Nozioni di base di Algorithmic Trading: Concetti ed esempi Un algoritmo è un insieme specifico di istruzioni ben definite finalizzate a svolgere un compito o processo. trading algoritmico (trading automatico, black-box di trading, o semplicemente algo-trading) è il processo di utilizzo di computer programmati per seguire una serie definita di istruzioni per l'immissione un mestiere al fine di generare profitti a una velocità e frequenza che è impossibile per un operatore umano. I set definito di regole si basano sui tempi, prezzo, quantità o qualsiasi modello matematico. A parte le opportunità di profitto per il commerciante, algo-trading rende i mercati più liquidi e rende di trading più sistematico escludendo gli impatti umani emozionali dell'attività di negoziazione. Supponiamo che un trader segue questi criteri commerciali semplici: Acquisto 50 azioni di una società quando la sua media mobile a 50 giorni passa sopra il mobile a 200 giorni vendere le azioni medio del titolo quando la sua media mobile a 50 giorni scende al di sotto della media mobile a 200 giorni l'utilizzo di questo set di due semplici istruzioni, è facile scrivere un programma per computer che seguirà automaticamente il prezzo delle azioni (e gli indicatori in movimento medi) e posizionare il acquisto e in vendita quando sono soddisfatte le condizioni definite. Il commerciante non ha più bisogno di tenere sotto controllo per i prezzi in tempo reale e grafici, o mettere negli ordini manualmente. Il sistema di trading algoritmico lo fa automaticamente per lui, identificando correttamente l'opportunità di trading. (Per ulteriori informazioni su medie mobili, vedere: semplici medie mobili Fai Trends distinguersi.) Algo-trading offre i seguenti vantaggi: negoziazioni eseguite ai migliori prezzi possibili dell'ordine commercio istantanea e precisa (quindi alte probabilità di esecuzione a livelli desiderati) Trades cronometrato correttamente e immediatamente, per evitare variazioni significative dei prezzi ridotti costi di transazione (si veda il deficit esempio di implementazione di seguito) controlli automatici simultanei su più le condizioni di mercato ridotto rischio di errori manuali nella disposizione dei mestieri backtest l'algoritmo, sulla base dei dati storici e in tempo reale disponibili ridotti possibilità di errori da parte dei commercianti umani in base a fattori emotivi e psicologici La maggior parte dei nostri giorni algo-trading è alto il commercio frequenza (HFT), che tenta di capitalizzare mettendo un gran numero di ordini a velocità molto veloci su più mercati e decisione multipla parametri, sulla base di istruzioni pre-programmate. (Per maggiori informazioni sul trading ad alta frequenza, vedere: strategie e segreti di High Trading frequenza () Aziende HFT) Algo-trading è utilizzato in molte forme di attività di trading e di investimento, tra cui: Metà di investitori a lungo termine o comprare aziende laterali (fondi pensione , fondi comuni di investimento, assicurazioni) che acquistano in azioni in grandi quantità, ma non vogliono influenzare i prezzi delle scorte con discreti, gli investimenti di grande volume. commercianti di breve termine e vendono partecipanti laterali (market maker. speculatori. e arbitraggisti) beneficiano di esecuzione delle negoziazioni automatizzate in aggiunta, gli aiuti algo-negoziazione nella creazione di liquidità sufficiente per i venditori sul mercato. commercianti sistematiche (trend followers. coppie commercianti. hedge funds ecc.) trovano molto più efficiente di programmare le loro regole di negoziazione e lasciare che automaticamente il commercio programma. trading algoritmico fornisce un approccio più sistematico alla negoziazione attiva rispetto ai metodi basati su un commercianti intuizione o istinto umano. Strategie di trading algoritmico Qualsiasi strategia per il trading algoritmico richiede una opportunità identificate che è redditizio in termini di guadagni miglioramento o la riduzione dei costi. Di seguito sono le strategie di trading comuni utilizzati in algo-trading: Le strategie più comuni di trading algoritmico seguono le tendenze medie mobili. sblocchi canale. movimenti livello dei prezzi e relativi indicatori tecnici. Queste sono le strategie più facili e più semplici per attuare attraverso il trading algoritmico, perché queste strategie non comportano fare pronostici o previsioni di prezzo. Ordini vengono avviate in base al verificarsi di tendenze desiderabili. che sono facile e semplice da implementare attraverso algoritmi senza entrare nella complessità di analisi predittiva. L'esempio di cui sopra di 50 e 200 giorni di media mobile è una tendenza popolare seguente strategia. (Per ulteriori informazioni su strategie di trading di tendenza, vedi: strategie semplici per Capitalizzando sulle tendenze.) L'acquisto di un magazzino a doppia quotata ad un prezzo inferiore a quello di mercato e contemporaneamente vendere a un prezzo più elevato in un altro mercato offre il differenziale di prezzo come profitto privo di rischio o di arbitraggio. La stessa operazione può essere replicato per gli stock rispetto a strumenti a termine, come le differenze di prezzo fanno esiste di volta in volta. Implementazione di un algoritmo per individuare tali differenze di prezzo e l'immissione degli ordini consente opportunità redditizie in modo efficiente. fondi indicizzati hanno definito i periodi di riequilibrio per portare le loro partecipazioni a pari con i loro rispettivi indici di riferimento. Questo crea opportunità di profitto per i commercianti algoritmico, che capitalizzano sulle compravendite che ci si attende che offrono 20-80 punti base profitti a seconda del numero di titoli nel fondo indice, appena prima di riequilibrio fondo indicizzato. Tali operazioni sono avviate tramite i sistemi di trading algoritmico per l'esecuzione tempestiva e migliori prezzi. Un sacco di modelli matematici collaudati, come la strategia di trading delta-neutral, che consentono di negoziazione in combinazione di opzioni e il suo titolo sottostante. dove i commerci sono posti per compensare delta positivi e negativi in modo che il delta del portafoglio è mantenuta a zero. Media strategia di reversione si basa sull'idea che i prezzi alti e bassi di un bene sono un fenomeno temporaneo che ritornano alle loro valore medio periodicamente. L'identificazione e la definizione di una fascia di prezzo e l'attuazione di algoritmo basato su che consente di traffici di essere inseriti automaticamente quando il prezzo delle interruzioni di attività dentro e fuori del suo campo definito. Volume ponderata strategia di prezzo medio rompe un grande ordine e rilascia determinato dinamicamente blocchi più piccoli della fine di mercato utilizzando azionari specifici profili storici del volume. L'obiettivo è quello di eseguire l'ordine nei pressi del Volume Weighted Average Price (VWAP), beneficiando in tal modo il prezzo medio. Tempo strategia di prezzo medio ponderato rompe un grande ordine e rilascia determinate dinamicamente blocchi più piccoli dell'ordine al mercato utilizzando gli intervalli di tempo divisi tra un tempo di inizio e di fine. L'obiettivo è quello di eseguire l'ordine vicino al prezzo medio tra i tempi di inizio e di fine, riducendo al minimo l'impatto sul mercato. Fino dell'ordine commerciale è completamente riempito, questo algoritmo continua invio ordini parziali, in base al rapporto di partecipazione definito e in base al volume degli scambi nei mercati. La strategia di passaggi legati invia ordini ad una percentuale definita dall'utente dei volumi di mercato e aumenta o diminuisce questo tasso di partecipazione quando il prezzo raggiunge livelli definiti dall'utente. La strategia di attuazione deficit mira a ridurre al minimo il costo di esecuzione di un ordine da negoziazione fuori dal mercato in tempo reale, risparmiando così sul costo dell 'ordine e che beneficiano di il costo opportunità di esecuzione ritardata. La strategia aumenterà il tasso di partecipazione mirato quando il prezzo del titolo si muove con favore e diminuire quando il prezzo delle azioni si muove negativamente. Ci sono alcuni particolari classi di algoritmi che tentano di identificare eventi sull'altro lato. Questi algoritmi sniffing, utilizzati, per esempio, da parte di un market maker lato delle vendite hanno l'intelligenza in-built di identificare l'esistenza di eventuali algoritmi sul lato degli acquisti di un grande ordine. Tale rilevazione tramite algoritmi aiuterà il market maker di identificare grandi opportunità di ordine e gli permettono di beneficiare riempiendo gli ordini ad un prezzo superiore. Questo a volte è identificato come high-tech front-running. (Per maggiori informazioni sul trading ad alta frequenza e le pratiche fraudolente, vedi: se si acquistano azioni online, si è coinvolti in HFTs.) Requisiti tecnici per Algorithmic Trading Implementare l'algoritmo utilizzando un programma per computer è l'ultima parte, bastonato con backtesting. La sfida è trasformare la strategia individuata in un processo computerizzato integrato che ha accesso a un conto di trading per l'immissione degli ordini. I seguenti sono necessarie: conoscenza di programmazione informatica per programmare la strategia di trading richiesto, ingaggiato programmatori o pre-fatto di connettività software di rete di scambio e l'accesso a piattaforme di trading per l'immissione degli ordini L'accesso ai dati di mercato feed che saranno monitorati dall'algoritmo di opportunità per collocare ordini la capacità e infrastrutture di backtest il sistema, una volta costruito, prima che va in diretta su mercati reali dati storici disponibili per il test a ritroso, a seconda della complessità delle regole implementate in algoritmo Ecco un esempio completo: Royal Dutch Shell (RDS) è quotata Amsterdam Borsa (AEX) e London Stock Exchange (LSE). Consente di costruire un algoritmo per individuare le opportunità di arbitraggio. Qui ci sono alcune interessanti osservazioni: compravendite AEX in Euro, mentre LSE commercia in Sterline a causa della differenza di tempo di un'ora, AEX apre un'ora prima del LSE, seguito da due scambi di negoziazione simultaneamente per il prossimo paio d'ore e poi negoziazione solo in LSE durante l'ultima ora come si chiude AEX possiamo esplorare la possibilità di arbitraggio di negoziazione sul titolo Royal Dutch Shell quotata su questi due mercati in due diverse valute un programma per computer in grado di leggere i prezzi correnti di mercato Prezzo feed sia da LSE e AEX Un feed tasso forex GBP-EUR tasso di cambio di ordinare capacità che può instradare l'ordine al corretto scambio Back-testing capacità sul prezzo storico alimenta il programma per computer deve eseguire le seguenti operazioni: Leggere il feed prezzo in ingresso di RDS magazzino da entrambi gli scambi utilizzando i tassi di cambio disponibili . convertire il prezzo di una valuta ad altri Se esiste una grande differenza di prezzo abbastanza (attualizzando i costi di intermediazione) che porta ad una opportunità di proficua, quindi inserire l'ordine di acquisto in cambio di prezzo inferiore e ordine di vendita in borsa a prezzi più elevato Se gli ordini vengono eseguiti come lo si desidera, il profitto di arbitraggio seguirà semplice e facile Tuttavia, la pratica di trading algoritmico non è così semplice da mantenere ed eseguire. Ricordate, se è possibile effettuare un commercio algo-generated, così può gli altri partecipanti al mercato. Di conseguenza, i prezzi fluttuano in millisecondi e anche microsecondi. Nel precedente esempio, cosa succede se il buy commercio viene eseguito, ma vendere il commercio doesnt come i prezzi cambiano vendita per il momento l'ordine colpisce il mercato Vi ritroverete seduti con una posizione aperta. rendendo la vostra strategia di arbitraggio inutile. Ci sono rischi e sfide aggiuntive: per esempio, i rischi di guasto del sistema, errori di connettività di rete, ritardi temporali tra ordini commerciali e di esecuzione, e, cosa più importante di tutte, algoritmi imperfetti. Il più complesso un algoritmo, è necessario il backtesting più severi prima di essere messo in atto. Analisi quantitativa di una performance algoritmi gioca un ruolo importante e dovrebbe essere esaminato criticamente. La sua emozionante di andare per l'automazione aiutato da computer con un concetto di fare soldi senza fatica. Ma si deve fare in modo che il sistema è accuratamente testato e sono impostati limiti richiesti. commercianti di analisi dovrebbero prendere in considerazione l'apprendimento dei sistemi di programmazione e di costruzione per conto proprio, per essere sicuri di attuare le giuste strategie in maniera infallibile. uso cauto e test approfonditi di algo-trading possono creare opportunità di profitto. Il valore di mercato totale in dollari di tutto ad un company039s azioni in circolazione. La capitalizzazione di mercato è calcolato moltiplicando. Frexit abbreviazione di quotFrench exitquot è uno spin-off francese del termine Brexit, che è emerso quando il Regno Unito ha votato per. Un ordine con un broker che unisce le caratteristiche di ordine di stop con quelli di un ordine limite. Un ordine di stop-limite sarà. Un round di finanziamento in cui gli investitori acquistano magazzino da una società ad una valutazione inferiore rispetto alla stima collocato sul. Una teoria economica della spesa totale per l'economia e dei suoi effetti sulla produzione e l'inflazione. economia keynesiana è stato sviluppato. Una partecipazione di un bene in un portafoglio. Un investimento di portafoglio è realizzato con l'aspettativa di guadagnare un ritorno su di esso. This. Hypertextual Finanza Glossario Copyright copiare 2017. Tutti i diritti riservati da tutto il mondo. Non riprodurre senza il permesso esplicito. Tieniti aggiornato sulle ultime gergo della finanza con la mia nuova iPadiPhone applicazione Scarica da iTunes ordinare il mio libro con il vincitore Premio Pulitzer 2002 per la scrittura finanziaria, Gretchen Morgenson del New York Times Order con Amazon Ordine via Barnes and Noble ABCDEFGHIJKLMNOPQRSTU VWXYZA quinta lettera di un simbolo azionario Nasdaq specificando azioni di classe a. AAII Vedi: associazione americana dei singoli investitori ABCP See: Asset Backed Commercial Paper (ABCP) ABO Vedi: Accumulato Benefit Obligation ABS (1) Vedi: Automated System legame ABS (2) Vedi: titoli garantiti da attività ABW I tre caratteri ISO 3166 Paese codice per ARUBA. Indice indice ABX creato dalla società Markit. Essa si basa sul prezzo dei credit default swap sui titoli garantiti da ipoteca costituenti indexs. Un calo del l'indice ABX indica che il mercato associa più rischio di mutui subprime. ACAT Vedere: Automated Transfer account cliente ACES Vedere: Advance computerizzato Execution System ACH See: Automated Clearing House ACRS Vedere: Accelerated sistema di recupero dei costi ACU Vedere: Asian unità monetarie dC I due caratteri ISO 3166 codice del paese per ANDORRA. ADB (1) Vedi: rettificato debito Balance ADB (2) Vedi: Asian Development Bank ADP Vedere: Automatic Data Processing, Inc. ADR Vedi: americana ADS certificato di deposito Vedi: American Depositary Share AE I due caratteri ISO 3166 codice del paese per UNITED EMIRATI ARABI. AED Il codice ISO 4217 valuta per United Arab Emirates Dirham. AEX Vedere: Amsterdam Cambio AF I due caratteri ISO 3166 codice del paese per l'Afghanistan. AFA Il codice ISO 4217 valuta per Afghani afgano. AFG I tre caratteri ISO 3166 codice del paese per l'Afghanistan. AFM (1) Vedi: Amman mercati finanziari AFM (2) Vedi: Autoriteit Financieumlle Markten. AFS Vedi: Available for Sale AG I due caratteri ISO 3166 codice del paese per ANTIGUA E BarbudaAG. AGO L'ISO 3166 codice di paese di tre caratteri per l'Angola. AI I due caratteri ISO 3166 codice del paese per AnguillaAI. AIA I tre caratteri ISO 3166 codice del paese per AnguillaAI. AIBD Associazione Internazionale di Bond Dealers AL I due caratteri ISO 3166 codice del paese per l'Albania. ALA I tre caratteri ISO 3166 codice del paese per Åland. ALB I tre caratteri ISO 3166 codice del paese per l'Albania. ALCO Vedere: Comitato Asset-Liability. Tutto il codice valuta ISO 4217 per Albanese Lek. ALLL Vedere Fondo rischi su crediti e di locazione. ALT sistema alternativo Trading. Questo termine viene definito ai sensi della sezione 301 del Securities Act degli Stati Uniti. AM La ISO 3166 codice a due caratteri per l'Armenia. AMD Il codice ISO 4217 valuta per Dram armeno. AMEX Vedere: American Stock Exchange AMF Vedere: Autoriteacute des Marcheacutes Financiers. AMLF vedere: la liquidità di Asset-Backed Commercial Paper Money Market Mutual Fund. AMPS Vedi: Asta di mercato privilegiate AN I due caratteri ISO 3166 codice del paese per Antille olandesi. E i tre caratteri ISO 3166 codice del paese per ANDORRA. ANG ISO 4217, codice valuta per Antille Olandesi. ANT I tre caratteri ISO 3166 codice del paese per Antille olandesi. AO I due caratteri ISO 3166 codice del paese per l'Angola. Vedere AOCI: Accumulato Altri utili. AON Vedi: Tutti o nessuno ordine AOR Il codice ISO 4217 valuta per angolana Reajustado Kwanza. AOS Vedere: automatizzato di sistema aprile Vedi: tasso percentuale annuo APT (1) Vedi: Arbitrage Pricing Theory APT (2) Vedi: Automated Pit Trading APV Vedi: rettificato Valore attuale APY See: Annual resa percentuale AR 1) Vedi: Auto-regressiva 2) I due caratteri ISO 3166 codice del paese per l'Argentina. ARCH See: Auto-regressiva Conditional Heteroskedasticity sono le ISO 3166 codice di paese di tre caratteri per EMIRATI ARABI. ARG I tre caratteri ISO 3166 codice del paese per l'Argentina. ARM 1) Il tre caratteri ISO 3166 codice del paese per l'Armenia. 