Glossary: Terms and Index Definitions

"3-6-3"“3-6-3”, aka the “3-6-3 rule” is a slang term referring to an “unofficial rule” under which the bank industry was said to once operate. It describes a non-competitive and simplistic operational approach where bankers would give 3% interest on depositors' accounts, lend the depositors money at 6% interest and then be playing golf at 3pm.
20-Bond Bond Buyer Index"The 20-Bond Bond Buyer Index is the average tax-exempt market value, expressed in terms of yield, on the general obligation bonds of twenty selected issuers with Moody's ratings ranging from Baa1 to Aaa, averaging Al, and maturing in twenty years.
5-Year, 5-Year Forward Breakeven Inflation RateThe 5-year, 5-year forward breakeven inflation rate is a measure of expected inflation derived from "nominal" Treasury securities and their "real" counterparts—inflation-protected TIPS securities.
Abenomics“Abenomics” refers to a series of economic reforms proposed by Japan’s Prime Minister Shinzo Abe.
Active ShareActive share reflects the percent of a portfolio that differs from the index.
Adjustable Rate Mortgage (ARM)An adjustable rate mortgage (ARM) is a mortgage with an interest rate that may change, usually in response to changes in the Treasury Bill rate or the prime rate.
ADP National Employment ReportThe ADP National Employment Report provides a monthly snapshot of U.S. nonfarm private sector employment based on actual transactional payroll data.
Affordable Care ActThe Affordable Care Act is a federal statute signed into law in March 2010 as a part of the Health Care reform agenda of the Obama administration. Signed under the title of The Patient Protection and Affordable Care Act, the law included multiple provisions that would take effect over a matter of years, including the expansion of Medicaid eligibility, the establishment of health insurance exchanges and prohibiting health insurers from denying coverage due to pre-existing conditions.
Agency Mortgage-Backed Securities (MBS)Agency mortgage-backed securities (MBS) are asset-backed securities secured by a mortgage or collection of mortgages issued by federal agencies like Fannie Mae, Freddie Mac and Ginnie Mae.
Alerian MLP IndexThe Alerian MLP Index is a capitalization weighted, float-adjusted index created to provide a complete benchmark for investors to track the energy MLP sector.
AlphaAlpha is a measure of portfolio performance vs. a benchmark, relative to the volatility of that benchmark. An alpha greater than zero suggests that the portfolio has outperformed during the period by means other than adding volatility.
Alt-AAlt-A refers to a classification of mortgages where the risk profile falls between prime and subprime.
Alternative Minimum Tax (AMT)The Alternative Minimum Tax (AMT) is an income tax imposed by the US federal government on individuals, corporations, estates, and trusts. AMT is imposed at a nearly flat rate on an adjusted amount of taxable income above a certain threshold.
American Depositary Receipt (ADR)An American Depositary Receipt (ADR) is a negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas.
American Stock Exchange (AMEX)The American Stock Exchange (AMEX) is the third-largest stock exchange by trading volume in the United States. In 2008 it was acquired by the NYSE Euronext and became the NYSE Amex Equities in 2009. The AMEX is located in New York City and handles about 10% of all securities traded in the U.S.
Amex Major Market IndexThe Amex Major Market Index is an index of 20 blue chip industrial stocks. 15 of the stocks are included in the Dow Jones Industrial Average. Please note an investor cannot invest directly in an index.
Amex Pharmaceutical Index (DRG Index)The Amex Pharmaceutical Index or DRG Index, is a market-capitalization weighted index designed to represent a cross-section of widely held, highly capitalized companies involved in various phases of the pharmaceutical industry. The DRG Index was developed with a base value of 200.00 on July 31, 1991.
Animal SpiritsAnimal spirits is a term used by John Maynard Keynes in his 1936 publication "The General Theory of Employment, Interest and Money" which is used to describe human emotion that drives consumer confidence.
ArbitrageArbitrage is the practice of taking advantage of a difference in prices, for the same or similar securities, between two or more markets.
arkit iTraxx Main Index
iTraxx Europe Index
The Markit iTraxx Main Index, also known as the iTraxx Europe Index is an index of tradeable credit default swaps consisting of 125 European investment grade companies.
Asia-Pacific Economic Cooperation forum (APEC)The Asia-Pacific Economic Cooperation forum (APEC) is an organization of 21 economies intended to support sustainable economic growth and prosperity in the Asia-Pacific region. Members include US, People’s Republic of China, Hong Kong and Taiwan.
Asian Development Bank (ADB)The Asian Development Bank (ADB) is a regional development bank headquartered in Metro Manila, Philippines to facilitate economic development of countries in Asia.
Asian Infrastructure Investment Bank (AIIB)The Asian Infrastructure Investment Bank (AIIB) is an international financial institution proposed by China. The purpose of the multilateral development bank is to provide finance to infrastructure projects in the Asia Pacific region.
Asian TigersAsian Tigers is nickname given to the economies of Southeast Asia, including Indonesia, Singapore, Malaysia, Thailand, South Korea and China that grew substantially between the late 1980s and early- to mid-1990s with the injection of large amounts of foreign investment capital.
Asset-Backed Security (ABS)An Asset-Backed Security (ABS) is a financial security backed by a loan, lease or receivables against assets other than real estate and mortgage-backed securities.
BAABAA is a credit rating denoting a medium grade, moderate risk security.
Baa3Baa3 is at the bottom of investment-grade bond ratings, being only one grade above a high-yield, or below-investment grade rating.
Baltic Dry IndexThe Baltic Dry Index measures dry bulk shipping rates – the demand for shipping capacity versus the supply of dry bulk carriers. Since the demand for shipping varies with the amount of cargo that is being traded in the market and the supply of ships is much less elastic than the demand for them, the index indirectly measures global supply and demand for the commodities shipped aboard dry bulk carriers, such as cement, coal, iron ore, and grain.
BAML Mortgage Master IndexBAML Mortgage Master Index: The index tracks the performance of US dollar-denominated fixed rate and hybrid residential mortgage pass-through securities issued by US agencies in the US domestic market.
Banco Santander SABanco Santander SA is a Spain-based commercial bank that operates principally in Spain, the United Kingdom, Portugal, the Latin American countries and the United States
Bank for International Settlements (BIS)The Bank for International Settlements (BIS) is an international organization fostering the cooperation of central banks and international monetary policy makers.
Bank LoanA bank loan or leveraged loan is a loan provided to a company already holding a considerable amount of debt.
Bank of America (BAC)Bank of America (BAC) is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina.
Bank of America (BofA) Merrill Lynch All Speculative-Grade Convertible Index"Bank of America (BofA) Merrill Lynch All Speculative-Grade Convertible Index is comprised of approximately 250 issues of only speculative-grade convertible bonds and preferreds."
Bank of America (BofA) Merrill Lynch All U.S. Convertibles Index "Bank of America (BofA) Merrill Lynch All U.S. Convertibles Index is an unmanaged
Bank of America (BofA) Merrill Lynch U.S. 3-month Treasury Bill Index"Bank of America (BofA) Merrill Lynch U.S. 3-month Treasury Bill Index is an unmanaged index that seeks to measure the performance of U.S. Treasury bills available in the marketplace."
Bank of America (BofA) Merrill Lynch U.S. Treasury Bill Index "Bank of America (BofA) Merrill Lynch U.S. Treasury Bill Index tracks the performance of U.S. dollar denominated U.s. Treasury bills, which represent obligations of the U.S. Government having a maturity of one year or less, and is intended as an approximate measure of the rate of inflation."
Bank of America Merrill Lynch 7-10 Italian Government IndexThe Bank of America Merrill Lynch 7-10 Italian Government Index is an unmanaged index that tracks the performance of the direct Sovereign debt of the Italian Government with a remaining term to final maturity of at least 7 years and less than 10 years.
Bank of America Merrill Lynch 7-10 UK Gilt Government IndexThe Bank of America Merrill Lynch 7-10 UK Gilt Government Index is an unmanaged index that tracks the performance of the direct Sovereign debt of the UK Government with a remaining term to final maturity of at least 7 years and less than 10 years.
Bank of America Merrill Lynch BB-B Global High Yield IndexThe Bank of America Merrill Lynch BB-B Global High Yield Index is a subset of The BofA Merrill Lynch Global High Yield Index including all securities rated BB1 through B3, inclusive.
Bank of America Merrill Lynch European High Yield index (BAML European HY)BAML European HY: The Bank of America Merrill Lynch European High Yield index tracks the performance of below-investment grade corporate bonds publicly issued in Europe.
Bank of America Merrill Lynch High Yield Bond IndexThe Bank of America Merrill Lynch High Yield Bond Index tracks the performance of US dollar denominated below investment grade rated corporate debt publically issued in the US domestic market.
Bank of America Merrill Lynch Municipal General Obligation IndexThe Bank of America Merrill Lynch Municipal General Obligation Index is the general obligation component of the BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market.
Bank of America Merrill Lynch Municipal Revenue IndexThe Bank of America Merrill Lynch Municipal Revenue Index is the revenue bond component of the BofA Merrill Lynch US Municipal Securities Index, which tracks the performance of US dollar denominated investment grade tax-exempt debt publicly issued by US states and territories, and their political subdivisions, in the US domestic market.
Bank of America Merrill Lynch Portuguese 7-10 Year IndexThe Bank of America Merrill Lynch Portuguese 7-10 Year Index is an unmanaged index that tracks the performance of the direct Sovereign debt of the Portuguese Government with a remaining term to final maturity of at least 7 years and less than 10 years.
Bank of America Merrill Lynch Spanish 7-10 Year IndexThe Bank of America Merrill Lynch Spanish 7-10 Year is an unmanaged index that tracks the performance of the direct Sovereign debt of the Spanish Government with a remaining term to final maturity of at least 7 years and less than 10 years.
Bank of America Merrill Lynch US Floating Rate Home Equity Loan Asset Backed Securities Index (BAML ROFH)The Bank of America Merrill Lynch US Floating Rate Home Equity Loan Asset Backed Securities Index (BAML ROFH) is a subset of The BAML US Floating Rate Asset Backed Securities Index including all asset backed securities collateralized by home equity loans.
Bank of America Merrill Lynch US High Yield indexBAML US HY: The Bank of America Merrill Lynch US High Yield index tracks the performance of below-investment grade, US-dollar-denominated corporate bonds publicly issued in the US domestic market.
Bank Of England"The Bank of England is the central bank for the United Kingdom. It has a wide range of responsibilities, similar to those of most central banks around the world.
Bank of Japan (BoJ)The Bank of Japan (BoJ) is the central bank of Japan and is responsible for the yen currency.
BarclaysBarclays is a British multinational banking and financial services company headquartered in London.
Barclays 1-3 Year U.S. Government IndexThe Barclays 1-3 Year U.S. Government Index is a broad measure of the performance of short-term government bonds. Please note  an investor cannot invest directly in an index.
Barclays 1-5 Year U.S. Treasury IndexThe Barclays 1-5 Year U.S. Treasury Index is a market capitalization-weighted index including all U.S. Treasury notes and bonds with maturities greater than or equal to one year and less than five years. Please note an investor cannot invest directly in an index
Barclays 10-year Treasury IndexThe Barclays 10-year Treasury Index measures the performance of 10 year U.S. Treasury notes.
Barclays 10-year U.S. Treasury Bellwether IndexThe Barclays 10-year U.S. Treasury Bellwether Index is an unmanaged index
Barclays Asian-Pacific Non-Japan Aggregate IndexThe Barclays Asian-Pacific Non-Japan Aggregate Index is the Asian-Pacific Non-Japan component of the Asian Pacific Aggregate index. It includes investment-grade, fixed-rate securities that are issued in any of the following currencies: Australian Dollar, Hong Kong Dollar, New Zealand Dollar, Singapore Dollar, South Korean Won, and Thailand Baht. Convertible securities, floating-rate notes, perpetuals, warrants, linked bonds, and structured products are excluded. Securities in the index must have a remaining maturity of at least one year.
Barclays Capital 1-10 Year Municipal Bond IndexThe Barclays Capital 1-10 Year Municipal Bond Index is a broad-based, total-return index comprised of bonds which are all investment-grade, fixed-rate securities with maturities between one and ten years. Please note an investor cannot invest directly in an index.
Barclays Capital 1-3 Year Government Bond IndexThe Barclays Capital 1-3 Year Government Bond Index is a broad measure of the performance of short-term government bonds. Please note an investor cannot invest directly in an index.
Barclays Capital 1-3 Year Government/Corporate Bond IndexThe Barclays Capital 1-3 Year Government/Corporate Bond Index is a broad measure of the performance of short-term government and corporate fixed-rate debt issues. Please note an investor cannot invest directly in an index.
Barclays Capital 10-Year Municipal Bond IndexThe Barclays Capital 10-Year Municipal Bond Index is a broad-based index comprised of approximately 5,000 bonds. Please note an investor cannot invest directly in an index.
Barclays Capital 4 Years Plus IndexThe Barclays Capital 4 Years Plus Index is a broad measure of the municipal bond market with maturities of at least four years. Please note  an investor cannot invest directly in an index.
Barclays Capital 7-Year Municipal Bond Index"The Barclays Capital 7-Year Municipal Bond Index is an unmanaged index comprised of investment grade municipal bonds with maturities of six to eight years. It is weighted according to the total market value of each bond in the Index."
Barclays Capital Asset-Backed IndexThe Barclays Capital Asset-Backed Index is composed of debt securities backed by credit card, auto and home equity loans that are rated investment grade or higher by Moody's Investors Service, Standard & Poor’s Ratings Service or Fitch Investor's Service, in that order. Issues must have at least one year to maturity and an outstanding par value of at least $50 million. Price, coupon and total return are reported on a month-end to month-end basis. All returns are market value-weighted inclusive of accrued interest but do not include adjustments for advisory fees or other expenses. Please note an investor cannot invest directly in an index.
Barclays Capital CA 1-17 Year Municipal Bond IndexThe Barclays Capital CA 1-17 Year Municipal Bond Index includes investment-grade California Municipal bonds with maturities between 1 and 17 years. Please note an investor cannot invest directly in an index.
Barclays Capital California Intermediate Municipal Bond Index"The Barclays Capital California Intermediate Municipal Bond Index is a market value weighted index of California investment grade (Baa3/BBB- or higher) fixed-rate municipal bonds with maturities of five to ten years. Please note that an investor cannot invest directly in an index.
Barclays Capital Five-Year Municipal Bond IndexThe Barclays Capital Five-Year Municipal Bond Index is a market-value-weighted index representative of the medium term (4 to 6 years) tax-exempt bond market.
Barclays Capital General U.S. Government IndexThe Barclays Capital General U.S. Government Index includes U.S. Treasuries and agencies with maturities of one year or greater having a minimum outstanding principal of $100 million and are only fixed coupon securities.
Barclays Capital Global Aggregate Index Ex-U.S.The Barclays Capital Global Aggregate Index Ex-U.S. is an unmanaged index used as a broad measure of the international-grade bond index, excluding U.S. securities.
Barclays Capital Global High-Yield IndexThe Barclays Capital Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Global High-Yield Index represents that union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield, and Pan-European Emerging Markets High-Yield Indices.
Barclays Capital Global Real Index"The Barclays Capital Global Real Index: U.S. TIPS (""LBGR TIPS"") represents an unmanaged market index made up of U.S. Treasury Inflation Linked Index securities.  Please note an investor cannot invest directly in an index
Barclays Capital Global Real U.S. TIPS Index"Barclays Capital Global Real U.S. TIPS Index is an unmanaged market index
Barclays Capital Global Treasury Fiscal Strength-Weighted IndexThe Barclays Capital Global Treasury Fiscal Strength-Weighted Index adjusts the country weights within existing government bond indices using fundamental measures of fiscal sustainability.
Barclays Capital GNMA Index"Barclays Capital GNMA Index is an unmanaged index of Government National
Barclays Capital Government Bond IndexThe Barclays Capital Government Bond Index is a broad-based index of all public debt obligations of the U.S. government and its agencies that have an average maturity of roughly nine years.
Barclays Capital Government/Corporate Bond IndexThe Barclays Capital Government/Corporate Bond Index tracks the performance of the overall bond market and is a broad measure of the performance of government and corporate fixed-rate debt issues. Please note an investor cannot invest directly in an index.
Barclays Capital Government/Corporate Intermediate Bond IndexThe Barclays Capital Government/Corporate Intermediate Bond Index is a broad measure of bonds with maturities of up to ten years. Please note an investor cannot invest directly in an index.
Barclays Capital Government/Corporate Long Bond IndexThe Barclays Capital Government/Corporate Long Bond Index is a broad measure of bonds with maturities of more than ten years. Please note an investor cannot invest directly in an index.
Barclays Capital High Yield 2% Iss Cap IndexThe Barclays Capital High Yield 2% Iss Cap Index consists of all domestic and Yankee bonds with a minimum outstanding amount of $100 million and maturing over one year.
Barclays Capital High Yield IndexThe Barclays Capital High Yield Index covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures, and 144-As are also included.  Please note an investor cannot invest directly in an index.
Barclays Capital Inflation/Linked All Maturities Index"Barclays Capital Inflation/Linked All Maturities Index measures the performance of the major government inflation linked bond markets, which currently include the U.K., Australia, Canada, Sweden, the U.S., France and Italy. All maturities are included. Prior to September 1, 2006, the Fund’s benchmark was Barclays Capital Global Real: U.S. TIPS Index."
Barclays Capital Intermediate Government/Credit IndexThe Barclays Capital Intermediate Government/Credit Index is a market value weighted performance benchmark for government and corporate fixed-rate debt issues (rated Baa/BBB or higher) with maturities between one and ten years. Please note an investor cannot invest directly in an index.
Barclays Capital Long Term Credit Bond IndexThe Barclays Capital Long Term Credit Bond Index is a broad-based unmanaged index of investment-grade corporate bonds. To be included in the index, bonds must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody's, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. They must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The bonds must be fixed rate, have a dated-date after December 31, 1990, and must be at least one year from their maturity date. Remarketed issues, taxable municipal bonds, bonds with floating rates, and derivatives, are excluded from the benchmark.
