi cung ng ra cng chng cao hn kim li nhun chnh lch gi l spread. Bi v vic cung ng phi ng k vi nh nc, nn nh qun l nhm bao tiu cng c hay gi gi th trng mt cch hp php bng cch t mua ( u thu ) c phn trong th trng t do (th trng m rng). Ngi mua chng khon cung ng theo cch ny khng phi tr hoa hng v tt c gi ph do ngi bn chu. Nu loi chng khon c lin quan ny c lit k th bng tng hp s thng bo vic pht hnh sut ngy mua bn, mc d lc vic cung ng cha c thc hin cho n khi th trng ng ca. Trong lch s phn phi ln th hai cp tht ln c trng hp cung ng ca Ford Foundation v chng khon cng ty Ford Motor nm l956( khong $658 triu ) do 7 cng ty x l theo tho hip lin kt qun l v s bn c phn ca Howard Hughes ($566 triu) thng qua Merrill

Lynch, Pierce, Fenner & Smith nm 1966. Mt hnh thc tng t vi phn phi ln th 2 c gi l cung ng c bit (special offering), n gii hn s thnh vin ca NYSE v hon tt trong ngy mua bn. Xem: Exchange Distribution, Registered Secondary Offering, Securities and Exchange Commission Rules 144 and 237. SECONDARY EXCHANGE MARKET(SEM) : Th trng hi oi cp hai(th cp). Th trng khng chnh thc ca hi oi trong quc gia c h thng t gi hi oi kp (dual exchange rate system). SEM l th trng hp php nhng c t gi dnh cho loi giao dch khng c u tin, khng thun li bng t gi hi oi chnh thc dnh cho cc giao dch mua bn c u i. Trong quc gia ang pht trin tin ca cng nhn t nc ngoi gi v thng thng c chuyn i theo SEM. SECONDARY LIABILITY: N th cp( cp hai). N hp php ph thuc, th d n ca ngi bi th khi hi phiu khng c chi tr hay khi ngi vit hi phiu khng tr c n. Xem Contingent Liability. SECONDARY MARKET: Th trng Cp II. l. Th trng chng khon v th trng ngoi danh mc ni chng khon c mua v bn tip theo sau ln pht hnh u tin(pht hnh gc) tc l ln thc hin Th Trng Cp I. S tin thu c Th Trng cp II thuc v ngi mua bn v nh u t ch khng thuc v cng ty u ty u tin pht hnh chng kho n tri phiu. 2.Th trng ni mua bn cc cng c th trng tin t ngn hn gia cc nh u t. SECONDARY MORTGAGE MARKET: Th Trng Th Chp Cp II. Mua bn, trao i s tin vay c th chp ang hin hnh v chng khon tri phiu c th chp bo m. Nh th ngi cho vay gc (u tin) c th bn s cho vay trong danh mc u t ca mnh c tin mt cho vay thm. Tin vay c th chp ca ngi cho vay c c quan nh nc ( Hoa K nh Federal Home Loan Morgage Corporation v Federal National Mortgage Association) v cc ngn hng u t mua. Cc c quan v ngn hng ny n lt h lp ra mt th chp chung gi gn thnh chng khon c th chp bo m sau bn cho nh u t, n c gi l Chng khon qua trung gian bo m (Pass- Through Securities hay Chng Ch D Phn (Partcipation certificates). V th Th Trng Th Chp Cp II bao gm tt c cc hot ng bn ngoi Th Trng Cp I, n ng gia ngi mua nh v ngi cho vay c th chp u tin.

SECONDARY OFFERING: Cung ng cp hai. Xem Secondary Distribution. SECONDARY RESERVES: S d tr cp hai( th yu). Ti sn u t trong tri phiu ngn hn d mua bn thng l cng phiu ngn hn hay tri phiu nh nc ngn hn. S d tr theo lut nh trong ngn hng nh nc khng sinh li, nhng s d tr cp hai l ngun b sung thanh ton (d, chuyn ra tin mt). Tin li ca d tr ny c th dng iu chnh v th d tr ca ngn hng. Nu s cu tin vay thp, ngn qu k thc thng c u t vo tri phiu ngn hn v d i ra tin mt. S d tr cp hai khng c lit k thnh hng mc trong bn cn i ti khon ring l. SECONDARY STOCKS: Chng khon cp II. Dng theo cch thng thng ch chng khon c s t bn ho th trng nh (market capitalization), cht lng km, c nhiu ri ro hn chng khon cp cao (blue chip) theo ch s Dow Jones. Chng khon cp II thng c hot ng khc hn chng khon cp cao, n c theo di bng ch s tr gi th trng Amex (Amex Market Value Index), ch s tng hp NASDAQ, cc ch s c s dng rng ri nh S&P.; Chng khon cp II cn c gi l second tier stocks (chng khon lp th hai) . SECTOR: Khu vc (chng khon ) chuyn ngnh. Mt nhm c bit chng khon lm nn tng cho mt ngnh. Nh phn tch chng khon thng theo di mt khu vc c bit trong th trng chng khon nh chng khon ngnh hng khng hay ho cht. SECTOR FUND: Qu u t theo khu vc chuyn ngnh. Qu h tng u t chuyn u t vo mt ngnh. SECULAR : Di hn thng thng. Di hn (10-50 nm hay lu hn), khc vi khung thi gian theo v ma hay chu k. SECURED BOND: Tri phiu c bo m. Tri phiu c bo m bng th chp ti sn, cng c n hay quyn gi th chp. Tnh cht xc thc ca chng khon phi c ni r trong giao ko. Tri phiu c bo m khc vi tri phiu khng bo m gi l giy n (debenture giy chng nhn n) . SECURED CREDIT: Tn dng c bo m. Xem Secured Loan. SECURED CREDIT CARD: Th tn dng c bo m. Th tn dng ngn hng c bo m bng ti khon tit kim. Nh pht hnh s gi th tn dng tng ng vi mc tn dng ca ngi c th v c quyn dng ti khon k thc tr ho n tnh tin th tn dng nu ngi c th khng th chi tr. Th tn dng c bo m ch c pht hnh cho nhng ngi c kh nng chi tr da trn qu trnh tn dng ca ng ta khng c g trc trc.

SECURED CREDITOR: Ch n c bo m. Mt bn c gi th chp hay c quyn i chi tr trn ti sn. Ngi cho vay c th chp c gi mt quyn li an ton trong th chp ni c tr ca ngi vay. Ngn hng no c quyn li an ton trong ti sn ca ngi vay c xem l ch n c bo m . SECURED DEBT: N c bo m. N c bo m bng th chp ti sn hay vt th chp. Xem : Assign, Hypothecation . SECURED LOAN: Tin cho vay c bo m. Tin cho vay c bo m bng vic chuyn nhng quyn gi ti sn v mt quyn li an ton trong ti sn c nhn hay ti sn thc. Ngi vay c th chp giao cho ngi cho vay mt th chp trong ti sn c ti tr. Tin cho vay kinh doanh c th c bo m bng tin mt, hng kho. Ti khon thu, tri phiu d mua bn, v cc th chp c th chp nhn. Trong trng hp ngi vay khng th chi tr theo cc iu khon tn dng ban u, ngi cho vay c th c quyn hp php i chi tr v bn th chp. Ngc li vi tin vay k hng bo m, n ch c bo m bng li ha chi tr bng giy ha tr n. Xem : Asset- Based Lendir. ,Finacing Statement, Security Agreement, Side Collateral. SECURITIES ANALYST: Nh phn tch chng khon. C nhn thng do cng ty mi gii, ngn hng hay t chc u t thu mn, ngi ny thc hin nghin cu u t v kho st iu kin ti chnh ca cng ty hay mt nhm cng ty trong mt ngnh v kho st bi cnh cc th trng chng khon. Nhiu nh phn tch chuyn v mt ngnh c nht hay mt khu vc v xut mua, bn, gi li u t trong lnh vc . Trong s cc biu th ti chnh ca cng ty, cc nh phn tch theo di cht ch doanh s v pht trin li nhun, c cu vn, khuynh hng ca chng khon, t l P/E (gi/li nhun), s chi tr c tc, li nhun t u t vn. Nh phn tch chng khon y mnh vic ph bin ti chnh cng ty bng cc cuc hi tho c h tr thng qua cc hip hi a phng. Xem Forcasting, Fundamental Analysis. SECURITIES LOAN: Cho vay chng khon. 1. Broker cho mt ngi khc vay chng khon thng l trang tri ( bo k ) bn khng (short sale bn chng khon vay mn) ca khch hng. Bro ker cho vay c bo m bng tin thu c do vic bn chng khon . 2. Theo ngha tng qut, tin cho vay c th chp bng s chng khon c tnh th trng (d mua bn) s vay ny bao gm s tin khch hng vay ca Broker- Dealers mua hay gi chng khon. S tin vay phi theo lut l ca nh nc v ti khon Margin (ti khon vay tin mua chng khon), cng nh s

tin cho vay ca ngn hng v ca ngi cho vay khc phi theo lut nh nc. S tin do ngn hng cho Brokers vay bo k v tr khch hng cng c th chp bng chng khon nhng s tin vay nh th c gi l tin vay ca Broker hay tin vay theo lnh gi (call loans). Xem : Hypothecation, SECURITlZATION: Tri phiu ho (chuyn ra tri phiu). Chuyn i tin cho vay ngn hng v ti sn khc ra tri phiu d mua bn bn cho nh u t. T chc tn tr k thc hay nh u t ngoi ngn hng c th mua loi tri phiu ny. mc rng hn, ti tr cho cng ty bng giy n c li sut th ni v chng t n thng mi Chu u thay th tin vay ca ngn hng nh l phng tin cho vay, l mt hnh thc tri phiu ha. Bng cch hng phiu ho tin cho vay ngn hng v ti khon thu tn dng, t chc ti chnh thay th ti sn ngn hng trong bng cn i ti khon nu hi mt s iu kin no lm tng t l vn v lp ra tin cho vay mi bng s tin thu c do bn tri phiu cho nh u t. Tin trnh ny ni kt c hiu qu th trng tn dng (th trng th chp trong ngi cho vay lp ra tin cho vay mi) v th trng vn bi v ti khon thu ca ngn hng gom li thnh tri phiu c bo m bng tp hp cc th chp, tin vay mua t, ti khon thu ca th tn dng, cho thu, v cc loi n tn dng khc khi ngn hng mong nh u t vi t cch ngi gi n sau cng th ngn hng c khuynh hng nghing v hot ng vi t cch ngi bn ti sn hn hn l ngi cho vay theo danh mc u t (ngha l tt c tin cho vay ca h u nm trong danh mc u t ca ring h). Tri phiu ho (chng khon ho) cng nh ngha li ngha cht lng ti sn v phng din ngn hng, tiu chun bo k tin vay v ngi cho vay s xem cht lng tin cho vay trong ngha kh nng d mua bn ca n trong th trng vn ch khng phi theo kh nng c th chi tr li ca ngi vay. Vi mc ch bo co theo lut nh, tin cho vay c chuyn sang mt loi tri phiu v c bn nh tri phiu c ti sn bo m th c tiu chun xem l thng v bn ti sn. Ngi bn khng cn chu ri ro thua l t s ti sn chuyn i v khng phi chu trch nhim vi ngi mua v ngi vay b v n hay c s thay i tr gi th trng ca tri phiu bn. S chuyn i ti sn trong ngi mua c ngun h tr (recourse) da vo t chc bn bn th c xem l s vay mn hay ti tr c ti sn bo m. SECURITY: Bo m th chp Chng khon (c phn thng, u i, tri phiu). Ti Chnh : vt th chp do ngi n giao cho ngi cho vay m bo s n, n c gi l th chp bo m Collateral Security. Th d, vt bo m cho s tin vay c th chp l bt ng sn ang c mua bng s tin vay. Nu

khng tr c n, ngi cho vay c th gi bt ng sn bo m v bn i. C nhn bo m (personal security) m ch mt ngi hay mt cng ty bo m cho s n cam kt u tin ca mt ngi khc. u t : cng c cho bit c mt v th s hu trong cng ty (chng khon ), mt ch n c lin h vi mt cng ty hay mt b phn nh nc (tri phiu ), hay c quyn v s hu trong cc cng c tiu biu bng hp ng option, quyn ng k mua, chng ch c quyn ng k mua. SECURITY AGREEMENT: Tho thun v s an ton. Chng t cho ngi cho vay c mt quyn li an ton trn s ti sn c th chp. Tho thun ny do ngi vay k, n cho bit y chi tit v ti sn th chp v a im ngi cho vay c th nhn din n v ngi vay k chuyn nhng cho ngi cho vay quyn c bn hay pht mi ti sn th chp nu ngi vay khng th tr n. Tho thun an t on c th bao gm giao ko cho vay iu hnh vic ng trc ngn qu v c mt thi biu chi tr li vn v li hoc yu cu ngi vay phi bo him ti sn th chp. Tha thun an ton c th bao gm quyn gi th chp nhng khng s hu i vi ti sn v hnh nh khon thu ca ti khon hay quyn gi th chp c quyn s hu (possessory lien ) trong ngi cho vay gi ti sn th chp th d nh chng ch chng khon cho n khi tin cho vay c tr y . Trong vi loi tin vay, tho thun an ton cng l h s ti tr np cho c quan c thm quyn nu nh c ch k ca hai bn, ngi vay v ngi cho vay. SECURITY INTEREST: Quyn li an ton. Quyn i chi tr i vi ti sn c ngi vay th chp bo m cho s chi tr mn n. Quyn li ca ngi cho vay c gi l quyn gi th chp, n gn lin vi ti sn ca ngi vay v bao gm 2 quyn : quyn tch bin v quyn u tin hng u. Ngi cho vay trnh h s ti tr, thng ging nh chng t tho thun an ton s c c quan thm quyn thng bo cho cc ch n khc bit. Tin trnh ny c gi l hon thin quyn gi th chp, thng thng c thc hin trong loi tin vay thng mi c quyn gi th chp ngha l c quyn hp l hn cc ch n khc v hn bn th ba. Xem Perfected Lien . SECURITY MARKET LINE: Gii tuyn an ton th trng. Mi lin h gia t l li nhun theo quy nh trong u t v cc ri ro thng thng ca chng khon cng loi (systematic risk trong u t . SECURITY RATINGS: nh gi chng khon. c tnh v ri ro tn dng v u t ca vic pht hnh chng khon do cc c quan c tnh thng mi thc hin.

SEED MONEY: Tin gc. S ng gp u tin ca nh t bn mo him vo s ti chnh hay vn theo yu cu bt u kinh doanh (start -up business). S tin ny thng di hnh thc vay nhng thng c xem l khng quan trng hay di hnh thc u t bng tri phiu kh hon hay chng khon u i. S tin gc lm cn bn cho vic t bn ho thm (u t thm vn) nhm iu chnh s pht trin c n khp. Xem : Mezzanine Level, SEEK A MARKET: Tm kim th trng. Tm ngi mua (nu l ngi bn) hay tm ngi bn chng khon (nu l ngi mua). SEGMENTATION: S phn thnh tng mng. Phn chia tp hp th chp thnh cc nhm c li sut v cc c tnh chi tr ging nhau nh cam kt n c th chp c bo m, tin cho vay ca ngn hng c tri phiu ho hay ti sn ngn hng c chuyn thnh tri phiu d mua bn bn trn th trng cp hai. iu ny lm nng cao tr gi tri phiu i vi nh u t khi tri phiu c bn nh u t c nhiu c hi la chn hn loi chng ch qua trung gian bo m bng th chp SELLING, GENERAL, AND ADMINISTRATIVE (SG&A;) EXPENSES: Chi ph bn, tng qut v qun l. Nhm chi ph bo co trong bn bo co li l ca cng ty gia gi ph hng bn (cost of goods sold) v khu tr li tc (income deduction). Chi ph ny bao gm cc mc nh : lng v hoa hng cho nhn vin bn hng, qung co v c ng, du lch v gii tr, lng v chi ph khi vn phng, lng ban iu hnh . Chi ph SG&A; khng bao gm cc mc nh tin li hay khu tr dn ti sn v hnh, nhng phn ny c lit k trong phn khu tr li tc. Xem Operating Profit (or Loss). SELLING GROUP: Nhm bn. Nhm ngi mua bn (dealers) do vin chc qun l (gim c) nhm bao tiu ch nh, hot ng nh mt b phn hay nhn vin lm vic cho cc nh bao tiu khc bn chng khon mi pht hnh hay pht hnh ln th hai ra cng chng. Nhm bn thng thng bao gm cc thnh vin ca nhm bao tiu nhng khc nhau v tm vc s ngi v mc pht hnh, i khi nhm bn bao gm hng trm Dealers . Nhm bn lm vic theo ch o ca tho thun nhm bn cn gi l tho thun ca Dealer c chn la (selected dealer agreement. Tho thun cng b cc mc v mi quan h, thit lp hoa hng thng gi l hoa hng cho nhm bn selling concession gim gi bn cho nhm bn v thi hn hot ng ca nhm, thng l 30 ngy. Nhm bn c th hay khng th b buc phi mua c phn khng bn c.

SELLING OFF: Bn tng bn tho. Bn chng khon hay hng ho v p lc phi trnh gi cng gim xung na. Nh phn tch k thut gi l sell-off bn tng bn tho . Xem Dumping. SELLING ON THE GOOD NEWS: Bn theo thi im c tin tt. Bn chng khon ngay sau khi c thng bo tin tc lc quan v vic pht trin. Hu ht cc nh u t vui mng v c tin sn phm mi c thnh cng hay c li nhun cao, h s mua chng khon v ngh rng n s ln cao hn, do lm cho gi chng khon tng. Mt vi ngi no bn chng khon theo thi im c tin tt tin tng rng chng khon s ln n gi tt nh khi ngi ta c khch l v kinh t pht trin nn sn sng mua chng khon. Do , tt hn ht l bn ngay vo thi im ny hn l ch c thm tin tt hay gi chng khon, v c th thng bo k tip s l thng bo y tht vng. So snh vi Buying On The Bad News (mua theo thi im c tin xu). SELLING SHORT: Bn khng. Bn hp ng futures chng khon hay hng ho m bn thn ngi bn khng c chng khon, hng ho. K thut ny dng : 1. Kim li nhun khi on gi s h. 2. Bo v li nhun trong v th mua xem (Selling Short Against The Box). Nh u t mn chng ch chng khon giao vo thi im bn khng. Nu sau ngi bn c th mua loi chng khon vi gi thp hn th ngi bn c li nhun, tuy nhin nu gi tng ngi bn s l. Hng ho c bn khng c ngha l ngi bn ha s giao hng ho theo gi n nh vo mt thi im trong tng lai. Hu ht hng ho bn khng u c bo k trc khi giao. Th d v vic bn khng chng khon: Nh u t tin on gi c phn cng ty XYZ s gim, ng ta ch th cho broker ca ng ta bn khng 100 c phn XYZ khi ang c gi $50/c phn. Sau broker cho nh u t vay 100 c phn XYZ bng s chng khon tn kho ca ring ng ta hoc c phn trong ti khon Margin ca ch hng khc hoc c phn mn ca broker khc. Cc c phn ny dng thanh l vi broker mua trong vng 5 ngy ca giao dch bn khng, v tin thu c s m bo cho s tin vay. By gi nh u t vo v th gi l v th bn (short position) ngha l nh u t vn khng s hu 100 c phn XYZ v lc no phi mua c phn tr li cho broker cho mn. Nu gi th trng c phn XYZ rt xung cn $40/c phn, nh u t c th mua 100 c phn vi gi $4.000 tr li cho broker cho mn nh th trang tri c vic bn v c li nhun $1.000 hay $10/c phn. Hoa K, lut T ca Federal Reserve Board quy nh lut l v vic bn khng. Xem : Lending at a Rate, Short Sale Rule.