2) Vedi: ARS mutuo a tasso variabile Vedi: Asta Rate Securities (ARS) AQ I due caratteri ISO 3166 codice del paese per l'Antartide. AR I due caratteri ISO 3166 codice del paese per l'Argentina. ARG I tre caratteri ISO 3166 codice del paese per l'Argentina. ARS Il codice ISO 4217 valuta per Peso Argentino. ARM Vedi: ARMS mutuo a tasso variabile Vedi: titoli mutuo a tasso variabile ARPS (1) Vedi: a tasso variabile azioni privilegiate ARPS (2) Vedi: tasso di azioni privilegiate ad asta ARR Vedere: tasso medio di rendimento come i due caratteri ISO 3166 codice del paese per AMERICAN SAMOA. ASM I tre caratteri ISO 3166 codice del paese per AMERICAN SAMOA. ASE Vedere: Borsa di Atene. ASX Vedere: Australian Stock Exchange alle due caratteri ISO 3166 codice del paese per l'Austria. ATA I tre caratteri ISO 3166 codice del paese per l'Antartide. ATF I tre caratteri ISO 3166 codice del paese per i territori del sud della Francia. ATG I tre caratteri ISO 3166 codice del paese per ANTIGUA E BarbudaAG. ATP Vedere: Programma Arbitrage Trading ATS Il codice ISO 4217 per la austriaca Schilling. AU I due caratteri ISO 3166 codice del paese per l'Australia. AUD Il codice ISO 4217 di valuta per la valuta Dollaro australiano. AUM Vedere: Risparmio gestito AUS I tre caratteri ISO 3166 codice del paese per l'Australia. AUT I tre caratteri ISO 3166 codice del paese per l'Austria. AW I due caratteri ISO 3166 codice del paese per ARUBA. AWG Il codice ISO 4217 valuta per Fiorino olandese di Aruban. AX I due caratteri ISO 3166 codice del paese per Åland. AZ I due caratteri ISO 3166 codice del paese per l'Azerbaijan. AZE I tre caratteri ISO 3166 codice del paese per l'Azerbaijan. AZM Il codice ISO 4217 valuta per azero Manat. A1 Il quinto punteggio più alto in Moodys lungo termine Obbligo Corporate Valutazione. Obbligazioni con rating A1 sono considerate di grado medio-alto e sono soggetti a basso rischio di credito. Valutazione una tacca più alta è Aa3. Valutazione di una tacca inferiore è A2 A2 Il sesto punteggio più alto in Moodys lungo termine Obbligo Corporate Valutazione. Obbligazioni con rating A2 sono considerate di grado medio-alto e sono soggetti a basso rischio di credito. Voto una tacca più alta è A1. Voto una tacca inferiore è A3 A3 Il settimo punteggio più alto in Moodys lungo termine Obbligo Corporate Valutazione. Obbligazioni con rating A3 sono considerate di grado medio-alto e sono soggetti a basso rischio di credito. Voto una tacca più alta è A2. Voto una tacca inferiore è Baa1 Aa1 Il secondo punteggio più alto in Moodys lungo termine Corporate Obbligo Valutazione. Obbligazioni con rating Aa1 sono ritenuti essere di alta qualità e sono soggetti al rischio di credito molto basso. Voto una tacca più alta è AAA. Voto una tacca inferiore è Aa2 Aa2 Il terzo punteggio più alto in Moodys lungo termine Corporate Obbligo Valutazione. Obbligazioni con rating Aa2 sono ritenuti essere di alta qualità e sono soggetti al rischio di credito molto basso. Valutazione una tacca più alta è Aa1. Voto una tacca inferiore è Aa3 Aa3 il quarto più alto punteggio in Moodys lungo termine Corporate Obbligo Valutazione. Obbligazioni con rating Aa3 sono ritenuti essere di alta qualità e sono soggetti al rischio di credito molto basso. Valutazione una tacca più alta è Aa2. Voto una tacca inferiore è A1 Aaa il punteggio più alto in Moodys lungo termine Obbligo Corporate Valutazione. Obbligazioni con rating Aaa sono ritenuti essere di alta qualità, con un rischio di credito minimo. Valutazione una tacca inferiore è Aa1. AAA Bank Si riferisce alle banche con un rating AAA da IBCA, Investor Service Moodys e Poors standard. L'abbandono da parte della controllante rinunciare a diritti di proprietà volontariamente. Opzione Abbandono La possibilità di terminare un investimento prima di quanto originariamente previsto. accordo ABC Un contratto tra un dipendente e una società di intermediazione che definiscono i diritti della società di acquistare un abbonamento NYSE per quella dipendente. Possibilità di pagare Si riferisce alla mutuatari capacità di effettuare pagamenti di interessi e capitale sui debiti. Vedere: indice di copertura carica fisso. Nel contesto di obbligazioni comunali. si riferisce alla capacità di emittenti presente e il futuro per creare entrate fiscali sufficienti per adempiere ai propri obblighi contrattuali. che rappresentano i valori di reddito e di proprietà comunale. Nel contesto della tassazione, nozione che le aliquote fiscali dovrebbero essere determinati in base al reddito o di ricchezza. rendimenti anomali la componente del ritorno che non è a causa di influenze sistematiche (influenze del mercato - wide). In altre parole, i rendimenti anomali è la differenza tra il rendimento effettivo e che dovrebbe risultare da movimenti di mercato (rendimento normale). Correlati: rendimenti in eccesso. Sopra par See: Par. vantaggio assoluto una persona, un'azienda o un paese ha un vantaggio assoluto se la sua produzione per unità di ingresso di tutti i beni e servizi prodotti è superiore a quello di un'altra persona, società o un paese. forma assoluta di potere d'acquisto Una teoria che i prezzi dei prodotti di due paesi diversi dovrebbero essere uguali quando viene misurata da una moneta comune. Chiamato anche la legge del prezzo unico. Absolute vita fisica Il periodo di uso dopo che un'attività è deteriorata a tal punto che non può più essere utilizzata. Regola la priorità assoluta nella procedura di fallimento richiede creditori senior di essere pagato per intero prima che i creditori minori ricevono alcun pagamento. Assorbite utilizzate in un contesto di azioni generali. I titoli vengono assorbiti finché ci sono corrispondenti ordini di acquisto e di vendita. Il mercato ha raggiunto il punto in cui l'assorbimento ulteriormente l'assimilazione è impossibile senza un adeguamento di prezzo. Vedere: vendere il libro. Abusivo fiscale riparo Una società in accomandita che i giudici di IRS per essere sostenendo detrazioni fiscali illegalmente. Accelerated sistema di recupero dei costi (ACRS) Programma delle aliquote di ammortamento consentito a fini fiscali. clausola di accelerazione Un contratto che indica che il saldo non pagato diventa dovuto e pagabile se le azioni specifiche trasparire, come l'insufficienza di effettuare i pagamenti degli interessi sul tempo. Ammortamenti anticipati Qualsiasi criterio di ammortamento che produce detrazioni più grandi per l'ammortamento nei primi anni di vita attivi. Accelerated sistema di recupero dei costi (ACRS). che è un piano di ammortamento consentito a fini fiscali, ne è un esempio. acquisizioni Accelerator L'acquisto di una società molto presto nel suo ciclo di vita e, di solito, ad un accordo contrattuale prezzo conveniente accettazione istigato quando il trattario di un progetto di tempo accetta il progetto, scrivendo la parola accettato di essa. Il trattario si assume la responsabilità come accettore e per il pagamento alla scadenza. Vedere: Lettera di credito e banchieri accettazione. Sistemazione Una forma di prestito in cui il mutuatario non è obbligato a risarcire il creditore. Questi prestiti sono spesso accompagnate da bollette di alloggio. che garantiscono che una terza parte compensa il creditore. se il mutuatario non essere in grado. istituti finanziari in difficoltà utilizzano spesso prestiti alloggio. Sistemazione prestito un accordo legale firmato da entrambe le parti per cui uno dei co-firmatari garantisce la responsabilità di credito per l'altro co-firmatario. prestiti alloggio, spesso chiamati approvazioni di alloggio o le bollette, permette il garante per aggiungere forza al merito di credito della controparte. Se i valori di default che ricevono partito sul proprio debito. il garante è quindi responsabile per il debito della controparte. Vedere: la politica monetaria accomodante della politica Patto Federal Reserve System per aumentare la quantità di denaro a disposizione delle banche per i prestiti. Vedere: politica monetaria. Considerazione nel contesto di contabilità, si riferisce alle pagine di libro mastro su cui varie attività. passività. reddito, e le spese sono rappresentati. Nel contesto di investment banking. si riferisce allo status di titoli venduti e di proprietà o il rapporto tra le parti di un consorzio di garanzia. Nel contesto dei titoli. la relazione tra un cliente e una società di negoziazione titoli permettendo al lavoratore le imprese di essere i clienti che comprano e vendono agente. Vedere: estratto conto account executive. Account ad valorem Un importata fiscale merce espresso in percentuale. Conto Credits equilibrio meno addebiti al termine di un periodo di riferimento. Account executive Il dipendente società di intermediazione che si occupa di ordini di riserva per i clienti. Vedere: Broker. Conto in conto fiduciario gestito dalla titolare del conto di un'altra persona, ha chiamato il beneficiario. Ad esempio, un conto aperto dai genitori per dare soldi ai loro figli minori. Party account che chiede di aprire una banca per l'emissione di una lettera di credito. Conto di riconciliazione La revisione e la regolazione della bilancia in un libretto di assegni personali per abbinare il vostro estratto conto bancario. dichiarazione considerazione nel contesto del settore bancario, si riferisce a una sintesi di tutti i saldi. Commercialisti opinione Una dichiarazione firmata da un commercialista indipendente dopo l'esame di una delle imprese registri e documenti contabili. Il parere può essere qualificato o specializzato. Vedere: parere qualificato. utili contabili guadagni di una società, come riportato sul suo conto economico. Contabilità esposizione La variazione del valore di una società di valuta estera - denominated conti a causa di una variazione dei tassi di cambio. Accounting insolvenza Totale passività superano il totale delle attività. Una società con un patrimonio netto negativo è insolvente sui libri. Contabilità liquidità La facilità e la rapidità con cui le attività possono essere convertiti in denaro contante. Conti di denaro da pagare nei confronti di fornitori. Conti denaro crediti verso clienti. I crediti di finanziamento Un metodo di finanziamento a breve termine in cui i crediti sono garanzia per gli anticipi di cassa. Vedere: Factoring. Account fatturato credito Il rapporto tra vendite a credito netto ai conti medi crediti. che è una misura di quanto velocemente i clienti pagano le bollette. investitore accreditato Si riferisce ad un individuo il cui patrimonio netto. o patrimonio netto congiunta con il coniuge, supera 1.000.000 o il cui reddito individuale superato 200.000 o il cui reddito congiunto con il coniuge superato 300.000 in ciascuno dei 2 anni più recenti e ci si può aspettare di incontrare che il reddito nell'anno in corso. Maggiori dettagli delle definizioni per gli investitori altro che gli individui si trovano nel regolamento D della Securities and Exchange Commission. Accrescimento Swap) interest rate swap in cui il capitale di riferimento aumenta col passare del tempo, per esempio come con un prestito di costruzione previsto per quote come ogni fase del progetto è completato. Accrescimento (di uno sconto) In contabilità portafoglio, un accumulo in linea retta delle plusvalenze su un legame sconto in previsione di ricevimento pari a scadenza. sistema di contabilità per competenza contabile convenzione An che cerca di far corrispondere il riconoscimento dei ricavi realizzati con le spese sostenute per la generazione di tali entrate. Si ignora la tempistica dei flussi di cassa associati alle entrate e le spese. principio della competenza Nel contesto della contabilità, pratica in cui oneri e proventi sono contabilizzati come sono conseguiti o sostenuti, anche se non sono stati ricevuti o pagati. Antitesi di contabilità per cassa. legame Rateo Un legame sul quale maturano interessi, ma non viene pagato agli investitori durante il periodo di maturazione. L'ammontare degli interessi maturati viene aggiunto al residuo capitale del legame ed è pagato alla scadenza. I benefici maturati prestazioni pensionistiche guadagnato da un dipendente in base agli anni di servizio dipendenti. Gli interessi maturati di sconto che si accumula sulle obbligazioni di risparmio a partire dalla data di acquisto fino alla data di rimborso o scadenza finale. quello che viene prima. Serie A, B, C, D, E, EE, F, I e J sono scontati o per competenza obbligazioni, il che significa capitale e gli interessi sono pagati quando i legami sono redenti. Serie G, H, HH, e K sono legate al reddito. e l'interesse semestrale pagato ai loro titolari non è incluso nel sconti maturati. Interessi Gli interessi maturati che si è accumulato tra l'ultimo pagamento e la vendita di un'obbligazione o altro titolo a reddito fisso. Al momento della vendita, l'acquirente paga al venditore il prezzo di obbligazioni più gli interessi maturati, calcolato moltiplicando il tasso cedolare per la frazione del periodo della cedola che ha trascorso dall'ultimo pagamento. (Se un obbligazionista riceve 40 a pagamenti di cedole per legame semestralmente e vende il legame di un quarto del cammino nel periodo cedolare, l'acquirente paga al venditore 10 come questi ultimi quota di interessi maturati.) Sconto di mercato maturati L'aumento del mercato il valore di un titolo di sconto come si avvicina la maturità (quando è rimborsabile alla pari) e non a causa del calo dei tassi di mercato. Accumula Broker raccomandazioni degli analisti che potrebbe significare cose leggermente diverse a seconda del brokeranalyst. In generale, significa aumentare il numero di azioni di un particolare titolo nel breve termine. ma non di liquidare altre parti del portafoglio di acquistare un titolo che potrebbe salire alle stelle. Una raccomandazione buy, ma non un acquisto urgente. Accumulato Benefit Obligation (ABO) Una misura approssimativa della passività di un piano pensionistico in caso di cessazione alla data viene eseguito il calcolo. Correlati: proiettata obbligo beneficio. Accumulato dividendo un dividendo che ha raggiunto la sua data di scadenza. ma non è pagato. Vedere: cumulativa azioni privilegiate. Accumulato Altri utili (AOCI) Un account di riferimento del bilancio che riporta il totale di tutte le voci del conto economico complessivo, ad eccezione dell'utile netto. Accumulato una imposta sugli utili imposta sugli utili non distribuiti in una ditta come un modo per i suoi committenti di rinviare imposte sul reddito personale. Accumulo Nel contesto della finanza aziendale. si riferisce agli utili che vengono aggiunti alla base di capitale della società, piuttosto che versati come dividendi. Vedere: accumulato sugli utili. Nel contesto di investimenti. si riferisce all'acquisto da un intermediario istituzionale di un gran numero di azioni per un periodo di tempo al fine di evitare di spingere il prezzo di tale quota up. Nel contesto dei fondi comuni di investimento. si riferisce alla investire regolare di un importo fisso, mentre reinvestire i dividendi e guadagni in conto capitale. zona di accumulo Un intervallo entro il quale un acquirente accumula azioni di una società. Vedere: On-bilanciamento del volume e l'area di distribuzione. Rapporto di prova del fuoco chiamato anche il rapporto rapido, il rapporto di attività meno scorte attuali. ratei. e gli elementi prepagate tra le passività correnti. surplus acquisito il surplus acquisito quando una società viene acquistato in una messa in comune di combinazione di interessi, cioè il patrimonio netto non considerata capitale. Società acquisita una ditta che viene acquisito. Acquirer Una società o un individuo che si acquista un'altra azienda o attività. Acquisizione Quando un'impresa acquista un'altra azienda. Il costo di acquisizione si riferisce al prezzo (compresi i costi di chiusura) per l'acquisto di un'altra società o di proprietà. Nel contesto di investimenti. si riferisce a prezzi più intermediazione commissioni. di un titolo. o la commissione di vendita applicata per caricare fondi. Vedere: base fiscale. Acquisizione di beni Una fusione o consolidamento in cui un acquirente acquista il patrimonio delle imprese di vendita. Acquisizione di magazzino Una fusione o consolidamento in cui un acquirente acquista il magazzino società acquisite. Liberatoria un documento scritto che rilascia un secondo partito da qualsiasi responsabilità finanziaria o altro. Un esempio di acquittance sarebbe una ricevuta indicante pagamento per intero. Dall'altra parte del Movimento pensione o di tendenza nel mercato azionario che fa sì che tutti gli stock in tutti i settori di muoversi nella stessa direzione. Agendo di concerto investitori lavorare insieme e compiere azioni identiche per raggiungere lo stesso obiettivo di investimento. Atto della dottrina stato Questa dottrina afferma che una nazione è sovrana all'interno dei propri confini, e le sue azioni interne non può essere messa in discussione nei tribunali di un'altra nazione. Attivo Un mercato in cui vi è il commercio frequente. account Active Si riferisce ad un conto di intermediazione in cui si verificano molte transazioni. società di intermediazione può addebitare una commissione se un account genera un inadeguato livello di attività. folla legame attivo Si riferisce ai membri del dipartimento legame del NYSE che commerciano il maggior numero di titoli. Antitesi di gabinetto folla. I titoli di dialogo attiva che si tengono in custodia e sono disponibili come garanzia per il fissaggio broker prestiti o posizioni di margine clienti. impegni attivi Nel contesto di private equity. impegni attivi è un investimento che non ha raggiunto la fine del suo mandato legale. gestione attiva un approccio d'investimento che sposta volutamente fondi sia tra classi di attivi (asset allocation), settori (rotazione settoriale), o tra singoli titoli (selezione di sicurezza) al fine di ottenere rendimenti superiori. Reddito reddito attivo da un business attivo al contrario di redditi da capitale passivo secondo il codice fiscale degli Stati Uniti. Active