Barclays Capital Long-Term Corporate Bond IndexThe Barclays Capital Long-Term Corporate Bond Index is comprised of all publicly issued, fixed rate, non-convertible and dollar-denominated investment-grade corporate debt from a diverse range of industries with an average maturity of approximately 23 years. Please note an investor cannot invest directly in an index.
Barclays Capital Massachusetts Municipal Bond Index"The Barclays Capital Massachusetts Municipal Bond Index is a market value weighted index of Massachusetts investment grade (Baa3/BBB- or higher) fixed-rate municipal bonds with maturities of one year or more. Please note that an investor cannot invest directly in an index.
Barclays Capital Mortgage Bond IndexThe Barclays Capital Mortgage Bond Index is a broad measure of the performance of mortgage-backed bonds in the U.S. market. Please note an investor cannot invest directly in an index.
Barclays Capital Mortgage-Backed Securities IndexThe Barclays Capital Mortgage-Backed Securities Index is composed of about 600 15-year to 30-year fixed-rate mortgage-backed pools of Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Corporation. Please note an investor cannot invest directly in an index.
Barclays Capital Municipal Long Bond IndexThe Barclays Capital Municipal Long Bond Index is a sub-index (consisting of bonds with maturities of at least 22 years) of the Barclays Capital Municipal Bonds Index, a broad-based, total return index comprised of investment grade, fixed rate municipal bonds selected from issues larger than $50 million issued since January 1991. Please note an investor cannot invest directly in an index.
Barclays Capital Municipal Non-Investment Grade Bond IndexThe Barclays Capital Municipal Non-Investment Grade Bond Index includes issues which have a maximum credit rating of Ba1, as rated by Moody’s, are issued as part of a deal of at least $20 million, have an amount outstanding of at least $3 million, have a maturity of at least one year, and have been issued after December 31, 1990.  Please note an investor cannot invest directly in an index.
Barclays Capital New York Intermediate Municipal Bond Index"The Barclays Capital New York Intermediate Municipal Bond Index is a market value weighted index of New York investment grade (Baa3/BBB- or higher) fixed-rate municipal bonds with maturities of five to ten years. Please note that an investor cannot invest directly in an index.
Barclays Capital NY 4+ Year IndexThe Barclays Capital NY 4+ Year Index is a market value-weighted index of New York fixed-rate investment grade municipal bonds with maturity of at least four years. 
Barclays Capital Oregon Municipal Bond IndexBarclays Capital Oregon Municipal Bond Index is a market value weighted index of Oregon investment grade fixed-rate municipal bonds with maturities of one year or more.  Please note  an investor cannot invest directly in an index.
Barclays Capital Three-Year Municipal Bond IndexThe Barclays Capital Three-Year Municipal Bond Index is a broad measure of the municipal bond market with maturities of approximately three years.
Barclays Capital Treasury IndexThe Barclays Capital Treasury Index is a measure of the public obligations of the U.S. Treasury.  Please note an investor cannot invest directly in an index.
Barclays Capital U.S. Corporate Investment Grade Index"The Barclays Capital U.S. Corporate Investment Grade Index is an unmanaged index consisting of publicly issued US Corporate and specified foreign debentures and secured notes that are rated investment grade (Baa3/BBB- or higher) by at least two ratings agencies, have at least one year to final maturity and have at least $250 million par amount outstanding. To qualify, bonds must be SEC-registered.
Barclays Capital U.S. Credit IndexThe Barclays Capital U.S. Credit Index is a broad-based index composed of government and corporate debt issues that are investment grade (rated Baa/BBB or higher).  Please note an investor cannot invest directly in an index
Barclays Capital U.S. Dollar Floating Rate Note (FRN) Index"The Barclays Capital U.S. Dollar Floating Rate Note (FRN) Index provides a measure of the U.S. dollar denominated floating rate note market. The index measures the performance of floating rate notes across sector, credit quality, maturity, and asset class sectors 
Barclays Capital U.S. Fixed-Rate Mortgage Backed Securities IndexBarclays Capital U.S. Fixed-Rate Mortgage Backed Securities Index is an unmanaged index composed of securities backed by 15-year to 30-year fixed-rate mortgage pools of Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation.
Barclays Capital US 7-10 Year Treasury Bond IndexThe Barclays Capital US 7-10 Year Treasury Bond Index measures the performance of U.S. Treasury securities that have a remaining maturity of at least seven years and less than 10 years.
Barclays Capital US Agency Mortgage Backed Securities (MBS) IndexThe Barclays Capital US Agency Mortgage Backed Securities (MBS) Index is the U.S. MBS component of the U.S. Aggregate index. The MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).
Barclays Corporate IndexThe Barclays Corporate Index is the corporate component of the U.S. Credit index.
Barclays EM USD Aggregate IndexThe Barclays EM USD Aggregate Index is a flagship hard currency Emerging Markets debt benchmark that includes USD denominated debt from sovereign, quasi-sovereign, and corporate EM issuers. The index is broad-based in its coverage by sector and by country, and reflects the evolution of EM benchmarking from traditional sovereign bond indices to Aggregate-style benchmarks that are more representative of the EM investment choice set. Country eligibility and classification as an Emerging Market is rules-based and reviewed on an annual basis using World Bank income group and International Monetary Fund (IMF) country classifications. This index was previously called the Barclays US EM Index and history is available back to 1993.
Barclays EM USD Corporate and Quasi-Sovereign Index
Barclays EM USD Aggregate Index
The Barclays EM USD Corporate and Quasi-Sovereign Index is the corporate and quasi-sovereign component of the Barclays EM USD Aggregate Index, which is a hard currency Emerging Markets debt benchmark that includes USD denominated debt from sovereign, quasi-sovereign, and corporate EM issuers.
Barclays Emerging Markets IndexThe Barclays Emerging Markets Index includes USD-denominated debt from emerging markets in the following regions: Americas, Europe, Middle East, Africa, and Asia. 
Barclays Emerging Markets Local Currency Government IndexThe Barclays Emerging Markets Local Currency Government Index is designed to provide a broad measure of the performance of local currency emerging markets (EM) debt.
Barclays Global Aggregate Bond IndexThe Barclays Global Aggregate Bond Index is an unmanaged index of global investment-grade fixed-income securities.
Barclays Global Corporate Bond IndexThe Barclays Global Corporate Bond Index is the corporate bond component of the Barclays Capital Global Credit Index.
Barclays Global Credit IndexThe Barclays Global Credit index is an unmanaged index composed investment grade and high yield credit securities from the Multiverse represented in U.S. Dollars.
Barclays Global High-Yield Bond IndexThe Barclays Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Global High-Yield Index represents that union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield, and Pan-European Emerging Markets High-Yield Indices.
Barclays Global High-Yield IndexThe Barclays Global High-Yield Index provides a broad-based measure of the global high-yield fixed income markets. The Global High-Yield Index represents that union of the U.S. High-Yield, Pan-European High-Yield, U.S. Emerging Markets High-Yield, CMBS High-Yield, and Pan-European Emerging Markets High-Yield Indices.
Barclays Global Treasury GDP-weighted IndexThe Barclays Global Treasury GDP-weighted Index tracks fixed-rate local currency sovereign debt of investment-grade countries. 
Barclays Global Treasury IndexThe Barclays Global Treasury Index is the sovereign component of The Barclays Global Aggregate Index, which provides a broad-based measure of the global investment-grade fixed income markets.
Barclays Investment Grade Corporate IndexThe Barclays Investment Grade Corporate Index is the corporate component of the U.S. Credit index.
Barclays Municipal Bond IndexThe Barclays Municipal Bond Index is a rules-based, market value-weighted index engineered for the long-term tax-exempt bond market. 
Barclays Municipal High Yield Short Duration IndexThe Barclays Municipal High Yield Short Duration Index tracks the high-yield municipal bond market with a 75% weight in non-investment grade municipal bonds and a 25% weight in Baa/BBB-rated investment grade municipal bonds for liquidity and balance.
Barclays U.S. Aggregate IndexThe Barclays U.S. Aggregate Index is a broad-based bond index comprised of government, corporate, mortgage and asset-backed issues, rated investment grade or higher, and having at least one year to maturity. Please note an investor cannot invest directly in an index.
Barclays U.S. Corporate High Yield IndexThe Barclays U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures, and 144-As are also included.  
Barclays U.S. Corporate IndexThe Barclays U.S. Corporate Index is the corporate component of the U.S. Credit index, which is part of the Barclays Capital U.S. Aggregate Bond Index.
Barclays U.S. Credit IndexThe Barclays U.S. Credit Index is the credit component of the Barclays Capital U.S. Aggregate Bond Index.
Barclays U.S. High Yield Bond IndexThe Barclays U.S. High Yield Bond Index covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets are excluded, but Canadian and global bonds (SEC registered) of issuers in non-emerging market countries are included. Original issue zero coupon bonds, step-up coupon structures, and 144-As are also included.  Please note an investor cannot invest directly in an index.
Barclays U.S. High Yield Loan IndexThe Barclays U.S. High Yield Loan Index is an unmanaged index that
Barclays U.S. High-Yield 2% Issuer Capped Bond IndexThe Barclays U.S. High-Yield 2% Issuer Capped Bond Index is a component of the U.S. Corporate High-Yield Bond Index, which covers the universe of fixed-rate, non-investment grade corporate debt of issuers in non-emerging market countries. It is not market capitalization-weighted - each issuer is capped at 2% of the index.
Barclays U.S. Investment-Grade Corporate IndexThe Barclays U.S. Investment-Grade Corporate Index is the corporate component of the U.S. Credit index, which is part of the Barclays Capital U.S. Aggregate Bond Index.
Barclays U.S. Long Gov/Credit IndexThe Barclays U.S. Long Gov/Credit Index is the Long component of the Barclays U.S. Government/Credit Index.
Barclays U.S. Treasury IndexThe Barclays U.S. Treasury Index is the U.S. Treasury component of the U.S. Government index.
Barclays U.S. Treasury Inflation Notes IndexThe Barclays U.S. Treasury Inflation Notes Index is an unmanaged market
Barclays US Agency Mortgage Backed Securities (MBS) IndexThe Barclays US Agency Mortgage Backed Securities (MBS) Index is the U.S. MBS component of the U.S. Aggregate index. The MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).
Barclays US High-Yield Loans IndexThe Barclays US High-Yield Loans Index, also known as the Bank Loan Index, provides broad and comprehensive total return metrics of the universe of syndicated term loans.
Barclays World Government Inflation-Linked All Maturities Index (USD unhedged)The Barclays World Government Inflation-Linked All Maturities Index (USD unhedged) measures the performance of the major government inflation-linked bond markets, which currently include the U.K., Australia, Canada, Sweden, the U.S., France, and Italy, Japan, Germany and Greece. All maturities are included.
Barclays World Government Inflation-linked Bonds Over 5-Year IndexThe Barclays World Government Inflation-linked Bonds Over 5-Year Index measures the performance of inflation linked securities with 5+ year maturities of the major government inflation-linked bond markets.
Basel IIIBasel III is a comprehensive set of reform measures designed to improve the regulation, supervision and risk management within the banking sector.
Basis Point (bps)A basis point (bps) is one one-hundredth of one percent (1/100% or 0.01%).
Bayes' Theorem (Bayes' Law or Bayes' Rule)In probability theory and statistics, Bayes' theorem (Bayes' law or Bayes' rule) is a formula for determining conditional probability named after 18th-century British mathematician Thomas Bayes. The theorem provides a way to revise existing predictions or theories given new or additional evidence. In finance, Bayes' Theorem can be used to rate the risk of lending money to potential borrowers.
BCI General IndexThe BCI General Index is comprised of 296 companies traded on the Milan Stock Exchange.  Please note an investor cannot invest directly in an index.
Bear MarketA bear market is a financial market in which prices are falling, especially over a long period of time.
Bear Market Curve FlatteningIn a bear market curve flattening cycle, short term bond yields rise faster than long-term bond yields.
Bear Stearns High Yield IndexThe Bear Stearns High Yield Index comprises securities across a wide spectrum of industries with at least one year to maturity.  All fixed-income, non-convertible, dollar-denominated securities rated both BB+ and Ba1 or lower (split-rated crossover issues are not included) with outstanding par value of at least $100 million are included.  Please note an investor cannot invest directly in an index.
Beige BookThe Beige Book is a commonly used name for the Federal Reserve report, "Summary of Commentary on Current Economic Conditions by Federal Reserve District". It is published eight times each year, just before the Federal Open Market Committee (FOMC) meeting on interest rates, and is used to inform the members on changes in the economy since the last meeting.
BESBES (Banco Espírito Santo) is a private Portuguese bank based in Lisbon.
BetaBeta measures the sensitivity of an investment to the movement of its benchmark.  A beta higher than 1.0 indicates the investment has been more volatile than the benchmark and a beta of less than 1.0 indicates that the investment has been less volatile than the benchmark.
Bharatiya Janata Party (BJP)The Bharatiya Janata Party (BJP) is one of the two major parties in the Indian political system, along with the Indian National Congress. As of 2014, it is the country's largest political party in terms of representation in the national parliament and state assemblies.
Bid-Ask SpreadThe bid-ask spread is the amount by which the ask price exceeds the bid; it is essentially the difference in price between the highest price that a buyer is willing to pay for an asset and the lowest price for which a seller is willing to sell it.
Bloomberg Agriculture Spot Index
Bloomberg Industrial Metals Index
The Bloomberg Agriculture Spot Index and the Bloomberg Industrial Metals Index, formerly Dow Jones-UBS indexes, measure the price movements of Agricultural commodities and industrial metals included in the Bloomberg Commodity Index and select subindexes. The indexes do not account for the effects of rolling futures contracts or the costs associated with holding physical Agriculture or Industrial Metals commodities and are quoted in USD.
Bloomberg Commodities IndexThe Bloomberg Commodities Index, formerly known as the Dow Jones UBS Commodities Index, is calculated on an excess return basis can composed of futures contracts on 22 physical commodities.
Bloomberg Euro-area Financial Conditions IndexThe Bloomberg Euro-area Financial Conditions Index combines yield spreads and indices from Euro-area Money Markets, Equity Markets, and Bond Markets into a normalized index. The values of this index are Z-scores, which represent the  number of standard deviations that current financial conditions lie above or below the average of the January 1999-June 2008 period. 
BNP ParibasBNP Paribas is a French bank and financial services company with headquarters in Paris, and a global headquarters in London. It was formed through the merger of Banque Nationale de Paris (BNP) and Paribas in 2000 and is one of the largest banks in the world.
Bond Buyer 25-Revenue Bond IndexThe Bond Buyer 25-Revenue Bond Index is the average yield on 25 revenue bonds rating “A1” by Moody’s Investors Service, which is a nationally recognized agency.  The Bond Buyer is a daily publication specializing in fixed-income securities.  Please note an investor cannot invest directly in an index.
Bond Buyer One Year Note IndexThe Bond Buyer One Year Note Index is an index calculated using 10 note issuers: California, Colorado, Idaho, Michigan, Pennsylvania, Texas, Wisconsin, Los Angeles County, NYC, and NJ. All issues are rated MIG-1 by Moody's Investor Service. Please note an investor cannot invest directly in an index.
Bond VigilantesBond vigilantes is a reference to bond investors  that protest monetary or fiscal policies they consider inflationary by selling bonds, thus increasing yields.
Bond ZombiesBond zombies is a reference to bond investors that drove interest rates sharply higher in the summer of 2013 when the Fed first suggested it might soon begin tapering. 
Book ValueBook value is the monetary amount by which an asset is valued in business records, a figure not necessarily identical to the amount the asset could bring on the open market.
BourseBourse is a European term for stock exchange.
Bovespa IndexThe Bovespa Index is a gross total return index weighted by traded volume & is comprised of the most liquid stocks traded on the Sao Paulo Stock Exchange. 
Break-Even InflationBreak-even inflation is the difference between the nominal yield on a fixed-rate investment and the real yield (fixed spread) on an inflation-linked investment of similar maturity and credit quality. If inflation averages more than the break-even, the inflation-linked investment will outperform the fixed-rate. Conversely, if inflation averages below the break-even, the fixed-rate will outperform the inflation-linked.
Brent Crude OilBrent Crude Oil is a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. Brent Crude is extracted from the North Sea and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes.
BRICBRIC refers to four emerging-market countries: Brazil, Russia, India and China.
British Thermal Unit (BTU or Btu)The British thermal unit (BTU or Btu) is a traditional unit of energy equal to the amount of energy needed to cool or heat one pound of water by one degree Fahrenheit.
BSE Sensex 30 IndexThe BSE Sensex 30 Index (India), or the Bombay Stock Exchange Sensitive Index, is a free-float capitalization-weighted index, with component selection made on the basis of liquidity, depth, and floating-stock adjustment depth and industry representation.
Building PermitsBuilding permits refer to the necessary government or regulatory authorization that must be granted before construction of a new house can begin. 
Bull Market Curve FlatteningIn a bull market curve flattening cycle, long term bond yields decrease while short term bond yields increase.
BundesbankThe Bundesbank is the central bank of Germany.
Bunds“Bunds” refers to bonds issued by Germany's federal government. Bunds are available in 10- and 30-year maturities.
Bureau of Economic Analysis (BEA)The Bureau of Economic Analysis (BEA) is an agency of the Department of Commerce that produces economic accounts statistics that enable government and business decision-makers, researchers, and the American public to follow and understand the performance of the Nation's economy. To do this, BEA collects source data, conducts research and analysis, develops and implements estimation methodologies, and disseminates statistics to the public. 
Bureau of Labor StatisticsThe Bureau of Labor Statistics is the principal fact-finding agency for the Federal Government in the broad field of labor economics and statistics.
Buying Power IndexThe Buying Power Index is an intermediate and longer-term measurement of the effect buyers are producing (Demand), as evidenced by the GAINS and UPSIDE VOLUME registered by advancing stocks.  This is a multiple time period index, which in its final construction, not only takes into account the number of stocks registering advances, but includes and evaluates such upside action both in terms of actual POINTS GAINED and related UPSIDE VOLUME.  The average time period for the several components making up this index is 50 trading days.
CAC 40 IndexThe CAC 40 Index is the French stock market index that tracks the 40 largest French stocks, based on market capitalization, on the Paris Bourse (stock exchange).
Call OptionA call option is an agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument at a specified price within a specific time period.