SELLING SHORT AGAINST THE BOX: Bn khng da trn hp an ton. Bn khng ,chng khon m ngi bn thc s c chng khon nhng c gi trong hm an ton (safe keeping) gi l Box trong hm ca Ph Wall . SETTLEMENT DATE: Thi im thanh l. Thi im lnh thc hin phi c thanh l hoc l ngi mua chi tr chng khon bng tin mt, hoc l ngi bn giao chng khon v nhn tin bn chng khon ny. Trong cch cung ng thng thng chng khon v tri phiu, thi im thanh l l 5 ngy hnh chnh sau khi vic mua bn c thc hin . i vi hp ng option c lit k v chng khon nh nc, vic thanh l c quy nh l ngy hnh chnh k tip. Xem : Sellers Option . SETTLEMENT OPTION : La chn thanh l. 1. Th trng hi oi: hp ng trong ngi bn c la chn thanh l mt hp ng tng lai (forward contract vo bt c thi im no trong mt khong thi gian n nh . 2. Chng khon, tri phiu : s la chn ca ngi bn nhm cung cp tri phiu, chng khon vo bt c lc no t 5 ngy sau thi im giao dch (theo cch thanh l thng thng ca cng ty n tr nht l 60 ngy sau thi im giao dch . SETTLEMENT PRICE: Gi thanh ton. Trong hp ng futures, con s c xc nh bng khung gi kt thc v c dng tnh li, l mua bn . Gi thanh ton dng xc nh li l lnh gi margin (lnh yu cu ng thm tin vo ti khon vay tin mua chng khon, gi ho n hng ho cung ng. Ngoi ra, y l gi mt cng c ti chnh lm c s cho hp ng option khi hp ng c thi hnh gi im, gi thc thi. SETTLOR : Ngi tng, u thc. Ngi lp ra u thc gia nhng ngi cn sng (Inter Vivos Trust) khc vi u thc theo di chc (testamentary Trust u thc ch c hiu lc khi ngi u thc mt). Ngi biu tng (ngi u thc) cn c gi l Donor, G rantor, SEVERALLY BUT NOT JOINTLY: Ring r, khng lin i, phn no ra phn . Hnh thc tho thun dng thit lp trch nhim v vic bn mt phn chng khon c bao tiu . Thn h vin nhm bao tiu ng mua mt phn chng khon pht hnh (ring ra) nhng khng ng chu trch nhim php l chung (jointly) i vi cc c phn khng c cc thnh vin khc ca nhm bao tiu bn. Mt hnh thc t thng dng hn v tho thun bao tiu c gi l tho hip ring r v chu trch nhim chung, thnh vin nhm bao tiu khng nhng

ng bn s c phn phn b, cho h m cn chu trch nhim v s c phn khng c s thnh vin cn li bn Ch T T CALL: Lnh gi ng thm ti n hay chng khon. Xem Margin Call. TAIL: Khong cch thi gian, chnh lch, ui. Bo him: thi khong gia lc nhn li tc ph bo him v chi tr theo quyn i chi tr. Th d, cng ty ti bo him c thi khong t lc nhn ph bo him n lc phi tr bo him (tail) di hn khi so snh vi cng ty bo him tai nn. u gi tri phiu kho bc : chnh lch gi gia gi t mua c cnh tranh thp nht (lowest competitive bid) c cng kh Hoa K chp nhn i vi tri phiu kho bc ngn, trung v di hn vi gi t mua trung bnh ca tt c cng phiu cung ng, mua cc cng phiu nh th. Xem Treasuries. Bao tiu: s thp phn t pha sau s trn dollar ca gi t mua do mt nh bao tiu tng lai trong u thu c cnh tranh t bao tiu. Th d, trong gi t mua l $97,3347 ca mt loi tri phiu pht hnh no , th s ui thp phn l 0,3347. TAILGATING: i ca hu n c. Mt hot ng khng o c ca mt broker, sau khi khch hng t lnh mua hay bn mt chng khon no th broker cng t mt lnh cng mt loi chng khon nh th cho ti khon ca ring mnh. Broker hy vng kim c li nhun hoc l nh cc thng tin m khch hng bit hay on bit, hoc l nh vic mua ca khch hng vi s lng to p lc trn gi chng khon. TAKE: Li nhun, tin x s, tin hi l, tch thu, chp nhn. Tng qut: 1. Li nhun hin thc (nhn c) trong mt v giao dch. 2. Tng s thu ca cng ty x s hay nh bi. 3. Bt u hi l, nh trong cu ang hi l (being on the take). Lut php: tch thu ti sn. Khi con n khng th tr n c th chp bo m th ngi cho vay s tch thu vt th chp ny. Chng khon: chp nhn gi cung ng trong mt v giao dch gia brokers v dealers (ngi mua bn cho chnh mnh). TAKE A BATH: i tm Thua sch s. Chu thua l nng trong mt v u c hay u t nh trong cu ti thua sch s s chng khon cng ty XYZ stock). TAKE A FLIER: u c, c tham vng kim li, mo him.

u c, c ngha l mua chng khon vi thc l v u t ny c rt nhiu ri ro. TAKE A POSITION: Gia mt v th. 1. Mua chng khon trong cng ty vi nh gi mt thi gian di hoc nu c th chim quyn kim sot cng ty. Mt ngi th c chim v th c t 5% tr ln s chng khon ang lu hnh ca cng ty phi trnh bn thng tin n nh nc cng nh vic mua bn vi cng ty b tip qun . 2. T ng c s dng khi broker/dealer lu gi chng khon, tri phiu trong kho, v th h c th v th mua hay bn (long or short). Xem Long Position Short Position. TAKE DELIVERY: Nhn s giao. 1. Kt thc mt giao dch chng khon vo thi im thanh ton. Ngi mua nhn phn giao theo cch thanh ton thng thng, ngha l trong vng 5 ngy theo thi im giao dch mua bn. 2. Hnh ng thanh l mt giao dch mua bn hp ng Futures bng cch nhn s hng ho c s. Nh mua bn t khi thanh l hp ng Futures, thay vo h bn hp ng trc khi o hn. TAKEORPAY CONTRACT: Hp ng nhn trc tip hay tr li. Tho thun gia ngi mua v ngi bn cam kt rng ngi mua tr mt s tin ti thiu mua sn phm hay dch v cha c giao. Loi hp ng ny thng c s dng trong ngnh tin ch cng cng h tr tri phiu ti tr cho cc nh my in mi. Hp ng ny c iu kin l ngi mua in sau ny s nhn lng in t nh pht hnh tri phiu, nu cng trnh khng hon tt s tr li cho tri ch s tin h u t. Hp ng nhn hay tr l cch thng thng nht bo v tri ch. TAKE-OUT COMMITMENT: Cam kt mua rt ra trong tng lai (mua tin vay ngn hn). Tho thun gia ngn hng th chp v nh u t di hn, theo nh u t ng mua tin vay c th chp vo thi im n nh trong tng lai. Nh u t c gi l take-out lender, tiu biu nh cng ty bo him hay t chc ti chnh. Xem : Take-out Lender, Take-out Loan. TAKE-OUT LENDER: Ngi cho vay di hn mua tin vay ngn hn c th chp.

T chc ti chnh cung cp tin cho vay c th chp di hn da trn ti sn thc, dng thay th s ti tr chuyn tip ngn hn, hoc tin cho vay xy dng ca n v tit kim v cho vay, ngn hng hay ngn hng th chp. T chc cp tin cho vay di hn hay ti tr thng xuyn thng l cng ty bo him hay nh u t thuc t chc sn sng u t di hn trong ti sn sinh li hin thc bng s t bn kim c t s bn cui cng ca ti sn, ngoi ra cn c lng tin mt t s tin chi tr thu mn ca ngi thu ti sn. TAKE OUT LOAN: Tin cho vay di hn ly ln ln. Ti tr di hn thng c hoch nh nh tin vay c th chp chi tr dn dn v c nh cho d n xy dng nh ca, pht trin vn phng hoc l c kt hp s dng ti sn c sinh li. Hnh thc mi gn y l tin vay c th chp li 0, trong tin li c tr ngay mt k hay c tr dn mt ln (balloon payment) khi o hn. TAKE THE OFFER: Chp nhn gi t bn. Cch din t ngi mua sn sng chp nhn gi t bn ca ngi bn ang bo gi ngc li vi Hit the Bid (chp nhn gi t mua). TAKEDOWN: Phn chia, gi c h (c khu tr). 1. Phn chia chng khon theo t l cho ngn hng u t c d phn khi pht hnh ln u tin hay ln th hai cc chng khon. 2. Gi ca chng khon c phn b cho thnh vin nhm bao tiu, c bit l trong pht hnh tri phiu th. Xem Underwrite. TAKEOUT: Rt tin, thay th ngn hn bng di hn. Ti chnh bt ng sn: tin vay c th chp di hn dng chi tr cho tin vay xy dng ngn hn (Interim loan). Xem Standby Commitment. Chng khon: rt s tin mt t ti khon cng ty mi gii, sau mt v ma hay bn pht sinh ra mt s cn i d thun (net credit balance-kt s d tn dng thun). TAKEOVER: Ginh quyn kim sot, tim quyn. Thay i quyn kim sot li tc ca mt cng ty. Vic ginh quyn kim sot c th l mt th c thn thin hay mt u thu khng thin (hay t gi mua) mt cng ty ang l mc tiu tim quyn (target company) v c th phi i u vi k thut chng c mp (sharp repellent-mi hi chng c mp). Mt hnh ng tim quyn c c (nhm mc tiu thay th ban iu hnh hin ti) thng c c thc hin bng cch a ra gi m (tender offer-a ra gi mm-gi mua cao hn gi th trng). Cc phng thc khc c th l cc xut st nhp t nguyn cc u vin ban qun tr (directors), gom gp (tch lu) dn dn cc c

phn trong th trng t do hay tm cho c nhng quyn u nhim (proxy rights) thit lp mt ban qun tr mi. TAKEOVER ARBITRAGE: Sch lc song hnh tim quyn. Xem Risk Arbitrage. Taking delivery : Nhn cung ng. 1. Tng qut: chp nhn nhn hng ho t phng tin chuyn ch thng thng hay phng tin vn chuyn bng tu, thng thng lp chng t bng cch k vo vn n hay cc giy bin nhn khc. 2. Hng ho: chp nhn cung ng hng ho c th theo hp ng futures (spot market-th trng tr ngay bng tin mt). Cc quy nh v giao hng (cung ng) nh tm mc ca hp ng v s lng hng ho cn thit, c thit lp theo th trng ni hng ho mua bn. 3. Chng khon: chp nhn nhn chng ch chng khon hay tri phiu mi mua gn y hay mi chuyn t ti khon khc ti. TALON: Phn chia cn li. Mt hnh thc c c ng p dng cho phiu li (coupon) thuc ngi mang (bearer bond coupons) khi mt ngun cng ang c li b cn. TAN: Giy n tr trc thu. Xem : Tax Anticipation Note. TANDEM LOAN: Tin vay c bao cp. Chng trnh tin vay c th chp c tr cp (bao cp) trong nh nc mua tin vay c th chp theo gi cao hn gi th trng cng bng hp l, v bn li cho mt c quan nh nc. Chng trnh nhm tr gip ti chnh cho nh xy dng pht trin ca d n xy dng chung c khng v mc ch kim li. Nh nc s tr phn chnh lch-gia gi mua v gi bn-s dng vic nh gi tn dng m bo cho phn khu tr (chnh lch) m cc c quan xy dng chung c khng sc gnh vc v i li h s chp nhn mt s thua l (nu c trong giao dch ny). TANGIBLE ASSET: Ti sn hu hnh. Bt c ti sn no khng hi iu kin ca nh ngha ti sn v hnh (intangible asset) l loi quyn khng c th i vi nhng th c xem l tiu biu cho mt quyn li trn th trng nh nhn hiu cu chng, bn quyn. V th ti sn hu hnh r rng l nhng th tn ti c th nh tin mt, bt ng sn, my mc. Tuy nhin trong k ton, cc ti sn nh ti khon thu c xem l ti sn hu hnh mc d n khng ging tnh cch c th hn g mn bi hay hp ng cho thu, c hai loi ny c xem nh ti sn v hnh. Ni tm li, nu mt ti

sn c mt hnh thc c th th n l hu hnh nu khng th phi tham kho bn danh sch m cc nh k ton quyt nh ci no l ti sn v hnh. TANGIBLE COST: Gi ph hu hnh- Gi ph thc t. T ng dng trong lnh vc khoan du v gas c ngha l gi ph ca nhng hng mc c th s dng qua mt thi gian nh: cc ti du (casings), cc thit b lp rp tt, t ai, b cha, n khc vi gi ph v hnh nh khoan du, th nghim v chi ph a cht. Trong tho thun phn chia thnh vin gp vn trch nhim hu hn (limited partnership) c mi ngi s dng th gi ph hu hnh do gim c thnh vin gnh vc cn gi ph v hnh th do thnh vin chu, thng thng c thc hin nhm mc ch gim thu. Tuy nhin trong trng hp ging du cn, tt c tr thnh gi ph v hnh. Xem Intangible Cost. TANGIBLE NET WORTH: Tr gi thun hu hnh. Tng s ti sn tr i ti sn v hnh v tng s n, n cn c gi l ti sn hu hnh thun (net tangble asset). Ti sn v hnh bao gm cc li ch khng c th nh danh ting, bn quyn, quyn sao chp, v nhn hiu cu chng. TAP STOCK: Tri phiu vin vng (cp cao) di mc ng k mua. Tri phiu ny c bn trong th trng m rng, n c th ngn hn (short taps) hay di hn (long taps). N cn c gi l undersubscripbed gilts. TAPE: Bng truyn thng tin. 1. Dch v bo co gi c v mc cc v giao dch trn cc th trng chnh. N cn c gi l bng truyn thng tng hp (composite tape) hay ticker tape (bng in bo) (bi v m thanh pht ra khi my in vo bng trc khi x l tnh ton). 2. Dch v truyn thng ca Dow Jones v mng in thoi in ton khc, thng c gi l Broad Tape. Xem Consolidate Tape. TARGET BALANCE: S cn i c mc ch. S cn i t tiu chun c min l ph. S cn i mong mun trong ti khon k thc c cc tiu chun ti thiu t c li nhun, hay hoa li hu vn (break-even yield). C nhiu loi cng thc nh gi ti khon k thc c kh nng trang tri ph dch v. Nu ti khon chi phiu c nh gi ring ra khi cc ti khon k thc khc, th ngn hng c th khng nh rng khch hng no gi c s cn i ti thiu trong ti khon thng xuyn th c iu kin min l ph vit chi phiu. Ngn hng cng c th min ph dch v cho khch hng no c s cn i ti khon tit kim cao. Th d nh chng ch th trng tin t ngn hn, kt hp vi cc ti sn c

lu gi k thc, s cn i b p do mt cng ty gi c gi tr cao hn mc n nh. TARGET COMPANY: Cng ty mc tiu ca s tip qun. Cng ty c chn l mc tiu hp dn tip thu. Ngi th c (ngi tip qun) trong tng lai c th mua hn 5% chng khon ca cng ty s b tip qun m khng thng bo ra cng chng, nhng h phi bo co tt c cc v giao dch mua bn v cung cp cc thng tin khc cho nh nc, cho th trng ni cng ty b tip qun c lit k, v cho chnh cng ty mc tiu tip qun mt khi th c hn 5%. Xem Stockhold Purchase, Schedule 13D, Sleeping Beauty, Tender Offer, William Act. TARGET PRICE: Gi tip qun; gi c li. Ti chnh: gi theo nh tip qun (acquirer-ngi th c) nhm vo mua mt cng ty trong hot ng tim quyn (takeover). Hp ng options: gi ca chng khon c s m sau mt hp ng option s tr nn c li cho ngi mua n. Th d, ngi no mua mt hp ng call option ca cng ty XYZ, gi im $50 (XYZ call 50) vi ph mua option l $200 c th c gi c li (gi t c mc tiu kim li-target price) l $52, sau gi ny ngi ta c th b li ph mua option (premium) tr cho ngi bn v hp ng call option s c li khi thc hin. Chng khon: gi m nh u t hy vng chng khon m ng ta va mi mua s tng ln trong mt thi khong n nh. Nh u t c th mua chng khon cng ty XYZ l $20 th gi c li (target price) c th l $40 trong vng mt nm. TARGET RATE: T l c mc ch. 1. T l do u ban ti sn- n ca ngn hng thit lp, l mc tiu mong mun ti nh gi s k thc hay tin cho vay ang o hn. 2. T l li nhun ni ti cn c gi l t l ro cn (hurdle rate- t l li nhun ti thiu) trong vic lp ngn qu vn. TARIFF: Quan thu biu, thu biu. 1. Thu nh nc nh trn xut khu v nhp khu, thng l tng doanh thu (gi l quan thu biu doanh thu- revenue tariff), hay bo v cc cng ty ni a chng li s cnh tranh nhp khu (gi l hng ro quan thu biu- protective tariff- quan thu biu bo v). Quan thu biu cng c th c thit lp iu chnh li s mt cn i chi tr. Tin thu c bng quan thu biu c gi l duty hay customs duty (thu hi quan). 2. Biu thu hay biu ph thng dng cho hng ho vn chuyn. TAX ABATEMENT: Gim thu.