Management L'opposto di gestione passiva. Il manager passivo minimizza semplicemente il tracking error del loro portafoglio e un indice ben noto (ad esempio SampP indice 500 fondi comuni di investimento). Il gestore attivo deviare dai pesi di riferimento di (i) variando i pesi dei pesi benchmark sui titoli (ii) l'aggiunta di titoli fuori dal benchmark o scegliendo di non detenere titoli inclusi nel benchmark e (iii) variabile nel tempo asset allocation dove pesi su alcune classi di attività cambiano nel tempo. L'obiettivo di gestione attiva è di produrre un rendimento superiore al ritorno passivo con il minimo rischio. strategia di portafoglio attivo Una strategia che si avvale di tecniche di informazione e di previsione a disposizione per cercare di migliorare le prestazioni di un buy and hold portafoglio. Correlati: strategia di portafoglio passivo. Attivi Ritorna rendimento relativo a un punto di riferimento. Se un ritorno portafogli è 5, e dei parametri di riferimento di ritorno è 3, quindi il ritorno attivo portafogli è 2. Rischio Attivo Il rischio (deviazione standard annualizzata) del ritorno attivo. Chiamato anche il tracking error. Attivista Investor un azionista di minoranza che cerca di influenzare il processo decisionale in una società esprimendo preoccupazioni, impegnandosi in un dialogo con il management, o di lobbying altri soci per il supporto. Le richieste possono riguardare cambiamenti nella gestione, la rappresentanza nel consiglio, acquisizioni o disinvestimenti. stipendi, pagamenti di fx, l'utilizzo degli utili portati ecc Act del fallimento Un'azione da un debitore che può essere una base per i creditori di presentare una istanza di fallimento nei confronti del debitore. Esempi di tali azioni sono nascondono beni, frodare i creditori, favorendo un creditore rispetto ad un altro, o ammettere per iscritto la volontà di essere fermato in bancarotta. Actual360 Convenzione conteggio del giorno di calcolo degli interessi maturati su buoni del Tesoro degli Stati Uniti e di altri strumenti del mercato monetario. Utilizza il numero effettivo di giorni in un mese e 360 giorni in un anno per il calcolo dei pagamenti di interessi. Vedere anche Giorno convenzione conteggio. ActualActual Convenzione conteggio del giorno per il calcolo degli interessi maturati sulle obbligazioni del Tesoro degli Stati Uniti. Utilizza il numero effettivo di giorni in un mese e attuale numero di giorni in un anno per il calcolo dei pagamenti di interessi. Vedere anche Giorno convenzione conteggio. Actual Cash Value costo di sostituzione di una proprietà con un altro dello stesso tipo e in condizioni simili. Calcolato come la sostituzione costo ammortizzato. mercato effettivi utilizzati nel contesto di azioni generali. mercato Firm. Antitesi del mercato Soggetto. Le merci effettivi fisici alla base di un contratto future. delle materie prime in contanti. bene fisico. A-D Advance-Decline, o la misura del numero di questioni che commerciano sopra i loro prezzi di chiusura precedenti meno il numero di trading di sotto dei prezzi di chiusura precedenti in un periodo particolare. Come misura tecnica di ampiezza di mercato. la pendenza della linea AD indica se un forte toro o orso mercato è in corso. tassa ad valorem Un tipo di imposta calcolata in base percentuale del valore lordo o dichiarato. Ad esempio, l'IVA. obbligazioni aggiuntive testare Un test per assicurare che le emittenti di obbligazioni in grado di soddisfare le esigenze di servizio del debito di emettere una qualsiasi nuovi titoli aggiuntivi. Ulteriori copertura di un protezione contro il rischio di ricaduta in cantiere mutuo. Adeguatezza della copertura un test che misura la misura in cui il valore di un bene è protetto dal rischio di perdita o tramite assicurazione o di copertura. a tasso variabile si applica principalmente a titoli convertibili. Si riferisce al tasso di interesse o dividendo che viene periodicamente adeguato, di solito in base ad un tasso standard di mercato al di fuori del controllo della banca o di risparmio istituzione. come quella prevalente sui titoli del Tesoro o note. In genere, tali questioni hanno un piano insieme o al soffitto, chiamati cap e collar che limita la regolazione. mutuo a tasso variabile (ARM) Un mutuo che dispone di regolazioni predeterminate del tasso di interesse del prestito a intervalli regolari, sulla base di un indice stabilito. Il tasso di interesse viene regolato ad ogni intervallo di un tasso equivalente al valore di indice più uno spread predeterminato, o margine. sopra l'indice, di solito soggetti a limiti massimi di pagamento per-intervallo e per la vita-di-prestito a tasso di interesse eo. mutui titoli (ARMS) Mortgage-backed securities a tasso variabile in cui il sottostante è un pool di mutui a tasso variabile. Tasso variabile azioni privilegiate (ARPS) quotata problemi che possono essere collateralizzati da mutui e MBS rettificato metodo del bilancio Metodo di calcolo degli oneri finanziari che utilizza il saldo del conto rimanente dopo l'adeguamento per tutte le transazioni registrate durante il determinato periodo di fatturazione come base. Correlati: metodo del bilancio medio giornaliero, precedente metodo del bilancio. passato il metodo saldo dovuto. Rettificato Prezzo base da cui partire per calcolare e ricavare utili o perdite di capitale al momento della vendita di un bene. azioni conto, come qualsiasi frazionamenti azionari che si sono verificati dopo l'acquisto iniziale deve essere contabilizzata. Bilancio rettificato debito (ADB) Il saldo del conto per un conto di deposito che viene calcolato sommando il saldo di quanto dovuto a un broker con qualsiasi saldo del conto varie speciale, e gli utili di carta sui conti brevi. Rettificato Termine prezzo di esercizio utilizzato in opzioni su Ginnie Mae (Government National Mortgage Association) contratti. Il prezzo di esercizio dell'opzione finale rappresenta per le tariffe promozionali svolte sui mutui Ginnie Mae. Ad esempio, se il mutuo GNMA standard ha una resa 9. il prezzo delle piscine GNMA con 13 mutui in loro è alterato in modo tale che l'investitore riceve lo stesso rendimento. Rettificato reddito lordo (AGI) reddito lordo regolazioni meno ammissibile, che è il reddito su cui un individuo è tassato dal governo federale. Adjusted Present Value (APV) La presente analisi valore netto di un bene, se finanziato esclusivamente dal patrimonio netto (valore attuale dei flussi di cassa unlevered), più il valore attuale di tutte le decisioni di finanziamento (cash flow prima dei dividendi). In altre parole, i vari scudi fiscali previste dalla deducibilità degli interessi e dei benefici di altri crediti d'imposta investimenti sono calcolati separatamente. Questa analisi viene spesso utilizzato per le transazioni a elevata leva finanziaria, come un leveraged buyout. legame di regolazione un'obbligazione emessa in cambio di obbligazioni in circolazione quando viene ricapitalizzata una società sull'orlo della bancarotta. prezzi amministrativo governa regole di IRS utilizzati di destinare l'utile sulle vendite all'esportazione di una società di vendite estere. Advance aumento del prezzo di mercato delle azioni. obbligazioni. materie prime. o altre attività. Advance impegno Una promessa di vendere un bene prima che il venditore ha schierato l'acquisto del bene. Questo venditore può compensare il rischio con l'acquisto di un contratto future per fissare il prezzo di vendita di circa. Advance Execution System computerizzato (ACES) si riferisce al sistema computerizzato Execution Advance, gestito da Nasdaq. ACES automatizza scambi tra le imprese di inserimento ordine e market maker che hanno stabilito rapporti commerciali con l'altro. I titoli sono designati come specificato per l'esecuzione automatica. Advance Rapporto declino rapporto tra il numero di azioni che avanzano in termini di valore per il numero di azioni che diminuzione di valore in un dato periodo di tempo. Una crescente rapporto di anticipo-declino segnala un trend rialzista, mentre un rapporto di anticipo-declino diminuzione segnala una tendenza al ribasso. Advance finanziato piano pensionistico un piano pensionistico in cui sono stanziati fondi in anticipo rispetto alla data di ritiro. Anticipo rimborso Nel contesto di obbligazioni comunali. si riferisce alla vendita di nuove obbligazioni (la questione rimborso) prima della prima data di vecchie obbligazioni (il problema di essere rimborsato). Il problema rimborso di solito indica un tasso più basso rispetto al problema da rimborsare, e il ricavato viene investito. di solito in titoli di Stato. fino a quando le obbligazioni a tasso più alto diventare callable. Vedere: depositi di deposito a garanzia rimborso. imposte anticipate al governo una dichiarazione scritta perseguito da un contribuente da parte delle autorità fiscali sulle implicazioni fiscali di una transazione. Spesso è una precondizione per la chiusura della transazione, perché una sentenza imposta negativi possono effettuare la transazione (ad esempio una fusione) economicamente impraticabile. Avanzamento denaro o beni ceduti a una persona dal defunto prima della morte e destinati a titolo di anticipo contro la quota beneficiario, nella volontà. Giudizio negativo Una società di revisione esprime parere che una delle imprese bilancio non riflette la posizione companys con precisione. Vedi anche: parere qualificato. selezione avversa Si riferisce a una situazione in cui i venditori hanno informazioni pertinenti che gli acquirenti non hanno (o viceversa) su qualche aspetto della qualità del prodotto. Consulenza banca banca corrispondente nel paese beneficiario, di cui una banca emittente invia una lettera di credito. lettera consultivo Una newsletter che offre consulenza finanziaria ai suoi lettori. Affidavit di perdita Un giurato dichiarazione che descrive i particolari e le circostanze della perdita di valori mobiliari. Questa dichiarazione è necessario prima di un vincolo di Indennità può essere rilasciato e sostituito i titoli. Relazione di affiliazione tra le due società, quando una società detiene interesse sostanziale, ma almeno una maggioranza dei diritti di voto di un'altra società, o quando due società sono entrambe controllate da una terza società. Vedere: Società controllate. società madre. Affiliato società una società che è un affiliato alla capogruppo. Affiliato persona Un individuo che possiede abbastanza influenza e di controllo in una società da essere in grado di alterare le azioni della società. Affermativo patto Un patto legame che specifica alcune azioni l'impresa deve prendere. obbligo affermativa Una regola Borsa di New York che regola il comportamento degli specialisti. obbligo affermativa è il mandato degli specialisti di intervenire e di agire sia come l'acquirente o il venditore quando gli ordini degli investitori pubblici esistono non corrispondono in modo naturale. Conosciuto anche come positiveobligation. Correlati: negativeobligation. indice di accessibilità Un indice che misura la capacità finanziaria dei consumatori per l'acquisto di una casa. Dopo clausola acquisito una clausola contrattuale in un contratto di mutuo affermando che qualsiasi proprietà ipotecabile aggiuntiva raggiunto da parte del mutuatario dopo che il mutuo è firmato sarà considerata come ulteriore sicurezza per l'obbligo indirizzata nel mutuo. Dopo mezzanotte commerciale o di negoziazione titoli di trading dopo il normale orario di negoziazione su mercati organizzati. Aftermarket See: mercato secondario. Al netto delle imposte base La base di confronto utilizzato per analizzare i rendimenti netti al netto delle imposte su un legame passivo aziendale e un legame esente da imposta comunale. Al netto delle imposte margine di profitto Il rapporto tra utile netto e fatturato. Al netto delle imposte tasso reale di rendimento Il tasso netto delle imposte di ritorno meno il tasso di inflazione. Contro la casella Vedere: La vendita allo scoperto contro la scatola. Di età compresa tra falliscono Un conto tra due concessionari broker che rimane intatto dopo 30 giorni dalla data di regolamento. L'azienda ricevente deve regolare il suo capitale non può più trattare questo account come un'attività. Agenzie Vedi: titoli delle agenzie federali. Agenzia Nel contesto delle azioni generali, che acquistano o vendono per conto ea rischio di un cliente. Generalmente, un agente. o un broker. agisce come intermediario tra acquirente e venditore, prendendo alcun rischio finanziario personalmente o come azienda. e la carica di una commissione per il servizio. The broker represents a customer buyerseller to a customer sellerbuyer and does not act as principal for the firms own trading account. Antithesis of principal. See: Dealer. Agency bank A form of organization commonly used by foreign banks to enter the US market. An agency bank cannot accept deposits or extend loans in its own name it acts as agent for the parent bank. It is also the financialinstitution that issues ADRs to the general market. Agency basis A means of compensating the broker of a program trade solely on the basis of commission established through bids submitted by various brokerage firms. Agency cost view The argument that specifies that the various agency costs create a complex environment in which total agency costs are at a minimum with some, but less than 100, debt financing. Agency costs The incremental costs of having an agent make decisions for a principal. Agency incentive arrangement A means of compensating the broker of a program trade using benchmark prices for issues to be traded in determining commissions or fees. Agency pass-throughs Mortgage pass-through securities whose principal and interest payments are guaranteed by government agencies. such as the Government National Mortgage Association (Ginnie Mae). Federal Home Loan Mortgage Corporation (Freddie Mac). and Federal National Mortgage Association (Fannie Mae). Agency problem Conflicts of interest among stockholders. bondholders. and managers. Agency securities Securities issued by federally related institutions and U. S. government-sponsored entities. Such agencies were created to reduce borrowing costs for certain sectors of the economy, such as agriculture. Agency theory The analysis of principal-agent relationships. in which one person, an agent. acts on behalf of another person, a principal. Agent A party appointed to act on behalf of a principal entity or person. In context of project financing. refers to the bank in charge of administering the project financing. Aggregate exercise price The exercise price multiplied by the number of shares in a put or call contract. The option premium is excluded in the aggregate exercise price. In the case of options traded on debt instruments. the aggregate exercise price is the exercise price of the underlying security multiplied by its face value. Aggregation Process in corporate financial planning whereby the smaller investment proposals of each of the firms operational units are aggregated and effectively treated as a whole. Aggressive Growth Hedge Fund In the context of hedge funds. a style of management that focuses primarily on equities that are expected to have strong earnings growth. Aggressive growth mutual fund A mutual fund designed for maximum capital appreciation that places its money in companies with high growth rates. Aggressivamente Utilizzato in un contesto di azioni generali. For a customer it means working to buy or sell ones stock. with an emphasis on execution over price. For a trader it means acting in a way that puts the firms capital at higher risk through paying a higher price, selling cheaper, or making a larger short sale or purchase than the trader would under normal circumstances. Aging schedule A table of accounts receivable broken down into age categories (such as 0-30 days, 30-60 days, and 60-90 days), which is used to determine if customer payments are keeping close to schedule. Agreement among underwriters A contract among participating members of a syndicate that defines the members proportionate liability. which is usually limited to and based on the participants level of involvement. The contract outlines the payment schedule on the settlement date. Compare: Underwriting agreement. Agreement corporation Corporation chartered by a state to engage in international banking: so named because the corporation enters into an agreement with the Feds Board of Governors that it will limit its activities to those permitted by an Edge Act Corporation. Ahead of itself In context of general equities, refers to equities that are overbought or oversold on a fundamental basis. Ahead of you Used for listed equity securities. At the same price but entered ahead of your order interest. usually referring to the specialists book. See: Behind, matched orders, priority, stock ahead. AIMR Performance Presentation Standards Implementation Committee The Association for Investment Management and Research (AIMR) Performance Presentation Standards Implementation Committee is charged with the responsibility to interpret, revise, and update the AIMR Performance Presentation Standards (AIMR-PPS(TM) for portfolio performance presentations. Air Freight Consolidator An air freight carrier that does not own or operate its own aircraft but ships its cargo with actual equipment operating carriers. Consolidators issue house air waybills to their customers and receive master air waybills from the actual carriers. Air pocket stock A stock whose price drops precipitously, often on the unexpected news of poor results. ALCO package Reporting package that contains financial information related to the Asset-Liability Committee e. g. yield curve assumptions, net interest income projections, and economic value of equity assessments made by the firms as part of their business planning