CallableCallable refers to a bond which the issuer has the right to redeem prior to its maturity date, under certain conditions.
Capital Asset Pricing Model (CAPM)The Capital Asset Pricing Model (CAPM) is an economic model for valuing stocks, securities, derivatives and/or assets by relating risk and expected return. 
Capital expenditures (Capex)
Capital Spending
Capital expenditures (Capex) , also called capital spending, is an amount spent by a company to acquire or upgrade productive assets (such as buildings, machinery and equipment, vehicles) in order to increase the capacity or efficiency of a company for more than one accounting period. 
Capital GainA capital gain is the amount by which proceeds from the sale of a capital asset exceed the original cost.
Capital RatioA capital ratio is a measure of a bank's capital, expressed as a percentage of a bank's risk weighted credit exposures.
Capital StackCapital stack refers to the totality of capital invested in a project, including pure debt, hybrid debt, and equity.
Capitalization-WeightedCapitalization-weighted refers to an approach where individual components of an index or asset class are weighted according to their market capitalization, so that larger components carry a larger percentage weighting. Market capitalization is the total dollar market value of all of a company's outstanding shares; it is calculated by multiplying a company's shares outstanding by the current market price of one share.
Carried InterestCarried interest is a share of any profits that the general partners of private equity and hedge funds receive as compensation, despite not contributing any initial funds.
CarryCarry refers to a differential in interest rates  across sectors, such that tactical profits could be generated by trading between them.
Carry TradeCarry trade refers to a strategy in which an investor sells a certain currency with a relatively low interest rate and uses the funds to purchase a different currency yielding a higher interest rate. A trader using this strategy attempts to capture the difference between the rates, which can often be substantial, depending on the amount of leverage used.
Cashflow Return on Investment (CFROI)Cashflow return on investment (CFROI) is the amount of cash, expressed as a percentage, earned on a company’s investment. It is calculated by dividing total capital by cash earnings.
CBOE Market Volatility IndexCBOE Market Volatility Index was introduced in 1993 by the Chicago Board Options Exchange (CBOE) to measure the implied volatility of the U.S. equity market.  The index is calculated in real time using the Standard and Poor’s 100 Index (OEX) options.  The index is calculated by taking a weighted average of the implied volatilities of eight OEX calls and puts having an average time to maturity of 30 days. 
CCC ratingA CCC rating is assigned to fairly speculative debt instruments; indicates the issuer is at greater risk of default than a B-rated issue and less than a CC-rated issue if business, financial, or economic conditions change measurably.
CDS IndexCo.
CDX Credit Derivative
CDS IndexCo. LLC owns iBoxx CDX N.A. indices, Dow Jones Indexes, and TRAC-X LLC. CDS IndexCo. LLC also owns the CDX credit derivative indices and the synthetic structured finance and loan indices ABX.HE, CMBX and LCDX. CDS IndexCo. LLC is based in the United Kingdom. As of November 20, 2007, CDS IndexCo. LLC operates as a subsidiary of Markit Group Limited.
CDXCDX indices contain North American and Emerging Market companies and are administered by CDS Index Company.
Centre for European Economic Research (ZEW)The Centre for European Economic Research (ZEW) is a public-private institute associated with the University of Mannheim, Germany.
CEO Confidence IndexThe CEO Confidence Index is based on a survey of mid-market CEOs each month by Chief Executive Magazine. It rates CEO confidence about where they think their business will be 12 months from now on a scale of 1-10, with 10 being the highest.
Certificates of Deposit (CDs)Certificates of deposit (CDs) are debt instruments issued by banks that pay interest, periodically or at maturity, and principal when they reach maturity.
Chained (Chain-Weighted) CPChained or chain-weighted CPI is an alternative measurement for the Consumer Price Index (CPI) that considers product substitutions made by consumers and other changes in their spending habits. The chain-weighted CPI is therefore considered to be a more accurate inflation gauge than the traditional fixed-weighted CPI, because rather than merely measuring periodic changes in the price of a fixed basket of goods, it accounts for the fact that consumers’ purchasing decisions change along with changes in prices.
Chapter 9Chapter 9 refers to a bankruptcy proceeding that provides financially distressed municipalities with protection from creditors by creating a plan between the municipality and its creditors to resolve the outstanding debt. 
Chicago Board Options Exchange (CBOE) Volatility Index (VIX))The Chicago Board Options Exchange (CBOE) Volatility Index (VIX) is a measure of market expectations of near-term volatility as conveyed by S&P 500 stock index option prices.
Chicago Board Options Exchange SPX Volatility IndexThe Chicago Board Options Exchange SPX Volatility Index reflects a market estimate of future volatility, based on the weighted average of the implied volatilities for a wide range of strikes, first and second month expirations are used until eight days from expiration, then the second and third are used.
Chicago Fed’s National Financial Conditions Index (NFCI)The Chicago Fed’s National Financial Conditions Index (NFCI) provides a comprehensive weekly update on U.S. financial conditions in money markets, debt and equity markets, and the traditional and “shadow” banking systems.
CITI US BIG IndexThe CITI US BIG Index includes U.S. and non-U.S. corporate securities and non-U.S. sovereign and provincial securities.
Citigroup Economic Surprise IndicesThe Citigroup Economic Surprise Indices are objective and quantitative measures of economic news defined as weighted historical standard deviations of data surprises (actual releases vs Bloomberg survey median). A positive reading of the Economic Surprise Index suggests that economic releases have on balance been beating consensus. The indices are calculated daily in a rolling three-month window. The weights of economic indicators are derived from relative high-frequency spot FX impacts of 1 standard deviation data surprises. The indices also employ a time decay function to replicate the limited memory of markets.
Citigroup Inc. (Citi)Citigroup Inc. (Citi) is an American multinational banking and financial services corporation headquartered in Manhattan, New York City.
Citigroup WGBI Ex-US (USD): The Citigroup World Government Bond IndexCitigroup WGBI Ex-US (USD): The Citigroup World Government Bond Index is an index of bonds issued by governments in the U.S., Europe and Asia.
Citigroup World Broad Investment Grade (WorldBIG) Bond IndexThe Citigroup World Broad Investment Grade (WorldBIG) Bond Index is a composite of a number of smaller indexes.  It is divided into three asset classes: (1) government/government-sponsored, (2) collateralized, and (3) corporate. The index includes sovereign debt of Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Bonds included in the index are sovereign debt denominated in the local currency of the issuing country, and must have at least one year remaining to maturity and rated at a minimum of BBB-/Baa3 by either S&P or Moody's ratings services with some exceptions.
Citigroup World Government Bond IndexThe Citigroup World Government Bond Index is a market capitalization-weighted benchmark that tracks the performance of the government bond markets of 14 countries. Please note that an investor cannot invest directly in an index.
Collateralized Debt Obligations (CDO)Collateralized debt obligations (CDO) are a kind of asset-backed security, holding a pool of collateralized debt, such as mortgages and auto loans, that may be subdivided into various tranches representing different levels of risk. 
Collateralized Loan Obligations (CLO)Collateralized loan obligations (CLO) are the same as collateralized mortgage obligations (CMOs) except for the assets securing the obligation. CLOs allow banks to reduce regulatory capital requirements by selling large portions of their commercial loan portfolios to international markets, reducing the risks associated with lending.
Collateralized Mortgage Obligations (CMO)Collateralized mortgage obligations (CMO) are securities backed by a pool of pass-through securities, which consists of several classes of bondholders with varying maturities. 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.
Commercial Mortgage-Backed Securities (CMBS)A Commercial Mortgage-Backed Securities (CMBS) is a type of mortgage-backed security that is secured by the loan on a commercial property.
Commodity Research Bureau (CRB)The Commodity Research Bureau (CRB) Continuous Commodity Index (CCI) is recognized as a major barometer of commodity prices. The index comprises 17 commodity futures that are continuously rebalanced: Cocoa, Coffee ‘C’, Copper, Corn, Cotton, Crude Oil, Gold, Heating Oil, Live Cattle, Live Hogs, Natural Gas, Orange juice, Platinum, Silver, Soybeans, Sugar No. 11, and Wheat.
Commodity Research Bureau IndexThe Commodity Research Bureau Index is an index that measures the overall direction of commodity sectors. The Index was designed to isolate and reveal the directional movement of prices in overall commodity trades.  Please note an investor cannot invest directly in an index
Composite Index of Long T-BondsThe Composite Index of Long T-Bonds reflects the unweighted average of bid yields on all outstanding fixed-coupon bonds neither due nor callable in less than 10 years.
Conference BoardThe Conference Board is a US-based business membership and research association.  The Leading Economic Index (LEI) for the US is designed to signal peaks and troughs in the business cycle.
Conference Board Consumer Confidence IndexThe Conference Board Consumer Confidence Index is a barometer of the health of the U.S. economy from the perspective of the consumer. The index is based on consumers’ perceptions of current business and employment conditions, as well as their expectations for six months hence regarding business conditions, employment, and income. The Consumer Confidence Index and its related series are among the earliest sets of economic indicators available each month and are closely watched as leading indicators for the U.S. economy.
Conference Board’s Employment Trends IndexThe Conference Board’s Employment Trends Index aggregates eight labor-market indicators into a composite index to show underlying trends in the labor market.
Conference Board’s Leading Economic IndexThe Conference Board’s Leading Economic Index is an American economic leading indicator intended to forecast future economic activity from the values of ten key variables.
Congressional Budget Office (CBO)The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that produces independent analyses of budgetary and economic issues to support the Congressional budget process.
Consumer Expectation IndexThe Consumer Expectation Index gauges future household spending projections and includes: business performance, household life, consumer spending, purchase of durable goods, dining, entertainment and cultural activities.  Please note an investor cannot invest directly in an index.
Consumer Price Index (CPI)The Consumer Price Index (CPI) measures the average change in U.S. consumer prices over time in a fixed market basket of goods and services determined by the U.S. Bureau of Labor Statistics. 
ConvexityConvexity is a measure of the curvature in the relationship between bond prices and bond yields that demonstrates how the duration of a bond changes as the interest rate changes. Convexity is used as a risk-management tool, and helps to measure and manage the amount of market risk to which a portfolio of bonds is exposed. As convexity increases, the systemic risk to which the portfolio is exposed increases. As convexity decreases, the exposure to market interest rates decreases and the bond portfolio can be considered hedged. In general, the higher the coupon rate, the lower the convexity (or market risk) of a bond. This is because market rates would have to increase greatly to surpass the coupon on the bond, meaning there is less risk to the investor.
Core Consumer Price Index (Core CPI) The Core Consumer Price Index (Core CPI) excludes the prices of food and energy, which are volatile on a monthly basis, from the basket of goods used to determine the CPI.
Core-PlusCore-plus is a fixed-income investment management style that permits managers to add instruments with greater risk and greater potential return—high-yield, global and emerging market debt, for example—to core portfolios of investment-grade bonds.
CorrelationCorrelation is a statistical measure of the relationship between two sets of data. When asset prices move together, they are described as positively correlated; when they move opposite to each other, the correlation is described as negative or inverse. If price movements have no relationship to each other, they are described as uncorrelated.
CorrelationCorrelation refers to a relationship existing between mathematical or statistical variables which tend to vary, be associated, or occur together in a way not expected on the basis of chance alone.
CouponCoupon is the periodic interest payment made to the bondholders during the life of the bond.
Covenant
Covenant Quality
A bond covenant is a legally binding term of an agreement between a bond issuer and a bond holder. Bond covenants are designed to protect the interests of both parties. High-yield bond covenants can be complex. Covenant quality refers to the strength of high yield bond covenants. Negative or restrictive covenants forbid the issuer from undertaking certain activities; positive or affirmative covenants require the issuer to meet specific requirements.
Covenant-Lite (cov-lite) LoanA covenant-lite (cov-lite) loan is a type of loan whereby financing is given with limited restrictions on the debt-service capabilities of the borrower. The issuance of covenant-lite loans means that debt is being issued, both personally and commercially, to borrowers with fewer restrictions on collateral, payment terms, and level of income.
Covered BondA covered bond is a bond or note that is backed by mortgages or cash flows from other debt.
CRB All Commodities IndexThe CRB All Commodities Index is a measure of price movements of 22 basic commodities whose markets are presumed to be among the first to be influenced by changes in economic conditions.
CRB BLS Spot IndexCRB BLS Spot Index: The Spot Market Price Index is a measure of price movements of 22 sensitive basic commodities whose markets are presumed to be among the first to be influenced by changes in economic conditions.
Crédit AgricoleCrédit Agricole (Crédit Agricole de Normandie) is the largest retail banking group in France, and the third largest bank in the world by total assets according to Relbanks 2013 statistics.
Credit Default Swap (CDS)A credit default swap (CDS) is designed to transfer the credit exposure of fixed income products between parties.
Credit Default Swap IndexA credit default swap index is a credit derivative used to hedge credit risk or to take a position on a basket of credit entities.
Credit DeriviativeA credit derivative is a contract between two parties that allows for the use of a derivative instrument to transfer credit risk from one party to another.
Credit QualityCredit Quality is a measurement of a bond issuer's ability to pay interest on the bond in a timely manner; it informs investors of an investment’s credit worthiness, or risk of default. The credit quality ratings provided by ratings agencies such as Standard and Poor’s (S&P), Moody’s Investors Service and/or Fitch Ratings, Ltd. typically range from AAA (highest) to D (lowest). Please see www.standardandpoors.com, www.moodys.com, or www.fitchratings.com for details.
Credit RiskCredit risk refers to the possibility that the issuer of a security will be unable to make interest payments and repay the principal on its debt.
Credit Risk PremiumCredit risk premium refers to the extra yield investors require to invest in bonds issued by non-government entities.
Credit SpreadA credit spread is the difference in yield between two different types of fixed income securities with similar maturities.
Credit Suisse Group (CS)Credit Suisse Group (CS) is a leading global financial services company headquartered in Zurich. 
Crossover BuyersCrossover buyers are traditionally taxable bond investors, such as foreign buyers, foundations, life insurance companies, pensions and hedge funds.
Current Account BalanceA current account balance summarizes the flow of goods, services, income and transfer payments into and out of a country
Current Account DeficitA current account deficit is when a country's government, businesses and individuals import more goods, services and capital than they export.
Current YieldCurrent yield is annual income (interest or dividends) divided by the current price of the security.
Cyclically Adjusted Price-to-Earnings Ratio (CAPE)The cyclically adjusted price-to-earnings ratio (CAPE) is defined as price divided by the average of ten years of earnings, adjusted for inflation.
Danske Bank GroupThe Danske Bank Group, headquartered in Copenhagen, is the largest bank in Denmark and one of the leading financial enterprises in northern Europe
DAX IndexThe DAX Index is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange
DebentureA debenture is a type of debt instrument that is not secured by physical assets or collateral. Debentures are backed only by the general creditworthiness and reputation of the issuer.
Debt CeilingThe debt ceiling refers to the maximum amount of monies the United States can borrow. The debt ceiling was created under the Second Liberty Bond Act of 1917, putting a "ceiling" on the amount of bonds the United States can issue.
Debt to EBITDADebt to EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) is a measure of indebtedness.
Debt-To-Capital RatioDebt-to-capital ratio is a measurement of a company's financial leverage, calculated as the company's debt divided by its total capital. Debt includes all short-term and long-term obligations. Total capital includes the company's debt and shareholders' equity, which includes common stock, preferred stock, minority interest and net debt.
Debtor-in-Possession LoansDebtor-in-possession loans are related to financing arranged by a company while under the Chapter 11 bankruptcy process.
Default RateDefault rate refers to the rate at which debt holders default on the amount of money that they owe.
Defined Benefit PlanA defined benefit plan is a company retirement plan, such as a pension plan, in which a retired employee receives a specific amount based on salary history and years of service, and in which the employer bears the investment risk. Contributions may be made by the employee, the employer, or both.
DeflationDeflation refers to a persistent decrease in the level of consumer prices or a persistent increase in the purchasing power of money.
DeleveragingDeleveraging refers to decreasing financial leverage; most often via paying off existing debt.
Department of Transportation (DOT) Freight Transportation Services Index (TSI)The Department of Transportation (DOT) Freight Transportation Services Index (TSI) measures the month-to-month changes in freight shipments by mode of transportation in tons and ton-miles, which are combined into one index. The index measures the output of the for-hire freight transportation industry and consists of data from for-hire trucking, rail, inland waterways, pipelines and air freight. The index is seasonally-adjusted and measures changes from the monthly average of the base year of 2000.
Deposit RateThe deposit rate refers to the amount of money paid out in interest by a bank or financial institution on cash deposits.
Deutsche Bank AGDeutsche Bank AG is a German global banking and financial services company with its headquarters in Frankfurt.
Developed MarketsDeveloped markets refers to countries that have sound, well-established economies and are therefore thought to offer safer, more stable investment opportunities than developing markets.
DFA Small Cap Stock IndexSmall-cap stocks are represented by the DFA Small Cap Stock Index,  a market value-weighted index of the ninth and tenth deciles of the NYSE, plus stocks listed on the AMEX and over-the-counter markets with the same or less capitalizations as the upper bound of the NYSE ninth docile.  Please note an investor cannot invest directly in an index.
Dim-Sum BondA dim-sum bond is a bond denominated in Chinese yuan but issued outside of China.
Discount RateThe discount rate is the interest rate banks are charged by the U.S. Federal Reserve Bank on short-term loans (usually overnight or weekend) to banks.
Discounted Cash Flow (DCF) ModelThe Discounted cash flow (DCF) model uses future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment.
DisintermediationDisintermediation refers to withdrawal of funds from intermediary financial institutions, such as banks and savings and loan associations, in order to invest them directly. In Europe, a structural shift away from bank financing is occurring.
Distressed DebtDistressed debt refers to a financial instrument in a company that is near or is currently going through bankruptcy.
Dividend Payout RatioThe dividend payout ratio is the percentage of earnings paid to shareholders in dividends.
Dividend per Share (DPS)Dividend per share (DPS) is the total dividends paid out over an entire year (including interim dividends but not including special dividends) divided by the number of outstanding ordinary shares issued.
Dividend YieldDividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price.
Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank)The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) placed major regulations on the financial industry following the financial crisis of 2008-2009 including the possibility of breaking banks up if any of them are determined to be “too big to fail.”
