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Direct lease
Lease in which the lessor purchases new equipment from the manufacturer and leases it to the lessee.
Directorship
Used in the context of general equities. Stock status whereby a trader may not maintain positions in the
security, due to an investment bank employee serving as a director on the corporations board of directors
done to avoid conflicts of interest; signified by a flashing D on Quotron. Contrast to restricted.
Direct paper
Commercial paper sold directly by the issuer to investors.
Direct placement
Selling a new issue not by offering it for sale publicly, but by placing it with one of several institutional
investors.
Direct quote
For foreign exchange, the number of U.S. dollars needed to buy one unit of a foreign currency.
Direct search market
Buyers and sellers seek each other directly and transact directly.
Direct stock-purchase programs
Investors purchase securities directly from the issuer.
Dirty float
A system of floating exchange rates in which the government occasionally intervenes to change the direction
of the value of the countrys currency.
Dirty price
Bond price including accrued interest, i.e., the price paid by the bond buyer.
Disbursement float
A decrease in book cash but no immediate change in bank cash, generated by checks written by the firm.
DISC
See: Domestic International Sales Corporation
Disclaimer of opinion
An auditors statement disclaiming any opinion regarding the company's financial condition.
Discount
Used in the context of general equities. Convertible: difference between gross parity and a given convertible
price. Most often invoked when a redemption is expected before the next coupon payment, making it liable
for accrued interest for which he may never be compensated. Antithesis of premium. General: information
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