processes. Alien corporation A company incorporated under the laws of a foreign country regardless of where the company conducts its operations. Algo or Algorithmic Trading Refers to computerized trading using proprietary algorithms. There are two types algo trading. Algo execution trading is when an order (often a large order) is executed via an algo trade. The algo program is designed to get the best possible price. It may split the order into smaller pieces and execute at different times. The second type of algo trading is not executing a set order but looking for small trading opportunities in the market. It is estimated that 50 percent of stock trading volume in the U. S. is currently being driven by algo trading. Also known as high-frequency trading. All equity rate The discount rate that reflects only the business risks of a project, distinct from the effects of financing. All in Refers to an issuers interest rate after accounting for commissions and various related expenses. All-in-rate Rate used in charging customers for accepting bankers acceptances. consisting of the discount interest rate plus the commission. All Ordinaries Index The major stock price index in Australia. The capitalization weighted index is made up of the largest 500 companies as measured by market capitalization that are listed on the Australian Stock Exchange. The index was developed with a base value of 500 as of 1979. All or none order (AON) Used in context of general equities. A limited price order that is to be executed in its entirety or not at all (no partial transaction ), and thus is testing the strengthconviction of the counterparty. Unlike an FOK order. an AON order is not to be treated as cancelled if not executed as soon as it is represented in the trading crowd. but instead remains alive until executed or cancelled. The making of all or none bids or offers in stocks is prohibited, and the making of all or none bids or offers in bonds is subject to the restrictions of Rule 61. AON orders are not shown on the specialists book because they cannot be traded in pieces. Antithesis of any-part-of order. See: FOK order. All-in cost Total costs. explicit and implicit. All-or-none underwriting An arrangement whereby a security issue is cancelled if the underwriter is unable to resell the entire issue. All Risk Insurance Marine cargo insurance which covers most perils except strikes, riots, civil unrest, capture, war, seizure, civil war, piracy, loss of market. and inherent vice. Allied member A partner or stockholder of a firm that is a member of the NYSE. the partner or stockholder is not personally a member of the NYSE. Alligator spread The term used to describe a spread in the options market that generates such a large commission that the client is unlikely to make a profit even if the markets move as the investor anticipated. Allocation-of-income rules US tax provisions that define how income and deductions are to be allocated between domestic source and foreign source income. Allocational efficiency The effectiveness with which a market channels capital toward its most productive uses. Allotment The number of securities assigned to each of the participants in an underwriting syndicate. Allowance for Loan and Lease Losses A contra-account on the balance sheet used for offsetting losses on loan and lease assets. Alpha Measure of risk - adjusted performance. Some refer to the alpha as the difference between the investment return and the benchmark return. However, this does not properly adjust for risk. More appropriately, an alpha is generated by regressing the security or mutual funds excess return on the benchmark (for example SampP 500) excess return. The beta adjusts for the risk (the slope coefficient). The alpha is the intercept. Example: Suppose the mutual fund has a return of 25, and the short-term interest rate is 5 (excess return is 20). During the same time the market excess return is 9. Suppose the beta of the mutual fund is 2.0 (twice as risky as the SampP 500). The expected excess return given the risk is 2 x 918. The actual excess return is 20. Hence, the alpha is 2 or 200 basis points. Alpha is also known as the Jensen Index. The alpha depends on the benchmark used. For example, it may be the intercept in a multifactor model that includes risk factors in addition to the SampP 500. Related: Risk-adjusted return. Alpha equation Regression usually run over 36-60 months of data: Return-Treasury bill alpha beta (SampP 500 - Treasury bill) error. The alpha is the intercept. Note that the benchmark does not necessarily have to be the SampP 500. A mutual fund specializing in international investment might be benchmarked to a broader world market index. such as the MSCI World Index. Alphabet stock Categories of common stock of a corporation associated with a particular subsidiary resulting from acquisitions and restructuring. The various alphabetical categories have different voting rights and pay dividends tied to the operating performance of the particular divisions. See also: Tracking stocks. Alt-A Short for Alternative-A paper. Alt-A are loans that are considered riskier than prime loans but less risky than subprime loans. Generally made to individuals with a good credit score but some aspect of the loan (e. g. limited documentation or high loan-to-value ratio ) makes the loan riskier than prime. Also see A paper. No docs. Alternative investments Usually refers to investments in hedge funds. Many hedge funds pursue strategies that are uncommon relative to mutual funds. Examples of alternative investment strategies are: long - - short equity, event driven, statistical arbitrage, fixed income arbitrage, convertible arbritage. short bias, global macro, and equity market neutral. May also refer to the high frequency style of commodity trading advisors who often employ technical and quantitative tools for intraday investments Alternative Minimum Tax (AMT) A federal tax aimed at ensuring that wealthy individuals, estates, trusts. and corporations pay a minimal level income tax. For individuals, the AMT is calculated by adding adjusted gross income to tax preference items. Alternative mortgage instruments Variations of mortgage instruments such as adjustable-rate and variable-rate mortgages, graduated-payment mortgages. reverse-annuity mortgages, and several seldom-used variations. Alternative order Used in context of general equities. Order giving a broker a choice between two courses of action, either to buy or sell, never both. Execution of one course automatically eliminates the other. An example is a combination buy limit buy stop order. where the buy limit is below the current market and the buy stop is above. If the order is for one unit of trading. when one part of the order is executed on the occurrence of one alternative, the order on the other alternative is to be treated as cancelled. If the order is for an amount of more than one unit of trading, the number of units executed determines the amount of the alternative order to be treated as cancelled. Sometimes known as One Cancels the Other. Also see: Either-or order. American Association of Individual Investors (AAII) A not-for-profit organization to educate individual investors about stocks. bonds. mutual funds. and other financial instruments. American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreign corporation. If the ADRs are sponsored , the corporation provides financial information and other assistance to the bank and may subsidize the administration of the ADR. Unsponsored ADRs do not receive such assistance. ADRs are subject to the same currency. political, and economic risks as the underlying foreign share. Arbitrage keeps the prices of ADRs and underlying foreign shares, adjusted for the SDR ordinary ratio essentially equal. American depository shares (ADS) are a similar form of certification. American Depositary Receipt Fees Fees associated with the creating or releasing of ADRs from ordinary shares. charged by the commercial banks with correspondent banks in the international sites. American Depositary Receipt Ratio The number of ordinary shares into which an ADR can be converted. American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. American option An option that may be exercised at any time up to and including the expiration date. Related: European option American shares Securities certificates issued in the US by a transfer agent acting on behalf of the foreign issuer. The certificates represent claims to foreign equities. American Stock Exchange (AMEX) Stock exchange with the third highest volume of trading in the US. Located at 86 Trinity Place in downtown Manhattan. The bulk of trading on AMEX consists of index options (computer technology index. institutional index, major market index) and shares of small to medium-sized companies are predominant. Recently merged with Nasdaq See: Curb. American-style option An option contract that can be exercised at any time between the date of purchase and the expiration date. Most exchange - traded equity options are American style. Amman Financial Market (AFM) Established in 1976, the AFM is the only stock exchange in Jordan. Amman Stock Exchange The only agency authorized as a formal market for trading securities in Jordan. Amortization The repayment of a loan by installments. Amortization factor The pool factor implied by the scheduled amortization assuming no prepayments. Amortizing interest rate swap Swap in which the principal or notional amount declines over time. Amount outstanding and in circulation All currency issued by the Bureau of the Mint and intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are not included uncirculated coin sets sold at face value plus handling charge are included. Amsterdam Exchange (AEX) Exchange that comprises the AEX-Effectenbeurs, the AEX-Optiebeurs (formerly the European Options Exchange or EOE ) and the AEX-Agrarische Termijnmarkt. AEX-Data Services is the operating company responsible for the dissemination of data from the Amsterdam Exchange via its integrated Mercury 2000 system. AMTEL Used in context of general equities. In-house message system entered and displayed through Quotron A page. Analyst Employee of a brokerage or fund management house who studies companies and makes buy - and-sell recommendations on stocks of these companies. Most specialize in a specific industry. And interest An indication that the buyer will receive accrued interest in addition to the price quoted for a bond. Andean Pact A regional trade pact that includes Venezuela, Colombia, Ecuador, Peru, and Bolivia. Angel An investment-grade bond. Antithesis to fallen angel. In the context of venture capital. the first investor. Angels Individuals providing venture capital. Ankle biter Stock issued with a market capitalization of less than 500 million. Announcement date Date on which particular news concerning a given company is announced to the public. Used in event studies, which researchers use to evaluate the economic impact of events of interest. Annual basis The technique in statistics of taking a figure covering a period of less than one year and extrapolating it to cover a full one year period. The process is known as annualizing. effettivo annuo resa See: rendimento annuo. Annual exclusion A tax rule allowing the deduction of certain income from taxation. Annual fund operating expenses For investment companies. the management fee and other expenses , including the expenses for maintaining shareholder records, providing shareholders with financial statements. and providing custodial and accounting services. For 12b-1 funds. selling and marketing costs are also included. Annual meeting Meeting of stockholders held once a year at which the managers of a company report to the stockholders on the years results. Annual percentage rate (APR) In the context of credit cards, the periodic rate times the number of periods in a year. For example, a 1.5 monthly rate has an APR of 18. In the context of consumer lending, the APR takes into account more than the interest rate applied to the principal per period. Under the Truth in Lending Act, it has a specific definition and includes all the costs paid by a non-exempt consumer borrower that are considered a finance charge, including fees paid to third parties by the lender if not properly disclosed and excluded from the finance charge (such as credit insurance). Annual percentage yield (APY) The effective, or true annual rate of return. The APY is the rate actually earned or paid in one year, taking into account the effect of compounding. The APY is calculated by taking one plus the periodic rate, raising it to the number of periods in a year and then subtracting one. For example, a 1 per month rate has an APY of 12.68 (1.0112 -1). Annual rate of return There are many ways of calculating the annual rate of return. If the rate of return is calculated on a monthly basis, we sometimes multiply this by 12 to express an annual rate of return. This is often called the annual percentage rate (APR ). The annual percentage yield (APY ) includes the effect of compounding interest. Annual renewable term insurance See: Term insurance. Annual report Yearly record of a publicly held companys financial condition. It includes a description of the firms operations, as well as balance sheet. income statement. and cash flow statement information. SEC rules require that it be distributed to all shareholders. A more detailed version is called a 10-K. Annualized gain If stock X appreciates 1.5 in one month, the annualized gain for that stock over a twelve month period is (12 x 1.5) 18. Compounded over the 12 month period, the gain is (1.015)12 -1 19.6. Annualized holding-period return The annual rate of return that when compounded t times generates the same t - period holding return as actually occurred from period 1 to period t . Annualizing See: Annual basis. Annuitant An individual who receives benefits from an annuity. Annuitize To commence a series of payments from the capital that has accumulated in an annuity. The payments may be a fixed amount, for a fixed period of time, or for a lifetime. Annuity A regular periodic payment made by an insurance company to a policyholder for a specified period of time. Annuity certain An annuity that pays a specific amount on a monthly basis for a set amount of time. Annuity due An annuity with n payments, where the first payment is made at time t 0, and the last payment is made at time t n - 1. Annuity factor Present value of 1 paid for each of t periods. Annuity in arrears An annuity with a first payment one full period hence, rather than immediately. Annuity starting date The date when an annuitant starts receiving payments from an annuity. Anticipated holding period The period of time an individual expects to hold an asset. Anticipation Paying what is owed before it is due (usually to save interest charges). Antidilutive effect Result of a transaction that increases earnings per common share (e. g. by decreasing the number of shares outstanding ). Anti-Persistence In RS Analysis. an anti-persistent time series reverses itself more often than a random series would. If the system had been up in the previous period, it is more likely that it will be down in the next period and vice versa. Also called pink noise, or 1f noise. See: Persistence, RS Analysis. Hurst Exponent. Joseph Effect. Noah Effect. Antigreenmail Greenmail refers to the agreement between a large shareholder and a company in which the shareholder agrees to sell his stock back to the company, usually at a premium, in exchange for the promise not to seek control of the company for a specified period of time. Antigreenmail provisions prevent such arrangements unless the same repurchase offer is made to all shareholders or approved by shareholder vote. There are some states that have antigreenmail laws. Antitrust laws Legislation established by the federal government to prevent the formation of monopolies and to regulate trade. Autoriteit Financieumlle Markten (AFM) Dutch supervisory authority for the Dutch financial markets. The Netherlands financial regulator. Any-interest-date A call provision in a municipal bond indenture that establishes the right of redemption for the issuer on any interest payment due date. Any-or-all bid Often used in risk arbitrage. Takeover bid in which the acquirer offers to pay a set price for all outstanding shares of the target company, or any part thereof contrasts with two-tier bid. Any-part-of order In context of general equities, order to buy or sell a quantity of stock in pieces if necessary. Antithesis of an all-or-none order (AON ). A paper Another name for prime paper. Applied mathematics The study of the application of mathematical principles to domains outside of mathematics itself. Although the branches of mathematics within this categorization change with time, applied mathematics typically involves the use of differential equations, numerical analysis, and statistics with areas of knowledge such as engineering, biology, physics, computer science, economics. and finance. Appraisal ratio The signal - to-noise ratio of an analysts forecasts. The ratio of alpha to residual standard deviation. Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares. as determined independently. Appreciation Increase in the value of an asset. Appropriation request Formal request for funds for capital investment project. Approved list A list of equities and other investments that a financial institution or mutual fund is allowed to invest in. See: Legal list. APS Auction Preferred Stock. A type of Dutch Auction Preferred Stock (Goldman Sachs product). Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets. resulting in profits without risk. Perfectly efficient markets present no arbitrage opportunities. Perfectly efficient markets seldom exist, but, arbitrage opportunities are often precluded because of transactions costs. Arbitrage bonds Municipality issued bonds issued intended to gain an interest rate advantage by refunding a higher-rate bond in ahead of their call date. Lower-rate refunding issue proceeds are invested in Treasuries until the first call date of the higher-rate issue. Arbitrage-free option-pricing models Yield curve option-pricing models. Arbitrage Pricing Theory (APT) Un modello alternativo per il capital asset pricing model sviluppato da Stephen Ross e basato esclusivamente su argomentazioni di arbitraggio. The APT implies that there are multiple risk factors that need to be taken into account when calculating risk - adjusted performance or alpha. Arbitrage Trading Program (ATP) See: Program trading. Arbitrageur One who profits from the differences in price when the same, or extremely similar, security. currency, or commodity is traded on two or more markets. The arbitrageur profits by simultaneously purchasing and selling these securities to take advantage of pricing differentials (spreads ) created by market conditions. See: Risk arbitrage, convertible arbitrage, index arbitrage, and international arbitrage. Arbs Short for Arbitrageurs. Are you open Used in context of general equities. Can a new customer still participate on opposing side of the trade from that which the first customer initiated, Inquiring as to whether any portion of that trade is still available See: Open. Arithmetic average (mean) rate of return Arithmetic mean return. Arithmetic mean return An average of the subperiod returns. calculated by summing the subperiod returns and dividing by the number of subperiods. Arizona Stock Exchange A single price auction exchange for equity trading that allows anonymous buyers and sellers to trade at low transaction costs. Arms length price The price at which a willing buyer and a willing unrelated seller would freely agree to transact or a trade between related parties that is conducted as if they were unrelated, so that there is no conflict of interest in the transaction. Arms index Also known as a TRading INdex (TRIN ). The index is usually calculated as the number of advancing issues divided by the number of declining issues. This, in turn, is divided by the advancing volume divided by the declining volume. If there is considerably more advancing volume relative to declining volume this will tend to reduce the index (i. e. increase the denominator). Hence, a value less than 1.0 is bullish while values greater than 1.0 indicate bearish demand. The index often is smoothed with a simple moving average. Around us Used in context of general equities. See: Away from you. Arranger The senior tier of a syndication. This implies the entity that agreed and negotiated the project financing structure. Also refers to the bank or underwriter entitled to syndicate the loan or bond issue. Also known as the lead underwriter. Arrearage In the context of investments. refers to the amount by which interest on bonds or dividends on cumulative preferred stock is due and unpaid. Articles of incorporation Legal document establishing a corporation and its structure and purpose. Artificial currency A currency substitute, e. g. special drawing rights (SDRs). Artificial Intelligence The creation of models that mimic thought processes. See: Neural Networks. Fuzzy Logic. and Genetic Algorithms. Ascending tops A chart pattern that depicts that each peak in a securitys price over a period of time is higher than the preceding peak. Antithesis of descending tops. Asia-Pacific Economic Cooperation Pact (APEC) A loose economic affiliation of Southeast Asian and Far Eastern nations. The most prominent members are China, Japan, and Korea. Asian Currency Units (ACU) Dollar deposits held in Singapore or other Asian centers. Asian Development Bank A financialinstitution established in 1966 to reduce poverty in the Asia-Pacific region. The bank is headquartered in Manila, Philippines and consists of 61 member countries. Asian dollar market Asian banks that collect deposits and make loans denominated in US dollars. Asian option Option based on the average price of the underlying assets during the life of the option. Ask This is the quoted ask, or the lowest price an investor will accept to sell a stock. Practically speaking, this is the quoted offer at which an investor can buy shares of stock also called the offer price. Asked price In context of general equities, price at which a security or commodity is offered for sale on an exchange or in the OTC Market. Asked to bidoffer Used in context of general equities. Usually a seller (buyer ) looking to aggressively sell (buy) stock. usually asking for a capital commitment from an investment bank. Aspirin Australian Stock Price Riskless Indexed Notes. Zero-coupon four-year bonds repayable at face value plus the percentage increase by which the Australian stock index of all ordinaries (common stocks ) rises above a predefined level during the given period. Assay Metal purity test to confirm that the metal meets the standards for trading on a commodities exchange (commodities exchange center). Assessed valuation The value assigned to property by a municipality for the purpose of tax assessment. Such an assessed valuation is important to investors in municipal bonds that are backed by property taxes. Asset Any possession that has value in an exchange. Asset activity ratios Ratios that measure how effectively the firm is managing its assets. Asset allocation decision The decision regarding how an institutions funds should be distributed among the major classes of assets in which it may invest. Asset allocation mutual fund A mutual fund that rotates among stocks. bonds. and money market securities to maximize return on investment and minimize risk. Asset Backed Commercial Paper (ABCP) Short term debt secured by assets. The Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF) Launched by the Federal Reserve on September 2008, this program was designed to restore confidence to the market for asset-backed commercial paper. Money-market funds, fearing they couldnt sell these securities to meet redemptions, had stopped buying asset-backed commercial paper. Under AMLF, the Fed loaned money to banks to buy up all of the asset-backed commercial paper that a money-market fund wanted to sell. Asset-backed security A security that is collateralized by loans, leases. receivables, or installment contracts on personal property. not real estate. Asset-based financing Methods of financing in which lenders and equity investors look principally to the cash flow from a particular asset or set of assets for a return on, and the return of, their financing. Asset classes Categories of assets. such as stocks. bonds. real estate. and foreign securities. Asset-coverage test A bond indenture restriction that permits additional borrowing if the ratio of assets to debt does not fall below a specified minimum. Asset Depreciation Range System A range of depreciable lives the IRS allows for particular classes of assets. Assetequity ratio The ratio of total assets to stockholder equity. Asset for asset swap Creditors exchange the debt of one defaulting borrower for the debt of another defaulting borrower. Asset impairment See Impairment. AssetLiability Committee (ALCO) A risk management committee in a bank that evaluates the risk associated with the banks assets and liabilities. It manages interest rate risk while ensuring adequate returns and liquidity. Assetliability management The task of managing the funds of a financial institution to accomplish two goals: (1) to earn an adequate return on funds invested and (2) to maintain a comfortable surplus of assets beyond liabilities. Also called surplus management. Asset management account Account at a brokerage house, bank, or savings institution that integrates banking services and brokerage features. Asset play A company with assets that are not believed to be accurately reflected in its stock price, making it an attractive buy or play. Asset pricing model A model for determining the required or expected rate of return on an asset. Related: Capital asset pricing model and arbitrage pricing theory. Asset stripper A corporate raider (company A) that takes over a target company (company B) in order to sell large assets of company B to repay debt. Company A calculates that the net, selling off the assets and paying off the debt, will leave the raider with assets that are worth more than what it paid for company B. Asset substitution Occurs when a firm invests in assets that are riskier than those that the debtholders expected. Asset substitution problem Arises when the stockholders substitute riskier assets for the firms existing assets and expropriate value from the debtholders. Asset swap An interest rate swap used to alter the cash flow characteristics of an institutions assets in order to provide a better match with its liabilities. Asset turnover The ratio of net sales to total assets. Asset value The net market value of a corporations assets on a per-share basis. not the market value of the shares. A company is undervalued in the market when asset value exceeds market value. Assets A firms productive resources. Assets-in-place Property in which a firm has already invested. Assets requirements A common element of a financial plan that describes projected capital spending and the proposed uses of net working capital. Assets under management The market value of assets that an investment company manages on behalf of investors. For investment managers, assets under management is viewed as a measure of success. Assignment The receipt of an exercise notice by an options writer that requires the writer to sell (in the case of a call ) or purchase (in the case of a put ) the underlying security at the specified strike price. Assignment of proceeds Arrangement that allows the original beneficiary of a letter of credit to pledge or turn over proceeds to another, typically end supplier. Assimilation The public absorption of a new issue of stocks once the stock has been completely sold by underwriter. See: Absorbed. Association of Southeast Asian Nations (ASEAN) A loose economic and geopolitical affiliation that includes Singapore, Brunei, Malaysia, Thailand, the Philippines, Indonesia, and Vietnam. Future members are likely to include Burma, Laos, and Cambodia. Assumed debt A debt obligation of an acquired company that becomes an obligation of the acquirer. Assumed interest rate Rate of interest used by an insurance company to calculate the payout on an annuity contract. Assumption Becoming responsible for the liabilities of another party. ASX Derivatives and Options Market (ASXD) Options market trading options on more than 50 of Australias and New Zealands leading companies. Asymmetric information Information that is known to some people but not to other people. Asymmetric taxes When participants in a transaction have different net tax rates. Asymmetric volatility Phenomenon that volatility is higher in down markets than in up markets. Asymmetry A lack of equivalence between two things, such as the unequal tax treatment of interest expense and dividend payments. Atfor Used in context of general equities. Paramount terms used to differentiate an offering. Stock is offered at stock is bid for. In an offering. the trading syntax followed is Quantity-at-Price in a bid, the syntax followed is Price-for-Quantity. Athens Stock Exchange Greeces only major securities market. Greek language only. At par A price equal to nominal or face value of a security. See: Par. At risk The exposure to the danger of economic loss. Frequently used in the context of claiming tax deductions. For example, a person can claim a tax deduction in a limited partnership if the taxpayer can show it is at risk of never realizing a profit and of losing its initial investment. See: Value at risk. At the bell In context of general equities, at the opening or close of the market. See: MOC Order. At the close order In the context of securities. an all or none market order that is to be executed at the closing price of the security on the exchange. If the execution cannot be made under this condition, the order is to be treated as cancelled. In the context of futures and options. refers to a contract that is to be executed on some exchanges during the closing period. a period in which there is a range of prices. At the figure In context of general equities, at the whole integer price (excluding the fraction) closest to the side of the market (bid ask) being discussed. At the full. At the full Used in context of general equities. At the figure. At the market See: Market order. At-the-money An option is at the money if the strike price of the option is equal to the market price of the underlying security. For example, if xyz stock is trading at 54, then the xyz 54 option is at the money. At the opening order In context of general equities, market order or limited price order that is to be executed at the opening (and corresponding price) of the stock or not at all, and any such order or portion thereof not so executed is to be treated as cancelled. Attractor In non-linear dynamic series. an attractor defines the equilibrium level of the system. See: Point Attractor. Limit Cycle. and Strange Attractor. Attribute bias The tendency of stocks preferred by the dividend discount model to share certain equity attributes such as low price-earnings ratios. high dividend yield. high book value ratio, or membership in a particular industry sector. Athens Stock Exchange (ASE) Greeces principal stock exchange. Auction Market Preferred Stock (AMPS) A type of Dutch Auction Preferred Stock (A Merrill Lynch product). Auction markets Markets in which the prevailing price is determined through the free interaction of prospective buyers and sellers, as on the floor of the stock exchange. Auction rate preferred stock (ARPS) Floating rate preferred stock. whose dividend is adjusted every seven weeks through a Dutch auction. Auction Rate Securities (ARS) Long term bonds whose interest rate may be reset at regular short-term intervals by an auction process Audit An examination of a companys accounting records and books conducted by an outside professional in order to determine whether the company is maintaining records according to generally accepted accounting principles. See: accountants opinion. Audit trail Resolves the validity of an accounting entry by a step-by-step record by which accounting data can be traced to their source. Auditors certificate See: Accountants opinion. Auditors report A section of an annual report that includes the auditors opinion about the veracity of the financial statements. Aunt Millie An unsophisticated investor. Australian Stock Exchange (ASX) Australias major securities market, formed when the six state stock exchanges (Adelaide, Brisbane, Hobart, Melbourne, Perth, and Sydney stock exchanges) were merged in 1987. Autarky Absence of a cross-border trade in models of international trade. Autex Video communication network through which brokerage houses alert institutional investors of their desire to transact block business (a purchase or sale ) in a given security. Indications transmit small, medium, and large sizes only, with occasional limits mentioned. Supers are messages with specific size and price included. Both indications and supers can be only seen by customers (institutional subscribers to Autex). Trade recaps, advertised block trades entered by the dealer subscribers, are also displayed, but can be seen by both institutions and dealers. See: Expunge. size. Authentication In the context of bonds. refers to the validation of a bond certificate. Authority bond A bond issued by a government agency or a corporation created to manage a revenue-producing public enterprise. The difference between an authority bond and a municipal bond is that margin protections may be incorporated in the authority bond contract as well as in the legislation that enables the authority. Authorized shares Number of shares authorized for issuance by a firms corporate charter. Autocorrelation The correlation of a variable with itself over successive time intervals. Sometimes called serial correlation. Automated bond system (ABS) The computerized system that records bids and offers for inactively traded bonds until they are cancelled or executed on the NYSE. Automated Clearing House (ACH) A collection of 32 regional electronic interbank networks used to process transactions electronically with a guaranteed one-day bank collection float. Automated Customer Account Transfer (ACAT) For transfers of securities from a non-equity trading account to your equity trading account with your broker. Automated Export System Electronic filing of Shippers Export Declaration (SEDs) with US Customs prior to departure. Automated Order System (AOS) Investment bank computerized order entry system that sends single order entries to DOT (Odd-Lot) or to investment banks floor brokers on the exchange. See: Round lot. GTC orders. Automated Pit Trading (APT) Introduced in 1989, APT is the LIFFE screen-based trading system that replicates the open outcry method of trading on screen. APT is used to extend the trading day for the major futures contracts as well as to provide a daytime trading environment for non-floor trading products. Automated teller machine (ATM) Computer-controlled terminal located on the premises of financial institutions or elsewhere, though which customers may make deposits, withdrawals or other transactions as they would through a bank teller. Other terms sometimes used to describe such terminals are customer-bank communications terminal (CBCT) and