DovishDovish refers to an economic policy advisor who promotes monetary policies that involve the maintenance of low interest rates, believing that inflation and its negative effects will have a minimal impact on society.
Dow Jones Industrial Average (DJIA)The Dow Jones Industrial Average (DJIA) is an unmanaged index composed of 30 blue-chip stocks, each with annual sales exceeding $7 billion. The DJIA is price-weighted, reflects large-cap companies representative of U.S. industry, and historically has moved in tandem with other major market indexes such as the S&P 500.
Dow Jones U.S. Biotechnology IndexThe Dow Jones U.S. Biotechnology Index measures the performance of U.S. companies that are in genetic research, marketing and development of recombinant DNA products, makers of artificial blood and contract biotechnology researchers.  The Biotech Index is one of four sub-groups within the Dow Jones U.S. Healthcare Sector Index.  The stocks represented by this index involve investment risks, which may include the loss of principal invested.
Dow Jones U.S. Select Dividend IndexThe Dow Jones U.S. Select Dividend Index consists of 100 of the highest dividend-yielding securities (excluding real estate investment trusts (REITs) in the Dow Jones U.S. Index, a broad-based index representative of the total market for the United States equity securities.
Dow Jones Wilshire Real Estate Securities Index (RESI)The Dow Jones Wilshire Real Estate Securities Index ("RESI") measures the performance of publicly traded real estate investment trusts and real estate operating companies.  The index is capitalization-weighted, rebalanced monthly, with returns calculated on a buy and hold basis.
Downside DeviationDownside deviation is the standard deviation of negative asset returns.
DurationDuration is a measure of the price sensitivity of a fixed-income security to an interest rate change. It is calculated as the weighted average of the present values for all cash flows, and is measured in years.
DurationDuration is a measure of the price sensitivity of a fixed-income security to an interest rate change of 100 basis points. It is calculated as the weighted average of the present values for all cash flows.
DXY Dollar IndexThe DXY Dollar Index measures the value of the U.S. dollar relative to the exchange rates of six major world currencies (the euro, Japanese yen, Canadian dollar, British pound, Swedish krona and Swiss franc) which represent a majority of its most significant trading partners.
E&P (Exploration and Production)E&P (exploration and production) is a specific sector within the oil and gas industry, focused on finding, augmenting, producing and merchandising different types of oil and gas.
Earnings Multiple DispersionEarnings multiple dispersion refers to the distribution of price/earnings (P/E) ratios among companies trading in the market.
Earnings per Share (EPS)Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. An index EPS is an aggregation of the EPS of its component companies.
Earnings YieldThe earnings yield is the earnings per share for the most recent 12-month period divided by the current market price per share.
Effective Deposit FacilityThe Effective Deposit Facility is a target interest rate set by the ECB in its efforts to influence short-term interest rates as part of its monetary policy strategy.
Effective DurationEffective Duration provides a measure of sensitivity of a bond’s price to changes in interest rates and recognizes that changes in interest rates may also change expected cash flows generated by bonds with embedded options. Effective duration for an index is calculated as the weighted average of the effective durations of its individual bond constituents.
Efficiency DynamicsEfficiency dynamics (or dynamic efficiency) is a term used to describe an economic system that balances a short term focus with a long term focus. Since dynamic efficiency tends to promote longer term investments in such things as education, research and development, the resulting innovation often helps an economic system become progressively more efficient.
EIB LendingEIB lending refers to lending from the European Investment Bank (EIB), which is a non-profit European Union institution based in Luxembourg that makes loans, makes guarantees, provides technical assistance and provides venture capital for business projects that are expected to further EU policy objectives.
Emerging MarketsEmerging markets are nations with social or business activity in the process of rapid growth and industrialization. These nations are sometimes also referred to as developing or less developed countries. 
Employment Cost IndexThe Employment Cost Index is a quarterly report from the U.S. Department of Labor/Bureau of Labor Statistics that measures the growth of employee compensation (wages and benefits). The index is based on a survey of employer payrolls in the final month of each quarter. The ECI tracks movement in the cost of labor, including wages, fringe benefits and bonuses for employees at all levels of a company.
Enterprise Value (EV)Enterprise value (EV) refers to the entire value of a company after taking into account both holders of debt and equity.
Equity Risk PremiumEquity risk premium is the excess return that an individual stock or the overall stock market provides over a risk-free rate, usually the U.S. 10-year Treasury note. This excess return compensates investors for taking on the relatively higher risk of the equity market.
Essential Service Revenue BondsEssential service revenue bonds are issued by entities considered fundamental to the operation of the government, which can include public universities, primary/secondary schools, water and sewer utilities, and state highway authorities. They are secured by a specific stream(s) of revenue(s) rather than the general taxing power of a municipality.
Euro Banking Association (EBA)The Euro Banking Association (EBA) is an industry forum for the European payments industry with over 200 member banks and organisations from the European Union and across the world aimed at fostering and driving pan-European payment initiatives.
Euro Interbank Offered Rate (Euribor)The Euro Interbank Offered Rate (Euribor) is a daily reference rate based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro interbank market.
EURO STOXX 50 IndexThe EURO STOXX 50 Index provides a Blue-chip representation of supersector leaders in the Eurozone.
European Central Bank (ECB)The European Central Bank (ECB) is responsible for the monetary system of the European Union (EU) and the euro currency.
European CommissionThe European Commission is the executive body of the European Union.
European CouncilThe European Council is the Institution of the European Union (EU) that comprises the heads of state or government of the member states, along with the council's own president and the president of the Commission. Established as an informal summit in 1975, the council was formalized as an Institution in 2009 upon the entry into force of the Treaty of Lisbon.
European Financial Stability Facility (EFSF)The European Financial Stability Facility (EFSF) is a special purpose vehicle financed by members of the eurozone to address the European sovereign debt crisis.
European Investment Bank (EIB)The European Investment Bank (EIB) is the European Union's nonprofit long-term lending institution established in 1958 under the Treaty of Rome.
European Stability Mechanism (ESM)The European Stability Mechanism (ESM) is a permanent rescue funding program to succeed the temporary European Financial Stability Facility.
European Union (EU)The European Union (EU) is an economic and political union established in 1993 by members of the European Community. The EU now comprises 28 countries after its expansion to include numerous Central and Eastern European nations. 
EV / EBITDAEV / EBITDA equals a company's enterprise value divided by earnings before interest, tax, depreciation, and amortization. It measures the price (in the form of enterprise value) an investor pays for the benefit of the company's cash flow (in the form of EBITDA).
Excess reservesExcess reserves are capital reserves held by a bank or financial institution in excess of what is required by regulators, creditors or internal controls.
Exchange Traded Funds (ETF)Exchange Traded Funds (ETF) are a type of investment company which are bought and sold on a securities exchange. ETFs generally represent a fixed portfolio of securities, derivative instruments, currencies or commodities. The risks of owning an ETF generally reflect the risks of owning the underlying securities or commodities they are designed to track. ETFs also have management fees and operating expenses that increase their costs. (7/2015)
ExurbAn exurb is a region or settlement that lies outside a city and usually beyond its suburbs
Fat TailsFat tails are a statistical distribution phenomena seen whenever there are a lot of events or values that stray widely from the average giving more frequent high and low values; graphically fat tails are seen as a bell curve with a fatter opening.
Federal Deposit Insurance Corporation (FDIC)The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the U.S. federal government that preserves public confidence in the banking system by insuring deposits.
Federal Fund Rate
Fed Funds
Fed Funds Target Rate
Intended Federal Funds Rate
The federal funds rate (fed funds, fed funds target rate or intended federal funds rate) is a target interest rate that is set by the FOMC for implementing U.S. monetary policies. It is the interest rate that banks with excess reserves at a U.S. Federal Reserve district bank charge other banks that need overnight loans.
Federal Home Loan Mortgage Corp (FHLMC)
Freddie Mac
The Federal Home Loan Mortgage Corp (FHLMC), also known as Freddie Mac is government-sponsored enterprise (GSE) chartered by Congress in 1970 to keep money flowing to mortgage lenders in support of homeownership and rental housing for middle income Americans. The FHLMC purchases, guarantees and securitizes mortgages to form mortgage-backed securities.
Federal Housing Finance Agency (FHFA)The Federal Housing Finance Agency (FHFA) is the regulator and conservator of Fannie Mae and Freddie Mac and the regulator of the 12 Federal Home Loan Banks.
Federal National Mortgage Association (FNMA)
Fannie Mae
The Federal National Mortgage Association (FNMA), also known as Fannie Mae, is a government-sponsored enterprise (GSE) founded in 1938. Its purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities (MBS),[3] allowing lenders to reinvest their assets into more lending.
Federal Open Market Committee (FOMC)The Federal Open Market Committee (FOMC) is a policy-making body of the Federal Reserve System responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
Federal Reserve Board (“Fed”)The Federal Reserve Board (“Fed”) is responsible for the formulation of policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
Federal Reserve Trade-Weighted Broad Dollar IndexThe Federal Reserve Trade-Weighted Broad Dollar Index is a weighted average of the foreign exchange values of the U.S. dollar against the currencies of a large group of major U.S. trading partners. The index weights, which change over time, are derived from U.S. export shares and from U.S. and foreign import shares.
Financial Industry Regulatory Authority (FINRA)The Financial Industry Regulatory Authority (FINRA) is a regulatory body created after the merger of the National Association of Securities Dealers and the New York Stock Exchange's regulation committee. It is responsible for governing business between brokers, dealers and the investing public.
Financial IntermediationFinancial intermediation is the process performed by banks of taking in funds from a depositor and then lending them out to a borrower.
Financial Stability Oversight Council (FSOC)The Financial Stability Oversight Council (FSOC) is a United States federal government organization established to identify and monitor excessive risks to the U.S. financial system.
Financing Gap
Funding Gap
A financing gap or funding gap is the amount of money needed to fund the ongoing operations or future development of a business or project that is not currently provided by cash, equity or debt. Funding gaps can be covered by investment from venture capital or angel investors, equity sales, or through debt offerings and bank loans.
First LossFirst loss refers to a security's position that will suffer the first economic loss if the assets below it lose value or are foreclosed on.
First Trust ISE-Revere Natural Gas Index FundThe First Trust ISE-Revere Natural Gas Index Fund is ETF seeking investment results that correspond generally to the price and yield, before fees and expenses, of an equity index called the ISE-Revere Natural Gas Index.
First-Lien Loan
Secured Debt
Floating Rate Note (FRN)
London Interbank Offered Rate (LIBOR)
Federal Funds Rate
A first-lien loan is a secured form of debt that has first priority (is senior) in payment in the event of a company's liquification. Secured debt is backed by specific assets of the company, which serve as collateral to the loan. A floating rate note (FRN) is a bond that has a variable coupon, equal to a money market reference rate, like LIBOR or federal funds rate, plus a quoted spread, which remains constant. The London Interbank Offered Rate (LIBOR) is the interest rate determined daily by a specific group of London banks for deposits of certain stated maturities. The federal funds rate is the interest rate that banks with excess reserves at a U.S. Federal Reserve district bank charge other banks that need overnight loans.
Fiscal CliffThe fiscal cliff refers to tax increases and budget cuts that were scheduled to automatically go into effect after midnight on December 31, 2012, but were averted with the America Taxpayer Relief Act of 2012 that was signed into on January 2, 2013. 
Fiscal Cliff AgreementThe Fiscal Cliff agreement refers to the America Taxpayer Relief Act of 2012 that was signed into on January 2, 2013. 
Fitch RatingsFitch Ratings is a global rating agency committed to providing the world’s credit markets with independent and prospective credit opinions, research, and data.
Fixed-Rate BondA fixed-rate bond pays the same amount of interest for its entire term.
Flight To QualityFlight to quality refers to the action of investors moving their capital away from riskier investments to the safest possible investment vehicles; it is usually caused by uncertainty in the financial or international markets.
Floating Rate Note (FRN)A floating rate note (FRN) is a bond that has a variable coupon, equal to a money market reference rate, like LIBOR or federal funds rate, plus a quoted spread, which remains constant. The London Interbank Offered Rate (LIBOR) is the interest rate determined daily by a specific group of London banks for deposits of certain stated maturities. The federal funds rate is the interest rate that banks with excess reserves at a U.S. Federal Reserve district bank charge other banks that need overnight loans.
Foreign Exchange (FX) DerivativeA foreign exchange (FX) derivative refers to a financial instrument that locks in a future foreign exchange rate.
Form 1099An IRS Form 1099 is a document used to report various kinds of non-employee income. Read more: http://www.ehow.com/about_7348985_definition-irs-1099.html#ixzz2fvRgku5x
Forward GuidanceForward guidance refers to the issuance of economic forecasts and policy plans by central banks to influence market expectations of future levels of interest rates.
FrackingFracking is a slang term for hydraulic fracturing, which is the procedure of creating fractures in rocks and rock formations by injecting fluid into cracks to force them further open. The larger fissures allow more oil and gas to flow out of the formation and into the wellbore, from where it can be extracted.
Free Cash Flow (FCF)Free cash flow (FCF) is measure of financial performance calculated as operating cash flow minus capital expenditures. It represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base. FCF is important because it allows a company to pursue opportunities that enhance shareholder value.
Free Cash Flow YieldFree cash flow yield is a company’s free cash flow per share divided by the share price.
Frontier NationsFrontier nations are countries with investable stock markets that are less established than those in the emerging markets.
FTSE 100 IndexThe FTSE 100 Index comprises the 100 most highly capitalized blue-chip companies, representing approximately 81% of the U.K. market. It is used extensively as a basis for investment products, such as derivatives and exchange-traded funds.
FTSE All-ShareThe FTSE All-Share is a market-capitalization weighted index representing the performance of all eligible companies listed on the London Stock Exchange’s main market, which pass screening for size and liquidity.
FTSE All-World Developed IndexThe FTSE All-World Developed Index is a free float market capitalization weighted index. FTSE All-World Indices include constituents of the Large- and Mid-capitalization universe for Developed and Emerging Market (Advanced Emerging and Secondary Emerging) segments. Base Value 100 as at December 31, 1986.
FTSE MIB (Italy) IndexFTSE MIB (Italy) is an index of the share prices of the 250 largest companies (by market capitalisation) immediately following the largest 100 (FTSE 100).
FTSE NAREIT All Equity REITS Total Return Index (“NAREIT Index”)The FTSE NAREIT All Equity REITS Total Return Index (“NAREIT Index”) is a free float adjusted market capitalization weighted index that includes all tax qualified REITS listed in the NYSE, AMEX and NASDAQ National Markets. 
FTSE World Europe ex. U.K. IndexThe FTSE World Europe ex. U.K. index consists of large and mid-cap public equities in the countries of Europe, including all of the advanced emerging markets and all developed markets. It is part of the FTSE All World/World (Large and Mid) group.
G3G3 refers to the world's top three developed economies: US, Europe and Japan.
G7G7 refers to Canada, France, Germany, Italy, Japan, United Kingdom, and United States.
Gini CoefficientThe Gini coefficient is a measure of the inequality of a distribution, a value of 0 expressing total equality and a value of 1 maximal inequality.
Goldman Sachs 100 Convertible Securities IndexThe Goldman Sachs 100 Convertible Securities Index is an equally-weighted index of 100 leading convertible securities, designed to represent the broad U.S. convertibles market. Please note an investor cannot invest directly in an index.
Goldman Sachs Commodity IndexGoldman Sachs Commodity Index is a composite index of commodity sector returns that represents a broadly diversified, unleveraged, long-only position in commodity futures.
Goldman Sachs Financials IndexThe Goldman Sachs Financials Index is an unmanaged market-value weighted index comprised of companies in the banking services, brokerage, asset management, insurance and real estate industries. Please note an investor cannot invest directly in an index.
Goldman Sachs Group, Inc. (GS)The Goldman Sachs Group, Inc. (GS) is an American multinational investment banking firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients.
Goldman Sachs Healthcare IndexThe Goldman Sachs Healthcare Index is an unmanaged market-value weighted index comprised of healthcare service companies including long-term care and hospital facilities, healthcare management organizations and continuing care services and pharmaceutical companies.  Please note an investor cannot invest directly in an index.
Goldman Sachs Technology IndexThe Goldman Sachs Technology Index is a broad-based measure of U.S.-traded technology stocks. The Index is comprised of six sub-indices—hardware, computer software, services, semiconductors, Internet and multimedia networking.  Please note an investor cannot invest directly in an index.
Good-Bank/Bad-Bank SplitUnder a good-bank/bad-bank split, the good bank will operate free from concerns about troubled assets, because these assets will be held by the fully independent bad bank.
Government National Mortgage Association (GNMA)Government National Mortgage Association (GNMA) obligations are pass-through mortgage-backed securities consisting of a pool of residential mortgage loans.  All payments of principal and interest are passed through to investors each month.
Government National Mortgage Association Master Mortgage IndexThe Government National Mortgage Association Master Mortgage Index includes various weightings of all outstanding coupons issued in 15- and 30-year GNMA mortgage pass-throughs. 
Government Pension Investment FundThe Government Pension Investment Fund is the pension fund for Japanese public sector employees.
Grexit“Grexit” is shorthand for the possibility of Greece abandoning the euro as its national currency.
Gross Domestic Product (“GDP”)Gross Domestic Product (“GDP”) is an economic statistic which measures the market value of all final goods and services produced within a country in a given period of time.
Group of Twenty (G-20 or G20)The Group of Twenty (also known as the G-20 or G20) is an international forum for the governments and central bank governors from 20 major economies. The members include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States—along with the European Union (EU). The EU is represented by the European Commission and by the European Central Bank.
Growth StockGrowth stock refers to the stock of a company whose earnings are expected to grow at an above-average rate relative to the market.
HaircutHaircut refers to the percentage by which an asset's market value is reduced for the purpose of calculating capital requirement, margin and collateral levels.
Hang Seng IndexThe Hang Seng Index is a market capitalization-weighted index of 40 of the largest companies that trade on the Hong Kong Exchange. 
Hang Seng Total Return IndexThe Hang Seng Total Return Index is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong used to record and monitor daily changes of the largest companies of the Hong Kong stock market. Its 40 companies represent about 65% of capitalization of the Hong Kong Stock Exchange.