Chnh quyn th hay khu vc gim thu bt ng sn tnh theo tr gi (ad valorem) l do l v vng ang trong tnh trng c bit nh b thin tai hay v l do khc. TAX AND LOAN ACCOUNT: Ti khon thu v cho vay ( Hoa K). Ti khon trong t chc k thc khu vc t nhn, di danh ngha ca ngn hng d tr lin bang cng vi t cch l c quan ti chnh ca Hoa K, phc v nh mt kho cha tin mt lu ng sn sng cho ngn kh Hoa K. S thu li tc thu c, s ng gp ca ngi ch vo qu bo him x hi v s chi tr chng khon nh nc Hoa K theo thng l, u nhp vo ti khon thu v cho vay. TAX AND REVENUE ANTICIPATION NOTE (TRAN): Giy n tr trc thu v doanh thu. y l tri phiu n ngn hn ca th. Xem Tax Anticipation Note. TAX ANTICIPATION BILL (TAB): Cng phiu ngn hn tr thu trc, d phng thu. Cam kt n ngn hn do ngn kh a ra trong u thu c cnh tranh vi khung o hn t 23 n 273 ngy. Tiu biu th TAB o hn trong vng t 5 n 7 ngy sau ngy o hn hng qu s chi tr thu ca cng ty nhng cc cng ty c th b thu theo mnh gi theo thi hn cui cng ca thu trong vic chi tr thu m khng lm thit thi quyn li v li tc. Sau ny, TAB c b sung bng cng phiu ngn hn qun l tin mt (cash management bills), o hn t 30 ngy tr xung v c pht hnh tng khi c gi tr ti thiu 10 triu dollars. Cc cng c ny c nh thi im trng khp vi ngy o hn ca cc tri phiu ang lu hnh, cung cp thm cho ngn kh kh nng linh ng trong vic qun l tin mt trong khi gip mt s ln nh u t u t an ton vo cc qu u t tm thi. TAX ANTICIPATION NOTE (TAN): Giy n d phng thu. Cam kt n ngn hn ca nh nc hay chnh quyn th nhm ti tr cho chi ph tiu dng hin hnh trong khi ch i s tin thu s nhn c. TAN s ri u lng tin mt v c thu hi mt khi nhn c doanh thu thu c nhn v cng ty. TAX AVOIDANCE: Trnh thu. Dng cc phng tin hp php gim n thu. Hoch nh cch ng thu hay dng cch n thu l nhng cng c trnh thu c php. (Tax planning and Tax shelters). TAX BASIS: Cn bn tnh thu. Ti chnh: ph gc ca mt ti sn tr i khu hao tch lu sau s tnh li hay l tnh thu. V th mt ti sn th c gi $100.000 c khu hao khong $40.000 th s c thu cn bn da trn $60.000 vi gi nh l khng c mt iu

chnh no ; s bn ti sn c $120.000 th vn chu thu t bn kim c da trn $60.000 u t: gi theo ngi ta mua chng khon hay tri phiu cng vi hoa hng ca cng ty mi gii. Lut quy nh rng chnh lch gi (premium) tr cho vic mua mt cng c u t th c tr dn. TAX BRACKETTAX AND REVENUE ANTICIPATION NOTE (TRAN): Giy n tr trc thu v doanh thu. y l tri phiu n ngn hn ca th. Xem Tax Anticipation Note. TAX ANTICIPATION BILL (TAB): Cng phiu ngn hn tr thu trc, d phng thu. Cam kt n ngn hn do ngn kh a ra trong u thu c cnh tranh vi khung o hn t 23 n 273 ngy. Tiu biu th TAB o hn trong vng t 5 n 7 ngy sau ngy o hn hng qu s chi tr thu ca cng ty nhng cc cng ty c th b thu theo mnh gi theo thi hn cui cng ca thu trong vic chi tr thu m khng lm thit thi quyn li v li tc. Sau ny, TAB c b sung bng cng phiu ngn hn qun l tin mt (cash management bills), o hn t 30 ngy tr xung v c pht hnh tng khi c gi tr ti thiu 10 triu dollars. Cc cng c ny c nh thi im trng khp vi ngy o hn ca cc tri phiu ang lu hnh, cung cp thm cho ngn kh kh nng linh ng trong vic qun l tin mt trong khi gip mt s ln nh u t u t an ton vo cc qu u t tm thi. TAX ANTICIPATION NOTE (TAN): Giy n d phng thu. Cam kt n ngn hn ca nh nc hay chnh quyn th nhm ti tr cho chi ph tiu dng hin hnh trong khi ch i s tin thu s nhn c. TAN s ri u lng tin mt v c thu hi mt khi nhn c doanh thu thu c nhn v cng ty. TAX AVOIDANCE: Trnh thu. Dng cc phng tin hp php gim n thu. Hoch nh cch ng thu hay dng cch n thu l nhng cng c trnh thu c php. (Tax planning and Tax shelters). TAX BASIS: Cn bn tnh thu. Ti chnh: ph gc ca mt ti sn tr i khu hao tch lu sau s tnh li hay l tnh thu. V th mt ti sn th c gi $100.000 c khu hao khong $40.000 th s c thu cn bn da trn $60.000 vi gi nh l khng c mt iu chnh no ; s bn ti sn c $120.000 th vn chu thu t bn kim c da trn $60.000 u t: gi theo ngi ta mua chng khon hay tri phiu cng vi hoa hng ca cng ty mi gii. Lut quy nh rng chnh lch gi (premium) tr cho vic mua mt cng c u t th c tr dn.

TAX BRACKET: Khung thu. im trn biu thu sut li tc ni li tc c thu h, n cn c gi l khung thu bin t (marginal tax bracket khung thu tng theo s tin kim thm). N c tnh bng s phn trm p dng cho s tin kim thm vt ra ngoi s cn bn trong khung thu . Theo h thng thu tng dn theo li tc (progressive tax), vic tng ln ca s li tc c thu a n thu bin t cao hn theo hnh thc cc khung thu mc cao hn. TAX CLEARANCE: Khong trng ca thu Khe h ca thu. kin t vn ca c quan thu cho bit mt hot ng hay giao dch n nh no s khng to ra n thu (trch nhim v thu). TAX CREDIT: Tn dng thu. Trc tip gim theo s tin trong n thu, khc vi khu tr thu l loi gim thu ch tnh theo phn trm ca khung thu ca ngi ng thu. (Th d, ngi ng thu trong khung thu 31% s nhn c 31 xu cho mi khu tr $1 dollar). Trong trng hp tn dng thu, ngi ng thu n $10.000 tin thu s n $9.000 nu nh ng ta c hng tn dng thu $1.000. Theo mt vi iu khon, nhng tn dng thu c cp cho ngi hi hu trn 65 tui, thu li tc tr cho nc ngoi, chi ph chm sc tr em, phc hi ti sn lch s ni ting, hng dn nghin cu v pht trin, xy dng nh cho ngi c li tc thp, cung cp vic lm cho nhng ngi khng c iu kin kinh t (nhng ngi km kinh t). TAX-DEDUCTIBLE INTEREST: Tin li c th khu tr vo thu. 1. S chi tr li trn tin vay th chp ln th nht, mc tn dng trn vn nh v tin vay th chp ln th hai ph thuc vo vn gi mua gc ca ngi vay cng vi chi ph sa cha. Tin vay vn c ly ra dng vo y t hay hc hnh khng l thuc vo nhng gii hn ny. 2. S chi tr li ca ngi tiu th. TAX DEFERRED: Thu c hon. T ng din t mt v u t c li nhun tch lu (li nhun thu dn dn) c min thu cho n lc no nh u t thc hin c th quyn s hu chng (ly li nhun ra). Th d, ngi c ti khon hu tr c nhn c hon chi tr thu trn s tin li, c tc, t bn tng gi, nu ng ta ch cho n sau 59 1/2 tui mi nhn s tin ny. Cc loi cng c u t c hon thu bao gm : k hoch Keogh, tr cp hng nm, bo him nhn th c th thay i (variable life insurance), bo him sut i, hp ng bo him nhn th ph thng, mua chng khon cho cng nhn hay k hoch ti u t c tc v lot tri phiu tit kim EE v HH ca Hoa K. TAX- DEFERRED ANNUITY: Tr cp hng nm c hon thu. Phng tin u t thng c dng to li tc cho ngi hu tr, thng c bn thng

qua cng ty bo him, k hoch tr cp hng nm chi tr mt t l li nhun c m bo v s tin u t vo k hoch ny c min thu nh nc cho n khi hu tr. K hoch tr cp hng nm c th l loi chi tr mt ln hay nhiu ln v c th c sp xp tr cho ngi tha hng cn sng theo s ch nh ca ngi gi hp ng. TAX- DEFFERED SAVINGS: S tit kim c hon thu. K hoch tit kim hay u t cho php c nhn ring ra mt phn li tc hin hnh trong k hoch tit kim nh, v c hon chi tr thu li tc trn s vn v tin li kim c. Ti khon hu tr c nhn (individual retirement account IRA) cho php c nhn c tng li tc hng nm l bao nhiu th c ring bit mt s li tc n nh hng nm vo ti khon tit kim hay u t v s rt tin ra vo lc c 59 1/2 tui. S tin rt ti khon s c tnh thu theo thu sut ban u. Xem All Savers Certificate. TAX EVASION: Trn thu. S dng cc phng tin bt hp php gim n thu. Ln trnh thu thng lin quan n vic khng cng b r rng li tc v np t khai thu khng ng s tht. Ngi trn thu s b pht hnh chnh hay hnh s. TAX- FREE ROLLOVER: S mang sang c min thu. Ti u t ti khon tit kim c hon thu nh ti khon hu tr c nhn (IRA Individual Retirement Account). Nh nc c quy nh trong vng bao nhiu ngy th c ti u t m khng b pht. S no khng ti u t th phi chu pht theo t l nh nc n nh. TAX-EXEMPT MONE Y MARKET FUND: Qu th trng tin t ngn hn c min thu. Qu th trng tin t ngn hn c u t vo tri phiu th ngn hn, cc tri phiu ny c min thu v v th phn phi li tc min thu cho c ng. Cc qu ny chi tr li tc thp hn qu c thu v phi c nh gi trn cn bn sau khi ng thu. TAX- EXEMPT SECURITY: Tri phiu c min thu. Cam kt n c tin li c min thu nh nc. N thng c gi l tri phiu th (hay n gin l Municipal) d l n c th do nh nc, mt c quan, qun, th x hay cc khu vc, phn khu chnh tr pht hnh. Tri phiu c Full Faith And Credit bo tr (tri phiu c chi tr bng tin thu thu, s vay mn v cc doanh thu khc- c ngha l rt m bo) hay do doanh thu trc ca c quan pht hnh bo m. Hoa K li tc c t loi tri phiu th c min thu ny th c min thu li tc lin bang cng nh min thu trong phm vi quyn hn ni tri phiu pht

hnh. V th, cam kt n ca thnh ph New York c min thu 3 ln (triple tax-exempt) i vi c dn thnh ph c li tc b chu thu lin bang, tiu bang v a phng. (Khng ai trong s c dn m khng phi chu thu th ngoi tr tri phiu c min thu). ( Hoa K) qu h tng u t (mutual funds) u t ring v tri phiu min thu chuyn giao phn thun li v thu ny cho c ng. Tuy nhin, trong khi c tc ca qu c hon ton min thu trong bng khai thu Lin bang ca c ng th h ch c min thu li tc ca tiu bang mt phn i vi s li tc bt ngun t tiu bang ni ca ngi ng thu (taxpayers home state), gi nh rng khng c cc tho thun lin tiu bang dnh ring c ni n. Li nhun t nh u t c t tri phiu c min thu th thp hn tri phiu cng ty, bi v s min thu l s b p thm. Khung thu ca nh u t cao chng no th s chn la loi min thu cng tr nn hp dn hn. Hoa li tri phiu th thay i tu theo cc nhn t kinh t a phng, kh nng nhn thc ca nh pht hnh khi chi tr v mc nh gi cht lng chng khon do mt trong c quan nh gi thit lp. Xem: Moral Obligation Bond. TAX HAVEN: Ni n tr thu. Quc gia hay vng quc c thu sut thp. Cc cng ty nc ngoi s thit lp c s y tit kim c thu. Bahamas, qun o Cayman, Liechtenstein l nhng ni n tr thu ni ting. TAX HOLIDAY: Khong thi gian c min thu. Mt thi khong gii hn trong vic min thu dnh cho cc x nghip tin phong. Khong thi gian dng min thu ny dng li cun u t trong cc ngnh c gi tr cao. TAX INVOICE: Bn k khai hng ho c thu. Bn k khai hng ho do ngi bn c ng k xut ra thu thu tr gi gia tng (Value- added taxes-VAT). Bn k khai hng ho (ho n hng ho) cho bit gi mua hng ho hoc dch v v thu tng thu nh trn hng ho , n c ngi mua dng khai s gim tr thu u vo t s VAT. TAX LIEN: Quyn gi ti sn v l do thu. Quyn gi ti sn bt buc v khng tr thu li tc hay thu ti sn. Quyn gi ti sn v thu u tin hn quyn gi ti sn ca ngn hng bo m vi cng ti sn , t ngi cho vay vo v th thp hn c th thu n ca ngi vay tr hn m ngi ny cng l ngi ang n thu. TAX LOSS CARRYBACK, CARRY FORWARD: Mang lui thua l, mang sang thua l gim thu. Trong thu c mt thun li l n cho php mt cng ty hay c nhn c dng s thua l gim s n thu. Cng ty c th b p vn nm hin hnh hay thua l hot ng thun (net operating losses) da trn li nhun trong 3 nm ngay trc , vi nm u tin gn nht. Sau khi mang lui, n

c th mang sang (cn gi l carryover) s thua l vn 5 nm v s thua l hot ng thun ln ti 15 nm. Sau n s xem nh phc hi li sc ti chnh. Cc c nhn c th mang sang thua l vn cho n khi h s dng ht s nm khng gii hn b p (thay cho) t bn kim c. Tuy nhin, khng ging nh cng ty, c nhn thng khng th mang lui thua l p dng vo bn khai thu nm trc. o lut nh nc kim ch mua t (buyout- mua mt s phn trm quyn kim sot cng ty) v ng c thu bng cch gii hn vic s dng NOL khi mt cng ty b thua l c quyn s hu thay i t 50% tr ln trong thi gian 3 nm. C mt s iu khon trong lut l phc hp ni v vic mang lui thua l trong giao dch mua bn cc hp ng futures hng ho. TAX OPINION: kin v thu kin hp php ca lut s v thu ca nh pht hnh tri phiu tuyn b ( tnh thu nh nc) rng cam kt n c th chp c bo m (CMO- Collateralized Mortgage Obligation) s c ngi gi n x l nh th no. Trong lnh vc tri phiu th, kin v thu cng ni rng tri phiu tun th theo quy ch nh nc s c min thu li tc nh nc trn s tin li ca tri phiu. TAX- ORIENTED LEASE: Hp ng cho thu nghing li th v thu. Xem True Lease. Tax planning: Hoch nh v thu. Ti thiu ho n thu thng qua vic hoch nh ti chnh c nhn, u t vo cc v u t c ho n thu, tri phiu min thu hoc tm cch trnh thu cho t bn kim c trong phn u t th ng nh u thc bt ng sn. N khc vi trn thu (tax evasion) l c tnh khng tr thu n. TAX PREFERENCE ITEMS: Hng mc thu u i. Hng mc c lut thu xc nh rng ngi ng thu phi tnh vo khi tnh ton thu ti thiu c la chn (AMT- Alternative Minium Tax). Theo o lut nh nc cc hng mc u i bao gm: 100% tr gi thua l th ng thun (net passive losses) (c ngha l khng c giao dch mua bn quyn li m theo lut thng thng cho php i vi quyn li c trc khi thng qua); li ch t khu hao tch lu (c tnh theo nhiu cch khc nhau i vi ti sn c nhn hay ti sn thc); vi gi ph v hnh no , s thng d ca tr gi th trng cng bng vo thi im thc hin i vi gi ph Option ca hp ng Option chng khon tng thng (incentive stock options); tin li c min thu trn tri phiu v mc ch ring (private purpose bonds) ca chnh quyn th pht hnh v s tr gi gia tng khng tnh thu ca ti sn c ng gp vo cc vic t thin. Cc u i cho cng ty thng ging nh ca c nhn nhng c thm: chi ph tng s d tr n kh i khi chng vt qu mc kinh nghim thc t (c th p dng cho cc ngn hng nh v cc t

chc ti chnh khc), s li nhun cn c trn s phn trm hon tt kt ton i vi cc hp ng di hn c thc hin, tin kim c do b tr ti sn ngi bun bn trong nm c b tr (ngc li vi phng php k ton tr dn- v tr gi tng ng 50% chnh lch gia li tc trong s sch cng ty v n thu ti thiu c la chn (AMT- Alternative minium tax). u i sau cng l nhm vo li nhun bo co n c ng nhng khng nh thu thng xuyn. TAX RETURN: T khai thu. T khai do ngi ng thu son lit k tng mc li tc v chi ph trong thi khong thu n nh. Vic nh thu da trn cc thng tin trong t khai. TAX SELLING: Bn c tr thu. Bn cc chng khon, thng vo cui nm, b p thua l trong danh mc u t, n c th dng b p vo t bn kim c v do h thp s n thu ca nh u t. Xem: Long Term Gain, Long Term Loss, Selling Short Againts The Box, Short Term Gain or Loss, Swap, Thirty-day Wash Rule. TAX SHELTER: Ni trnh thu- Ch da trnh thu. Phng php do nh u t s dng trnh hay gim n thu mt cch hp php. Ch da trnh thu hp php bao gm nhng phng thc s dng khu hao ti sn nh bt ng sn hoc trang thit b, tr cp cn kit trong vic khai thc du ho v gas. Gp vn trch nhim hu hn theo thng l cng l cch gip cho nh u t hn ch n v thu bao gm thua l hot ng chy qua (flow through) c th dng b p li nhun t cc ngun khc. o lut nh nc hn ch vic ny bng cch quy nh rng thua l th ng ch c th b p cho li tc th ng (passive income- li nhun ca ngi khng tham gia trc tip u t), bng cch ko di thi biu khu hao, m rng cc lut l v chng minh r rng ri ro (at risk) k thm cc u t v bt ng sn. Cc cng c cho php pht trin vn c hon thu nh IRA (ti khon hu tr c nhn- individual retirement account) v k hoch Keogh (n cng cho khu tr thu hin hnh i vi ngi ng thu c tiu chun), k hoch khu tr lng, bo him nhn th ng ph mt ln mt (single premium life insurance), cng l nhng ni trnh thu ph bin nh l tri phiu th c min thu. TAX SPARING: Thi gian tit kim c thu. Mt loi Tax Holiday (khong thi gian c min thu), thng thng c quc gia a ra nh mt phn u i u t. Khong thi gian ca Tax Holiday c th v hn, ko di sut thi gian hot ng ca x nghip hoc cho n khi c hu b. TAX STRADDLES: Mua bn hng hai trnh thu. K thut theo hp ng options hay futures c dng loi b ri ro kinh t trong khi vn to ra

mt v th thun li v thu. Cch thng dng nht l nh u t c t bn kim c s phi chim mt v th to ra mt b p thua l nhn to (gi to) trong nm thu hin hnh v tr hon li nhun cho n nm thu sau. o lut nh nc dn dn loi b vic ny bng cch quy nh nhng ngi bun bn iu chnh tr gi theo th trng (mark to the market)vo cui nm v phi k thm li nhun cha hin thc vo li tc c th chu thu. o lut nh nc xut mt thay i theo c mt ngoi l cho ngi vit (bn) hp ng Call Options c bo k b ph nhn nu ngi ng thu khng gi c hp ng call option trong vng 30 ngy sau khi chng khon c lin h b thua l, hoc l nu cui cng c li nhun hay c sp xp li hp ng Option th c a vo nm ti. TAX SWAP: Chuyn i thu. Xem Bond Swap. TAX UMBRELLA: Chic d thu- Che thu. S l thu c mang sang, xut pht t cc thua l ca cng ty trong nhng nm qua, n bo v (che chn) li nhun trong nm hin hnh hay nhng nm k tip khi b ng thu. Xem: Tax Loss Carryback, Carryforward.
Tender offer: a ra gi m (gi cao hn gi th trng). Mua cc c phn ca mt cng ty, thng vi gi c chnh lch cao hn gi th trng ca c phn bng tin mt hay chng khon hay c hai, thng thng l nhm mc ch chim quyn kim sot ca mt cng ty ang l mc tiu hp dn (target company). Vic a ra gi m c th xut pht t cc thng lng y thin gia cng ty v cng ty mun tip qun hay c th do t hoc khng thn thin dn n vic cng ty b tip qun c cc bin php chng li. Nh nc quy nh ngi mun tip qun (corporate suitor) c trong tay t 5% tr ln s c phn ca cng ty b tip qun phi thng bo r rng cho nh nc, cho chnh cng ty b tip qun (target company) v cho th trng c lin quan. Xem: Schedule 13D, Takeover, Treasury Stock.