remote service unit (RSU). Groups of banks sometimes share ATMs. Sometimes called Automated Banking Machines. Automatic Data Processing (ADP), Inc. A company that acts as an intermediary to perform proxy services for several banks and brokers. Distributes proxy material to beneficial owners, tabulates the returned proxies, and provides the Corporation or its tabulator compiled reports of the tabulation results. ADP also distributes quarterly reports and other corporate information to the beneficial owners. ADP also provides timely information on U. S. payrolls. The ADP employment release usual precedes the U. S. Non-Farm Payrolls release by two days. Automatic exercise A protection procedure whereby the Options Clearing Corporation attempts to protect the holder of an expiring in-the-money option by automatically exercising the option on behalf of the holder. Automatic extension An automatic extension of time granted to a taxpayer to file a tax return. Automatic funds transfer A transfer of funds from one account or investment vehicle to another using electronic or telecommunications technology. Automatic investment program A program in which an investor can invest or withdraw funds automatically. A mutual fund. for example, automatically withdraws a pre determined specified amount from the investors bank account on a regular basis. Automatic reinvestment See: Constant dollar plan. Automatic stay The restricting of liability holders from collection efforts related to collateral seizure. Automatically imposed when a firm files for bankruptcy under Chapter 11. Automatic transfer service (ATS) account A depositors saving account from which funds may be transferred automatically to the same depositors checking account to cover a check written or to maintain a minimum balance. Automatic withdrawal A mutual fund that gives shareholders the right to receive a fixed payment from dividends on a quarterly or monthly basis. Autoquote Autoquote indicative prices are generated for many of the financial options contracts traded at LIFFE using standard mathematical models as derived by Black and Scholes and Cox, Ross. Rubinstein. Autoquote calculates prices for all series by processing variables captured in real-time from other systems and trading members each time the underlying price changes. Autoquotes indicate where a series may trade. given the current level of the underlying instrument. Autoregressive Using past data or variable of interest to predict future values of the same variable. Auto-Regressive (AR) Process A stationary stochastic process where the current value of the time series is related to the past p values, where p is any integer, is called an AR(p) process. When the current value is related to the previous two values, it is an AR(2) process. An AR(1) process has an infinite memory. Autoregressive Conditional Heteroskedasticity (ARCH) A nonlinear stochastic process, where the variance is time-varying, and a function of the past variance. ARCH processes have frequency distributions which have high peaks at the mean and fat-tails, much like fractal distributions. The ARCH model was invented by Robert Engle. The Generalized ARCH (GARCH) model is the most widely used and was pioneered by Tim Bollerslev. See: Fractal Distributions. Autoriteacute des Marcheacutes Financiers (AMF) Frances supervisory authority for the French financial markets. French financial regulator. Availability The period in which the project financing is available for drawdown. Availability float Checks deposited by a company that have not yet been cleared. Available cash flow Total cash sources less total cash uses before payment of debt service. Available for Sale Investment in securities where the intention is not to trade in the short-term and they may or may not be held to maturity. These are usually reported at market value. Unrealized gains or losses on these investments do not appear in Net Income but in the Accumulated Other Comprehensive Income account. Also see Held to Maturity. Trading Securities. Available on the way in In context of general equities, stock is available to new customer as trade initiated by another customer is about to be consummated (on the exchange floor ). Usually said to an inquiring salesperson. See: Open. Aval Term meaning inseparable from the financial instrument. This gives a guarantee and is abstracted from the performance of the underlying trade contract. Article 31 of the 1930 Geneva Convention of the Bills Of Exchange states that the aval can be written on the bill itself or on an allonge. US Banks are prohibited from avalizing drafts. Avalizor An institution or person who gives the aval. Average An arithmetic mean return of selected stocks intended to represent the behavior of the market or some component of it. One good example is the widely quoted Dow Jones Industrial Average. which adds the current prices of the 30 DJIA stocks, and divides the results by a predetermined number, the divisor. Average accounting return The average project earnings after taxes and depreciation divided by the average book value of the investment during its life. Average (across-day) measures An estimation of price that uses the average or representative price of a large number of trades. Average age of accounts receivable The weighted-average age of all the firms outstanding invoices. Average collection period, or days receivables The ratio of accounts receivables to sales. or the total amount of credit extended per dollar of daily sales (average ARsales 365). Average cost In the context of investing, refers to the average cost of shares or stock bought at different prices over time. Average cost of capital A firms required payout to bondholders and stockholders expressed as a percentage of capital contributed to the firm. Average cost of capital is computed by dividing the total required cost of capital by the total amount of contributed capital. Average daily balance A method for calculating interest in which the balance owed each day by a customer is divided by the number of days. See also: Adjusted balance method and previous balance method. Average discount rate Purchasers tender their competitive bids on a discount rate basis. The weighted, or adjusted mean of all bids accepted in Treasury bill auctions. Average down A strategy used by investors to reduce the average cost of shares. in which the investor purchases more shares with a fixed amount of capital as the price of the shares decreases. The investor receives more shares per dollar and decreases the average price per share. Average equity A customers average daily balance in a trading account at a brokerage firm. Average life Also referred to as the weighted-average life (WAL). The average number of years that each dollar of unpaid principal due on the mortgage remains outstanding. Average life is computed as the weighted-average time to the receipt of all future cash flows. using as the weights the dollar amounts of the principal paydowns. Average maturity The average time to maturity of securities held by a mutual fund. Changes in interest rates have greater impact on funds with longer average maturity. Average rate of return (ARR) The ratio of the average cash inflow to the amount invested. Average tax rate Taxes as a fraction of income total taxes divided by total taxable income. Average up A strategy used by investors to lower the overall cost of shares by buying as many shares with a given amount of capital in an increasing market. Buying 1000 worth of shares at 30, 35, 40, and 45, for instance, will make the average cost of the sharesx 36.65, lower than the average price of 37.50. Averaging See: Constant dollar plan. Avoided cost In context of project financing, the capital and expense that would have to be spent if the project did not proceed. Away A trade. quote, or market that does not originate with the dealer in question, e. g. the bid is 98-10 away from me. Away from the market In context of general equities, out of line with the inside market at this time, such as when a bid on a limit order is lower or the offer price is higher than the current market price for the security held by the specialist for later execution unless FOK. Antithesis of in-line. Away from us Used in context of general equities, to characterize role of a competing broker dealer. Trading away from us signifies that stock is bought andor sold with institutions using other trading firms. Away from you Used for listed equity securities. See: Outside of you. Axe to grind Used in context of general equities. Involvement in a security. whether through a position. order. or inquiry. Copyright copy 2017, Campbell R. Harvey. All Worldwide Rights Reserved. Do not reproduce without explicit permission. Version 8 November 2016. Keep up to date on the latest finance lingo with my new iPadiPhone app Download from iTunes Order my book with the 2002 Pulitzer Prize winner for financial writing, Gretchen Morgenson of the New York Times(Software shown above from left-to-right: Zeus Radio Hermes, OpenHPSDR, CuSDR, SDR-Radio 3.0 ) I purchased my ANAN-100 in April of 2014 and have used it almost daily since I installed it. I have found it to be an amazingly capable transceiver when teamed up with the OpenHPSDR software GUI. The receiver provides jaw-dropping performance and with the implementation of pre-distortion linearization the transmitter is ultra-clean and garners many unsolicited comments from stations I work regarding its fidelity and the razor-sharp characteristics of its transmitted bandwidth. The radio just flat-out works great and it amuses and amazes me daily. With that being said, someone who decides to travel down this particular path into the SDR world may find themselves getting overwhelmed as they ponder interfacing the ANAN hardware to their station, configuring and updating the software, updating the firmware, and successfully getting the ethernet connection up and running. Thanks to the efforts of a lot of dedicated people theres plenty of documentation you can refer to that will make your life easier. The links below will take you to places where most of the questions you probably have pondered have been answered and a simple search of the messages and documents will give you what you need: groups. yahooneogroupsapache-labsinfo (Information from Apache Labs, software and firmware developers, and users who share their time and expertise with anyone who is civil. Nearly all the contributors are volunteers, keep that in mind.) groups. yahooneogroupsKC9XG-SDRinfo (Bill Diaz - KC9XG has authored much of the ANAN documentation archived here. Ken - N9VV is another prolific contributor to the documentation.) anan-100d. wikidot (Barry - N1EU has created a Wiki that centralizes information about all aspects of the ANAN transceivers. There are quick tips and much more at this repository. openhpsdr. org (The OpenHPSDR page has links for downloading utility software that is necessary for updating the ANAN firmware and for setting a static IP address if that is desired.) k5soHPSDRdownloads. html (The most current firmware and archived older versions for the ANGELIA and ORION based hardware are located at the K5SO repository.) apache-labsal-video (Nigel - G7CNF has some very informational videos about the ANAN rigs that can help you with setting things up. The Pure Signal Tutorial is especially well done.) w1aexpsdrgainpsdrgain. html (For those who are just starting out with their ANAN and OpenHPSDR, the video on this page will give you an idea of how to set the gain levels at each stage in the digital audio chain. The interface in PowerSDR looks very similar to OpenHPSDR but keep in mind that unlike PowerSDR, you NEED to drive the audio chain hard in OpenHPSDR. If you are not reaching 0 dB on voice peaks while monitoring the ALC meter in OpenHPSDR your audio levels are too set too low. The look-ahead algorithms that are present in OpenHPSDR are very good at protecting you from over-driving to the point of distortion. Adjust your MIC level, EQ level, and LEVELER level so that you are reaching near 0 dB at each stage and so that the ALC meter reaches 0 dB regularly on voice peaks and your levels will be fine.) The information below is a collection of topics related to setting up and running the ANAN transceivers. Hopefully, something here will save you time and make things easier The ANAN Ethernet Connection: DHCP or Direct Connection with Static IP Since this is the way your computer communicates with your ANAN it makes sense to do this right The truth is that the Windows operating system, OpenHPSDR, and the ANAN can sometimes find a way to connect with each other even if you have things all messed up. But it might not be a reliable connection and you might not be able to connect to your ANAN with CuSDR or the HPSDR Programmer. If your ANAN is exhibiting an IP address that starts with the self-configuration 169.xxx. xxx. xxx designation then something is not configured correctly and you should resolve whatever issues are present to assure reliable connectivity. The ANAN user guide at the Apache Labs web page is a vital document to study before connecting your ANAN and powering it up. Just to be clear, if you run into trouble with your ANAN installation you should contact the folks at Apache Labs for assistance. Also, just to be clear, I am not inclined to troubleshoot your network if you get in over your head A FEW THOUGHTS ABOUT FIREWALLS: Keep in mind that the Windows software firewall can cause connection difficulties with whatever software you are using with your ANAN. It should never be necessary to completely disable your firewall to allow a program to function. Windows will usually prompt you when a program attempts to make an outside connection and it will ask you if you want to give it permission. Just say yes and that should take care of it. If it does not prompt you, simply go into your firewall configuration and give the program permission to pass through. Most routers dont seem to care about your LAN traffic but if you still have difficulty connecting across your LAN through your router it would be wise to check the router settings to see if something there is the culprit. DHCP WITH A ROUTER: If your router is configured to provide DHCP to its clients (most do this by default) this is really simple. Buy a CAT-6 cable that will reach from your router to your ANAN. Plug one end into the ANAN and the other into one of your routers LAN ports. When you power up your ANAN, by default it will automatically request an IP from your router, which will then assign it an IP address within the subnet used by your LAN. By default, OpenHPSDR is set to find your ANAN via full network discovery and it will reliably do this almost instantly when you click on the OpenHPSDR Power button in the GUI. Seriously, the guys who write the OpenHPSDR mRX PS software have made this pretty much bulletproof and as long as your home network is functioning the DHCP protocol will connect fine for you. DIRECT CONNECTION TO A SECOND ETHERNET PORT ON YOUR PC: This only takes a few minutes to do and it simply requires that you assign a static IP address to the second ethernet port on your PC and also to your ANAN. The IP addresses you assign must be on a subnet that is separate from the LAN that is controlled by your router. I used the following steps shown below when I moved my ANAN from my router controlled DHCP LAN to the second port on my PC: 1. Assign a static IP address to the second ethernet port on your PC. To do this, go to the Windows Control Panel and select the Network and Sharing Center. The second ethernet port will probably be identified as an unidentified network with no internet access and might be designated as Local Area Connection 2. Click on the blue link that is associated with your second ethernet port and it will lead you to the network configuration windows shown below. Click the Properties button in the Status box shown on the left. Next, click on the Internet Protocol Version 4 (TCPIPv4) category as shown in the middle box and then click on the Properties button. This will bring up the third box shown on the right. Select Use the following IP address and this will allow you to manually enter the IP address assignment for the second ethernet port. Note that the primary LAN in my home for my routers network uses the 192.168.1.xxx subnet. My ANAN network is going to reside in the 192.168.5.xxx subnet where no DHCP hardware exists and every device is assigned a static IP address. To keep things simple I designated the ethernet port as 192.168.5.1 as its the first device on that subnet. Use a Subnet mask of 255.255.255.0 and then click on the OK button. Within a few seconds Windows will configure the port with the IP you have assigned to it. 2. With your ANAN connected to your router, power up it up and start HPSDR Programmer V.2.0 Nopcap. Select the subnet your ANAN is currently on (which at this time should be the LAN controlled by your router) in the drop down menu labeled Computer Interface. Press the Discover button and allow the HPSDR Programmer to find your ANAN. In the picture below you can see that my computer has an IP address of 192.168.1.20 and that my ANAN was assigned an IP address of 192.168.1.19 by my router. Note that the third level subnet assignment is the 1 in the third number grouping that follows the 192.168. network and host designations. So, at this time, my ANAN is residing in the subnet designated as 1. 