Hard CurrencyHard currency refers to a currency, usually from a highly industrialized country that is widely accepted around the world as a form of payment for goods and services.
HawkishHawkish refers to a policymaker or advisor who is generally in favour of relatively high interest rates in order to keep inflation in check.
Hedge FundA hedge fund is an aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged, long, short and derivative positions in both domestic and international markets with the goal of generating high returns (either in an absolute sense or over a specified market benchmark).
Herding BehaviorHerding behaviour refers to the tendency for individuals to mimic the actions (rational or irrational) of a larger group.
HFRI Fund of Funds Composite IndexThe HFRI Fund of Funds Composite Index is an equal-weighted index consisting of over 800 constituent hedge funds, including both domestic and offshore funds.
HFRI Fund Weighted Composite IndexThe HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database.  Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance.  The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.
HFRX Fixed Income – Credit IndexThe HFRX Fixed Income – Credit Index includes strategies with exposure to credit across abroad continuum of credit sub-strategies, including Corporate, Sovereign, Distressed, Convertible, Asset Backed, Capital Structure Arbitrage, Multi-Strategy and other Relative Value and Event Driven sub-strategies. Hedge Fund Research, Inc. (HFR) utilizes UCITSIII compliant methodology to construct the HFRX Hedge Fund Indices.
High Frequency TradingHigh frequency trading refers to the use of sophisticated technological tools and computer algorithms to rapidly trade securities.
High Short-Interest StockA high short-interest stock refers to a stock with a relatively high number, or percentage, of its shares sold short, but not yet covered or closed out. 
High YieldHigh yield, or below-investment grade bonds are those with a credit quality rating of BB or below.
High Yield Energy
Barclays U.S. High Yield Bond Index
High Yield Energy is the energy component of the Barclays U.S. High Yield Bond Index, which covers the universe of fixed rate, non-investment grade debt, including corporate and non-corporate sectors.
Home Affordable Refinance ProgramThe Home Affordable Refinance Program (HARP) is a US federal government program set up by the Federal Housing Finance Agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.
Hot MoneyHot money refers to money invested to seek the highest short-term rate of return instead of for long-term investment purposes. Such money can move in and out of asset classes on a regular basis, sometimes creating challenges for money managers.
Housing Affortability IndexThe Housing Affordability Index is designed to track how affordable a median priced home is to a median income family. An index of 100 means that the family with median income earns exactly the income needed to qualify to purchase the median priced home.  Anything greater than 100 signals that the median income family has more income than is necessary to qualify to purchase the median priced home, and the greater the index, the greater the median income is relative to the qualifying income.  Conversely, an index value less than 100 indicates that the median income family does not have enough income to qualify to purchase the median priced home.
Housing StartsHousing starts refers to the number of new residential construction projects that have begun during any particular month.
HSBC Asian Local Bond Index (ALBI)The HSBC Asian Local Bond Index (ALBI) tracks the total return performance of liquid bonds, denominated in local currencies, in China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand.
HSBC China Manufacturing Purchasing Managers IndexThe HSBC China Manufacturing Purchasing Managers Index is a private sector gauge of nationwide manufacturing activity. The HSBC name comes from the bank's origins as the Hongkong and Shanghai Banking Corporation.
HSBC Holdings plcHSBC Holdings plc is a British multinational banking and financial services company headquartered in London.
IBEX 35 IndexIBEX 35 is the official index of the Spanish Continuous Market. The index is comprised of the 35 most liquid stocks traded on the Continuous market. 
Ibovespa Stock IndexThe Ibovespa Stock Index is a total return index weighted by trading volume and comprised of the most liquid stocks traded on the Sao Paulo Stock Exchange.
iBoxxThe iBoxx bond market indices are benchmarks for professional use and comprise liquid investment grade bond issues.
IMoneyNetIMoneyNet also tracks the average maturity of securities in money fund portfolios. A short maturity of about 30 days or less reflects the conviction of funds managers that interest rates will rise, and a long maturity of 60 days or more reflects a sentiment that rates will fall.
Implied Breakeven RateAn implied breakeven rate is a measure derived from comparing returns of two classes of securities whose value depends on the same factor, such as inflation or default rates. 
Index StrategiesIndex strategies refer to a style of management associated with mutual and exchange-traded funds (ETF) where a fund's portfolio mirrors a market index.
IndexingIndexing refers to the adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index.
Inflation EscalatorsInflation escalators are contract provisions allowing distributed income to be adjusted to offset the impact of inflation.
Inflation Linked BondsInflation-linked bonds (also known as inflation-indexed bonds or colloquially as linkers) are bonds where the principal is indexed to inflation
Information RatioAn information ratio is a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor.
Initial Public Offering (IPO)An initial public offering (IPO) is the first sale of stock by a private company to the public.
Institute for Supply Management (ISM)The Institute for Supply Management (ISM) is an association of purchasing and supply management professionals, which conducts regular surveys of its membership to determine industry trends.
Interest CoverageInterest coverage is a ratio used to determine how easily a company can pay interest on outstanding debt. The interest coverage ratio is calculated by dividing a company's earnings before interest and taxes (EBIT) of one period by the company's interest expenses of the same period.
Interest Rate DerivativeAn interest rate derivative is a financial instrument based on an underlying financial security whose value is affected by changes in interest rates.
Interest Risk RateInterest rate risk refers to the possibility that a security's value will change due to a change in interest rates.
Interest-Rate SwapAn interest-rate swap is an agreement between two parties (known as counterparties) where one stream of future interest payments is exchanged for another based on a specified principal amount.
Internal Revenue Service (IRS)The Internal Revenue Service (IRS) is the federal agency responsible for administering and enforcing the Treasury Department's revenue laws.
International Capital Markets Association (ICMA)The International Capital Markets Association (ICMA) represents a broad range of capital market interests including banks, asset managers, exchanges, central banks, law firms and other professional advisers. It aims to sustain and supports its members’ business by promoting the development and efficient functioning of the global capital markets.
International Energy Agency (IEA)The International Energy Agency (IEA) is an international energy forum comprising 29 industrialized countries under the Organization for Economic Development and Cooperation (OECD). The IEA was established in 1974, in the wake of the 1973/74 oil crisis, to help its members respond to major oil supply disruptions, a role it continues to fulfill today. IEA’s mandate has expanded over time to include tracking and analyzing global key energy trends, promoting sound energy policy, and fostering multinational energy technology cooperation. As the global energy picture has changed, the IEA has sought to engage key non-members in its activities, including Brazil, China, India, Indonesia, Russia, South Africa, and Mexico.
International Monetary Fund (IMF)The International Monetary Fund (IMF) is an international organization of various member countries, established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements.
Internationale Nederlanden Groep (ING Group)ING Group (Internationale Nederlanden Groep) is a multinational banking and financial services corporation based in the Netherlands.
IntradeIntrade is an online trading exchange website.
Intrinsic ValueIntrinsic value is the actual value of a company or an asset based on an underlying perception of its true value including all aspects of the business, in terms of both tangible and intangible factors. This value may or may not be the same as the current market value.
Inverted Yield CurveInverted yield curve refers to a market condition when yields for longer-maturity bonds have yields which are lower than shorter-maturity issues.
Investment Company Institute (ICI)The Investment Company Institute (ICI) is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs) and unit investment trusts (UITs) that seeks to encourage adherence to high ethical standards, promote public understanding, and otherwise advance the interests of funds, their shareholders, directors, and advisers.
Investment Grade RatingAn investment-grade rating (AAA, AA, A, BBB for example) is one that indicates that a municipal or corporate bond has a relatively low risk of default. Bonds with below investment-grade ratings (BB, B, CCC for example) are considered low credit quality and have a higher risk of default.
Investment-Grade BondsInvestment-grade bonds are those rated Aaa, Aa, A and Baa by Moody’s Investors Service and AAA, AA, A and BBB by Standard & Poor’s Ratings Service, or that have an equivalent rating by a nationally recognized statistical rating organization or are determined by the manager to be of equivalent quality.
iShares
exchange traded fund (ETF)
NASDAQ Composite Index
NASDAQ Internet Index (QNET)
SPX
iShares are a family of exchange-traded funds (ETFs) managed by the investment management company BlackRock. An exchange traded fund (ETF) is a fund that tracks an index, but can be traded like a stock. The iShares NASDAQ Biotechnology ETF seeks to track the investment results of an index composed of biotechnology and pharmaceutical equities listed on the NASDAQ. The NASDAQ Composite Index is a market-capitalization-weighted index that is designed to represent the performance of NASDAQ securities and includes over 3,000 stocks. The NASDAQ Internet Index (QNET) is designed to track the performance of companies engaged in a broad range of internet-related services including internet access providers, internet search engines, web hosting, website design, and internet retail commerce. SPX is an abbreviation for S&P 500.
ISI Economic Diffusion IndicesISI Economic Diffusion Indices subtract weaker than expected reports from stronger than expected reports.
ISISISIS is an acronym for the Islamic State of Iraq and Syria, which is an unrecognized state and active jihadist militant group in Iraq and Syria.
ItraxxItraxx is a group of international credit derivative indexes that are monitored by the International Index Company (IIC).
January EffectThe January effect refers to a general increase in stock prices that often occurs during the month of January and is said to affect small caps more than mid or large caps. This is generally attributed to an increase in buying, which follows often follows increased selling in December when investors are trying to create tax losses to offset capital gains.
Japanese Yen (JPY) LIBORThe Japanese yen (JPY) LIBOR interest rate is the average interbank interest rate at which a large number of banks on the London money market are prepared to lend one another unsecured funds denominated in Japanese yen.
Job Openings and Labor Turnover Survey (JOLTS)The Job Openings and Labor Turnover Survey (JOLTS) is conducted by the US Department of Labor, producing data on job openings, hires, and separations.
JP Morgan Corporate Emerging Market Bond Index (CEMBI) BroadThe JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad is a global, liquid corporate emerging markets benchmark that tracks U.S.-denominated corporate bonds issued by emerging markets entities.
JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Below-Investment Grade (IG)The JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Below-Investment Grade (IG) is the below investment grade component of the JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad. Below-investment grade refers to a credit quality rating of BB or below.
JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad High Yield The JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad High Yield is the below investment-grade portion of the CEMBI Broad index.  The CEMBI tracks total returns of US dollar-denominated debt instruments issued by corporate entities in Emerging Markets countries.
JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Investment Grade (IG)The JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad Investment Grade (IG) is the investment grade component of the JP Morgan Corporate Emerging Market Bond Index (CEMBI) Broad. Investment grade refers to a credit quality rating of BBB or higher.
JP Morgan Emerging Market Bond Index Global (EMBIG)The JP Morgan Emerging Market Bond Index Global (EMBIG) tracks the return of external debt instruments that trade in the emerging markets.
JP Morgan GBI IndexJP Morgan GBI Index tracks the performance of fixed rate issuances from high-income countries spanning the globe.
JPM Global Composite PMIThe JPM Global Composite PMI is based on The Global Report on Manufacturing & Services compiled by Markit surveys covering over 11,000 purchasing executives in almost 30 countries. Together these countries account for an estimated 86% of global GDP. Questions are asked about real events and are not opinion based. Data are presented in the form of diffusion indices, where an index reading above 50.0 indicates an increase in the variable since the previous month and below 50.0 a decrease.
JPMorgan Chase & Co. (JPM)JPMorgan Chase & Co. (JPM) is an American multinational banking and financial services holding company and the largest bank in the United States.
JPMorgan Corporate Emerging Market Bond Index BroadThe JPMorgan Corporate Emerging Market Bond Index Broad is a global, liquid corporate emerging markets benchmark that tracks U.S.-denominated corporate bonds issued by emerging markets entities.
JPMorgan Developed High Yield IndexJPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed-income securities issued in developed countries.
JPMorgan Emerging Markets Bond Index (EMBI) GlobalThe JPMorgan Emerging Markets Bond Index (EMBI) Global tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.
JPMorgan Emerging Markets Bond Index (EMBI) Global Below-Investment Grade (IGThe JPMorgan Emerging Markets Bond Index (EMBI) Global Below-Investment Grade (IG) is the below investment grade component of the JPMorgan Emerging Markets Bond Index (EMBI) Global. Below-investment grade refers to a credit quality rating of BB or below.
JPMorgan Emerging Markets Bond Index (EMBI) Global Investment Grade (IGThe JPMorgan Emerging Markets Bond Index (EMBI) Global Investment Grade (IG) is the investment grade component of the JPMorgan Emerging Markets Bond Index (EMBI) Global. Investment grade refers to a credit quality rating of BBB or higher.
JPMorgan Emerging Markets Bond Index (EMBI) Global tracksThe JPMorgan Emerging Markets Bond Index (EMBI) Global tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.
JPMorgan Emerging Markets Bond Index Global (“EMBI Global”)The JPMorgan Emerging Markets Bond Index Global (“EMBI Global”) tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.
JPMorgan Emerging Markets Bond Index Global CompositeThe JPMorgan Emerging Markets Bond Index Global Composite tracks total returns for U.S. dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds, and local market instruments.
JPMorgan Emerging Markets Bond Index PlusThe JPMorgan Emerging Markets Bond Index Plus is a total return index that tracks the traded market for U.S. dollar-denominated Brady and other similar sovereign restructured bonds traded in the emerging markets. Please note an investor cannot invest directly in an index.
JPMorgan Emerging Markets Global Diversified IndexJPMorgan Emerging Markets Global Diversified Index is composed of U.S. dollar-denominated Brady bonds, eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities.
JPMorgan G7 Volatility Index (VXY)
JPMorgan EM Volatility Index (EM-VXY)
The JPMorgan G7 Volatility Index (VXY) and JPMorgan EM Volatility Index (EM-VXY) follow aggregate volatility in currencies through a turnover-weighted index of G7 and emerging market volatility, based on three-month at-the-money forward options. The indexes are designed to allow investors to measure aggregate risk premiums in currency markets, calibrate trading strategies and express views on volatility as an asset class.
JPMorgan Global Government Bond Market IndexThe JPMorgan Global Government Bond Market Index is a daily, market capitalization-weighted, international fixed-income index consisting of 13 countries. Please note an investor cannot invest directly in an index.
JPMorgan Global High Yield IndexJPMorgan Global High Yield Index is an unmanaged index that is designed to mirror the investable universe of the U.S. dollar global high-yield corporate debt market. including domestic (U.S.) and international (non-U.S.) issues. International issues are composed of both developed and emerging markets."
JPMorgan Government Bond Index (GBI) Emerging Markets (EM) Local MarketsThe JPMorgan Government Bond Index (GBI) Emerging Markets (EM) Local Markets tracks the performance of local currency bonds issued by Emerging Market governments.
JPMorgan Government Bond Index-Emerging Markets (GBI-EMThe JPMorgan Government Bond Index-Emerging Markets (GBI-EM) indices are comprehensive emerging market debt benchmarks that track local currency bonds issued by Emerging Market governments.
JPMorgan Government Bond Index-Emerging Markets (GBI-EM) (JPM GBI Broad)JPM GBI Broad: The JPMorgan Government Bond Index-Emerging Markets (GBI-EM) indices are comprehensive emerging market debt benchmarks that track local currency bonds issued by Emerging Market governments.
JPMorgan Government Bond Index—Global UnhedgedThe JPMorgan Government Bond Index—Global Unhedged is a daily, market capitalization-weighted, international fixed-income index consisting of 13 countries. Please note an investor cannot invest directly in an index.
JPMorgan U.S. Dollar Global High Yield Bond IndexThe JPMorgan U.S. Dollar Global High Yield Bond Index is a dollar-denominated index consisting of non-investment-grade corporate bonds, which are issued by both U.S. and non-U.S. companies.  Please note an investor cannot invest directly in an index.
JumboJumbo refers to a mortgage with a loan amount exceeding the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO), and therefore, not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac.
Junior Unsecured Subordinated NotesJunior unsecured subordinated notes are note not secured by the issuer's assets and will not be paid until other, senior debt holders are paid in full.
Junk BondJunk bond is a colloquial term for a high-yield or non-investment grade bond.
KBC Bank N.V.KBC Bank N.V. is a Belgian universal multi-channel bank, focusing on private clients and small and medium-sized enterprises.
KBW Bank Index (BKX)The KBW Bank Index (BKX) is a modified cap-weighted index consisting of 24 exchange-listed 
Kondratiev CycleThe Kondratiev Cycle is an economic theory created by Soviet economist Nikolai Kondratiev that states that Western capitalist economies are susceptible to high performance volatility.
Korean Composite Stock Price Indexes (KOSPI)The KOSPI, or Korean Composite Stock Price Indexes, is a series of indexes that track the overall Korean Stock Exchange and its components.
Labor Force Participation RateThe labor force participation rate refers to the percentage of the economy’s labor force that is employed or actively looking for work.
Laffer CurveThe Laffer Curver, invented by Arthur Laffer, shows the relationship between tax rates and tax revenue collected by governments. The curve suggests that, as taxes increase from low levels, tax revenue also increases, but that after tax rates increase to a certain point, tax revenue declines as there is less incentive to produce.
Leading IndicatorA leading indicator is an economic or financial variable that tends to move ahead of and in the same direction as general economic activity.
LeverageLeverage refers to the amount of debt held by a company or sector of the market. Gross Leverage refers to total debt divided by the last 12 months (LTM) earnings before interest, taxes, depreciation and amortization. Net leverage is net debt (total debt minus the value of cash and other similar liquid assets) divided by the last 12 months (LTM) earnings before interest, taxes, depreciation and amortization.
Leveraged Buyout (LBO)A leveraged buyout (LBO) is the purchase of a company away from its outside equity shareholders by its management, financed by means of that company issuing a large amount of debt to cover the cost of the purchase.
Leveraged Buyout (LMO)A leveraged buyout (LBO) refers to the acquisition of a company by another using a significant amount of borrowed money (bonds or loans) to meet the cost of acquisition. Often, the assets of the company being acquired are used as collateral for the loans in addition to the assets of the acquiring company. The purpose of leveraged buyouts is to allow companies to make large acquisitions without having to commit a lot of capital. In an LBO, there is usually a very high ratio of debt to equity, which means the bonds are usually rated below investment grade.
