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A security backed by a pool of pass-through rates , structured so that there are several classes of
bondholders with varying maturities, called tranches. The principal payments from the underlying pool of
pass-through securities are used to retire the bonds on a priority basis as specified in the prospectus.
Related: mortgage pass-through security.
Collateral trust bonds
A bond in which the issuer (often a holding company) grants investors a lien on stocks, notes, bonds, or
other financial asset as security. Compare mortgage bond.
Collection float
The negative float that is created between the time when you deposit a check in your account and the time
when funds are made available.
Collection fractions
The percentage of a given months sales collected during the month of sale and each month following the
month of sale.
Collection policy
Procedures followed by a firm in attempting to collect accounts receivables.
Collective wisdom
The combination of all of the individual opinions about a stocks or securitys value.
Colt (Continuous on-line trading system)
Computerized O.T.C. traders-assistance system that provides for trade entry and position monitoring,
among other functions.
Comanger
A bank that ranks just below a lead manager in a syndicated Eurocredit or international bond issue.
Comanagers may assist the lead manger bank in the pricing and issue of the instrument.
Combination
Applies to derivative products. Arrangement of options involving two long or two short positions with different
expiration dates or strike (exercise) prices. See: straddle.
Combination matching
Also called horizon matching, a variation of multiperiod immunization and cash flow matching in which a
portfolio is created that is always duration matched and also cash-matched in the first few years.
Combination strategy
A strategy in which a put and call with the same strike price and expiration are either both bought or both
sold. Related: straddle
Come in
Used in the context of general equities. Fall in price.
Comeout, the
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