TENDER PANEL: Nhm m (trong u thu). Phng php ti tr dng trong vic bn giy ha tr n, (giy n Chu u) thng qua RUF (Revolving Underwriting Facility- Phng tin bao tiu tun hon) T hp bao tiu (Syndicate) bao gm t 15 n 20 ngn hng thng mi v ngn hng u t c ngi vay (hay i din ca ngi vay) u nhim a ra gi t mua cho mi trn cn bn c gng ht sc mnh (best effort) cho vic ti tr d n. Nhm hot ng nh mt nhn vin trung gian bn bn cho cc ngn hng ang tho thun mt phng tin tn dng. Nhm m bn bn cho php sp xp mua bn giy n Chu u vi mt s ln nh u t ang tm kim giy n trung hn (t 5 n 7 nm). N cng tch ngn hng gc ra khi cc ngn hng thc s mua giy n, do phi tri u ri

ro tn dng cho phn ln s ngn hng tham gia. Phn ng gp ca ngn hng gc trong vic cung ng chim mt phn nh thng khong 10% tng s ti tr. TENOR: L thi hng ngy, quy nh thi hn. 1. nh du nh thi im o hn ca giy n hay cng c ti chnh. 2. Vch r thi im khi hi phiu c tr : ngay khi trnh (on sight), theo s ngy n nh sau khi trnh, theo s ngy n nh sau thi im k hi phiu. 3. iu khon thit lp chi tr mt hi phiu, ngha l : khi c trnh ra (i vi hi phiu tr ngay khi trnh Sight draft) hay vo thi im tng lai (i vi hi phiu tr ngay khi trnh Sight draft) hay vo thi im tng lai (i vi hi phiu nh k Time draft). TERM: K hn, iu khon, nhim k. 1. Khong thi gian trong cc quy nh ca hp ng s c thc hin. T ng ny cng m ch khong thi gian trong phi thc hin chi tr tin vay hay phi chi tr tin li ca chng ch k thc hay tri phiu. N cng m ch khong thi gian c hiu lc ca hp ng bo him nhn th. Xem : Term Life Insurance. 2. iu khon n nh bn cht ca mt tho hip hay hp ng nh trong terms and conditions (iu khon v quy nh). 3. Khong thi gian phc v ca mt vin chc hay thnh vin ban qun tr c bu hay ch nh. Th d, cc thng c h thng D Tr Lin Bang c ch nh vi nhim k 14 nm. TERM BOND: Tri phiu nh k (di hn). Tri phiu c c nht mt thi im o hn, ngc li vi serial bond (lot tri phiu seri tri phiu). Thng thng, nh pht hnh phi s tin chi tr bt buc vo qu thanh ton n (sinking fund qu d phng n) trong nhiu nm trc khi n ngy o hn. Nh pht hnh tri phiu p ng cc quy nh v thanh ton n bng cch mua tri phiu pht hnh trong th trng t do (open market), thu hi tri phiu theo gi th trng, n c th thp hn gi theo lnh gi ca qu thanh ton n (sinking fund call price). Vic d phng trc qu thanh l n s ri u trch nhim ca nh pht hnh i vi tri phiu n chung (general obligation bond) trong sut thi gian hiu lc ca tri phiu; nh pht hnh tri phiu doanh thu c th chi tr dch v n bng doanh thu tri phiu. TERM CERTIFICATE: Chng ch theo nh k. Chng ch k thc (certificate of deposit) c thi gian o hn di. CD nh th c k hn t mt nm n 10 nm, d sao hu ht cc chng ch nh k u l loi mt nm hay 2 nm. Ngi c chng ch thng nhn li sut c nh, c chi tr lm hai k trong thi gian

hiu lc v phi chu pht nng khi rt tin sm (early withdrawal penalties) tc l khi chng ch c chi tr trc thi hn n nh. TERM FEDERAL FUNDS: Ngn Qu Lin Bang theo k hn. S cn i ti khon d tr c mua trong cc thi khong lu hn mt ngy, nhng thng t hn 90 ngy. Ngn hng mua ngn qu Lin Bang trong mt thi khong ko di khi h thy nhu cu vay s ko di vi ngy, hoc khi h tin rng li sut ngn hn s tng v h mun kho cht li sut hin hnh. Ngn qu Lin Bang c mua theo k hn ko di ging nh ngn qu Lin Bang cch m, khng b l thuc vo quy nh d tr v thnh thong c a thch hn l mua cc cng c n khc c cng thi gian o hn. TERM LIFE INSURANCE: Bo him nhn th theo k hn. Hnh thc bo him nhn th c son tho c mt thi khong n nh, n quy nh ngi c hp ng ch chi tr gi ph bo v ci cht, c ngha l khng thit lp tr gi tin mt nh trong bo him sut i. C mi ln k li hp ng ph bo him s cao hn bi v ngi c bo him s gi hn v theo thng k th d cht hn. Bo him theo k hn th r hn nhiu so vi bo him sut i, n gip cho ngi c hp ng bo him (policyholder) c c hi chn la s dng tin tit kim u t cho ring h. TERM LOAN: Tin vay theo k hn. Tn dng trung hn v di hn c bo m 9 thng thi hn t 2 n 10 nm) do ngn hng thng mi, cng ty bo him hay cng ty ti chnh thng mi trao cho mt cng ty thng l ti tr vn trang thit b hay cung cp vn lu ng. Tin vay c tr dn trong mt thi khong c nh, i khi kt thc bng s chi tr dn (balloon payment). Ngi vay theo tho hip vay c k hn thng thng theo quy nh l phi c vn lu ng ti thiu v n ti thiu so vi cc tiu chun t l tr gi thun, phi gii hn c tc v phi duy tr s nht qun lin tc ban iu hnh. TERM MATURITY: o hn theo k hn. y l mt loi o hn trong ton b tri phiu o hn vo mt thi im duy nht. Xem Maturity Date. TERM MORTGAGE: Tin vay nh k c th chp. Tin vay c th chp khng chi tr dn, thng thng c thi gian o hn di 5 nm, trong ch chi tr li theo mt thi khong n nh, sau s vn hin hnh khi o hn s c chi tr dn mt ln (balloon payment). Xem Standing Mortgage. TERM REPURCHASE AGREEMENT: Tho thun mua li theo nh k. Tho thun mua li c thi gian o hn hn mt ngy. N cn gi l Term Repo. Ngn hng v t chc tit kim c d tin mt thng u t vo tri phiu nh nc

(thay v chng ch k thc, n c thi gian o hn ti thiu l 7 ngy. Trong tho thun mua li, ngn hng mua tri phiu ca dealers (ngi mua bn cho chnh mnh) hay ca ngn hng (khng mua bn cho mnh non dealers bank) vi tho thun s bn li sau ny vi gi nh trc. Chnh lch gia gi mua v gi bn li tc l s li. Tho thun mua li nh k c th tr hoa li cao hn tho thun mua li qua m (overnight repos) bi v ngi bn chp nhn ri ro li sut trong mt thi gian di hn l tho thun mua li qua m TERMINAL BONUS: Tin bi dng cui cng. Trong bo him, s chi tr tin mt c lp ra ngoi s tin thu c ca hp ng bo him khi hp ng o hn hay khi ngi c bo him cht. Tin bi dng ny c chi tr t s li nhun thun kim c do u t, c hp ng bo him chi tr theo quyn hn t do hnh ng ca Nh Bo Him. TERMINAL MARKET: Th trng u cui. Th trng hng ho to lc ti Trung Tm Mua Bn chnh. Giao dch mua bn ti th trng u cui phn ln tp trung vo hp ng Futures, mc d hng ho thuc th trng ti ch (th trng tin mt, spot market) cng c th c mua bn. Th trng khng thuc u cui (nonterminal) c thit lp ti trung tm sn xut. TERM SHARE: C phn nh k. Mt n v ti chnh khng th c chi tr tin mt theo yu cu, th d c phn trong hip hi tn dng hay hip hi tit kim v cho vay. TERMINATION STATEMENT: Bo co kt thc. Bo co gii to quyn i chi tr hay quyn li bo m ca ngi cho vay trong s ti sn ca ngi vay khi n c tr y v kt thc bo co ti tr np trc y. Nh nc quy nh ngi cho vay phi k bo co kt thc, xo tn ngi vay trong quyn gi ti sn lm th chp. TERMS OF TRADE: p s ca mu dch. Cn gi l Trade Terms, mt phng thc o lng din bin thc hin kinh t ca mt quc gia. Khi c xc nh bng tr gi xut khu so snh vi nhp khu. Mt quc gia c p s mu dch thch hp s nhn nhiu bin nhn xut khu hn l phi chuyn tin cho nhp khu hoc tr gi tng thm ca xut khu ln hn nhp khu. Ngc li, quc gia c p s mu dch khng thch hp s phi chuyn tin cho nhp khu nhiu hn l nhn t xut khu. TEST: Kim tra, bn tiu chun t l. Tng qut: kim tra xc nh kin thc, kh nng, chuyn m n.

Ti chnh: tiu chun dng o lng ph hp theo quy nh t l ti chnh ca giao ko v cc tho thun cho vay khc. Th d, ti sn hin hnh i vi tiu chun t l n hin hnh, n i vi t l tr gi thun. Chng khon: t ng c dng lin quan n bin chuyn gi c ang tin gn n mc gi (support level) v mc gi khng (resistance level) ca hp ng future hng ho, chng khon hay th trng thit lp trc y. Mc th nghim (test) c chm dt nu cc mc gi ny khng b thm nhp v khng cn gi tr nu gi c tip tc tng ln mc thp nht hay cao nht. Th d, cc nh phn tch ni rng nu ch s cng nghip Dow Jones va qua hnh thnh trn cn bn vng chc l 1.000 v gi c ang rt t 1.100, giai on th nghim bt u n gn. Nu gi c mt khi li tng ln khi ch s Dow ang gim 1.000 v tip tc i ln na th th nghim chm dt. Nu gi rt xung di 1.000 th th nghim tht bi. Xem Technical Analysis. TEST NUMBER: S kim tra. S u trong s chi tr bng h thng in t chuyn ngn qu hay s ch dn chi tr xc nh ngn hng xut pht. N cn c gi l key hay test key. S ny thay i mi ln chuyn ti gia cc ngn hng ngn nga ngi ngoi li dng. TESTAMENTARY TRUST: U thc di chc. U thc do di chc lp ra, n khc vi u thc gia nhng ngi cn sng (inter vivos trust) c thit lp trong sut cuc i ca ngi bo tr. TESTAMENTARY TRUSTEE: Ngi th u di chc. Ngi c u quyn qun l mt u thc, gm cc ti khon trong cng ty mi gii, s u quyn ny do ngi nay cht lp ra. Thm quyn ca ngi th u di chc c lp ra bng di chc sau cng ca ngi nay cht, ngi ny l ngi lp ra s u thc. TESTATOR: Ngi lp di chc. Ngi cht c li di chc hp php phn phi ti sn cho nhng ngi tha hng. i khi cn gi l settlor. Hy so snh vi trustor. THEORETICAL VALUE (OF A RIGHT): Tr gi l thuyt. Tr gi th trng ca c quyn ng k (market value of subscription right) c xc nh theo ton hc sau khi vic pht hnh c tuyn b hay trc khi chng khon cha c c quyn (ex-rights). Cng thc bao gm tr gi th trng hin hnh ca chng khon thng, gi ng k mua, s c quyn mua mt c phn chng khon : Tr gi l thuyt = Tr gi th trng CK thng tr (-) Gi ng k mua 1 c phn/ S c quyn mua mt c phn cng (+) 1

V th, nu gi th trng chng khon thng l $50/c phn, gi ng k l $45/c phn, t l ng k l 4 ly 1 (c 4 c quyn th mua c mt c phn), th tr gi mt quyn s l 1: 50 45/ 4+1= 5/5= 1 THIN CAPITALIZATION: T bn ho yu (mng). Cng ty c qu t vn ng k v c qu nhiu n. Trong vi quc gia, tin li trong mt phn s n c xem l loi c tc c thu, theo s lm gim s tin li c th khu tr vo li nhun. THIN MARKET: Th trng mng manh (d mt qun bnh). Th trng trong c t gi t mua mua v c t gi t bn bn. c tnh th trng mng c th p dng cho ton th mt hng loi (lp) chng khon hay hp ng futures hng ho nh chng khon nh trn th trng ngoi danh mc hay th trng nhm. Th trng mng c th m ch mt loi chng khon c bit no khng c lit k mua bn trn th trng chnh hay mua bn trn th trng ngoi danh mc. Gi c trong th trng mng thng bt n nh hn trong cc th trng c kh nng chuyn i ra tin mt (kh nng thanh ton) ln, bi v mt vi v mua bn c th nh hng mnh n gi c. Nh u t thuc t chc mua hay bn tng khi ln chng khon c khuynh hng trnh cc th trng mng bi v h kh m tham gia vo hay rt ra khi v th m khng nh hng trc tip c th n gi chng khon. THIRD COUNTRY ACCEPTANCE: Giy chp nhn ca nc th ba. Trong mu dch quc t, y l giy chp nhn ca ngn hng rt mt ngn hng trong mt quc gia khng phi quc gia ca nh nhp khu hay xut khu, v c chi tr bng tin t quc gia ca ngn hng chp nhn. Giy chp nhn ca nc th ba cn gi l refinance bills, thng c nh xut khu s dng c s ti tr ngn hng theo li sut th trng hp l (competitive rates li sut th trng cnh tranh), k t thp nin 70, Nht v Hn Quc ti tr mt phn ln s xut khu k c xut khu n cc quc gia chu u thng qua giy chp nhn ngn hng tnh theo n v ng dollars Hoa K lm cho giy chp nhn cng c pht trin trong nhng thp nin cui ny.
TRANSFER PAYMENTS: Tin chuyn giao chi tr. Tin tr cp ca Nh Nc trao cho cc mc tiu ch nh thay v mua hng ho v dch v. Tin chuyn giao chi tr bao gm tin phc li trong nc, tin cu tr tai ho, tin vin tr nc ngoi v.v

TRANSFER PRICE: Gi chuyn giao. Gi c c tnh bi mt c th n v trong mt cng ty c nhiu n v (cng ty c nhiu chi nhnh) trn s giao dch gia cc n v vi nhau. N cn c gi l gi ph chuyn giao. nim ny

c s dng khi mi mt n v c iu hnh nh mt trung tm li nhun (profit center tc l t qun, t tr, c ngn sch ring) c ngha l chu trch nhim v s li nhun trn s vn u t ca ring n v v v th phi quan h vi cc b phn ni b ca cng ty trn cn bn mt cnh tay ni di hay trn cn bn th trng (ngha l vn tnh ton vi nhau nh mt cng ty khc). Xem : Arms Length Transaction. TRANSFER RISK: Ri ro khi chuyn tin. Ri ro th trng hi oi khi ngi n nc ngoi khng th chi tr bng loi tin t (ngoi t) theo yu cu ca ch n. TRANSFER TAX: Thu chuyn giao. 1. Kt hp thu tng phm v ti sn. Xem : Estate Tax, Gift Tax. 2. Thu nh nc nh trn s bn tt c tri phiu (tr cam kt n ca nh nc, nh nc nc ngoi, chnh quyn th) v chng khon. Ngi bn s ng thu vo lc quyn s hu c chuyn giao v s thu bng vi xu cho tr gi $100 dollar ( Hoa K). 3. Cc chnh quyn a phng nh thu chuyn giao cc ti liu nh chng t ti sn, chng khon, hay cc giy php. Ngi bn hay ngi bo tr chi tr thu ny bng tem (con nim) v thu c thc hin ti a im ca c quan chuyn giao. Hoa K cc ni c thu chuyn giao trn s giao dch mua bn chng khon l New York, Florida, South, Carolina v Texas. Tiu bang New York t thu trn gi bn, cc tiu bang khc nh thu theo mnh gi (i vi loi chng khon theo mnh gi th tnh tr gi l $100). Tri phiu khng b thu tiu bang. TRANSFERABLE LETTER OF CREDIT: Tn dng th kh chuyn. Tn dng th cho php ngi tha hng c la chn chuyn mt phn hay tt c s tn dng cho bn th ba (ngi tha hng cp hai secondary beneficiary). S tn dng c th ch c chuyn vi s chp thun ca ngn hng pht hnh tn dng th, v phi c ni r rng trong chng t tn dng th l s tn dng ny c th c chuyn. TRANSFERABLE UNDERWRITING FACILITY (TRUF): Phng tin bao tiu kh chuyn. Phng tin ca giy n Chu u cho php nh bo k (bao tiu underwriter) ban u, nh qun l d n c quyn chuyn s cam kt n mt ngi i din trung gian khc sn lng chp nhn trch nhim ti chnh. Vic chuyn giao thm quyn ny phi c thc hin vi s ng ca tt c cc bn ban u i vi phng tin ny v vic chuyn giao bao gm c v trch nhim ln vic qun l.