Leveraged LoansLeveraged loans are loans extended to companies or individuals that already have considerable amounts of debt. Lenders consider leveraged loans to carry a higher risk of default and, as a result, a leveraged loan is more costly to the borrower.
Liability-Driven InvestingLiability-driven investing is a form of investing in which the main goal is to gain sufficient assets to meet all liabilities, both current and future.
LIBOR-OIS SpreadThe LIBOR-OIS spread is the difference between the London Interbank Offered Rate (LIBOR), which is the daily rate banks charge each other for loans in London and the overnight indexed swap (OIS). The OIS is derived from the overnight rate and is typically fixed by central banks.
Lipper Convertible Securities Funds AverageLipper Convertible Securities Funds Average is an arithmetic average of the total return of all Lipper Convertible Securities Funds.
Lipper Large GrowthThe Lipper Large Growth is an equally weighted index of the largest 30 funds within the large company growth funds investment objective as defined by Lipper Inc. The index is adjusted for the reinvestment of capital gains and income dividends. 
Lipper Money Market Funds AverageLipper Money Market Funds Average is an arithmetic average of the total return of all Lipper Money Market Funds.
Lipper Numeric RankThe Lipper Numeric Rank is the numerical position achieved by the fund within its Lipper classification universe of funds that existed for that time period.
Lipper Tax-Exempt Money Market Funds AverageLipper Tax-Exempt Money Market Funds Average is an arithmetic average of the total return of all Lipper Tax-Exempt Money Market Funds.
Lipper U.S. Mortgage AverageThe Lipper U.S. Mortgage Average is an average composed of mutual funds that invest in U.S. mortgage-backed securities.   Lipper is an independent mutual fund-tracking organization. Please note an investor cannot invest directly in an index.
Lipper VP (underlying fund) Money Market AverageLipper VP (underlying fund) Money Market Average is an arithmetic average of the total return for all Lipper VP (underlying fund) Money Market Funds.
LiquidityLiquidity refers to the ability of an asset to be converted into cash quickly and without any price discount.
Liquidity RiskLiquidity risk is the risk stemming from the lack of marketability of an investment that cannot be bought or sold quickly enough to prevent or minimize a loss.
Lloyds Banking Group plcLloyds Banking Group plc is a major British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009; HBOS was formed by a merger of Halifax plc and the Bank of Scotland.
London Interbank Offered Rate (LIBOR)The London Interbank Offered Rate (LIBOR) is the interest rate determined daily by a specific group of London banks for deposits of certain stated maturities.  LIBOR is used as a base index for setting rates of some adjustable rate financial instruments, including Adjustable Rate Mortgages (ARMs).
Long Term Refinancing Operation (LTRO)The Long Term Refinancing Operation (LTRO) is the European Central Bank’s (ECB) program of providing euro-area banks with loans in order to provide liquidity to the market and prevent a credit crunch and an interbank lending freeze from hurting the financial sector.
Long-Term Capital Management CrisisThe Long-Term Capital Management crisis refers to the near default of a large hedge fund by the same name that nearly collapsed the global financial system in 1998 as a result of high-risk arbitrage trading strategies.
M2M2 is a measure of money supply that includes cash and checking deposits (M1) as well as near money. “Near money" in M2 includes savings deposits, money market mutual funds and other time deposits, which are less liquid and not as suitable as exchange mediums but can be quickly converted into cash or checking deposits.
M3M3 refers to a broad measure of an economy's money supply. M3 is used by economists to estimate the entire money supply within an economy, and by governments to direct policy and control inflation over medium and long-term time periods.
Managed Float Foreign Exchange (FX)A managed float foreign exchange (FX) rate system is a type of exchange rate regime wherein a currency's value is allowed to fluctuate between established levels.
MarcoeconomicMacroeconomic is defined as the behavior or effect of the aggregate economy, including changes in unemployment, national income, rate of growth, gross domestic product, inflation, and price levels.
MarginMargin refers to borrowed money that is used to purchase securities.
Margin DebtMargin debt is the dollar value of securities purchased on margin (bought with borrowed money) within an account.
Margin of SafetyThe margin of safety refers to the difference in the market price of a security and its estimated intrinsic value.
Marginal Cost Of ProductionThe marginal cost of production is the change in total cost that comes from making or producing one additional item. The purpose of analyzing marginal cost is to determine at what point an organization can achieve economies of scale.
Mark To MarketMark to market refers to the accounting act of recording the price or value of a security, portfolio or account to reflect its current market value rather than its book value.
Mark to Market AccountingMark to market accounting aims to record the price or value of a security, portfolio or account to reflect its current market value rather than its book value. 
Market Capitalization (Market Cap)Market capitalization (market cap) is the total dollar market value of all of a company's (indexes) outstanding shares; it is calculated by multiplying a company's (indexes) shares outstanding by the current market price of one share.
Market Transaction FeesMarket transaction fees refer to fees which traders are liable to pay when buying and selling on the foreign exchange market.
Market-Based Interest RateA market-based interest rate is the prevailing rate of interest determined by supply and demand of credit, duration and type of security and not government policy. 
Markit CDX North American Investment Grade IndexThe Markit CDX North American Investment Grade Index is an index of tradeable credit default swaps consisting of investment grade companies.
Markit Eurozone Composite PMIThe Markit Eurozone Composite PMI is based on original survey data collected from a representative panel of around 5,000 manufacturing and services firms. National manufacturing data are included for Germany, France, Italy, Spain, the Netherlands, Austria, the Republic of Ireland and Greece. National services data are included for Germany, France, Italy, Spain and the Republic of Ireland.
Markit HSBC China Manufacturing Purchasing Managers Index (PMI)The Markit HSBC China Manufacturing Purchasing Managers Index (PMI) measures the manufacturing sector of the Chinese economy. PMI greater than 50 indicated economic expansion; below 50, contraction.
Master Limited Partnership (MLP)A Master Limited Partnership (MLP) is a specialized type of corporation that is publicly traded, but structured to have earnings flow directly to participants, without first being taxed at the corporate level. However, a portion of the MLPs distribution may be subject to current income taxes. An investor may owe applicable taxes when the MLP is sold.
Mean ReversionMean reversion is a theory suggesting that prices and returns eventually move back towards the mean or average. This mean or average can be the historical average of the price or return or another relevant average such as the growth in the economy or the average return of an industry.
Mergers and Acquisitions (M&A)Mergers and acquisitions (M&A) is a general term used to refer to the consolidation of companies. A merger is a combination of two companies to form a new company, while an acquisition is the purchase of one company by another in which no new company is formed.
Merrill Lynch 1-3 Year U.S. Treasury IndexThe Merrill Lynch 1-3 Year U.S. Treasury Index is a market capitalization-weighted index including all U.S. Treasury notes and bonds with maturities greater than or equal to one year and less than three years. Please note an investor cannot invest directly in an index.
Merrill Lynch 6-Month Treasury Bill IndexMerrill Lynch 6-Month Treasury Bill Index is an unmanaged index of U.S. Treasury securities with maturities of six months, which securities are guaranteed as to the timely payment of interest and principal by the U.S. government. The Index assumes no management, custody, transaction or other expenses. 
Merrill Lynch All Convertibles IndexThe Merrill Lynch All Convertibles Index is a rule driven index, which includes all bonds and preferred stocks of U.S.-registered companies, which have $50 million or more in aggregate market value and are convertibles in U.S. dollar-denominated common stocks, ADRs or cash equivalents. Please note an investor cannot invest directly in an index.
Merrill Lynch All Convertibles, All-Qualities (U.S.) IndexThe Merrill Lynch All Convertibles, All-Qualities (U.S.) Index is a rule driven index, which includes all convertible bonds and convertible preferred securities of U.S.-registered companies that have $50 million or more in aggregate market value and are convertible into U.S.-dollar denominated common stocks, ADRs or cash equivalents. Please note an investor cannot invest directly in an index.
Merrill Lynch Global Government ex-US IndexThe Merrill Lynch Global Government ex-US Index tracks the performance of investment grade sovereign debt publicly issued and denominated in its own domestic market and currency.  Current countries that meet the qualification standards are: Australia, Canada, Denmark, Euro member countries, Japan, Mexico, Poland, South Korea, Sweden, Switzerland, United States, and United Kingdom.
Merrill Lynch Global IndexThe Merrill Lynch Global Index is a broad-based, unmanaged index of high-yield securities.  Please note an investor cannot invest directly in an index.
Merrill Lynch GNMA Master IndexThe Merrill Lynch GNMA Master Index is a market capitalization weighted index of securities backed by mortgage pools of the Government National Mortgage Association (GNMA).  Please note an investor cannot invest directly in an index.
Merrill Lynch High Yield Master IndexThe Merrill Lynch High Yield Master Index is a market capitalization-weighted index of all domestic and Yankee High-Yield Bonds. Issues included in the index have maturities of at least one year and have a credit rating lower than BBB-Baa3, but are not in default. Please note an investor cannot invest directly in an index.
Merrill Lynch Investment Grade Convertible Bond IndexThe Merrill Lynch Investment Grade Convertible Bond Index is an index comprised of convertible bonds rated investment grade.
Merrill Lynch Option Volatility Estimate (MOVE) IndexThe Merrill Lynch Option Volatility Estimate (MOVE) Index is a yield-curve-weighted index of the normalized implied volatility on 1-month Treasury options for the 2, 5, 10, and 30 year maturities.
Merrill Lynch U.S. Corporate & Government 10+ Years IndexThe Merrill Lynch U.S. Corporate & Government 10+ Years Index is a broad measure of the performance of U.S. government and corporate fixed-rate debt issues with maturities greater than 10 years. Please note an investor cannot invest directly in an index.
Merrill Lynch U.S. Treasury 5-10 Years IndexThe Merrill Lynch U.S. Treasury 5-10 Years Index consists of bonds with an outstanding par, which is greater than or equal to $25 million, a maturity ranging between 5 and 10 years and have fixed rate coupons greater than 4.25%. Please note an investor cannot invest directly in an index.
Meta-AnalysisMeta-analysis comprises statistical methods for contrasting and combining results from different studies in the hope of identifying patterns among study results, sources of disagreement among those results, or other interesting relationships that may come to light in the context of multiple studies.
Mezzanine FinancingMezzanine financing is a hybrid of debt and equity financing that is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full.
MICEX IndexMICEX (Russia): The MICEX Index is cap-weighted composite index calculated based on prices of the 50 most liquid Russian stocks of the largest and dynamically developing Russian issuers presented on the Moscow Exchange.
Middle Market (MM)A Middle Market (MM) firm with has sizeable annual revenues with definitions rangins from $10 million to $500 million and $50 million to $1 billion. MM companies straddled the "middle market" between small and large companies. Publicly traded middle market firms may often be classified as mid-capitalization stocks.
Milan MIBtel 30 IndexThe Milan MIBtel 30 Index is comprised of 30 of the most liquid and highly capitalized stocks listed on the Milan Stock Exchange, which account for 70% of the exchange’s total market cap. Please note an investor cannot invest directly in an index.
MINTMINT refers to four emerging-market countries:  Mexico, Indonesia, Nigeria and Turkey.
MomentumMomentum refers to an investment approach that aims to capitalize on the continuance of existing trends in the market.
Monetary BaseThe monetary base is the total amount of a currency that is either circulated in the hands of the public or in the commercial bank deposits held in the central bank's reserves. This measure of the money supply typically only includes the most liquid currencies.
Money Zero Maturity (MZM)Money Zero Maturity (MZM) is a measure of the liquid money supply within the economy; it represents all money in M2 less the time deposits, plus all money market funds. MZM velocity is calculated by dividing nominal GDP by the level of MZM.
Monte Carlo simulationA Monte Carlo simulation is a problem solving technique used to approximate the probability of certain outcomes by running multiple trial runs using computational algorithms that rely on repeated random sampling to obtain numerical results; typically one runs simulations many times over in order to obtain the distribution of an unknown probabilistic entity.
Moody's Investor ServiceMoody's Investors Service is a leading provider of credit ratings, research, and risk analysis.
Moore's LawMoore's law, named after Intel co-founder Gordon E. Moore, is the observation that, over the history of computing hardware, the number of transistors on integrated circuits doubles approximately every two years.
Morgan Stanley (MS)Morgan Stanley (MS) is an American multinational financial services corporation headquartered in the Morgan Stanley Building, Midtown Manhattan, New York City.
Morgan Stanley Capital International (MSCI)Morgan Stanley Capital International (MSCI) develops and maintains equity, REIT, fixed-income, multi-asset class and hedge fund indices that are market capitalization-weighted and cover both developed and emerging markets. 
Morgan Stanley Capital International (MSCI) EAFE Growth IndexMorgan Stanley Capital International (MSCI) EAFE Growth Index is an unmanaged index that measures the performance in 20 countries within Europe, Australasia and the Far East with a greater-than-average growth orientation.
Morgan Stanley Capital International (MSCI) EAFE IndexThe Morgan Stanley Capital International (MSCI) EAFE Index is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia.
Morgan Stanley Capital International (MSCI) Emerging Markets (EM) IndexThe Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) IndexThe Morgan Stanley Capital International (MSCI) Emerging Markets Free (EMF) Index is a free float-adjusted market capitalization index that is designed to measure equity-market performance in the global emerging markets.
Morgan Stanley Capital International (MSCI) Emerging Markets IndexMorgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
Morgan Stanley Capital International (MSCI) Europe IndexMorgan Stanley Capital International (MSCI) Europe Index is an unmanaged index of Western European equity securities.
Morgan Stanley Capital International (MSCI) World Consumer Discretionary & Consumer Staples IndexThe Morgan Stanley Capital International (MSCI) World Consumer Discretionary & Consumer Staples Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the consumer discretionary & consumer staples sector.
Morgan Stanley Capital International (MSCI) World Energy & Materials IndexThe Morgan Stanley Capital International (MSCI) World Energy & Materials Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the energy and materials sector.
Morgan Stanley Capital International (MSCI) World Energy IndexThe Morgan Stanley Capital International (MSCI) World Energy Index is a free f1oatadjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the energy sector. 
Morgan Stanley Capital International (MSCI) World Financials IndexThe Morgan Stanley Capital International (MSCI) World Financials Index is a free float-adjusted market capitalization weighted Index that is designed to measure the equity market performance of developed markets in the financial sector.
Morgan Stanley Capital International (MSCI) World Health Care IndexThe Morgan Stanley Capital International (MSCI) World Health Care Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the health care sector.
Morgan Stanley Capital International (MSCI) World IndexThe Morgan Stanley Capital International (MSCI) World Index is an unmanaged index of equity securities from developed countries.
Morgan Stanley Capital International (MSCI) World Industrials IndexMorgan Stanley Capital International (MSCI) World Industrials Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the industrial sector.
Morgan Stanley Capital International (MSCI) World Information Technology IndexThe Morgan Stanley Capital International (MSCI) World Information Technology Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the information technology sector."
Morgan Stanley Capital International (MSCI) World Telecommunications Services IndexThe Morgan Stanley Capital International (MSCI) World Telecommunications Services Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the telecommunications sector.
Morgan Stanley Capital International (MSCI) World Utilities IndexThe Morgan Stanley Capital International (MSCI) World Utilities Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets in the utilities sector.
Morgan Stanley REIT IndexThe Morgan Stanley REIT Index is a capitalization-weighted index of the most actively traded Real Estate Investment trusts (REITs), designed to measure real estate equity performance.
Morgan Stanley USD Trade-Weighted IndexThe Morgan Stanley USD Trade-Weighted Index measures the value of the dollar against currencies of select US trading partners and is indexed to a level of 100 on January 1, 1980.
Mortgage-Backed Security (MBS)A Mortgage-Backed Security (MBS) is a type of asset-backed security that is secured by a mortgage or collection of mortgages.
MSCI (All Country World IndexThe MSCI (All Country World Index) Free Index is a market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. 
MSCI AC (All Country) Asia ex-Japan IndexThe MSCI AC (All Country) Asia ex-Japan Index is a market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.
MSCI ACWI Minimum Volatility IndexThe MSCI ACWI Minimum Volatility Index aims to reflect the performance characteristics of a minimum variance strategy applied to large and mid cap equities across 45 Developed Markets (DM) and Emerging Markets (EM) countries. The index is calculated by optimizing the MSCI ACWI Index, its parent index, for the lowest absolute risk (within a given set of constraints).
MSCI ACWI Standard IndexThe MSCI ACWI Standard Index is designed to measure the equity performance of global developed and emerging markets and includes approximately 24 developed and 21 emerging market country indices.
MSCI All Country (AC) Far East ex Japan Index (MXFEJ)MXFEJ is Bloomberg ticker symbol for the MSCI All Country (AC) Far East ex Japan Index, which is a free-float weighted equity index that captures large and mid cap representation across 2 Developed Markets countries and 7 Emerging Markets countries in the Far East.
MSCI All Country World ex USA IndexThe MSCI All Country World ex USA Index is a market capitalization weighted equity index of stocks traded in 46 world markets. It does not include the stocks of companies that are based in the USA.
MSCI All Country World Index (ACWI)The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices.
MSCI All Country World Investable Market IndexThe MSCI All Country World Investable Market Index captures the global equity investment opportunity set across size, style and sector segments in 45 Developed and Emerging Markets.
MSCI All-Country World Free IndexThe MSCI All-Country World Free Index represents the performance of 47 markets in both the developed and the emerging markets in Africa, Asia, Australia, Europe, North America and South America. 
MSCI Asia ex Japan IndexThe MSCI Asia ex Japan Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan.
MSCI Asia Pacific IndexThe MSCI Asia Pacific Index is a market capitalization weighted index that is designed to measure the equity market performance of the developed and emerging markets in the Pacific region. 
MSCI Brazil IndexThe MSCI Brazil Index is designed to measure the performance of the large and mid cap segments of the Brazilian market. With 70 constituents, the index covers about 85% of the Brazilian equity universe.
MSCI China IndexThe MSCI China Index captures large and mid cap representation across China H shares, B shares, Red chips and P chips. With 140 constituents, the index covers about 85% of this China equity universe.
MSCI Colombia IndexThe MSCI Colombia Index is designed to measure the performance of the large and mid cap segments of the Colombian market. With 14 constituents, the index covers approximately 85% of the Colombian equity universe.