3. After the HPSDR Programmer has located your ANAN, press the IP button in the menu at the top. This will bring up an Address Dialog screen as shown below that will let you assign a static IP address in the same subnet as your computers second ethernet port. Note that since I assigned my second ethernet port an address in the 192.168.5.xxx subnet that my ANAN also needs to be in that 5 subnet. So I am assigning my ANAN a static IP address of 192.168.5.2 to put them in the same subnet. After entering the desired IP address go ahead and press the Write IP button in the Address Dialog box. When this is done, press Close and then close down the HPSDR Programmer utility and power down your ANAN. 4. Configure the physical connection between your PC and the ANAN by plugging one end of your CAT 6 ethernet cable into the ANANs ethernet port and the other end into your PCs second ethernet port. When this is done, power up your ANAN and load the HPSDR Programmer utility again. Make sure you select the correct Computer Interface (most likely Local Area Connection 2) in the dropdown box. When this is done, press the Discover button and allow the HPSDR Programmer to find your ANAN. If all is well, you will see your ANANs information in the Device field as shown in the picture below. 5. To be honest, if your ANAN is discovered successfully at this step I would be surprised. With almost everyone I have spoken with the HPSDR Programmer sometimes finds it and then other times it doesnt. This can be a little disconcerting because you really need this utility to be able to connect every single time to assure that you can do firmware upgrades or reset the IP to other values. As it turns out, the mystery behind the random ability to connect annoyance resides in the way Windows prioritizes your networks. Even though you have selected Local Area Connection 2 in the Computer Interface field of the HPSDR Programmer the Windows operating system will insist on giving Local Area Connection 1 a higher priority and it will stubbornly route the HPSDR Programmer and other software through that LAN. OpenHPSDR and CuSDR will also probably have some issues connecting for the same reason. If you experience this annoying problem follow the steps below to assure reliable connectivity. 6. Go to the Windows Control Panel and select the Network and Sharing Center. Click on the blue link for your ANANs local area connection and then follow the path from left to right as shown in the image below. When you get to the third window below that is labeled General click on the Advanced button. When you get to the Advanced TCPIP box shown all the way to the right, uncheck the box next to Automatic metric and give the Interface metric field a value of 1. Click OK and work your way back out to the Network and Sharing Center. 7. In the Network and Sharing Center click the link for your routers local area connection (probably labeled Local Area Connection 1) and then follow the path from left to right as shown in the image below. Note that your third window (General) will probably look different from mine because I use static IP addresses on my home LAN rather than the Obtain an IP address automatically option. When you get to the Advanced TCPIP Settings dialog as pictured below all the way to the right, uncheck the box next to Automatic metric and in the Interface metric field enter a number that is greater than 1. To make it clear for Windows I chose to go with 100 but any number greater than 1 should work fine. When this is done, click OK and back your way out. 8. When the Automatic metric settings have been changed to the re-prioritized manual settings all of your software should be able to connect with your ANAN instantly. Check this with the HPSDR Programmer first, then move on to OpenHPSDR. I would suggest that you leave OpenHPSDR configured to locate your ANAN using the Full Network Discovery method for its initial startup. With the Full Network Discovery method, OpenHPSDR should locate your ANAN on your new subnet almost instantly. If you want to set OpenHPSDR to go with a static assignment then stop OpenHPSDR and configure it as shown below in the picture. After you manually enter the address, click on the button to the right and press the Select IP and the OK button at the bottom of the form. Then restart OpenHPSDR. If all is well, it will connect instantly. That should do it and if you have configured your ANAN subnet correctly, OpenHPSDR, HPSDR Programmer V2.0 nopcap, and CuSDR should connect instantly to your ANAN hardware. The picture below is a map of my final configuration with the IP assignments for the Home LAN and the ANAN LAN using two separate subnets. My ANAN has run smoothly on its exclusive and private little subnet and its completely ready for the transition to gigabit bandwidth when that upgrade becomes available. Recovering Your ANAN If It Becomes Lost On Your Network If you assign your ANAN a static IP to a different subnet and then find that you can no longer connect to it there is no need to panic When this happens its usually an indication that there is a setting somewhere in your network or operating system that is causing confusion with how to direct the search queries being sent by HPSDRProgrammer or OpenHPSDR mRX PS in their attempts to locate the ANAN on the network. To regain access to your rig follow the steps below: 1. If you are using HPSDRProgrammer version 2.0.4.11 uninstall it and download version 2.0.4.10. The 2.0.4.11 version has a much shorter timeout period than 2.0.4.10 which may be problematic if a network problem is slowing the search. 2. With HPSDRProgrammer version 2.0.4.10 running try repeated Discover attempts. A dozen attempts is not an unreasonable number to try. If you succeed, select IP from the top menu and when the Address Dialog box pops up fill in the fields with an address of 0.0.0.0 to clear out the static IP then press Write IP. This will revert your ANAN back to DHCP and when it is reconnected to your router controlled LAN it will request and receive an IP in your LANs subnet. 3. If you are unsuccessful with step 2 then go back into your Windows Network and Sharing Center and disable your second ethernet port. When this is done, with your ANAN powered down, disconnect it from your computers second ethernet port and reconnect it to your router. Power up your ANAN and with HPSDRProgrammer version 2.0.4.10 check to make sure that your routers LAN is displayed in the Computer Interface field (it should be since the other port is now disabled) and then press Discover. HPSDRProgrammer is very robust in its ability to find the ANAN even if it is assigned a static IP in a separate subnet so it may locate it on the first try. If not, be persistent and run the Discover routine repeatedly. When Ive lost my ANAN it has never taken more than several attempts to locate it so that I can reassign the IP address. 4. If you still are unable to restore your ANAN to DHCP then try re-seating your ethernet cable at both ends and if possible, try a different ethernet cable. 5. In the unlikely event that you are still unsuccessful after following the steps above, post to the Apache Labs Yahoo User Group and ask for help. There are lots of people there who have been through this who can check what you have done so far and also walk you through further steps that can be taken with the HPSDRBootloader utility. I often hear people pondering whether or not they should move to a new version of OpenHPSDR when its released. Did you know that you can keep your old version and all its settings when you install the new version Did you know that you can have as many versions as you like on your computer and that it only takes a few seconds to switch between versions It only involves renaming a few folders to accomplish this and the convenience this simple trick offers makes it worth the effort to learn how to do it. If you are interested, keep reading. When you install any version of OpenHPSDR mRX PS it places its files in two different folders in two different locations on your hard drive. The two pictures below show the path statements for both of the file locations. Note that your User name in the second folder path will obviously be different than mine: Whenever you start up OpenHPSDR it looks for the program files that are stored in the PowerSDR mRX PS folder that is in the main Program Files (x86) hierarchy of folders. It also looks for your active database and a few other files in the PowerSDR mRX PS folder that resides in the Users hierarchy of folders. My current version of program files for OpenHPSDR residing in the active PowerSDR mRX PS folder My current version of user files for OpenHPSDR residing in the active PowerSDR mRX PS folder With that understood, the two pictures above illustrate what I have done to allow multiple versions to exist with their own databases intact. You can see the two inactive versions tagged with their version numbers (v3210 and v3217) at both folder locations, and the active version of OpenHPSDR that resides in the pair of PowerSDR mRX PS folders. When I want to install a new release of OpenHPSDR I simply add the version number of my current software to the end of the PowerSDR mRX PS folder name at both folder locations. This effectively disables those folders from active use and makes them into archive folders that the OpenHPSDR installer will ignore. Once that is done, you can install the new release and it will create a new PowerSDR mRX PS folder at both locations where it will unpack all the new program files, a fresh database, and a new wisdom file. To make sure that I never mix up the versions I use Notepad to create a text file with the name of the version as its file name and save it in the each of the appropriate folders at both locations. In the picture above you can see that my active version is v3.2.20 from the text file that is present in the user files PowerSDR mRX PS folder. To change to any other version that is present, add the version number of the currently active software to the name of the active PowerSDR mRX PS folder and remove the version number from the version you wish to use. You must do this at both program file and user locations to complete the switch. When you start up OpenHPSDR the version you have selected will come right up with all of your settings for that version intact. This will all work flawlessly unless you get careless and you end up with two active folders that have a mismatch of program files and database files. OpenHPSDR is very smart and will warn you while it is loading that the database does not match the program version. If you get this warning, close OpenHPSDR and check your folders to see where you messed up This has not happened to me since I placed the little Notepad text files in the folders to help me keep my versions straight. Questo è tutto quello che c'è da fare. As always, when you write out these kinds of instructions it looks much more complicated than it really is. All you are doing is renaming some folders Manually Editing Your OpenHPSDR Database One of the nicest things about OpenHPSDR mRX PS is that we all benefit from the creativity, skills, and hard work of the developers who voluntarily collaborate to implement new features into every new release. The pace of development has been astonishing and it seems that just when you have all your TX profile settings perfect and its all working beautifully, a new version is announced with something new that is so intriguing that you just know you have to have it. Then, as you read the release notes you see the dreaded instructions that before you install the new version You MUST remove the old database file . This is usually because the new version has additional parameters that are kept in the database that would be lost or corrupted if you simply imported your current database through the OpenHPSDR setup form. Wouldnt it be nice if you could just lift out all your TX profiles and drop them into the new version If you can use the Windows Notepad program you can safely and easily do this in just a few minutes. I first used this update trick back in 2010 when I became a Flex user and it worked flawlessly. Of course Ray K9DUR came up with his very slick transfer utility that made this trick obsolete but I went back to using it when I moved to the OpenHPSDR platform and it has worked perfectly with every version. If you are interested in giving this a try, read on. The steps involved are simple: 1. Export a copy of the database from your current version to your desktop. When you save this database, add the version number to the front of the file name. 2. After installing the new version of OpenHPSDR, export a copy of the database to your desktop. When you save this database, add the version number to the front of the file name. The picture below shows my database from version 3.2.17 and 3.2.20 sitting side-by-side on my desktop. 3. Verify that there have been no changes to the TX profiles in the new version by doing a line-by-line comparison of the Default TX profiles of both versions. This is done by opening each of the exported profiles in a separate instance of Notepad as shown in the picture below. If XML files are not associated with Notepad on your computer simply set Notepad to open All Files as seen in the lower right corner of the picture below and it will open it up fine. 4. When both database versions are opened up in Notepad go to Edit and select Find then do a search for Default in each instance of Notepad. When this is done, place both copies of Notepad side-by-side as shown in the picture below. Take a moment to look at the first category entry in both copies of the the Default TX profile ltFilterLowgt. Dont be concerned if the numerical value assigned is different, we are only concerned with having exactly the same categories present. Check line-by-line all the way down to the last category shown, which in this case is ltVAC2StereoOngt and verify that there are no changes in the category names in the new version that is shown on the right. When you are satisfied that the categories are identical, scroll down so that the last entry ltVAC2StereoOngt is at the top of the list and continue the line-by-line inspection down to the last entry for the Default TX profile as shown in the next picture below. 5. When you have confirmed that the categories inside the Default TX profiles are identical between both versions, then it is safe to copy and paste all your profiles into the new database. Note that each of your TX profiles starts with the category entry ltTXProfilegt with the next category line being your profiles name. It then lists all its categories and settings and then it ends with ltTXProfilegt. You dont need to copy and paste one profile at a time, highlight them all, right click and select copy, and then paste all of your profiles at once into the new version. Just observe the rule that the first line of your copy should be ltTXProfilegt and the last line should be ltTXProfilegt when you paste it into the new profile. I always paste my profiles in below the new versions Default DX profile and insert a blank line into the new version so I can easily see where to paste. The picture below shows the inserted space where I will paste in all my profiles. Note that the category below my pasting point is the beginning of the pre-defined profiles designated as ltTXProfileDefgt that are stored inside OpenHPSDR as profile examples for new users. 