TRANSIT DEPARTMENT: Phng trung chuyn chi phiu. Phng trong ngn hng ni phn loi chi phiu hay hi phiu do ngn hng ngoi khu vc pht hnh, n c tp hp thnh tng cp v gi n ngn hng chi tr nhn tin. Cc chi phiu t ngn hng xa c chi tr theo cch thng thng, v s k thc c tm hon cho n khi no nhn c ngn qu t ngn hng pht hnh. TRANSIT ITEM: Cng c chi tr trung chuyn. Chi phiu hay hi phiu do t chc ti chnh pht hnh ch khng phi ngn phiu ngn hng ni n c k thc. Ngoi ra cn c gi l cng c chi tr thuc t chc khc (on-others items). Loi chi phiu ny khc vi chi phiu do khch hng ca chnh ngn hng vit ra (on-us items cng c chi tr trong cng ngn hng), v trnh cho ngn hng chi tr theo cch trnh trc tip (khng qua trung chuyn), thng qua trung tm giao hon thanh l a phng. Chi phiu rt tin ngn hng khc thng thng c phn loi v c trnh nhn tin trc chi phiu rt tin ca khch hng ca chnh ngn hng c nhp vo ti khon. TRANSIT LETTER: Th (danh mc) chuyn. Ti liu i km chi phiu hay hi phiu c trnh thu tin, ti liu lit k s chi phiu ang c gi v tng s tin ca chi phiu. Th (danh mc) tin mt i km vi chi phiu c trnh n ngn hng khc lnh tin (cash letter) ; th (danh mc) chuyn tin (remittance letter) c s dng khi ngn hng gi khng c mt ti khon no ti ngn hng nhn. TRANSIT NUMBER: M s chuyn. Xem ABA Transit Number. TRANSIT TARIFF: Quan thu biu trung chuyn. Thu quan c quc gia trung gian p dng khi hng ho i ngang a phn ca h n mt quc gia khc. Quan thu biu trung chuyn vn l ngun doanh thu cho mt vi nc ang pht trin, nhng khng cn cc nc pht trin. TRANSMITTAL LETTER: Th truyn t. Th c gi km theo h s ti liu, chng khon hay hng gi trnh by ni dung v mc ch ca giao dch mua bn. TRANSPOSITION ERROR: Sai lm do chuyn dch s. Sai lm do o ngc hai hay nhiu con s ca s tin trong khi nhp. Th d : 81 thnh 18 hay 92 thnh 29. TRAVEL & ENTERTAINMENT (T&E;) CARD: Th du lch v gii tr. Th tn dng chi tiu (charge card) dng chi tr cc chi ph khch sn, hng khng hay cc cng vic khc. Th du lch u tin cho Diners Club pht hnh nm 1950 sau l American Express nm 1958. Th du lch khc vi th tn dng ngn hng vi im : th tiu biu cho ti khon tn dng 30 ngy c s chi tr dt

im khi o hn trc khi bt u chu k tnh ton ho n k tip, ngi gi ti khon nhn bn sao hi phiu s bn gc (gi l Country Club Billing) vi bo co tnh ho n hng thng. Mt vi k hoch T&E; thng l th cng ty, cp cho ngi gi th bn tm tt hng qu s chi ph i vi th. Xem Gold Card. TRAVELLERS CHECK: Chi phiu ca ngi du lch. Hi phiu tr ti ch (sight draft) c pht hnh thng qua cc ngn hng hot ng nh nhn vin trung gian bn bn, chi phiu c bn trc tip cho dn chng. Ngi mua tr tin trc cho chi phiu v k hi phiu hai ln- mt ln khi t mua hi phiumt ln khi i ly tin mt. Hi phiu c cng ty pht hnh chi tr, c bn theo n v t $10 n $100 ( Hoa K) v theo nhiu loi tin t nc ngoi, hi phiu c bo m khng s mt hay trm. Chi phiu c thng bun sn sng chp nhn thay cho tin mt v c th c i ra tin mt ti ngn hng trong v ngoi nc. Chi phiu du lch do cng ty American Express pht hnh u tin. TRAVELLERS LETTER OF CREDIT: Th tn dng ca ngi du lch. Tn dng th ghi a im cc ngn hng tng tc vi ngn hng pht hnh, u nhim cho cc ngn hng ny chi tr tin cho ngi mang n, theo mc tn dng cho php. Ngoi ra n cn c gi l tn dng th thng tri (circular letter of credit). S chi tr c ngn hng tng tc ca ngn hng bi th da trn pha i tc th tn dng khi h chi tr hi phiu. Loi tn dng ny thng c dng trang tri chi ph du lch v c khch hng chi tr trc. Xem Travelers check. TREASURER: Nhn vin ngn qu- K ton trng- Trng phng ti chnh. Vin chc cng ty chu trch nhim v vic nhn (receipt), gim h u t, chi tiu ca qu, s tin mn v nu l mt cng ty c phn th chu trch nhim v vic duy tr mt th trng cho s chng khon cng ty. Tu theo tm vc ca cng ty, Treasurer cng c chc nng kim sot vin c trch nhim v k ton v kim ton. Lut l ca nhiu ni quy nh l mt cng ty phi c mt Treasurer (trng phng ti chnh). Xem: Chief finance office (CFO). TREASURERS DRAFT: Hi phiu ca nhn vin ngn kh. Xem Payable throught drafts. TREASURIES: Tri phiu kho bc. Cam kt n c th dng chi tr (negotiable debt obligations) ca nh nc c Full faith and credit bo m (bo m bng thu, sc mn v doanh thu) li tc ca tri phiu c min thu. 1. Tri phiu kho bc ngn hn (treasury bills): tri phiu ngn hn c k hn t mt nm tr xung, c pht hnh c khu tr vo mnh gi. Cc cuc u gi tri phiu ngn hn 91 ngy v 182 ngy c thc hin hng tun v ngi ta

theo di cht ch hoa li ca n trong th trng tin t bit cc du hiu ca chiu hng li sut. C nhiu loi tin vay li sut th ni v th chp li sut thay i c li sut chu nh hng cht ch vi tri phiu kho bc ngn hn ny. Ngn kh cng m u thu loi tri phiu kho bc ngn hn 52 tun, 4 tun mt ln. Thnh thong ngn kh cng pht hnh tri phiu kho bc qun l tin mt ngn hn, tri phiu kho bc ngn hn tr thu trc (tax anticipation bills tri phiu kho bc ngn hn d phng thu) v chng ch n ngn kh (treasury certificates of indebtedness). Tri phiu kho bc ngn hn c pht hnh theo n v ti thiu l $10.000 dollar v trn $10.000 th cng thm $5.000 (tr loi tri phiu kho bc ngn hn qun l tin mt c bn tng khi ti thiu $10 triu dollar). C nhn nh u t khng trnh gi t mua c cnh tranh (Competitive bid) s c bn tri phiu kho bc ngn hn theo gi trung bnh ca gi t mua c cnh tranh cnh tranh trng thu. Tri phiu kho bc ngn hn l cng c u tin c d tr nh nc s dng theo cc lut l v cng tin t thng qua cc hot ng th trng m rng. Xem Dutch Auction 2. Tri phiu kho bc di hn (treasury bonds): cng c n di hn vi k hn t 10 nm tr ln c pht hnh theo n v ti thiu l $1.000 dollar. 3. Tri phiu kho bc trung hn (treasury notes): l loi trung gian gia ngn hn v di hn, c k hn t 1 n 10 nm. Khung n v t $1.000 n 1 triu USD hay cao hn. Tri phiu kho bc trung hn c bn theo ng k bng tin mt nhm i ly cc tri phiu nh nc sp o hn hay ang lu hnh hoc c bn trong cc cuc u gi. TREASURY BILL: Xem tri phiu kho bc ngn hn. TREASURY BOND: Xem tri phiu kho bc di hn. TREASURY CERTIF ICATE: Chng ch ngn kh Chng ch c bit c li coupon (phiu li km theo chng ch ca n c thi gian o hn di mt nm. TREASURY DIRECT: Trc tip mua tri phiu kho bc. H thng thng qua mt nh u t c nhn c th t gi mua khng cnh tranh (noncompetitive bid) v tri phiu kho bc (treasuries) v th khng qua ngi trung gian nh ngn hng hay broker-dealers v khi tr ph cho nhng ngi ny. H thng hot ng thng qua ngn hng d tr nh nc v cc chi nhnh v gi mua ti thiu l $10.000 dollars. TREASURY GENERAL ACCOUNT (TGA): Tng ti khon ca ngn kh. Tng ti khon ca b ngn kh c lu gi ti ngn hng trung ng Nh nc.

Tt c chi ph chnh thc ca nh nc u c thc hin t ti khon ny. Ti khon cng gi tin k gi trong ngn kh di hnh thc vng. Xem Treasury Tax and Loan Account. TREASURY INVESTMENT GROWTH RECEIPT: Bin nhn pht trin u t ca ngn kh. Xem Strip, Zero Coupon Security. TREASURY NOTE: Tri phiu kho bc trung hn. Tri phiu nh nc trung hn, c li coupon (phiu li nh km tri phiu), thi gian o hn ban u di 10 nm, c pht hnh theo n v $1.000 ( Hoa K) hay cao hn tu theo thi hn ca giy n. Giy n tr li na nm mt ln v tr vn khi o hn. TREASURY SECURITIES: Tri phiu kho bc. T chung ch cam kt n c sinh li ca nh nc c ngn kh pht hnh nh phng tin vay tin p ng chi ph nh nc m doanh thu thu khng trang tri. Tri phiu kho bc d mua bn c xp thnh 3 loi: tri phiu kho bc ngn hn (treasury bill), thi hn t 91 n 365 ngy; tri phiu kho bc di hn (treasury bond), thi hn t 10 nm tr ln; tri phiu kho bc trung hn thi hn gia 1 v 10 nm. Cc loi tri phiu kho bc ( Hoa K) hin nay c pht hnh theo hnh thc s ng k (book entry- ghi s liu nhp trong s). Quyn s hu tri phiu c lu gi trong h thng vi tnh ca ngn hng nh nc. Ngi mua nhn mt bo co (mt giy bin nhn) ch khng nhn chng ch. TREASURY STOCK: Chng khon tn ti. Chng khon do cng ty pht hnh th c li v sn sng xo b (retirement) hay bn li. N c pht hnh nhng khng lu hnh. N khng c quyn b phiu v khng chi tr hay tch tu c tc. N khng bao gm trong bt c tr gi o lng theo t l cho mi c phn thng. Trong s cc l do tn li chng khon l: 1. Cung cp mt la chn (alternative) khc chi tr c tc c thu, bi v s lng c phn ang lu hnh gim th s lm tng tr gi mi c phn v gi th trng. 2. Cung cp cho hp ng options chng khon c thc hin cng nh cho chng ch c quyn mua chng khon (warrant) v cho vic trao i cc chng khon kh hon. 3. Chng li gi t mua m tim quyn (tender offer) ca ngi th c sau ny.

4. Thay i t l n i vi vn c ng bng cch pht hnh tri phiu ti tr cho s c phn mua li (reacquisition). 5. Nhm n nh gi th trng trong thi gian pht hnh chng khon mi. N cn gi l chng khon th c li (reacquired stock chng khon c mua li) v c phn tn li (treasury shares). Xem: Issued and Outstanding, Unissued Stock. TREASURY TAX AND LOAN (TT&L;) ACCOUNT: Ti khon thu v cho vay ca ngn kh. S cn i ti khon chi phiu do B Ngn kh duy tr ti cc t chc ti chnh, ngn hng thng mi c bn (gc). Nh nc thu gi tin thu c chi tr thng qua ti khon TT & L. Phn ln bin lai thu thu c k thc vo cc ti khon ny. Mt vi s cn i ca ngn kh c th c gi trong cc ti khon k thc c sinh li ca cc ngn hng a phng. TREASURY WORKSTATION: H thng hot ng v ngn qu tn (phng ngn qu). H thng qun l thng tin bng vi tnh (loi nh) cho php nhn vin ngn qu ( treasurer) iu hnh t ng bo co s cn i hng ngy ca s cn i c thu v, u t ngn qu nhn ri trong th trng tin t ngn hn, chi ngn qu cho ch n giao dch mua bn. Mc tiu chung l ci tin nng sut v hp nht cui cng vic qun l ngn qu, h thng ci tin k ton cng ty nh nhp s liu v gi ho n theo th t. Xem: Cash Management. TREND: Hng i ca th trng chng khon. Tng qut: bin chuyn theo chiu hng tng qut. Th d, c khuynh hng tng ln ca s bn cng ty XYZ hay c khuynh hng tng ln ca mua bn bng vi tnh trn Ph Wall. Chng khon: bin chuyn gi di hn hay bin chuyn s lng mua bn hoc l tng hay gim hoc l gn nh ng yn (sideway- bin chuyn t), n to ln mt c tnh ca mt th trng, hng ho hay chng khon. N cng c th p dng cho li sut v hoa li. TREND ANALYSIS: Phn tch chiu hng ca cng ty v lng tin mt trong mt vi thi khong t ton xc nh cc thay i trong v th ti chnh ca ngi vay. Phn tch chiu hng l phn then cht bo m tn dng v l cng c hu ch, cn thit xc nh sc ti chnh ca ngi vay c c ci thin hay xu i khng. Cc t l ti chnh then cht c xem xt bao gm t l bo k n, t l lun chuyn (tc chuyn i hng kho v ti khon thu ra tin mt) v t l ti sn chuyn i nhanh ( chuyn ra tin mt). (T l ti sn hin hnh chia cho n hin hnh). Xem: Balance Sheet Ratios, Turnover Ratios.

TRENDLINE: ng biu th hng i. ng biu din k thut do nh phn tch k thut dng v biu hng i va qua ca chng khon hay hp ng futures hng ho tin on bin chuyn gi c tng lai. ng biu th khuynh hng c thit lp bng cch ni cc gi cao nht v thp nht ca chng khon hay hng ho tng hay gim trong mt thi gian no . Gc ca ng biu din s cho bit chng khon hay hng ho ang theo chiu ln hay chiu xung. Nu gi tng cao hn dc xung ca ng biu th khuynh hng hay gim di mc dc ln ca ng biu th nh phn tch k thut ni rng ang xut hin mt khuynh hng mi. Xem: Technical Analysis, Trading Pattern. TRIANGLE: Hnh tam gic. M hnh biu k thut c hai im chun v mt nh nhn c thit lp bng cch ni cc bin chuyn gi mt loi chng khon bng mt ng thng. Trong m hnh tam gic tiu biu, chp hnh quay v bn phi v cng c hnh tam gic ngc li c chp quay v bn tri. Trong hnh tam gic cng c mt lot t hai gi tr ln c phc hi v khi gi rt th nh k tip s thp hn nh trc cn y th cao hn y trc . Trong hnh tam gic gc bn phi th phn dc ca hnh s cho bit hng ph v khun hnh. Nh phn tch nhn thy iu ny rt quan trng khi gi chng khon ph v khun hnh tam gic theo hng ln hay xung bi v n thng c ngha l gi chng khon s tip tc theo chiu hng . Xem Pennant, Technical Analysis, Wedge. TRICKLE DOWN: Dng chy xung. L thuyt cho rng c th t c pht trin kinh t tt nht bng cch c cho cc n v kinh doanh pht trin bi v s pht t ca h cui cng cng chy xung ngi c li tc trung bnh v thp, nhng ngi ny rt c li v s lm tng hot ng kinh t. Cc nh kinh t phn i l thuyt ny ni rng n s lm cho s pht trin ko di hn l nu nh nc trc tip cp phc li cho thnh phn li tc trung bnh v thp. Xem Supply-side Economics. TRIGGER PRICE: Gi kch pht gi xut pht. Gi sn (gi thp nht) c nh nc hay mt nhm hng ho quc t dng lm gi tham kho can thip vo th trng thng mi nhm nng cho gi c u i ca mt loi hng ho. TRIGGERING TERM: iu khon bo r (ni trng ra). iu khon trong tn dng cho ngi tiu th, khi dng trong vic qung co hay trong tp khuyn khch tn dng (c ng tn dng Credit Promotion): phi thng bo r rng cc thng tin thng xuyn theo nh quy nh ca lut thnh

tht khi cho vay (truth in lending). Th d, ph ti chnh tnh vi ngi tiu th phi c bo r rng nh phi bo t l phn trm hng nm (APR Annual Percentage Rate) ngi tiu th c thng tin ng nht v tn dng v c th so snh vi cc ph do cc ngi cho vay khc tnh. Ngoi ra, cn phi cho bit l ph hng nm, chi ph kt thc h s, chi ph tn dng ph thuc nh s chi tr dn mt ln (balloon payments). TRILATERAL TRADE: Mu dch h tng ba bn. Hot ng thng mi gia ba quc gia. TRIN: T l Trin T l chn on th trng. o lng sc mnh th trng chng khon lin quan n t l tng gim (advance- decline) (s chng khon tng gi chia cho s chng khon h gi) v t l s lng tng v gim (tng s lng c phn tng chia cho tng s c phn gim). Th d, nu 800 chng khon tng gi v 750 chng khon gim gi trong khi tng 68 triu c phn v gim 56 triu c phn th t l trin s l: 0,88 T l Trin thp hn 1,00 c xem l th trng ln v trn 1,00 c xem l th trng xung. Trong th d ny t l Trin 0,88 l du hiu ca th trng ln. T l Trin da trn s liu ng ca th trng c gi l t l Trin ng ca (closing trin). Xem : Closing Tick. TWO- SIDED MARKET: Th trng gm hai bn. Th trng trong bn t gi mua v bn t gi bn u l cng ty, trong trng hp ny ngi ta cn mt chuyn vin v nhng ngi to th trng. Nh th c ngi mua v ngi bn c m bo c kh nng hon tt giao dch mua bn. N cn c gi l th trng hai chiu (two-way market). TWO- TIER BID: Gi t mua 2 lp (tng). Gi t mua tip qun (takeover bid) do ngi mun tip qun (ngi th c acquirer) a ra (cao hn gi th trng) mua cc c phn cn thit nhm chim quyn kim sot ch khng phi lu gi c phn. Ngc li l Any-and-all Bid. TWO- TIER GOLD MART: Ch vng hai h thng hai gi. H thng hai nhnh nh gi vng. Gi chnh thc trong c dng trong bun bn vng gia cc Nh nc, trong khi gi th trng c xc nh bng cc giao dch mua bn trong th trng t nhn v vng. TWO-TIER TENDER OFFER: t gi mua (gi u thu) hai lp. Gi t mua tip thu trong nh u t c c phn duy tr s kim sot, a ra gi cao hn gi cc nh u t cn li. Gi cao hn bao gm mt hn hp tin mt v vn c ng trong cng ty do ngi u thu (t gi mua) s

hu. Nhng gi t mua ny c a ra thuyt phc cc c ng p ng nhanh i vi gi m (tender offer- gi cao hn gi th trng). TYING CONTRACT: Hp ng ct cht. Cng cn gi l tie-in (c rng buc), ngi bn bn sn phm vi iu kin tho thun ca ngi mua l phi mua mt sn phm khc. TRIPLE TAX EXEMPT: Min thu ba ln ( Hoa K). c tnh ca tri phiu th trong tin li c min thu lin bang, tiu bang, v a phng cho c dn tiu bang v n v a phng pht hnh tri phiu. Tri phiu ny c bit hp dn trong cc tiu bang c thu sut li tc cao. Nhiu qu tri phiu th ch mua tri phiu min thu ba ln v bn ra cho c dn ca tiu bang hay thnh ph ni pht hnh tri phiu. Xem : Single-State Municipal Bond Fund. TRIPLE WITCHING HOUR: Gi bin o gp ba ln. Gi mua bn sau cng vo Th Su ln th ba ca thng 3, 6, 9, 12. Khi hp ng options v futures v ch s chng khon cng lc o hn. Lc ny cc nh theo sch lc bo h gi v nh mua- bn-cng-lc (arbitrageur) ua nhau mua bn hng ng hp ng futures, options ch s v cc chng khon c s gy nn cc hot ng bt bnh thng v lm xo trn th trng (volatility). Gi bin o c t l thp hn xy ra trong 8 thng kia, cng thng vo ngy Th Su ln th ba khi hp ng futures ch s hay hp ng options o hn. TROUBLED BANK: Ngn hng ang gp kh khn. Ngn hng c t l tin cho vay khng din tin (nonperforming loan) cao hn mc bnh thng khi so snh vi cc ngn hng cng tm vc, v c th tr gi thun (phn vn) b m (n nhiu hn ti sn c). TROUBLED DEBT RESTRUCTING: Ti c cu n ang c tr ngi. Tnh trng ngi cho vay ng nhn nhng ngi vay ang gp kh khn ti chnh. Vic ti c cu n ca tin cho vay khng din tin (khng din tin tt), c chia lm 2 loi : 1. Loi tin cho vay trong ngi vay chuyn ti sn cho ngi cho vay. 2. Tin cho vay trong iu khon tn dng c b sung. Phn ny bao gm : tch thu ti sn th chp, gim li sut, gia hn ngy o hn, v min chi tr vn v li. Thng thng, ngi cho vay thng lng mt tho thun gii quyt (workout agreement) vi ngi vay b sung cc iu khon ban u thay v xut kin co tch thu ti sn ca ngi vay chm tr chi tr.