MSCI Czech Republic IndexThe MSCI Czech Republic Index is designed to measure the performance of the large and mid cap segments of the Czech Republic market. With 3 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Czech Republic.
MSCI EAFE GDP IndexThe MSCI EAFE GDP Index is an unmanaged index of common stocks of companies of companies located in Europe, Australasia and the Far East, generally considered representative of foreign markets.
MSCI EAFE IndexThe MSCI EAFE Index is an unmanaged index of equity securities from developed countries in Western Europe, the Far East, and Australasia.
MSCI EAFE Small CapMSCI EAFE Small Cap: The index measures the performance of small cap stocks in European, Australasian, and Far Eastern markets.
MSCI Egypt IndexThe MSCI Egypt Index is designed to measure the performance of the large and mid cap segments of the Egyptian market. With 4 constituents, the index covers approximately 85% of the Eqypt equity universe.
MSCI EM (Emerging Markets) IndexThe MSCI EM (Emerging Markets) Index is a free float weighted equity index.
MSCI EM (Emerging Markets) Latin America IndexThe MSCI EM (Emerging Markets) Latin America Index is a market capitalization weighted index that is designed to measure the equity market performance of emerging markets in Latin America.
MSCI EM IndexThe MSCI EM is a market capitalization weighted index that is designed to measure the equity market performance of the emerging market countries of Europe, the Middle East & Africa.
MSCI Emerging Markets Free IndexThe MSCI Emerging Markets Free Index consists of emerging market companies with an average size of $800 million. The index measures the performance of emerging markets in South America, South Africa, Asia and Eastern Europe. 
MSCI Emerging Markets IndexThe MSCI Emerging Markets Index captures large and mid cap representation across 23 Emerging Markets (EM) countries. With 835 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country.
The MSCI Europe Banks Index The MSCI Europe Banks Index is the bank component of the MSCI Europe Index, which is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. 
MSCI Europe ex-UK IndexThe MSCI Europe ex-UK Index is a total return index, reported in U.S. dollars and local currencies, based on share prices and reinvested gross dividends of companies from the following 13 countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, and Switzerland. Please note an investor cannot invest directly in an index.
MSCI Europe IndexThe MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. 
MSCI Europe, Australasia and Far East IndexThe MSCI Europe, Australasia and Far East Index is an unmanaged index of value stocks of companies located in Europe, Australasia and the Far East. 
MSCI European Market IndexThe MSCI European Market Index is an unmanaged index of common stocks of companies located in Europe. Please note an investor cannot invest directly in an index.
MSCI Greece IndexThe MSCI Greece Index is designed to measure the performance of the large and mid cap segments of the Greek market. With 10 constituents, the index covers approximately 85% of the Greece equity universe.
MSCI Hungary IndexThe MSCI Hungary Index is designed to measure the performance of the large and mid cap segments of the Hungarian market. With 3 constituents, the index covers approximately 85% of the Hungarian equity universe.
MSCI India IndexThe MSCI India Index is designed to measure the performance of the large and mid cap segments of the Indian market. With 64 constituents, the index covers approximately 85% of the Indian equity universe.
MSCI Indonesia IndexThe MSCI Indonesia Index is designed to measure the performance of the large and mid cap segments of the Indonesian market. With 30 constituents, the index covers about 85% of the Indonesian equity universe.
MSCI Italy IndexThe MSCI Italy Index is comprised of 50 companies traded on the Milan Stock Exchange. Please note an investor cannot invest directly in an index.
MSCI Japan IndexThe MSCI Japan Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of Japan.
MSCI Latin America IndexThe MSCI Latin America Index captures large and midcap representation across 5 Emerging Markets (EM) countries in Latin America.
MSCI Malaysia IndexThe MSCI Malaysia Index is designed to measure the performance of the large and mid cap segments of the Malaysian market. With 42 constituents, the index covers about 85% of the Malaysian equity universe.
MSCI Mexico IndexThe MSCI Mexico Index is designed to measure the performance of the large and mid cap segments of the Mexican market. With 30 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Mexico.
MSCI Morocco IndexThe MSCI Morocco Index is designed to measure the performance of the large and mid cap segments of the Moroccan market. With 8 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Morocco.
MSCI Pacific IndexThe MSCI Pacific Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in the Pacific region.
MSCI Peru IndexThe MSCI Peru Index is designed to measure the performance of the large and mid cap segments of the Peruvian market. With 3 constituents, the index covers approximately 85% of the Peruvian equity universe.
MSCI Philippines IndexThe MSCI Philippines Index is designed to measure the performance of the large and mid cap segments of the Philippines market. With 20 constituents, the index covers about 85% of the Philippines equity universe.
MSCI Poland IndexThe MSCI Poland Index is designed to measure the performance of the large and mid cap segments of the Polish market. With 24 constituents, the index covers approximately 85% of the Polish equity universe.
MSCI Qatar IndexThe MSCI Qatar Index is designed to measure the performance of the large and mid cap segments of the Qatari market. With 11 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Qatar.
MSCI Russia IndexThe MSCI Russia Index is designed to measure the performance of the large and mid cap segments of the Russian market. With 22 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Russia.
MSCI South Africa IndexThe MSCI South Africa Index is designed to measure the performance of the large and mid cap segments of the South African market. With 51 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in South Africa.
MSCI Taiwan IndexThe MSCI Taiwan Index is designed to measure the performance of the large and mid cap segments of the Taiwan market. With 101 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Taiwan.
MSCI Thailand IndexThe MSCI Thailand Index is designed to measure the performance of the large and mid cap segments of the Thailand market. With 32 constituents, the index covers about 85% of the Thailand equity universe.
MSCI Turkey IndexThe MSCI Turkey Index is designed to measure the performance of the large and mid cap segments of the Turkish market. With 25 constituents, the index covers about 85% of the equity universe in Turkey.
MSCI United Arab Emirates (UAE) IndexThe MSCI United Arab Emirates (UAE) Index is designed to measure the performance of the large and mid cap segments of the UAE market. With 9 constituents, the index covers approximately 85% of the UAE equity universe.
MSCI United Kingdom IndexThe MSCI United Kingdom Index is designed to measure the performance of the large and midcap segments of the UK market. With 107 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the UK.
MSCI US REIT IndexThe MSCI US REIT Index is a market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (""REITs"") that are included in the MSCI U.S. Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the U.S. REIT universe.
MSCI USA IndexThe MSCI USA Index is designed to broadly and fairly represent the full diversity of business activities in the United States.  As of the close of May 31, 2002, the Index will aim to capture 85% of the free float adjusted market capitalization in each industry group.  Please note an investor cannot invest directly in an index.
MSCI World High Dividend Yield IndexThe MSCI World High Dividend Yield Index is a free float market capitalization weighted index that includes only securities that offer a meaningfully higher than average dividend yield relative to the its parent index and passes dividend sustainability screens.
MSCI World IndexThe MSCI World Index is an unmanaged index of common stocks of companies representative of the market structure of 22 developed market countries in North America, Europe, and the Asia/Pacific Region. The index is calculated without dividends, with net or with gross dividends reinvested, in both U.S. dollars and local currencies. Please note an investor cannot invest directly in an index.
MSCI World Metals & Mining IndexThe MSCI World Metals & Mining Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance and focuses on the metal and mining sectors.  
Multiple ExpansionMultiple expansion refers to a rise in the markets price-to-earnings (P/E) ratio. 
NAIRUNAIRU stands for non-accelerating inflation rate of unemployment. It is sometimes called the natural rate of unemployment. It is defined as the lowest unemployment rate that an economy can accommodate without causing inflation.
NASDAQNASDAQ is a global electronic marketplace for buying and selling securities, as well as the benchmark index for U.S. technology stocks. Nasdaq was created by the National Association of Securities Dealers (NASD).
Nasdaq 100 IndexThe Nasdaq 100 Index is a modified capitalization-weighted index comprised of 100 of the largest non-financial companies listed on the National Market tier of the NASDAQ stock market. 
NASDAQ Capital MarketThe NASDAQ Capital Market is an electronic marketplace established by NASDAQ specifically to trade the issues of smaller companies that do not qualify for inclusion in the NASDAQ Global Market or the NASDAQ Global Select Market. Until September of 2005, it was known as the NASDAQ SmallCap Market.
NASDAQ Composite IndexNASDAQ Composite Index is a market-capitalization-weighted index that is designed to represent the performance of NASDAQ securities and includes over 3,000 stocks.
NASDAQ Global Select Market CompositeThe NASDAQ Global Select Market Composite is a market capitalization-weighted index made up of U.S.-based and international stocks that represent the NASDAQ Global Select Market Composite. The NASDAQ Global Select Market Composite consists of 1,200 stocks that meet Nasdaq's strict financial and liquidity requirements and corporate governance standards. The Global Market Select Composite is more exclusive than the Global Market Composite. Every October, the Nasdaq Listing Qualifications Department reviews the Global Market Composite to determine if any of its stocks have become eligible for listing on the Global Select Market.
National Federation of Independent Business (NFIB)The National Federation of Independent Business (NFIB) is a US small business advocacy association, representing 350,000 small and independent business owners.
National Market System StocksNational Market System stocks, representing national money center banks and leading regional institutions. 
Net asset value (NAV)Net asset value (NAV) is the price per share of a mutual fund or the per-share value of an exchange-traded fund's (ETF). The per-share dollar amount is calculated by dividing the total value of all the securities, less any liabilities, by the number of fund shares outstanding.
New Silk RoadThe New Silk Road refers to the proposed development by China of a land transport network of rails and roads that will reduce the distance goods must travel from West to East by thousands of miles. It derives its name from the lucrative trade in Chinese silk during antiquity.
New York Stock Exchange (NYSE)The New York Stock Exchange (NYSE) is a stock exchange based in New York City, which is considered the largest equities-based exchange in the world based on total market capitalization of its listed securities. The parent company of the New York Stock Exchange is now called NYSE Euronext, following a merger with the European exchange in 2007.
NFIB Small Business Optimism IndexThe NFIB Small Business Optimism Index is produced by the National Federation of Independent Business from data compiled in its monthly survey on small business owners that belong to the NFIB.
NIKKEI 225The NIKKEI 225 is a price-weighted index composed of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange. 
Nominal Yields
Real Yields
The nominal yield is the amount of income earned from a fixed-income security divided by the security's par value, expressed as a percentage. Real yields are calculated by adjusting stated yields to compensate for inflation expectations over the time period during which the yields are expected to be paid.
Non-Agency Mortgage-Backed Securities (MBS)Non-agency mortgage-backed securities (MBS) are those issued by private entities and not by federal agencies (Fannie Mae, Freddie Mac and Ginnie Mae); they are also called non-conforming loans.
Nonperforming LoanA nonperforming loan is one that is either in default or close to being in default.
North Atlantic Treaty Organization (NATO)The North Atlantic Treaty Organization (NATO) is an international organization composed of the US, Canada, Britain, and a number of European countries: established by the North Atlantic Treaty (1949) for purposes of collective security.
nternational Atomic Energy Agency (IAEA)The International Atomic Energy Agency (IAEA) is an international organisation that seeks to promote the peaceful use of p/e nuclear energy.
NYMEX Oil CurvesNYMEX oil curves reflect the implied future prices of WTI crude oil at a particular date. The shape and level of the curve reflect that day's view of the direction of prices for WTI crude in subsequent months, days and years. Movements in the curve over time reflect changes in expectations for the price of WTI crude. 
NYSE ARCANYSE ARCA is a U.S. securities exchange on which stocks and options are traded. Previously known as the ArcaEx or Archipelago Exchange, it is the world’s second largest electronic communication network (ECN) and is owned by NYSE Euronext, which merged with Archipelago in 2006. 
NYSE Composite IndexThe NYSE Composite Index is an index that measures the performance of all stocks listed on the New York Stock Exchange.
NYSE MKTNYSE MKT was formerly known as The American Stock Exchange (AMEX). In 2008 it was acquired by NYSE Euronext and was integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S. In 2009 NYSE Alternext U.S. was changed to NYSE Amex Equities and in 2012 Amex Equities changed its name to NYSE MKT LLC.  It is located in New York City, New York. 
ObamacareObamacare is an informal term for The Patient Protection and Affordable Care Act, a U.S. federal statute signed into law by President Barack Obama on March 23, 2010.
Odd LotAn odd lot is an order amount for a security that is less than the normal unit of trading for that particular asset.
OEXOEX is the ticker symbol used to identify index options traded on the Standard & Poor's 100 index. The S&P 100, a subset of the S&P 500, is comprised of 100 leading U.S. stocks with exchange-listed options. The stocks in the S&P 100 are generally among the largest and most established companies in the S&P 500. Please note that an investor cannot directly invest in an index.
Off-The-RunAn off-the-run security is older than the most recent issue of a periodically issued security and trade at a discount to on the run securities.
On-The-RunAn on-the-run security or contract is the most recently issued of a periodically issued security. On the run securities are generally more liquid and trade at a premium to other securities. 
Operating EarningsOperating earnings is profit earned after subtracting from revenues those expenses that are directly associated with operating the business, such as cost of goods sold, administration and marketing, depreciation and other general operating costs. 
Operating LeverageOperating leverage is a measure of how revenue growth translates into growth in operating income.
Operating Margin (Operating Profit Margin)Operating margin, or operating profit margin, is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages and raw materials.
Operation TwistOperation Twist is the name given to a Federal Reserve monetary policy operation where the Fed buys and sells short-term and long-term bonds depending on their objective.
Option-Adjusted Spread (OAS)An Option-Adjusted Spread (OAS) is a measure of risk that shows credit spreads with adjustments made to neutralize the impact of embedded options. A credit spread is the difference in yield between two different types of fixed income securities with similar maturities.
Organic GrowthOrganic growth refers to the growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers. Takeovers, acquisitions and mergers do not bring about profits generated within the company, and are therefore not considered organic.
Organization for Economic Co-operation and Development (OECD)The Organization for Economic Co-operation and Development (OECD) is an international organization that promotes policies to improve the economic and social well-being of people around the world.
Organization of Petroleum Exporting Countries (OPEC)The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries.
Outright Monetary Transactions (OMT)
European Central Bank (ECB)
Under the Outright Monetary Transactions (OMT) or bond-buying program, the European Central Bank (ECB) would offer to purchase eurozone countries’ short-term bonds in the secondary market, adding liquidity to the financial system.
Overleveraged ConsumerAn overleveraged consumer is one who has an excessive amount of existing debt, which could limit their ability to borrow and consume in the future.
Paid in CapitalPaid in capital refers to capital contributed to a corporation by investors through purchase of stock from the corporation.
Par ValuePar value refers to the face value of a bond. The market price of a bond may be above or below par, depending on factors such as the level of interest rates and the bond’s credit status.
Payment in Kind (PIK)
Toggle Note
Payment In Kind (PIK) refers to a financial instrument that pays interest or dividends to investors of bonds, notes or preferred stock with additional debt or equity instead of cash. A Toggle Note is a type of payment-in-kind bond, where the issuer has the option to defer an interest payment by agreeing to pay an increased coupon in the future. 
Pegged RegimePegged regime refers to a country’s or government's exchange-rate policy of pegging the central bank's rate of exchange to another country's currency.
Penny StockA penny stock is one that trades at a relatively low price and usually outside of the major market exchanges. These types of stocks tend to have a low market capitalization and are generally considered to be highly speculative and high risk.
Pension Benefit Guaranty Corporation (PBGC)The Pension Benefit Guaranty Corporation (PBGC) is an independent agency of the US government that was created by the Employee Retirement Income Security Act of 1974 (ERISA) to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and uninterrupted payment of pension benefits, and keep pension insurance premiums at the lowest level necessary to carry out its operations.
People's Bank of China (PBC or PBOC)The People's Bank of China (PBC or PBOC) is the central bank of the People's Republic of China with the power to control monetary policy and regulate financial institutions in mainland China.
Personal Consumption Expenditures (PCE) Price IndexThe Personal Consumption Expenditures (PCE) Price Index is a measure of price changes in consumer goods and services; the measure includes data pertaining to durables, non-durables and services. This index takes consumers' changing consumption due to prices into account, whereas the Consumer Price Index uses a fixed basket of goods with weightings that do not change over time. Core PCE excludes food & energy prices.
Philadelphia Stock Exchange Gold and Silver Index (XAU)The Philadelphia Stock Exchange Gold and Silver Index (XAU) is a capitalization-weighted index which includes the leading companies involved in the mining of gold and silver. The index was developed with a base value of 100 as of January1979.
Phillips CurveThe Phillips Curve is an economic concept developed by A. W. Phillips stating that inflation and unemployment have a stable and inverse relationship.
Placed ABSPlaced ABS is asset-backed debt that banks have sold to capital market participants, typically in a securitization.
Plaza AccordThe Plaza Accord or Plaza Agreement was an agreement between the governments of France, West Germany, Japan, the United States, and the United Kingdom, to depreciate the U.S. dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets. The five governments signed the accord on September 22, 1985 at the Plaza Hotel in New York City.
PMorgan Emerging Markets Bond Index (EMBI) Global Below-Investment Grade (IG)The JPMorgan Emerging Markets Bond Index (EMBI) Global Below-Investment Grade (IG) is the below investment grade component of the JPMorgan Emerging Markets Bond Index (EMBI) Global. Below-investment grade refers to a credit quality rating of BB or below.
Price-to-Book (P/B) RatioThe price-to-book (P/B) ratio is a stock's price divided by the stock’s per share book value.
Price-to-Cash Flow (P/CF) RatioThe price-to-cash flow (P/CF) ratio is a stock's price divided by the amount of cash generated per share by a company's operations.
Price-to-Earnings (P/E)The price-to-earnings (P/E) ratio is a stock's (or index’s) price divided by its earnings per share (or index earnings). The forward P/E ratio is a stock’s (or index’s) current price divided by its estimated earnings per share (or estimated index earnings), usually one-year ahead. 
Price-to-Earnings (P/E) RatioThe price-to-earnings (P/E) ratio is a stock's price divided by its earnings per share.
Price-to-Sales (P/S) RatioThe price-to-sales (P/S) ratio is a stock's price divided by its sales per share.
Price/Earnings to Growth (PEG)Price/Earnings to Growth (PEG) is a valuation metric for determining the relative trade-off between the price of a stock, the earnings generated per share (EPS), and the company’s expected growth.
