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High-coupon bonds that sell at only at a moderate premium because they are callable at a price below that
at which a comparable non-callable bond would sell. Cushion bonds offer considerable downside protection
in a falling market.
CUSIP
See: Committee on Uniform Securities Identification Procedures
Custodial fees
Fees charged by an institution that holds securities in safekeeping for an investor.
Custodian bank
Mainly applies to international equities. Bank or other financial institution that keeps custody of stock
certificates and other assets of a mutual fund, individual, or corporate client. See: Depository Trust Company
(D.T.C.)
Customary payout ratios
A range of payout ratios that is typical based on an analysis of comparable firms.
Customer picking prices
Used in the context of general equities.
General: Customer is firm on price and has set the price(s) at which he wishes to transact the security.
Thus, the trader is not attempting to properly price the trade or get one side a better price.
Missing a print: Customer has asked us toprint to satisfy because he has missed a print.
O.T.C.: Stock is trading away due to a customer asking for better prices.
Swap: Customer has selected the prices to be used in executing a swap.
Customized benchmarks
A benchmark that is designed to meet a clients requirements and long-term objectives.
Customs union
An agreement by two or more countries to erect a common external tariff and to abolish restrictions on trade
among members.
Cyclical stock
Used in the context of general equities. Stock that tends to rise quickly when the economy turns up and fall
quickly when the economy turns down. Examples are housing, automobiles, and paper.
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