TROUBLED LOAN: Tin cho vay ang c vn . Tin cho vay khng din tin, (cng cn c gi l tin cho vay cha n (sour loan- tin cho vay ang khng thun li tin cho vay ln men). C vi du hiu cnh bo v vic ny: S chnh lch qu t (thin margins), chnh lch gia hoa li tin cho vay v s chi li cho ngi k thc, kh nng thanh l c vn , tnh trng kinh doanh v cng n vic lm ca cng nhn khng thun li, th chp khng , li tc khng . S chi tr li hay vn c th c thng lng li hay ti c cu. TRUE AND FAIR VIEW: Quan im s tht v cng bng v t. Tiu chun xem xt dnh cho kim ton vin ti khon thng mi. Kim ton vin theo yu cu phi xc nh ti khon ca mt t chc c biu l la o hay sai lch khng. S s st v bo co lch s bp mo tnh trng ti chnh thc s ca mt t chc. TRUE INTEREST COST (TIC): Gi ph li thc. 1. T l phn trm hng nm gi ph qu bao gm ph ti chnh, bo him sut thi gian tn dng, im chit khu, li chi tr trc. Nh nc quy nh ngi cho vay phi thng bo r rng gi ph thc ca tn dng trong tho thun cho vay tn dng cho ngi tiu th bng cch dng phng php c bn tnh ph ti chnh ca ngi vay, l ph n xin tn dng, v cc gi ph khc. 2. Gi ph thc t ca vic pht hnh tri phiu c tnh n tr gi hin ti (tr gi theo thi gian time value) ca tin t. TIC thng c dng trong tri phiu th, l li sut, c kt hp tng 1/2 nm, c quyn khu tr vo s chi tr vn v li cho tri ch theo gi mua ban u. Hy so snh vi Net Interest Cost. TRUE LEASE: Hp ng thu ng tiu chun. Hp ng cho thu ng theo lut nh nc v kim tra k ton cho php ngi cho thu c mt s li th v thu ca quyn s hu. N cn c gi l Tax-oriented lease. Ngi cho thu c php khu hao ti sn trong sut thi gian s dng ti sn v c th c hng tn dng thu cha s dng. Ngi thu c th khu tr s chi tr hp ng thu di dng chi ph vn t s thu li tc ban u. Hp ng cho thu hi tiu chun x l thu thng l hp ng thu nhiu nm c h tr ti chnh, th d hp ng cho thu trang b; vn cho hng khng hay nh sn xut. Xem Capital Lease, Finanee Lease, Operating Lease. TRUNCATION: Ct b. 1. Dch v ngn hng trong chi phiu hay hi phiu hu, c ngn hng khch hng lu gi hay do mt ngn hng khc trong h thng thu tin chi phiu, v khng c tr li ngi vit chi phiu km vi bo co ti khon. Chi phiu c th b ct b hay ngng ti ngn hng ni chi phiu k thc u tin hay ti ngn hng nh nc. Nu do chnh ngn hng ca khch hng, n c gi l gi an

ton cho chi phiu (check safe keeping). Vic ct b chi phiu lin ngn hng hay lin quan n mt s ln ngn hng s loi b vic x l c th chi phiu, nhng yu cu cc ngn hng phi tun theo cc lut l mi chi phi cc quyn v n ca ngn hng trnh chi phiu v ngn hng chi tr thay mt cho khch hng. Cui cng, gi ph x l chi phiu s gia gim rt nhiu nu phn ln ngn hng tham gia vo chng trnh ct b chi phiu. 2. B mt hay nhiu con s khi tnh tin li tch lu trong ti khon tit kim. Th d, 1,677754 c ct b bt s k t s th t s s tr thnh 1,6777. Ngc li l Rounding (lm trn s). TRUST: U thc T rt (tp on). Kinh doanh loi kt hp cng ty tham gia vo cc v mua bn c quyn v kim ch, n hot ng t do mi cho n khi c o lut chng t rt ( trust) vo cui th k 19 v u th k 20. T ng ny bt ngun t vic s dng u nhim b phiu (voting trust), trong mt s t ngi c u nhim (th u) b phiu cho a s ngi c c phn trong cng ty. u -nhim-b-phiu-biu-quyt tn ti nh mt phng tin lm cho vic ti t chc c d dng trong cng ty ang gp kh khn. Xem : Investment Company, Voting Trust Certificate. Lut php: mi quan h u thc ti sn (fiduciary) trong mt ngi c gi l ngi th u (trustee) gi quyn s hu ti sn v li ch ca mt ngi khc gi l ngi tha hng (benificiary). Ngi lp u thc l creator, settlor, donor (ngi lp u thc, ngi tr cp, ngi bo tr). Chnh ti sn th c gi l corpus, trust res (ti sn u thc), trust estate hay trust fund (qu u thc) y l phn gc, n khc vi bt c li tc no c kim ra bng cch s dng n. Nu u thc c lp ra khi ngi u thc (donor ngi bo tr) cn sng th gi l living trust (u thc khi cn sng) hay inter vivos trust (u thc gia ngi cn sng). u thc lp ra bi di chc th gi l u thc chc th (testamentary trust). Ngi th u thng tnh l ph i vi ti sn u thc u t c tnh sn xut, tr khi c quy nh hn ch, ngi th u c th bn, th chp hay cho thu ti sn khi ng ta cm thy m bo. Xem Charitable Remainder Trust, Clifford Trust, Investment Trust, Revisionary Trust, Company, Trustee in Bankruptcy, Trust Indenture Act of 1939. TRUST ACCOUNT: Ti khon u thc. Tn ngn gn ch tt c cc loi ti khon do phng u thc ngn hng hay cng ty u thc qun l. TRUST COM PANY: Cng ty u thc. Mt t chc, thng kt hp vi ngn hng thng mi, tham gia vi t cch ngi th u (trustee), ngi th u ti sn

hay mt nhn vin lm vic cho c nhn hay n v kinh doanh qun l qu u thc, ti sn, tho thun gim h, chuyn giao chng khon, ng k chng khon v cc dch v lin quan khc. Cng ty u thc cng tham gia cc chc nng iu hnh u t u thc ti sn v lp k hoch v ti sn. Cng ty hot ng theo lut nh nc. TRUST DEED: Vn kin u thc- Deed of Trust. TRUST DEPARTMENT: Phng u thc. Phng trong ngn hng hay t chc ti chnh tham gia qun l ti sn trong ti khon u thc cho u thc c nhn, cc u thc cho li ch cng nhn v ti khon cng ty, ng thi cng lm dch v trung gian cho cc khch hng u thc. Cc u thc nh hn th thng c qun l di dng ngn qu kt hp chung (commingled funds) hay u thc ti khon chung m nu nh qun l ring r th s tn km hn. Phng u thc ngn hng cng gii quyt ti sn cho c nhn v hot ng nh nhn vin chuyn ngn qu cho cc cng ty. Ngn qu ti khon u thc c qun l ring r v c tnh ring vi cc ti sn khc do mt ngn hng qun l. Xem Master Trust, Trust Company, Trustee. TRUST FUND: Qu u thc. Ti khon bao gm ti sn c lu gi theo u thc cho ngi khc. TRUST INDENTURE: Giao ko trch nhim (u thc). Tho thun gia cng ty v ch n ghi chi tit cc iu khon v s n. Cc iu khon ny bao gm cc iu nh li sut, thi im o hn, phng tin chi tr v th chp. N ng ngha vi Deed of Trust, Trust Agreement. TRUST RECEIPT: Bin nhn u thc. 1. Tho thun c dng rng ri trong ti tr bng tn dng th, thng cp cho ngi mua hay nh nhp khu hng ho. Ngi mua ha gi ti sn nhn c di danh ngha ngn hng tho thun ti tr, mc d ngn hng vn gi quyn s hu hng ho. Bin nhn u thc cho php nh nhp khu c c s hu hng ho sau bn li trc khi chi tr cho ngn hng pht hnh. 2. Mt loi tho thun an ton nhm kim tra khong thi gian ko di tn dng i vi nhng ngi bn hng c thi gian tiu th lu (durable goods). Th d nh ngi bun bn xe t, ngi ny s hu nhng xe trong ca hiu v chi tr cho ngi cho vay bng ti khon u thc khi no xe c bn. Ngi cho vay c th cng phi nhn mt bn bo co xin ti tr ca ngi vay trc khi cho vay. Xem Floor Planning, Indirect Loan . TRUSTEE: Ngi th u. Xem Trust.

TRUSTEE BANKRUPTCY: ngi th u trong v ph sn. Ngi th u do to n ch nh hay do ch n, qun l cc cng vic ca mt cng ty hay c nhn b ph sn. Ngi th u c trch nhim thanh l ti sn ca cng ty v thc hin phn phi cc c tc thanh l cho ch n. Trong vic ti t chc, ngi th u c th hay khng th c ch nh. Nu c ch nh, ngi th u c trch nhim xem xt k hoch ti t chc c trnh v thng m nhim trch nhim cho cng ty. TRUSTEE OF A LIVING TRUST: ngi th u u thc ca ngi cn sng. Ngi qun l u thc, bao gm ti khon trong cng ty mi gii do mt ngi cn sng thit lp. Thm quyn u thc theo tho thun u thc, khng phi theo di chc. TRUSTOR: Ngi u thc. Ngi lp ra u thc cho li ch ca mt ngi khc v giao ti sn cho ngi th u (trustee) phn phi cho ngi tha hng. N cn c gi l donor hay settlor. TRUTH IN LENDING LAW: Quy lut thnh tht khi cho vay. Lut l xc nh rng ngi cho vay phi thng bo r rng cho ngi vay gi ph tht s ca s tin vay v thc hin li sut, cc iu khon v tin vay phi n gin d hiu. Xem: Consumer Credit Protection Act of 1968, Right of Rescission. TRUTH IN SAVINGS: Thnh tht trong ti khon tit kim. Lut nh nc quy nh ngn hng phi thng bo r rng cc iu khon then cht trong ti khon k thc c tr li, k c li sut chi tr v l ph. Nh nc quy nh t chc ti chnh thit lp sn: li sut n c tr, hoa li phn trm hng nm, s cn i ti thiu m rng mt ti khon, tin pht khi rt ngn qu sm, v cc iu kin khc c th lm gim hoa li trong ti khon. TURKEY: Tht bi. u t khng c nh mun. T ng c th c dng ni v mt v kinh doanh ang n tht bi, hay ni v vic mua mt loi chng khon hay tri phiu rt gi trm trng hay chng khon mi pht hnh khng bn c nhiu hay phi bn l. TURNAROUND: Xoay vng. Mua v bn chng khon trong mt ngy, thng l u c (kim li nhanh). TURNAROUND: Quay ngc li- o ngc tnh th. S o ngc c li trong s mnh ca mt cng ty, th trng hay tng th kinh t. Nh u t th trng chng khon d on rng cng ty ang din tin xu s chng t s ci thin ng k trong vic kim li nhun v t c li nhun tht cao mt khi cng ty o ngc c tnh th.

TURNKEY: Cha kho trao tay. D n do mt cng ty xy dng hay hon thnh, sau cng c hon chnh v chuyn giao cho mt cng ty s s dng n nh th tt c ngi s dng u c sn cha kho trong tay (c iu kin hot ng) ngha l d n sn sng hot ng. T ng ny c dng trong cc d n xy dng nh ca, sau khi xy dng xong th chuyn giao cho ngi qun l ti sn . Cng c h thng vi tnh trao tay c ngha l ngi s dng khng cn phi c kin thc c bit v vi tnh nhng vn c th s dng ng mt khi c lp t. TURNOVER: Lun chuyn, doanh s, tc thay th cng nhn. Ti chnh: 1. S ln ti sn c, c thay th trong sut mt thi khong k ton, thng l mt nm. Xem: Accounts Receivable Turnover, Inventory Takeover. 2. T l s bn hng nm ca cng ty i vi tr gi thun (vn) o lng mc cng ty c th pht trin m khng cn u t thm vn khi so snh vi thi gian qua. Anh: c ngha l s bn hng nm. Lin h ngnh: tng s cng n vic lm chia cho s cng nhn c thay th trong sut thi gian n nh. Chng khon: s lng c phn c mua bn tnh bng s phn trm tng s c phn c lit k trn mt th trng trong mt thi khong, thng l mt ngy hay mt nm. T l ny cng c p dng cho s chng khon ca c nhn v danh mc u t ca c nhn hay nh u t thuc t chc. TURNOVER RATIOS: T l lun chuyn. T l ti chnh lin h n doanh s hay s lng, th d, lun chuyn ca ti khon thu, cn gi l t l hiu qu, lun chuyn ti sn tc s chuyn i ti khon thu ra tin mt. T l ny o lng hiu qu ca vic chuyn i ti sn ra ti n mt. Xem Liquidity Ratios. 12B-1 MUTUAL FUND: Qu h tng u t 12b-1. Qu h tng u t tnh mt t ph qung co i vi c ng. Qu ny khng tnh ph bn v th khi bn ra cng chng qu khng cn n Broker. Thay vo , qu thng da vo vic qung co v cc lin h cng chng thit lp ti sn ca qu. Ph thng vo khong t 1% tr xung ca ti sn qu. Qu 12b-1 phi theo ng k quy nh vi nh nc v cc ph phi c thng bo rng ri. TWENTY- DAY PERIOD: Thi khong 20 ngy ( Hoa K). Thi khong do SEC quy nh sau khi np bo co ng k v bn qung b ban u (preliminary prospectus) v vic pht hnh mi hay phn phi ln th nh, trong giai on ny h s s c xem xt v nu cn s b sung. Cui thi hn 20 ngy, cn gi l

thi khong cu xt (cooling-off period), s nh du thi im c hiu lc tc l lc c th cung ng chng khon tri phiu ra cng chng (bn ra cng chng). SEC c th ko di thi khong ny nh pht hnh c thi gian b tc h s cn thiu st (deficiency letter th bo cn thiu st). TWENTY-FIVE PERCENT RULE: Quy tc 25%. Li khuyn ca nh phn tch tri phiu th cho bit n tn (bonded debt) vt qua 25% ngn sch hng nm ca chnh quyn nh nc l qu mc. 24 HOUR BANKING: dch v ngn hng phc v 24/24. Dch v ngn hng t phc v hot ng lun c gi ngh vic ca ngn hng pht tin mt, nhn k thc v chuyn ngn qu gia cc ti khon ti h thng my thu pht ngn t ng. S pht trin ca h thng ATM c chia phn, c trong nc v nc ngoi vo thp nin 1980 to iu kin cho ngi tiu th thc hin t nht l mt s chc nng ngn hng thng thng khp ni trong nc v mc no trong c phm vi quc t. TWENTY- PERCENT CUSHION RULE: Quy tc khong cch an ton 20%. Nh phn tch tri phiu doanh thu th (municipal revenue bonds) cho rng doanh thu c tnh t phng tin c ti tr nn vt qu ngn sch hot ng hin hnh cng gi ph bo dng v s tin dnh chi tr n (debt service- dch v tr n). Khong chnh lch 20% hay khong cch an ton (cushion) dng d phng cc chi ph khng th c tnh c hay b sai lc trong vic c tnh doanh thu. TWISTING: Ln lo. Vic lm khng o c nhm thuyt phc mt khch hng mua bn khng cn thit, nh broker hay ngi bn c hoa hng. Th d: Broker c th xut ch hng bn mt qu h tng u t ly ph bn v mua mt qu khc cng ly ph bn do h c thm mt hoa hng. Ngi bn bo him nhn th thuyt phc ngi c hp ng hu hp ng bo him ca ngi hay lm cho n mt hiu lc bn cho ngi c bo him mt hp ng mi c th c ph cao hn v ngi bn nhn c mt hoa hng ng k. N cn c gi l Churning (khuy ng). TWO-DOLLAR BROKER: Ngi mi gii ca ngi mi gii. Broker ti hin trng mua bn (floor broker broker ti sn mua bn) ngi thi hnh cc lnh mua bn cho cc broker khc ang qu bn rn, h c gi l broker ca broker. Cc broker ny c tr 2 dollars cho mt v mua bn l trn (round lot- t 100 chng khon tr ln) v th mi c tn broker hai la. Ngy nay h c chi tr hoa hng thay i tu theo tr gi tin ca giao dch mua bn. Xem: Independence Broker.

