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With the dollar roll transaction the difference between the sale price of a mortgage-backed pass-through,
and its re-purchase price on a future date at a predetermined price.
Drop lock
An arrangement whereby the interest rate on a floating rate note or preferred stock becomes fixed if it falls to
a specified level.
DRP
See: Dividend Reinvestment Plan
DTC
See: Depository Trust Company
DTC
See: Depository Transfer Check
Dual-currency issues
Eurobonds that pay coupon interest in one currency but pay the principal in a different currency.
Dual listing
Used for listed equity securities. Listing of a security on more than one exchange, thus increasing the
competition for bid and offer prices, the liquidity of the securities, and the number of hours when the stock
can be traded (if listed both on the east and west coasts.) See: listed security.
Dual syndicate equity offering
An international equity placement where the offering is split into two tranches - domestic and foreign - and
each tranche is handled by a separate lead manager.
Due bill
An instrument evidencing the obligation of a seller to deliver securities sold to the buyer. Occasionally used
in the bill market.
Due dilengence
In the process of an acquisition, the acquiring firm is often allowed to see the target firms internal books. The
acquiring firm does an internal audit. Offers are often made contingent upon the resolution of the due
dilengence process.
Dumping
Used in the context of general equities. Offering large amounts of stock with little or no concern for price or
market effect.
Duplicative portfolio
Mainly applies to derivative products. Basket of stocks that imitates the price movement of another set of
securities (e.g., S&P 500 glossary).
Dupont system of financial control
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