6. When you have completed pasting in all your profiles, save the file in notepad and close it. Then start up the new version of OpenHPSDR and import the edited database. If you have followed directions exactly, all your TX profiles should be present and they should all work fine. If you have made a mistake somewhere and have corrupted the database (OpenHPSDR fails to start or crashes) then press the Reset Database button and call it a day. O. give it another shot and see if you can figure out where things went wrong Good luck 7. One additional note. Jim - WN1X suggested using a free utility called Notepad for the task of comparing the two databases. It can natively read XML files and lots of other very helpful stuff. Once you install it, go to the Plugins menu up at the top and open up the Plugin Manager. It will show you a long list of available free plugins that you can install. Scroll down and find the Compare plugin and let Notepad install it. Then open up the two database files you want to compare and click on the Compare plugin. Next, select the Synchronize Vertical Scrolling button at the top and start scrolling. As you scroll, every line that is different will be highlighted as in the picture below where you can see that I had changed the TX DSP Buffer size to 8192 in my 3220 version but not in my 3222 version where the default 2048 value is still present. You will also immediately find large blocks of data that are present in one version but not the other, particularly areas of the database that control the state of your particular radio. At any rate, the Notepad utility makes it extremely quick and easy to compare the two default transmit profiles and to copy and paste all your TX profiles into the new version. Thanks for suggesting it Jim Two Approaches to Connecting an External Balanced Audio Chain to the ANAN 1. DIRECT CONNECTION OF THE AUDIO CHAIN TO THE DB25 PORT: Connecting to the unbalanced DB-25 line level input on the back panel is relatively simple but there are some caveats. Two big ones were discovered by Chuck - K1KW and documented by Barry N1EU on the ANAN Wiki site. The DB25 connector shield is not well grounded to the back panel of the ANAN. In fact, you may find that there is no connection at all and that the connectors shield does not penetrate the thick paint anywhere. This means that any RF that follows your audio cable will track right back to the ANAN mainboard (Hermes, Angelia, or Orion) and cause RF ingress problems. The other issue is that the DB25 connector was not designed to be placed through a surface that is as thick as the rear panel of the ANAN rigs. This means that the pins of your DB-25 connector may not reach deeply enough to make reliable contact with the ANANs DB25 connector. I ended up removing the ANANs rear panel and cleaning off the paint around all the connectors on the back panel. My stations hardware audio chain consists of the following components: Marshall MXL-770 Studio Condenser Mic gt DBX-286S Voice Processor gt DBX-166A CompressorLimiter gt Edcor 1:1 600 ohm transformer gt ANAN DB25 pins 12 and 21 unbalanced line input. To simplify the connection to the DB25 connector I used a Winrad BRKSD25M-C (with captive screws) as recommended by Bill - KC9XG in his ANAN interfacing document that is available in the files section of his Yahoo user group. I use high quality Dayton balanced and braided shield audio cable from Parts Express to connect everything together. Connecting my external balanced audio chain to the ANANs unbalanced line input at the DB25 connector was fairly straight-forward but I did find that it was susceptible to RF feedback unless I took a few precautions. The biggest precaution was to make sure the ANAN and the hardware components in the audio chain were bonded to the single point station ground. Another necessity was to use a 1:1 600 ohm transformer (Edcor Electronics Corporation ) between the hardware audio balanced output and the ANAN DB25 connectors unbalanced line input. The last step, which was found through trial and error, was to ground the shield of the balanced audio cable to the external chassis ground of the ANAN. The importance of that ground lead between the shield and the ANANs chassisenclosure makes more sense to me after Chuck - K1KW shared that he discovered that the ground pins of the ANANs DB25 do not go to the back panel chassisenclosure ground but instead go directly through the internal ribbon cable to the HermesAngeliaOrion exciter boards. This means that any station RF that gets onto the shield of your audio cable will be carried inside the rig and allowed to cause all kinds of mischief. This almost certainly explains why many users encounter RF in their audio when they run their audio into the ANAN DB25 connector. Those three steps have allowed me to operate without any trace of RF feedback from 160 - 10 meters at full legal limit. On 6 meters I only operate at up to 100 watts but have not experienced any issues on that band either. The diagram below shows what worked for me. No doubt every station presents its own challenges so all I can say is that this arrangement has not failed me yet. 2. CONNECTION OF THE EXTERNAL AUDIO CHAIN THROUGH A DIGITAL INTERFACE: I became very interested in this approach after reading the DAW ASIO Setup Tutorial written by Scott - WU2O and seeing how simple and clean it can be. Scott has worked very hard to eliminate the latency that many have complained about when using this method and after following his suggestions I have to say that I cant detect any latency at all when I monitor my own TX audio in OpenHPSDR. The clincher for me was when I saw the price drop from 149 to 99 (with free shipping) on the UMC202HD interface at Sweetwater. When my interface arrived three days after placing my order it took less than 10 minutes to install the USB driver, run the USB cable from the interface to the computer, and patch the external audio chain into one of the front panel XLR balanced line inputs of the UMC202HD. The audio component chain now looks like this: Marshall MXL-770 Studio Condenser Mic gt DBX-286S Voice Processor gt DBX-166A CompressorLimiter gtUMC202HD gtStation Computer USB Port Im not going to get into fine tuning the settings that affect latency because they are covered thoroughly in Scotts tutorial and if you follow his suggestions you will find latency to be a complete non-issue. I found the conservative values used in my screenshots below to be a good starting point but you will want to experiment with reducing the buffer size until you find the threshold point where audio dropouts begin to occur. From there move back to a more conservative setting that is 100 reliable on your system. The sampling rate (48k is recommended) and Asio buffer size you select for your digital interface should be matched in your VAC setup screen inside OpenHPSDR. Note that the VAC buffer Latency setting can almost certainly be reduced from my 60 ms setting shown below. The big plus with this approach is that there is no physical connection between your audio chain and the ANAN which pretty much guarantees no issues with RF ingress. It also opens up the capability to utilize DAW software and a flood of free voice processing VST plug-ins if you wish to give that a try. I cant think of a single negative thing to say about using the digital interface approach with the ANAN and OpenHPSDR. Incidentally, you will find that this connection method makes running the Zeus Radio software with your ANAN as simple as making one mouse-click. External Relay Approach for Bypassing the HPF Board With Pure Signal (IMPORTANT NOTE: This article pertains only to early production Apache Labs ANAN 100100D200D rigs. The ANAN 100 watt rigs manufactured after February 15, 2015 that are equipped with the REV24 PA board utilize an internal relay and do not require the user to build an external relay box to eliminate internal crosstalk and wrap Pure Signal around an external amplifier.) I use my ANAN 100 to drive either an ALS-600 or an AL-82 amplifier so I was very interested in using an external coupler behind the amplifiers to take advantage of Pure Signals ability to provide correction to the entire transmitter chain. I purchased a beautiful RF coupler from AC2IQ which can easily handle full-legal limit power levels and has two -43 dB ports that allow me to provide a sample for my scope and also for Pure Signal. With the simplest approach to this project you can run the Port A output from the RF coupler through a -20dB attenuator pad to one of the EXT ports and attempt to swamp out the internal crosstalk that is present in the ANAN 100, 100D, and 200D rigs that preceded the new PA board (Rev24) that began to appear in February of 2015. I found that this simple approach worked fine on 160 and 75 meters with ALEX disabled, bypass on TX checked, and HPF Bypass on TX checked. On 40 meters it seemed to work but with some power levels it appeared that the internal crosstalk was competing with the external RF coupler which caused the Pure Signal green light correction to flicker on and off. On higher bands the internal crosstalk seemed to swamp the external coupler and correction of the amplifier was seriously in doubt. These results led me to follow the instructions in a document written by Bill Diaz - KC9XG that recommends re-routing several connections in the ANAN to bring J5 (RX1 input) and J13 (HPF output) out to the two SMA connectors on the back panel. By doing this and then using an external relay to switch the J5 connection between the J13 HPF connection on receive and the RF sample from your external coupler on transmit the internal crosstalk inside the rig is completely bypassed and Pure Signal can acquire a clean sample from the external coupler that will allow accurate correction of the entire transmit chain. Note that the no holes drilled option that I chose re-purposes the 10 MHz and transverter SMA ports. If you plan to use those features then you should choose the option to drill two holes in the back panel to bring J5 and J13 out to the back panel. The no-holes-drilled modification takes about 5 minutes to accomplish after you remove the front and rear panels from the radio and it is completely reversible if you wish to go back to the stock configuration. The details for performing this modification are found in Bills document named PureSignalRFModification1.2.pdf located in the files section of the KC9XG Yahoo user group . After studying the details for the no-holes-drilled modification I raided my junkbox and found a DPDT 12v relay, a 1N4007 diode, three BNC chassis connectors, an RCA jack, and a DC jack and plug. With those parts in hand I bought an aluminum Bud box, a 20 dB attenuator pad. 2 SMA male to BNC female adapters. and an SMA female to SMA female splice that is required to do the cable re-routing. When everything arrived, I quickly built the relay box and made the connecting cables necessary to get the job done. The inside of the simple relay box is shown on the left below and an external view is shown on the right. Its not pretty but it works beautifully. With the box completed I connected it up to my station PTT system which is a very simple scheme where my TR switch simply closes the ground path to a number of relays that are used to key my amplifiers, my rigs, and a few other tasks that now include switching the relay in the box to direct the ANANs RX-1 port from the HPF on receive to the RF couplers sample on TX. The block diagram below shows how simple this system is. After checking the proper function of the relay box I set my S-ATT levels to 31 on all bands and after loading up the amplifier for 1500 watts I set the S-ATT levels one notch away from a blue indication in the Pure Signal Feedback level box. The results on the HF bands from 160 - 10 meters have been spectacular leaving no doubt that Pure Signal is now correcting the entire amplifier chain to IM3 approaching or exceeding -50 dB. With no competition from the internal cross-talk Pure Signal works smoothly and glitch-free on all bands. The directions in Bills modification document are very detailed and precise with page 12 giving a very concise summary of exactly what is involved for re-routing the cables inside the ANAN 100. I would definitely recommend this project for anyone who is serious about wrapping adaptive pre-distortion around their entire transmitter chain. The two screenshots below show a typical amateur transceiver operating on the left and a splatter-free ANAN transceiver with Pure Signal operating on the right. Which one of these stations would you rather have chatting on a frequency adjacent to you In February of 2015 Apache Labs began installing a new 100 watt power amplifier board identified as a REV 24 board in the ANAN 100100D200D. The major differences between these new boards and the older REV1516 boards is the inclusion of an internal RF coupler and the re-purposing of several internal relays for Pure Signal. The image below shows the simple hardware connections when using an external coupler such as the Xtronic XDC-1 with an ANAN that is equipped with a REV 24 power amplifier board. Since the new REV 24 PA board handles the relay switching internally there is no need to re-route internal cables and utilize an external relay as you do with the older REV15 and REV16 boards. Note that the REFLECTED port of the XDC-1 should be terminated with a 50 ohm load in this application. 1. In OpenHPSDR go to SetupgtGeneralgtAntFilters and in the Antenna form select Bypass on TX as shown in the image below. 2. In OpenHPSDR go to Linearity and in the PureSignal form click on AutoCalibrate and make sure that Auto-Attenuate is enabled as shown in the image below. 3. With your ANAN and amplifier connected to a suitable dummy load set your Drive level to a value that will produce around 500 watts from your amplifier and click the Two-tone Gen button in the PureSignal form. The Correcting Light should turn green and the Feedback Level should begin flashing green within a few seconds as the Pure Signal algorithm sets the Feedback Level optimally with the ANANs internal step attenuator. When both conditions are observed, click the Two-tone Gen button again to return to RX. Note that during normal operation with Pure Signal enabled the Correcting light will display a steady green indication and the Feedback Level will flash green regularly as your signal is continuously re-sampled. 4. Increase the Drive level to produce around 1000 watts from your amplifier and click the Two-tone Gen button in the PureSignal form. Observe that the Correcting Light turns green and the Feedback Level begins to flash green regularly after Auto-Attenuate adjusts the Feedback Level. 5. Repeat step 4 again with a Drive level set to produce 1500 watts from your amplifier and click the Two-tone Gen button in the PureSignal form. Observe that the Correcting Light turns green and the Feedback Level begins to flash green regularly after Auto-Attenuate adjusts the Feedback Level. 6. Note that the above steps can be accomplished just as well by transmitting your voice with the ANAN. If you do not observe the Feedback Level indicator flashing on a regular basis as you are speaking, it is likely that your audio chain is not forcing the ALC to reach 0 dB on peaks. You can easily correct this by using the Leveler in OpenHPSDR to raise your TX audio gain in increments until the ALC level is reaching 0 dB on a regular basis. Note that the TX audio chain of OpenHPSDR is completely different from the old Flex version of PowerSDR and in fact it needs to be driven hard for optimal voice operation. Look-ahead algorithms in the code of OpenHPSDR prevent the user from over-driving the transmit audio on peaks. While playing around with different Leveler settings I was having difficulty deciding what the optimal value should be with my ANAN-100. Instead of flying blind with audio settings I find it helps to make an IQ recording with my Fichten Field Day SDR that is run on a separate computer at the other operating bench across the room. Although the FiFi SDR is not exactly pristine in the receive audio department and it has its share of little spurs that show up on the pandadapter its good enough to make it pretty clear when things sound clean and when you reach the point where the audio is degraded. The video below was made with my ANAN-100 driving my amplifier to just under 1500 watts while running into a dummy load. The Fichten Field Day SDR was coupled to the second -43 dB port of my AC2IQ sampler with additional attenuation adequate to prevent overloading or damage to the FiFi SDR. The short story is that with my ANAN using Pure Signal set to its auto-calibrate mode while driving my amplifier close to legal limit the Pure Signal feedback indicator stopped flashing at 1 second intervals when I dropped the Leveler to 0. It began updating again at 1 second intervals as soon as I moved to a Leveler setting of 1. It would seem that with the way my audio levels are set I need the Leveler active and set to at least 1 if I plan to use PS with auto-calibration enabled. I suppose that how high the Leveler should be set falls into the subjective zone as the only effect I could detect was a very compressed sound at Leveler settings above 10. In the video capture below I started with the Leveler disabled and then stepped through the following settings: 0, 3, 5, 10, 15, and 20. Keep in mind that unlike the Leveler in the Flex version of PowerSDR the Leveler in OpenHPSDR acts as a true compressorlimiter. It increases your average audio density and limits the maximum amplitude. You can see this clearly with the waveform view of the audio track that I ripped from the YouTube video embedded below. Look closely and you can see that the maximum audio peaks are held to approximately -3 dB but the average audio density increases dramatically. The look-ahead algorithms used to accomplish this handle the task beautifully and allow you to bring your average audio up without introducing distortion. Its the same effect that you might have noticed when television stations or broadcast radio stations run commercials that sound much louder than the regular program content. Youll hear the difference in the video near the end when the leveler is stepped down from the maximum setting of 20 to 0 and then disabled completely. Its a subjective decision how much compression and limiting you want to use but you might find some stations wont like you yelling at them with higher settings High settings of the Leveler will not cause splatter since the look-ahead algorithms in OpenHPSDR absolutely prevent the ANAN from any ALC excursions beyond 0 dB. Additionally, no matter what the Leveler is set to with Pure Signal active your signal will maintain an impressively clean look when viewed by other stations, assuming they have a panadapter. Adjust the leveler to what sounds good to the stations on the other end and if you plan on using Pure Signal I would suggest keeping the leveler engaged with values that reliably trigger regular feedback level updates for auto-calibrate correction. Keep in mind that the Leveler setting is stored in each of your TX profiles so you need to save it to each profile. I ended up moving my Leveler setting from 3 to 5 in all my TX profiles and no one has complained that Im yelling at them yet. IQ recording of the ANAN with Leveler settings from 0 to 20 for comparison purposes. Waveform amplitude of Leveler settings from 0 on the left side to 20 on the right side. Restoring A Missing CPU Utilization Display in the OpenHPSDR GUI Thank you to Harvey - WB2LOI for sharing the solution he found for fixing this annoying Windows anomaly. When the counters settings in the Windows registry becomes corrupt the option to display information about various system parameters may become unavailable. To restore this capability Windows can restore the list of available counters by running a command line routine. Follow the steps below to restore the functionality of all the available counters in Windows: Note: Membership in the local Administrators group is required to complete this procedure. To rebuild the list of counters in the registry: Click Start, expand All Programs, and expand Accessories. Right-click Command Prompt, and then click Run as administrator. At the command prompt, type lodctr r, and then press ENTER.
No comments:
Post a Comment