200 PERCENT DECLINING BALANCE METHOD: Phng php cn bng gim 200%. Xem Double Declining Balance Depreciation Method (DDB). TWO NAME PAPER: Chng t n c hai ngi ng tn. Tn chung ch chng t n thng mi giy chp nhn thng mi v giy chp nhn ngn hng mang hai ch k, hoc l vi t cch ngi rt tin hoc l ngi bi th. N cn c gi l chng t mang tn kp (double name paper). Trong trng hp ngi pht hnh khng th tr tin giy chp nhn ngn hng th ngn-hngchp-nhn mn n phi chu trch nhim chi tr. TWO-PARTY LOAN: Tin cho vay h tng (c hai bn trch nhim). Xem Back-to-back Loan, Parallel Loan. Ch U ULTRA VIRES ACTIVITIES: Hot ng qu mc cho php. Cc hot ng ngoi thm quyn ca ni quy, giy php ca cng ty v do a n s kin tng ca c ng v bn th ba. Xem: articles of incorporation. UMBRELLA FUND: Qu bao trm. Ti khon u t bao gm ngn qu c u t trong cc ti khon khc, thng l nc ngoi. UNABSORBED COST: Gi ph khng trang tri c. Thm thng trong chi ph gin tip khi doanh thu t sn phm khng trang tri c tt c gi ph. UNAMORTIZED BOND DISCOUNT: Khu tr tri phiu tr ngay. Chnh lch gia mnh gi tri phiu v s tin thu c khi cng ty pht hnh bn tri phiu, tr cho phn c tr dn (tr gp) ngha l xo chi ph bo co nh k trong bn bo co li v l. Vo thi im pht hnh, cng ty c hai la chn: 1. Cng ty c th chp nhn ngay chi ph gin tip (absorb) nh chi ph v s khu tr tri phiu cng vi gi ph lin quan n vic pht hnh nh l ph php l, in n, ng k v cc chi ph tng t. 2. Cng ty c th quyt nh x l tng s khu tr v cc chi ph nh loi ph hon v c ghi nhn l mt ti sn c xo b theo thi gian hiu lc ca tri phiu hay theo mt thi biu m cng ty thy l cn thit. S lng ny vn c tnh nh mt chi ph vo bt c thi im no ngha l n vn c coi l s khu tr tri phiu tr ngay. UNAMORTIZED PREMIUMS ON INVESTMENTS: Chnh lch tr ngay trong cc v u t. Mt phn tr gi khng phi l chi ph theo gi chng khon c tr cao hn mnh gi (nu l tri phiu hay chng khon u i) hay tr gi th trng (nu l chng khon thng). Chnh lch (premium) c chi tr trong vic tip qun mt v u t th nm trong ti sn v hnh theo nh bn cht

v theo k ton li c n khng c xem l chi ph (b loi b ra mc chi ph) trong mt thi khong tng ng. Xem: Going-Concern Value. UNAUTHORIZED INVESTMENT: u t khng c u quyn (Khng c thm quyn). u t khng c chp thun mt cch r rng bng mt cng c u thc ng l mt u thc, n khc vi u t khng theo lut nh do cng ty u thc hay phng u thc ngn hng thc hin. Mt v u t nu khng c u quyn c th hi iu kin lut nh nc quy nh u t thng qua ngi th u thc ti sn, nhng vn vi phm quyt nh ca ngi lp ra u thc. Xem: Legal list. UNAUTHORIZED TRANSFER: Chuyn ngn qu khng thuc thm quyn. Rt tin mt hay chuyn ngn qu (s dng th n ngn hng) t ti khon k thc ca khch hng bi mt ngi no khng phi l ngi c th. Trong tnh trng ngi c th khng cn thn, to iu kin d dng cho mt ngi no rt tin khi ti khon ngn hng m khng c s chp thun ca ng ta th d nh vit m s m hay m s Pin ln chnh th n th khch hng kh m kin co ngn hng sa li li lm ny. Tuy nhin, trch nhim php l trong vic s dng sai m s PIN li l mt vn m h c th a n vic tranh ci. Xem: error resolution, unauthorized use. UNAUTHORIZED USE: S dng khi khng c thm quyn. Mt ngi no s dng th tn dng ch khng phi ngi c th, th d sau khi th tn dng b rt mt hay b nh cp v s mua (khng c ngi c th chp nhn) c tnh vo ti khon. UNBUNDLING: Khng gom chung. Vic nh gi (tnh gi ph) ca dch v ngn hng trong hot ng ca ti khon c chia ra thnh tng phn v mi hot ng c tnh ph dch v ti khon ring. Do , Khch hng c ti khon chi phiu c tnh l ph theo tng chi phiu c tr tin v mi ln rt tin mt t my thu pht ngn t ng, ngc vi l ph duy tr ti khon hng thng. Trong vic nh gi dch v ring l (khng gom chung), ngn hng cng c th tnh li sut tn dng ca s tin kim c (earnings credit rate) trn cc s cn i trong ti khon k thc, s ny s c dng gim chi ph dch v ring r. Mc ch ca vic tnh ph ring r ny l nh gi dch v ngn hng cho mi ln kim c li nhun hay o lng c s thua l, ng thi l ph dch v s cng bng hn i vi tt c khch hng. nh gi ring r cng l ngun li tc l ph tim tng hay li tc khng sinh li, n c th dng p ng li chi ph khng sinh li nh lng cng nhn. Ngc li l account bundling (gom chung ti khon).

UNCALLED CAPITAL: Vn khng phi thu hi (vn d tr Xem: Reserve capital. UNCERTIFIED UNITS: n v khng c chng nhn. C phn trong qu h tng u t khng c cp chng ch khi nh u t mua mt s nh c phn bng cch ti u t c tc, c phn c ghi vo ti khon ca h cho n khi s c phn pht trin ln hay khi khng cn mun gi na. UNCLAIMED BALANCES: S cn i khng ai i. S cn i nhn ri trong ti khon ngn hng, v c xem nh ti sn b khng (abandoned property), quyn s hu c th trao li cho nh nc sau mt thi gian n nh. N cn c gi l dormant account (ti khon nm im ti khon khng hot ng). UNCOLLECTED FUND: Qu cha thu. Mt phn ca k thc ngn hng thit lp cho cc chi phiu cha c ngn hng k thc thu, c ngha l s chi tr m chi phiu c rt ra cha c ngn hng bo cho bit. Ngn hng thng khng cho ngi k thc rt tin trn qu cha thu. Xem: Float. UNCONDITIONAL BID: t mua khng iu kin. Xem: Takeover. UNCONFIRMED LETTER OF CREDIT: Tn dng th khng c bo m. Xem Confirmed Letter of Credit. UNCOVERED OPTION: Hp ng option khng c bo k. Hp ng option m ngi s hu khng c gi cng c c s (s giao theo hp ng option khi c yu cu) (khng c chng khon lm c s cho hp ng). Xem: Naked Option, Underlying Futures Contract, Underlying Security, Writing Naked. UNDATED SECURITY: Tri phiu khng nh thi im. Tri phiu khng c thi im thu hi. UNDERBANKED: Cha sc bao tiu. Ni v vic bao tiu pht hnh chng khon mi khi ngn hng u t gc gp kh khn trong vic tp tp hp cc cng ty khc gia nhp vo lm thnh vin nhm bao tiu hay tp on bao tiu (syndicate). Xem: Underwrite. UNDERBOOKED: Cha chnh thc mua (mi ch ha). Ni v vic pht hnh mi cc chng khon trong giai on trc khi ng k (preoffering registration period) khi broker vn ng lit k cc ngi mua sp ti, bo co c mt bn biu th quan tm (indication of interest bn ha s mua chng khon). Ngc li vi underbooked l fully circled ( chnh thc ng k mua hon ton ng mua). Xem: Circle. UNDERCAPITALIZATION: Cha vn, cha t bn ho.

Tnh trng trong mt n v kinh doanh khng vn thc hin cc chc nng kinh doanh thng thng. Xem: Capitalization, Working Capital. UNDERDEVELOPMENT: Km pht trin. Ch yu l tnh trng kinh nin ca quc gia km pht trin (Less developed countries LDC), c tng sn lng trong nc v li tc u ngi rt thp so vi cc quc gia cn li trn th gii. Thng thng mt quc gia ang pht trin c nhng khu vc pht trin, nhng n khng gi li nhng hnh nh ca mt quc gia kinh nin km pht trin. LDC l thuc vo hng xut khu cc sn phm c bn kim li nhun, c s vn u t rt hn hp v phi da vo h tng c s yu km h tr ngay c vic pht trin cng nghip yu v cht lng ln s lng. UNDERGROUND ECONOMY: Th trng ch Kinh t b mt ngm ngm. N c hiu theo nhiu ngha khc nhau nh: parallel market (th trng song hnh) hay shadow market (th trng trong bng ti), entrepreuenrial market (th trng thuc con bun) trong mt nn kinh t k hoch hay c lut l rt nng n. Kinh t b mt ngm ngm (th trng chui) bao gm h thng nhng ngi trung gian v nh cung cp bn hng ho hay dch v cho cc cng ty v ngi tiu th bng lng tr cao gi hn cho sn phm khng c sn trong h thng phn phi thng thng. Khi loi hng ho hay dch v bt hp php c mua bn trong th trng quc t th th trng song song c gi l th trng ch en (Black market). UNDERLYING: Lm c s (cho mt hp ng). Cc cng c ti chnh phi c giao khi chm dt mt hp ng option hay futures. Th d, vt lm c s c th l chng khon (tri phiu) c li sut c nh, th trng hi oi hay vn ca cc hp ng futures (nu chng khon l hp ng option trn hp ng futures). UNDERLYING DEBT: N c s. T ng ca tri phiu th, n ca mt n v nh nc trong phm vi quyn hn ca mt thc th nh nc l n hn v do thc th ln hn ny c mt phn trch nhim tn dng. Th d, mt ht c th phi chia s trch nhim vi cc cam kt n tng qut ca mt lng nm trong ht . ng trn quan im chnh quyn ht th n ca ngi lng l n c s. T ng n gi u (overlapping debt) cng c dng m t n c s nhng n gi u cng c th nm trong nhiu n v cng cp, th d nh khu vc trng hc nm trn giao im cc ng ranh gii ca hai hay nhiu ht. UNDERLYING FUTURES CONTRACT: Hp ng futures c s. Hp ng futures lm c s cho hp ng option vo thi im tng lai . Th d, Chica-

go Board of Trade cung ng hp ng futures tri phiu kho bc. Hp ng futures c s l hp ng futures tri phiu bc c mua bn Board of Trade. Nu hp ng Option c thc hin, vic cung ng s c thc hin bng hp ng futures c s. UNDERLYING LIEN: Quyn gi th chp c bn. Quyn i chi tr u tin hn cc quyn i chi tr ca cc ch n khc v c chi tr trc khi cc mn n k tip c chi tr y . Tin cho vay c th chp ln th nht u tin hn tin cho vay c th chp ln th hai v ln th hai c gi l quyn gi th chp cp thp (junior lien). Ngi cho vay c th yu cu ngi vay k mt tho thun ph (subordination agreement) tin vay ca ngn hng c chi tr trc cc mn n khc th d nh tin vay ca c nhn ngi vay i vi cng ty c tnh cch gia nh (closely-held corporation) hay cng ty gp vn trong ngi vay l s hu chnh. UNDERLYING MORTGAGE: Tin vay c th chp c s (chnh yu, gc). Xem underlying Lien. UNDERLYING SECURITY: Chng khon c s. Hp ng options: chng khon phi c giao nu hp ng Put option hay Call option c thc thi. Tuy nhin, hp ng option v futures ch s chng khon c thanh ton bng tin mt bi v khng th giao ch s chng khon. Chng khon: chng khon thng lm c s cho cc loi chng khon no do cng ty pht hnh. Chng khon ny phi c giao nu chng ch c quyn ng k (subscription warrant) hay c quyn ng k (subscription right) c thc thi, nu tri phiu kh hon hay chng khon u i c chuyn sang chng khon thng v nu hp ng option chng khon thng (incentive stock option) c thc thi. UNDERMARGINED ACCOUNT: Ti khon Margin di tiu chun. Ti khon Magrin (ti khon vay tin mua chng khon) xung di mc quy nh Margin (mc tr gi ti thiu phi c trong ti khon) hay quy nh duy tr mc ti thiu (minimum maintenant requirements). Kt qu l broker phi lm mt lnh gi Margin (yu cu ng thm tin, chng khon) gi cho khch hng. UNDERPINNING: Cng c, lm c s. The markets psychological underpinning are bullish (cn c vo tm l th trng th th trng s ln c tnh lc quan). UNDERSELLING: Bn di gi. Trong ngoi thng, bn trong th trng nhp khu theo tr gi th trng thp hn tr gi cng bng hp l.

UNDERSUBSCRIBED ISSUE: Pht hnh di mc ng k. Xem Oversubscribed issue. UNDERVALUED: Di tr gi. Chng khon bn di tr gi thanh ton hay tr gi th trng m nh phn tch tin l n ch c nh vy. Chng khon mt cng ty c th di gi tr v thuc v ngnh khng c a chung, v t ngi bit n cng ty hay c qu trnh kim li nhun tht thng hoc v cc l do khc. Cc nh phn tch c bn c gng im mt cc cng ty di tr gi khch hng mua ca h c c hi mua chng khon trc khi n tr nn c gi tr y (fully valued). Cc cng ty di gi tr thng l mc tiu cho cc n lc tip qun (chim quyn kim sot cng ty- takeover), bi v ngi th c (ngi mun tip qun) c th mua r ti sn theo cch ny. Xem: Fun damental Analysis. UNDERWATER LOAN: Tin vay c gi tr thp. Tin cho vay c tr gi th trng thp hn mnh gi. Nu bn trong th trng cp hai, ngi cho vay s phi chu l. Tin cho vay b h gi (sink) v ngi vay chi tr tr ni; li coupon di li sut tin cho vay c cng cht lng v ngy o hn, hoc l th chp ca tin vay c tr gi thp hn vn cho vay, hoc l khng c ngun chi tr. Th d nh ngi cho vay gi hp ng cho vay di hn v t nh 5 nm c th gp trng hp tr gi th trng ca chic xe thp hn s vn cho vay cn li cha c tr. UNDERWRITE: Bao tiu. Bo him: chp nhn ri ro i li c ph bo him (premium). u t: chp nhn ri ro trong vic mua tt c cc chng khon mi pht hnh ca cng ty hay n v nh nc v bn li cho cng chng trc tip hoc thng qua ngi bun bn. Ngi bao tiu c hng chnh lch gia gi phi tr cho nh pht hnh v gi bn ra cng chng (public offering price) gi l chnh lch bao tiu (underwriting spead). Bao tiu l vic kinh doanh ca ngn hng u t, ngi theo thng thng s lp thnh nhm bao tiu (cn gi l nhm mua- Purchase group hay tp on bao tiu- Syndicate) chu chung ri ro v m bo phn phi thnh cng s pht hnh. Tp on bao tiu hot ng theo tho thun gia nhng ngi bao tiu, cn gi l hp ng ca tp on bao tiu (syndicate contract) hay hp ng nhm bao tiu. Nhm bao tiu ch nh ngi qun l bao tiu cng gi l trng nhm bao tiu (lead underwriter), gim c tp on bao tiu hay n gin l manage, thng l ngn hng u t u tin (ngn hng gc). Cng ty bt u lm vic vi nh pht hnh nhiu thng trc hoch nh chi tit vic pht hnh v chun b ti liu

ng k np cho nh nc. Gim c bao tiu hot ng nh mt thnh vin ca nhm, s k tho thun bao tiu (hay hp ng mua) vi nh pht hnh. Tho thun ny ni r cc iu khon v quy nh ca tho thun v trch nhim ca c nh pht hnh ln nh bao tiu. Trong sut thi gian cung ng (bn ra cng chng), th chnh gim c bao tiu phi chu trch nhim n nh gi th trng c phn ca nh pht hnh bng cch pht gi trong th trng m rng, mt tin trnh gi l n nh gi (pegging). Gim c bao tiu cng c th ch nh mt nhm bn (selling group) kt hp nhng ngi bun bn vi chnh nhng ngi bao tiu tr gip vic phn phi chng khon. Ni mt cch chnh xc, vic bao tiu hin nhin ch s dng trong ngh cam kt chc chn bao tiu (firm commitment underwriting) cng gi l bought deal, ngha l mua t chng khon ca cng ty. C cc loi tho thun ngn hng u t khc m t ng khng c p dng ng cho lm, l cam kt lm ht sc mnh (best effort), cam kt hoc l mua tt c hoc khng mua g ht (all or none), cam kt sn sng h tr (standby). Trong mi cam kt ny, ngi ta chia ri ro cho nh pht hnh v ngn hng u t. Thnh thong t ng cng c dng trong cung ng ln th hai c ng k (registered secondary offering), c bn cng ging nh tin trnh pht hnh mi ngoi tr s tin thu c thuc v nh u t bn chng khon ch khng thuc nh pht hnh. i vi cc tho thun ny, th t ng cung ng (bn) ln th nh c ngi ta thch dng hn t bao tiu l t thng dng ring cho phn phi mi hay u tin. C hai phng php c bn da vo nh pht hnh chn la nh bao tiu v gi ph bao tiu (chnh lch bao tiu- underwriting spread) c xc nh: bao tiu theo thng lng (negotiated underwritings) v bao tiu theo u thu c cnh tranh (competitive bid underwritings). Thng thng, bao tiu theo thng lng c dng trong vic pht hnh chng khon vn cng ty v tri phiu n ca cng ty, trong khi phng php u thu c cnh tranh c chnh quyn th v n v tin ch cng cng s dng. Xem: Allotment. Blowout, Primary Market. UNDERWRITER: Ngi bao tiu, nh bo him. Bo him: cng ty chp nhn gi ph ri ro v ci cht, ho hon, trm cp, au yu v.v i li c chi tr mt s tin gi l ph bo him (premium). Chng khon: ngn hng u t mt mnh hay l mt thnh vin ca nhm bao tiu hay tp on bao tiu (syndicate) ng mua (bao thu) mt pht hnh mi

cc chng khon ca nh pht hnh v phn phi cho cc nh u t hng ph bao tiu (chnh lch bao tiu). Xem: Underwrite. UNDERWRITING AGREEMENT: Tho thun bao tiu. Tho thun gi cng ty pht hnh chng khon mi bn ra cng chng v nh qun l bao tiu vi t cch l thnh vin ca nhm bao tiu. N cng cn gi l tho mua hay hp ng mua, n tiu biu cho cam kt ca nh bao tiu l mua cc chng khon v ghi chi tit gi bn ra cng chng, ph bao tiu (bao gm s khu tr v hoa hng), s tin thu c thun cho nh pht hnh v thi im thanh ton. Nh pht hnh ng tr tt c chi ph pht hnh trong vic chun b pht hnh sau bn li, bao gm l ph ng k vi nh nc v gi ph v tp qung b (prospectus), nh pht hnh cng ng cung cp cho nh qun l bao tiu y cc bn sao ca tt c tp qung b u tin (s b). (C trch red herring- y l ting lng) ln tp qung b nguyn trng sau cng. Nh pht hnh m bo: 1. Thc hin tt c cc h s theo quy nh ca Nh nc v tun th y cc iu khon ca o lut v chng khon. 2. Chu hon ton trch nhim vic hon tt, mc chnh xc, r rng ca cc chng t v tt c cc thng tin trong h s ng k v tp qung b. 3. Thng bo y cc v tranh chp cn tn. 4. S dng tin thu c cho mc tiu nu. 5. Tun th lut chng khon ca nh nc.l,e,,, 6. Lm vic lit k trn cc th trng ng . 7. Bi thng cho nh bao tiu v phi chu trch nhim php l nhng thiu st hay sau lc m ng ra thuc trch nhim ca nh pht hnh. Nh bao tiu ng tin hnh vic cung ng ngay khi Nh nc thng qua h s ng k hay vo mt thi im n nh sau . Nh bao tiu c thm quyn bn cho thnh vin ca nhm bn. Tho thun bao tiu khng c ln ln vi tho thun gia nhng nh bao tiu (agreement among underwriters). Xem Best Effort, Firm Commitment. UNDERWRITING COMPENSATION: Tin cng bao tiu. Ph bn tr cho cng ty mi gii chng khon cng ty (hay broker-dealer ca cng ty) bn hay cung ng chng khon ra cng chng. UNDERWRITING DISCOUNT: Khu tr trong vic bao tiu. Xem Underwriting Spread. UNDERWRINTING GROUP: Nhm bao tiu. Lin kt tm thi ca cc ngn hng u t do ngn hng u t gc ng ra t chc trong mt v pht hnh mi cc chng khon. Hot ng theo tho thun gia cc nh bao tiu, h ng mua chng khon ca cng ty pht hnh theo gi tho thun v gi bn li theo gi bn

cho cng chng, chnh lch gia hai gi l ph bao tiu (chnh lch bao tiu underwriting spread). Mc tiu ca nhm bao tiu l chia nhau cc ri ro v m bo vic phn phi ra cng chng c thnh cng. Hu ht cc nhm bao tiu hot ng theo hp ng tp on bao tiu c phn chia (divided syndicate contract), c ngha l trch nhim php l ca cc thnh vin c gii hn theo s d phn c nhn ca nhm. N cn c gi l tp on bao tiu theo phn phi (distributing syndicate). Xem: Underwriting agreement. UNDERWRITING MANAGER: Nh qun l bao tiu. Cng ty mi gii chng khon chu trch nhim t chc bao tiu, sa son cng vic pht hnh, thng lng vi nh pht hnh v cc nh bao tiu v phn b s chng khon cho nhm bn. UNDERWRITING SPREAD: Chnh lch gia s tin tr cho nh pht hnh chng khon trong phn phi u tin v gi bn ra cng chng (public offering price). S ph bao tiu thay i rt nhiu tuy theo tm mc pht hnh, sc mnh ti chnh ca nh pht hnh, loi chng khon lin h (chng khon, tri phiu, cc c quyn), c tnh ca chng khon (u tin, t u tin hn, c bo m, khng bo m) v loi cam kt ca ngn hng u t. Khung ph c th t 1% tri phiu pht hnh ca cng ty tin ch cng cng ln, n 25% i vi cng ty pht hnh u tin ca cng ty nh. S phn chia ca ph bao tiu gia nh qun l bao tiu, nhm bn, v nhng ngi bao tiu d phn cng thay i, nh trong ph bo him hai im th nh qun l (hay gim c) c 0,25%, nhm bn 1%, cc nh bao tiu 0,75%. Theo thng l, nu nh bao tiu cng l thnh vin ca nhm bn th nhn c 1,75% ph bao tiu v nu nh qun l nm trong tt c 3 loi th s nhn c 2%. Xem Selling Concession, Underwrite. UNDERWRITING SYNDICATE: Tp on bao tiu. Mt nhm cng ty mi gii chng khon ng theo vn bn hp tc lin doanh phn phi mt loi chng khon no (Xem Syndicate). UNDIGESTED SECURITIES: Chng khon cha tiu th c. Chng khon v tri phiu mi cn tn li cha phn phi c v cha s cu ca dn chng theo gi cung ng (gi bn). UNDISCLOSED PRINCIPAL: Ch th khng c tit l, ch th n danh. Mt ch th m nhn thn khng c cc ch th khc bit c trong mt v giao dch mua bn. Trong hu ht cc trng hp, ngi trung gian i din khng c php tit l nhn thn ca mt ch th, mc d h phi thng bo r rng c s hin din ca bn th ba trong mt giao dch mua bn.

UNDISTRIBUTED PROFUTS (EARINGS, NET INCOME): Li nhun cha c phn phi. Xem Retained Earings. UNDIVIDED ACCOUNT: Ti khon cha phn chia. Xem Eastern Account. UNDIVIDED INTEREST: Quyn li khng th phn chia Quyn li nguyn khi. 1. Quyn i s hu khng gii hn i vi ti sn mt cng ty hay n v gp vn nh trong ti khon lin i s hu hay ti khon s hu chung (tenant in common account). Mi ngi s hu c quyn i s hu ton b ti sn. 2. T ng trong th trng cp hai ch quyn i s hu ca nh u t trong ton th s tin cho vay c mua m khng c ngun h tr (recourse) t ngi u tin lp tin vay c th chp, chng ch qua trung gian bo m tin vay c th chp, hoc tri phiu c th chp bo m nh n c th chp c bo m (CMO Collateralized Mortgage Obligations). Quyn i chi tr ca nh u t i vi tin cho vay c s c th chp u tin hn tt c quyn i chi tr khc. UNDIVIDED PROFITS: Li nhun cha chia. Ti khon ghi trn bng cn i ti khon ca ngn hng cho bit li nhun cha c dng chi tr cho c tc hay cha c chuyn vo ti khon thng d ca ngn hng. Li nhun hin hnh c ghi vo bn c ca ti khon li nhun cha chia v sau hoc l chi cho c tc hoc l tn li nhp vo tng s vn c ng. Khi ti khon tng trng, s lng trn (chn) c th chuyn tng k vo ti khon thng d. UNEARNED DISCOUNT: Khu tr cha hng. Ti khon trong s sch ca t chc cho vay chp nhn tin li c khu tr trc v s c xem l li tc khi tri qua thi gian hiu lc ca tin vay. Theo nguyn tc k ton, tin li nh th u tin c ghi l n, sau khi qua mt s thng n dn dn l s tin kim c, nh th n c tha nhn l li tc v do lm tng li nhun ca ngi cho vay v lm gim s n tng ng. UNEARNED INCOME: Li tc cha hng. K ton: li tc nhn nhng cha c hng nh tin thu nhn trc hay s ng trc ca khch hng. Li tc cha hng thng c xp vo loi n hin hnh (current liability) trn bng cn i ti khon ca cng ty, chp nhn l n s c ghi bn c li tc trong chu trnh k ton thng thng. Thu li tc: li tc c t cc ngun ch khng phi tin lng cng nhn vin chc, tin bi dng v tin n b cho cng nhn, th d nh c tc, tin li, tin cho thu. UNEARNED INTEREST: Ti li cha hng. Tin li c t chc ti chnh thu xong trn s tin cho vay, nhng cha c tnh li vo phn li nhun

bi v tin vn cho vay cha lu hnh thi gian quy nh c hon li. N cn c gi l khu tr hay khu tr cha hng. UNENCUMBERED: Khng b dnh mc, khng b l thuc, t ti. Ti sn khng b dnh mc vo bt c quyn gi th chp no (quyn i chi tr ca ch n). Th d, mt ch h chi tr ht s th chp th cn nh tr thnh ti sn t ti. Chng khon mua bng tin mt thay v bng ti khon Margin (ti khon vay tin mua chng khon) l chng khon t ti UNEAR TRADE PRACTICE: Thc thi mua bn khng cng bng, v t, hp l. Trong mua bn quc t, mt hnh ng ca mt quc gia to nn gnh nng v l cho thng mi ca nc khc. Cc thc thi mua bn mua bn khng cng bng c nh ngha khc nhau tu theo mi quc gia, nhng thng thng bao gm: a. C s phn bit i x khng xc ng i vi hng xut khu. b. Bn ph gi. c. Tnh bo cng nghip. d. Vi phm bn quyn tc gi, bng sng ch, nhn hiu cu chng. e. Tr cp cho sn phm xut khu. f. S dng cc lao ng khng c lng (th d, lao ng ca t nhn) sn xut hng xut khu. UNIFIED CREDIT: Tn dng thng nht. Tn dng thu nh nc c th c p dng da trn thu tng d, thu ti sn v theo vi iu khon n nh da trn thu chuyn giao cch khong th h (generation-skipping tranfer tax). UNIFORM BANK PERFORMANCE REPORT: Bo co thng nht din bin ngn hng. Kho st c tnh k thut do hi ng kim tra t chc ti chnh nh nc son tho, da trn cc bo co theo lnh gi (call reports) c np tng qu. Bn bo co u tin l ni v vic s dng qun l ngn hng nh cng c phn tch chnh n. Bn bo c nhn mnh chiu hng kh nng kim li nhun, cht lng ti sn, kh nng thanh l, qun l ti sn n (ngun v s dng ngn qu). Bn bo co dng t l ti chnh chng t tc ng ca cc quyt nh qun l v thay i ca iu kin kinh t trn bn cn i ti khon v li nhun ca ngn hng, cng nh kh nng ngn hng trang tri thua l bng li nhun trong tng lai, cht lng ti sn, hoc tnh trng ca danh mc u t cho vay, bo m cht lng chuyn ngn qu vo qu d tr tin vay b mt trang tri cho n kh i d on. Cc d kin trong bn bo co c thu nhp bng cch kho st cc ngn hng thng mi, v phn pht cho cc ngn hng c tham gia, nh n khng c thng bo ra cng chng, khng ging cc d kin trong bo co theo lnh gi.

UNIFORM DELIVERED PRICE: Gi cung ng thng nht. Mt gi duy nht cho tt c ngi tiu th trong mt vng a l, bt chp gi ph cung ng thc t. i vi nh xut khu vi s lng ln, nht l bn cho nh nc, nht l bn cho nh nc, gi cung ng thng nht c th ngn nga cc tranh chp gi c v loi b nhng chng nhn nh gi cng bng trng lp (c lp i lp li). UNIFORM SECURITIES AGENT STATE LAW EXAMINATION. K thi lut tiu bang v nhn vin chng khon thng nht ( tham kho). K kim tra c quy nh i vi cc i din c ng k trong tng lai ti nhiu tiu bang Hoa K. Ngoi cc quy nh cuc thi ca cc tiu bang, tt c i din c ng k d l ngi ca cng ty thnh vin hay ca broker ca th trng ngoi danh mc hay khng u phi qua k st hch (k thi) tng qut i din mua bn chng khon (cn gi l series 7 examination) do NASD t chc. UNINSURED DEPOSITOR: Ngi k thc khng c bo him ( Hoa K). Ngi k thc c s k thc trong ti khon chi phiu hay tit kim trong ngn hng hay t chc tit kim c nh nc bo m, vt qu mc trn (mc cao nht) ca bo him k thc th s vt mc ny khng c bo him. UNISSUED STOCK: Chng khon cha pht hnh. C phn ca chng khon cng ty c trong quyn hn ca giy php kinh doanh nhng cha pht hnh. Chng c ghi tn trn bng cn i ti khon cng vi c phn pht hnh v ang lu hnh ngoi cng chng. Hi ng qun tr c th quyt nh pht hnh loi chng khon ny nhng thc ra c phn cha pht hnh cn cho cc hp ng option ca cng nhn, c quyn, chng ch c quyn (warrant) cha c thc hin hoc l khng c pht hnh chng khon kh hon trong khi cc cam kt n nh th vn cn lu hnh ngoi cng chng. Chng khon cha pht hnh khng th c c tc v khng th c quyn b phiu. Ta khng nn ln ln chng khon ny vi chng khon tn (treasury stock) l loi pht hnh nhng khng c lu hnh ngoi cng chng. UNIT: n v. Tng qut: mt phn chia s lng c cng nhn l mt tiu chun o lng hay tiu chun trao i. Th d, trong th trng hng ho, mt n v ca la m l mt bushel, mt n v c ph l mt pound, mt n v trng l mt t. n v tin t Hoa K l dollar. Ngn hng: hot ng ngn hng ca mt vn phng duy nht, khng c chi nhnh. Ti chnh:

1. Phn ban, phng ban (nh my, dy chuyn sn xut, cng ty con) ca mt cng ty. 2. Trong thng v hay sn xut, l s lng ch khng phi tr gi tin. Th d, ngi ta c th ni: S lng n v gim nhng s lng tin tng sau khi gi c tng. Chng khon: 1. S lng ti thiu ca chng khon, tri phiu, hng ho hay cc loi khc c cng nhn mua bn trn th trng. 2. Nhm chuyn vin trn th trng chng khon, ngi duy tr th trng c cng bng v trt t v mt loi chng khon no . 3. Nhiu loi chng khon c mua bn cng vi nhau. Th d, mt c phn thng v mt chng ch c quyn ng k c th bn ghp vi nhau thnh mt n v. 4. Trong phn phi u tin v ln th hai, l mt c phn ca chng khon hay mt tri phiu. UNIT BANKING: Dch v ngn hng theo n v duy nht. H thng dch v ngn hng vi ni ngn cm vic m chi nhnh hay hot ng ngoi phm vi ca mt vn phng dch v ngn hng phc v chn gi. Vic ny lm pht trin nhiu ngn hng nh, c lp v cc cng ty ch qun ngn hng (bank holding companies) s hu nhiu n v ngn hng. Ch V-W Value at Risk Gi tr ti mc ri ro: L mt phng php xc nh tnh nhy cm ca danh mc u t hay v th ca mt cng ty bng k thut thngk theo thng s. K thut ny s dng thng tin the thi gian d on s nh hng cc s kin lch chun i vi gi tr ca vic nm gi v s nh hng tng hp vo thu nhp. Verbal Bng ming: L mt lnh hoc mt bo co ming gia cc bn trong mt nghip v no . Thc hinhay thi hnh lnh bng ming phi tun theo cc vn bn ca nghip v. Nhng vn bn ny chnh l s bo m. Volume Khi lng: L tng s c phn chng khon, tri phiu hay cc cng c khc c mua bn trnmt th trng no . S lng giao dch c bo co hng

ngy. Cc nh phn tch k thut rt quan tm n s lng giao dch v n c nh hng ln ti gi c. Voting stock Chng khon c quyn bu c: C phn trong cng ty cho c ng c quyn b phiu v quyn y nhim. C ng ny cng c th chuyn nhng quyn b phiu cho mt ngi khc v gi li quyn hng li nhun. Vulture Funds Qu trc li: l cc t chc u t tp trung vo cc ti sn ang chim gi, ti sn ny c th b chim gi do cc him ha v ti chnh. Bn thn ti sn c th khng h hng nhng ch s hu ang cn gp tin mt. Warehouse Receipt Giy chng nhn lu kho: l mt loi chng t m ch quyn s hu ca mt loi hng ha ti mt nh kho hoc mt phng tin lu gi c chng nhn. Warrant Chng kh: T ny c ngha khc nhau khi s dng cho chng khon v hng ha. i vi chng khon th y l mt cng c phi sinh c ngy ht hn v gi thc hin cng vi mt s iu kin khc. i vi hng ha th y l bin nhn m ch quyn s hu i vi mt l hng c th no . Wash Sale Bn ra: L mt thngv bn mt chng khon hay cng c no v tip theo l thng v mua m chng khng em li li ch kinh t. Nghip v ny c xem l nghip v h cu. N c th hiu l to ra hot ng mua bn gi to. Weakening Lm suy yu: L thut ng phng h hoc qun l ri ro, s dng miu t mt mt tng i ga gia th trng c s v vng quay phng h. Thut ng ny m ch rng gi tr tin mt, hng ha hoc th trng giao ngay ang tr nn yu i so vi th trng tng lai hoc g iao sau. Weighting T trng: L khon tr gi ca mt chng khon so vi danh mc u t. Khon gi tr ny gnlin vi mt ti sn, ngnh hoc mt lnh vc c th no . Western Account Ti khon kiu Ty: l mt ti khon bo lnh phn chia. Cn so snh vi ti khon kiu ng. Whole Loan

N ton phn: L mt ti sn th chp, c th vi mc ch thng mi hoc c tr m n cha c chng khon ha. Widening M rng: L mt thut ng thng c s dng trong cc hot ng phng h hoc qun l ri ro. Thut ng ny m ch mt mc chnh lch gia tng do s khc bit gia th trng tin mt c s v th trng tng lai. T ny cn cp n s khc bit gia hai thng giao hng khc nhau ca hai hp ng tng lai. Wireability Chng khon ghi s: L loi chng khon pht hnh di hnh thc ghi s v c chi tr bng in chuyn tin. Writes Bn: thut ng ny din t vic cp hoc bn ln u ca mt quyn chn, c th l quyn chn bn hoc mua. Ch Y Yellow Sheets T vng: L bn bo gi hng ngy th hin gi n nh gia cc nh kinhdoanh i vi loi tri phiu cng ty. hu ht cc loi tri phiu cng ty c mua bn th trng phi tp trung. Yield Li sut: L t l thu nhp trn ti sn. Thng t l ny c n nh theo phn trm so vi mc gi th trng hin hnh. Yield Burning t chy hoa li: L hnh ng gm thp mc hoa li ca tri phiu kho bc i vi t chc mua bng cch tng gi cc loi tri phiu kho bc hoc tng ng. Yield to Call Hoa li thu hi: Cng h vi loi hoa khi o hn nhng c vng i ngn hn. y l t l thu nhp c xc nh bi ngun thu d tnh hin ti so vi gi th trng ph dng gi nh rng ti sn ny c nm gi cho n khi thc hin hoc chm dt quyn chn u tin. Nu cng c ny c mua bn vi mc gi chit khu (di mnh gi) th mc hoa li thu hi s ln hn li coupon. Nu nh cng c c mua bn trn mnh gi th hoa li thu hi s thp hn li coupon. Yield to Maturity Hoa li khi o hn: L t l thu nhp c xc nh bi ngun thu d tnh hin ti so vi gi th trng ph dng gi nh rng ti sn ny c nm gi cho n ngy o hn. Nu cng c ny c mua bn mc chit khu (di mnh gi)

th mc hoa li o hn s ln hn li coupon. Nu nh cng c c mua bn trn mnh gi th hoa li o hn s thp hn li coupon. Ch Z Zero Cost Collar Cn bng khng chi ph: L mt nghip v m ch rt t hoc khng c chi ph hay kinh ph i vi ngi khi xng. Thng thng khi nm gi chng khon ngi ta thng bo v n thng qua nghip v phng h. V d: mt nghip v mua mt quyn chn bn di gi (l) v bn mt quyn chn mua di gi (li). Mc tng kim ca hai quyn chn ny gn nh ging nhau. V vy ngi thc hin phng h ny s tip nhn rt t hoc khng c chi ph. Tuy nhin, v th ny c s suy tnh cho li nhun tim tng ca vic nm gi cng c c s. Tt nhin, vic phng h ny ch c hiu nghim khi gi cng c c s xung di mc thc hin ca quyn chn bn. Zero Coupon Bond Tri phiu khng li coupon: L mt loi chng khon m tin gc v li c khu tr cho bn thp hn so vi tin gc hoc li coupon quy nh. Tri ch s c tr bng mnh gi. Zero Curve ng cung Zero:L mt ng cung th hin cc mc hoa li ca cc loi tri phiu c phiu li bng khng theo trnh t thi gian. Thng thng, cch t chc ny c m t bng th bt u l nhng loi tri phiu c thi gian o hn ngn nht v din tin ti cc loi c thi gian o hn di nht. ng cung ny cung cp c s cho vic nh gi cc chng khon khc ang s dng k thut tun hon hoc ni suy. Zero-Minus-Tick St khng gch: L mt nghip v mua bn vi gi ngang bng nghip v trc , nhng nghip v trc thp hn so vi nghip v trc k tip. Zero-Plus-Tick Tri khng gch: L mt nghip v mua bn vi gi ngang bng nghip v trc nhng nghip v trc cao hn so vi nghip v trc k tip.

You might also like