Primary Budget SurplusA primary budget surplus is a government's budget surplus, before interest payments on government debt are taken into account. A primary budget deficit refers to a budget shortfall.
Private Credit CreationPrivate credit creation is the collective ability of finance companies, banks, and other lenders of money to make money available to borrowers.
Private EquityPrivate equity consists of investors and investment vehicles that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity.
Probability Tree (or Decision Tree)A probability tree (or decision tree) is a schematic tree-shaped diagram used to determine a course of action or show a statistical probability. Each branch of the decision tree represents a possible decision or occurrence. The tree structure shows how one choice leads to the next, and the use of branches indicates that each option is mutually exclusive.
Producer Price Index (PPI)The Producer Price Index (PPI) is an inflationary indicator published by the U.S. Bureau of Labor Statistics to evaluate wholesale price levels.
Prudential Regulation Authority (PRA)The Prudential Regulation Authority (PRA) is a United Kingdom financial services regulatory body.
Public–Private Partnership (PPP)A public–private partnership (PPP) is a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies.
Puerto Rico Stock Index (PRSI)The Puerto Rico Stock Index (PRSI) is a market capitalization-weighted measure of all publicly traded stocks of companies headquartered in Puerto Rico. 
Purchasing Managers Indexes (PMI)Purchasing Managers Indexes (PMI) measure the manufacturing and services sectors in an economy, based on survey data collected from a representative panel of manufacturing and services firms. PMI greater than 50 indicated economic expansion; below 50, contraction.
Purchasing Power Parity (PPP)Purchasing Power Parity (PPP) is an economic theory that estimates the amount of adjustment needed on the exchange rate between countries in order for the exchange to be equivalent to each currency's purchasing power.
Put OptionA put option is a contract giving the owner the right, but not the obligation, to sell a specified amount of an underlying asset at a set price within a specified time.
QE1QE1 refers to the Fed’s initial round of quantitative easing begun in late November 2008 when it started buying $600 billion in mortgage-backed securities.
QE2QE2 refers to the Fed’s second round of quantitative easing, announced in November 2010, whereby the Fed would buy $600 billion of Treasury securities by the end of the second quarter of 2011.
QE3QE3 refers to the Fed’s third round of quantitative easing, initiated September 13, 2012, whereby the Fed would buy $40 billion of mortgage-backed securities per month from member Federal Reserve banks. QE 3 also continued Operation Twist, which is the name given to a Federal Reserve monetary policy operation where the Fed buys and sells short-term and long-term bonds depending on their objective.
Qualified Default Investment Alternative (QDIA)A Qualified Default Investment Alternative (QDIA) is an investment vehicle a fund manager may use for retirement plan contributions in the absence of direction from the plan participant. A qualified default investment alternative must be diversified, may not directly consist of securities in the company for which the plan participant works, and may not penalize the participant for early withdrawal. Qualified default investment alternatives were defined in the U.S. Pension Protection Act of 2006 as part of a broader effort to ease automatic enrollment in retirement plans.
Quantitative Easing (QE)Quantitative easing (QE) refers to a monetary policy implemented by a central bank in which it increases the excess reserves of the banking system through the direct purchase of debt securities.
RabobankRabobank (Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.) is a Dutch multinational banking and financial services company headquartered in Utrecht.
Real Estate Investment Trusts (REITs)Real Estate Investment Trusts (REITs) invest in real estate or loans secured by real estate and issue shares in such investments, which can be illiquid.
Real gross domestic product (GDP)Real gross domestic product (GDP) is a nation's total output of goods and services in constant dollar, or inflation-adjusted terms.
Real Interest RateA real interest rate is the rate of interest an investor expects to receive after allowing for inflation.
Real YieldsReal yields in this example are calculated by adjusting stated nominal yields by the annual percentage change in CPI (or Core CPI) for each month shown.
Reducito ad AbsurdumReductio ad absurdum (Latin for "reduction to the absurd") is a type of logical argument where we assume a claim for the sake of argument, arrive at an absurd result, and then conclude the original assumption must have been wrong, since it gave us this absurd result. 
Reference RateThe reference rate refers to an interest rate benchmark upon which a floating-rate security or interest rate swap is based.
ReflationReflation refers to a fiscal or monetary policy designed to expand a country's output and curb the effects of deflation.
Regulation Fair Disclosure (Reg FDRegulation Fair Disclosure (Reg FD) is a rule passed by the Securities and Exchange Commission in an effort to prevent selective disclosure by public companies to market professionals and certain shareholders.
Relative ValueRelative value is method of determining an asset's value that takes into account the value of other assets. In contrast, absolute value looks only at an asset's intrinsic value and does not compare it to other assets.
Repo MarketThe repo market refers to the market for short-term borrowing for dealers in government securities. The dealer sells the government securities to investors, usually on an overnight basis, and buys them back the following day. 
Repurchase Agreement (repo)A repurchase agreement, or repo is a contract under which the seller commits to sell securities to the buyer and simultaneously commits to repurchase the same (or similar) securities from the buyer at a later date (maturity date), repaying the original sum of money plus a return for the use of that money over the term of the repo. If the collateral has a volatile price history the buyer is at risk. To reduce this risk, a haircut is imposed. The haircut is some percentage of the market value the buyer holds back from the cash payment to account for the price volatility as well as counterparty risk.
Required Reserve RatioA required reserve ratio refers to the liquid assets that a central bank or other body mandates that a bank keep at all times. The reserve ratio is expressed as a percentage of the bank's total deposits.
Reserve CurrencyA reserve currency is a foreign currency held by central banks and other major financial institutions as a means to pay off international debt obligations, or to influence their domestic exchange rate. A large percentage of commodities, such as gold and oil, are usually priced in the reserve currency, causing other countries to hold this currency to pay for these goods.
Reserve Requirement Rate (RRR)The reserve requirement ratio (RRR) is the percentage of depositors' balances banks must have on hand as cash.
Residential Mortgage-Backed Securities (RMBS)
Commercial Mortgage-Backed Securities (CMBS) 
Residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) are forms of asset-backed securities, holding pools of residential or commercial mortgages (respectively) used as collateral for the securities.
Retained ABSRetained ABS refers to asset-backed debt that banks carry on their balance sheets.
Retained EarningsRetained earnings refer to the accumulated net income retained for reinvestment in a business, rather than being paid out in dividends to stockholders.
Return on Assets (ROA)Return on assets (ROA) is calculated by dividing a company's annual earnings by its total assets; it is displayed as a percentage ROA is an indicator of how profitable a company is relative to its total assets; it provides an idea as to how efficient management is at using its assets to generate earnings. 
Return on Equity (ROE)Return on Equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. ROE is expressed as a percentage and calculated as: Return on Equity = Net Income/Shareholder's Equity.
Return on Invested Capital (ROIC)Return on invested capital (ROIC) is the amount, expressed as a percentage, earned on a company’s total capital. It is calculated by dividing total capital into earnings before interest, taxes, and dividends.
Revolving CreditRevolving credit refers to a line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customer's current cash flow needs.
Rig CountThe rig count is an official enumeration of oil and gas drilling rigs currently in operation
Risk HedgingRisk hedging refers to making an investment to reduce the risk of adverse price movements in another asset. Normally, a hedge consists of taking an offsetting position in a related security, such as a futures contract.
Risk-Adjusted ReturnA risk-adjusted return is a measure of performance relative to its level of risk exposure over a given period of time.
Risk-On Risk-OffRisk-on risk-off refers to changes in investment activity in response to global economic patterns where trading activity is highly correlated. During “risk-on” periods when risk is perceived low, investors tend to prefer higher-risk investments. During “risk-off” periods when risk is perceived as high, investors tend to prefer lower-risk investments.
Roll DownRoll down refers to form of return that arises when the value of a bond converges to par as maturity is approached.
Rolling Monthly ReturnsRolling monthly returns are average annual returns for a specified time period (1, 5 & 10 years) with the starting point beginning with the closing price at the end of each subsequent month.
Royal Bank of Scotland Group plcThe Royal Bank of Scotland Group plc (also known as RBS Group) is a British banking and insurance holding company, based in Edinburgh, Scotland.
Russell 1000 Growth IndexThe Russell 1000 Growth Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their growth orientation.
Russell 1000 IndexThe Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. 
Russell 1000 Value IndexThe Russell 1000 Value Index is an unmanaged index of those companies in the large-cap Russell 1000 Index chosen for their value orientation.
Russell 2000 Growth IndexThe Russell 2000 Growth Index is an unmanaged index of those companies in the small-cap Russell 2000 Index chosen for their growth orientation.
Russell 2500 Growth IndexThe Russell 2500 Growth Index is an unmanaged index of those companies in the small/mid-cap Russell 2500 Index chosen for their growth orientation.
Russell 2500 IndexThe Russell 2500 Index is an unmanaged index of 2.500 small and midsize companies in the Russell 3000 Index."
Russell 2500 Value IndexThe Russell 2500 Value Index measures the performance of those Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities.) 
Russell 3000 Growth IndexThe Russell 3000 Growth Index is an unmanaged index of those companies in the broad-market Russell 3000 Index chosen for their growth orientation.
Russell 3000 IndexThe Russell 3000 Index is an unmanaged index of the 3,000 largest U.S. companies. 
Russell 3000 Value IndexThe Russell 3000 Value Index is an unmanaged index of those companies in the broad-market Russell 3000 Index chosen for their value orientation.
Russell Asia ex-Japan IndexThe Russell Asia ex-Japan Index is a regional index consisting of 8 countries: China, Korea, Taiwan, India, Malaysia, Indonesia, Thailand and the Philippines, and 2 city-states, Hong Kong and Singapore.
Russell Global Ex US Large Cap IndexThe Russell Global Ex US Large Cap Index is constructed to provide a comprehensive and unbiased barometer for the global large-cap equity universe ex US large caps. 
Russell Global Ex US Small Cap IndexThe Russell Global Ex US Small Cap Index is constructed to provide a comprehensive and unbiased barometer for the global small-cap equity universe ex US small caps. It is completely reconstituted annually to accurately reflect the changes in the market over time. 
Russell Global Small Cap IndexThe Russell Global Small Cap Index measures the performance of the smallest securities in the Russell Global Index, based on market capitalization.
Russell Microcap IndexThe Russell Microcap Index measures the performance of the microcap segment of the U.S. equity market. Microcap stocks make up less than 3% of the U.S. equity market (by market cap) and consist of the smallest 1,000 securities in the small-cap Russell 2000® Index, plus the next smallest eligible securities by market cap.
Russell Midcap Growth IndexThe Russell Midcap Growth Index is an unmanaged index of those companies in the Russell Midcap Index chosen for their growth orientation.
Russell Midcap IndexThe Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. 
Russell Midcap IndexThe Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represents approximately 25% of the total market capitalization of the Russell 1000 Index. Please note an investor cannot invest directly in an index.
Russell Midcap Value IndexThe Russell Midcap Value Index is an unmanaged index of those companies in the Russell Midcap Index chosen for their value orientation. "
Russell Top 200 Growth IndexThe Russell Top 200 Growth Index measures the performance of those Russell Top 200 companies with higher price-to-book ratios and higher forecasted growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities.) 
Russell Top 200 IndexThe Russell Top 200 Index measures the performance of the 200 largest companies in the Russell 1000 Index, which represents approximately 76% of the total market capitalization of the Russell 1000 Index. 
Russell Top 200 Value IndexThe Russell Top 200 Value Index measures the performance of those Russell Top 200 Index companies with lower price-to-book ratios and lower forecasted growth values. (A price-to-book ratio is the price of a stock compared to the difference between a company’s assets and liabilities.) 
RZB GroupThe RZB Group (Raiffeisen Zentralbank Österreich AG) is the third largest Austrian bank.
S&P 100The S&P 100, a subset of the S&P 500, is comprised of 100 leading U.S. stocks with exchange-listed options. The stocks in the S&P 100 are generally among the largest and most established companies in the S&P 500.  
S&P 400 MidCap Barra Growth IndexThe S&P 400 MidCap Barra Growth Index is a market-capitalization weighted index of stocks in the S&P 400 MidCap having higher price-to-book ratios relative to the S&P 400 MidCap as a whole. 
S&P 400 MidCap Barra Value IndexThe S&P 400 MidCap Barra Value Index is a market-capitalization weighted index of stocks in the S&P 400 MidCap having lower price-to-book ratios relative to the S&P 400 MidCap as a whole. 
S&P 500 Dividend AristocratsThe S&P 500 Dividend Aristocrats is Standard & Poor’s Index comprising the S&P 500 Index components that have increased dividends for at least 25 consecutive years.
S&P 500 Energy IndexThe S&P 500 Energy Index comprises those companies included in the S&P 500 that are classified as members of the Global Industry Classification Standard (GICS) energy sector. The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S. 
S&P 500 Homebuilding IndexThe S&P 500 Homebuilding Index is a capitalization-weighted index containing the stocks in the S&P500 classified as homebuilders.
S&P 500 IndexThe S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S. Indexes are unmanaged, and not available for direct investment. Index returns do not include fees or sales charges.
S&P 500 Standard and Poor's 500 IndexThe S&P 500 Standard and Poor's 500 Index is a capitalization-weighted index of US 500 stocks.
S&P 500/Citigroup Growth IndexThe S&P 500/Citigroup Growth Index is an index of stocks representing approximately half of the market capitalization of the stocks in the S&P 500 index that, on a growth-value spectrum, have been identified as falling either wholly or partially within the growth half of the spectrum based on a number of factors. 
S&P 500/Citigroup Value IndexThe S&P 500/Citigroup Value Index is an unmanaged capitalization-weighted index of large-cap stocks chosen for their value orientation.
S&P 90 IndexThe S&P 90 Index was used by Standard & Poor's prior to the introduction of the S&P 500 in 1957 and tracked the performance of 90 large company stocks.
S&P BSE SmallCap IndexThe S&P BSE SmallCap Index is a composite small-cap index designed to measure the performance of the full small-cap universe of companies listed on the Bombay Stock Exchange. 
S&P Developed Ex-U.S. Large Mid-Cap Value IndexThe S&P Developed Ex-U.S. Large Mid-Cap Value Index is an unmanaged index of mostly large-cap and some small-cap stocks from developed countries, excluding the United States, chosen for their value orientation.
S&P Developed Ex-U.S. Small Cap IndexThe S&P Developed Ex-U.S. Small Cap Index is an unmanaged index of small-cap stocks from developed countries, excluding the United States.
S&P Emerging Broad Market Index (BMI)The S&P Emerging Broad Market Index (BMI) is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in emerging markets.
S&P Financial IndexThe S&P Financial Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate value of 500 stocks representing all major industries. The S&P Financial Index is one of 10 sectors and is a subset of the S&P 500. 
S&P Global Equity IndexesThe S&P Global Equity Indexes extend Standard & Poor’s family of indexes by offering investors broad-based measures of global markets. Covering both developed and emerging economies, this index series includes over 11000 companies in 52 countries. S&P/Citigroup Global Equity Indices employ a comprehensive and consistent methodology that allows customers to address their many indexing needs at global, regional, and local market levels. All regional and local market indices within the index series are subsets of the series’ parent index, the Global Broad Market Index (BMI). At the country level, the BMI divides into two sub-indices, the Primary Market Index (PMI) and the Extended Market Index (EMI).
S&P GSCI Agriculture Index
S&P GSCI Industrial Metals Index
The S&P GSCI Agriculture Index and the S&P GSCI Industrial Metals Index are sub-indexes of the S&P GSCI. The S&P GSCI (formerly the Goldman Sachs Commodity Index) serves as a benchmark for investment in the commodity markets and as a measure of commodity performance over time.
S&P GSCI Gold Total Return IndexThe S&P GSCI Gold Total Return Index is a total return index comprised of active and liquid gold futures markets and is calculated primarily on a world production weighted basis.
S&P LSTA Performing Loan IndexThe S&P LSTA Performing Loan Index tracks the current outstanding balance and spread over LIBOR for fully funded term loans. The facilities included represent a broad cross section of performing leveraged loans syndicated in the U.S., including dollar-denominated loans to overseas issuers. The London Interbank Offered Rate (LIBOR) is the interest rate determined daily by a specific group of London banks for deposits of certain stated maturities.  
S&P MidCap 400 IndexThe S&P MidCap 400 Index is a market-value weighted index which consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation. An investor cannot invest directly in an index. 
S&P MidCap 400 IndexThe S&P MidCap 400 Index is a market-value weighted index which consists of 400 domestic stocks chosen for market size, liquidity, and industry group representation. 
S&P MidCap 400/Citigroup Growth IndexThe S&P MidCap 400/Citigroup Growth Index is designed to provide a comprehensive measure of mid-cap U.S. equity "growth" performance. It is an unmanaged float adjusted market capitalization weighted index comprised of stocks representing approximately half the market capitalization of the S&P MidCap 400 Index that have been identified as being on the growth end of the growth-value spectrum.  
S&P MidCap 400/Citigroup Value IndexThe S&P MidCap 400/Citigroup Value Index is designed to provide a comprehensive measure of mid-cap U.S. equity "value" performance. It is an unmanaged float adjusted market capitalization weighted index comprised of stocks representing approximately half the market capitalization of the S&P MidCap 400 Index that have been identified as being on the value end of the growth-value spectrum. 
S&P SmallCap 600 IndexThe S&P SmallCap 600 Index is a market-value weighted index, which consists of 600 domestic stocks chosen for market size, liquidity, and industry group representation. 
S&P Utility IndexThe S&P Utility Index is an unmanaged market cap-weighted index of natural gas and electric companies. An investor cannot invest directly in an index.
S&P/Case-Shiller Home Price IndicesThe S&P/Case-Shiller Home Price Indices are the leading measures for the US residential housing market, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.
S&P/Citigroup Global Primary Market Index (PMI)The S&P/Citigroup Global Primary Market Index (PMI) is the large-capitalization stock component of the Broad Market Index (BMI), covering the largest 80% of companies, ranked by total market capitalization (unadjusted), which first qualify for inclusion in the country index. The Broad Market Index (BMI) is the starting universe for all S&P/Citigroup equity benchmarks – it captures the full universe of institutionally investable stocks. All companies in developed and emerging markets with float-adjusted market capitalization of at least US$ 100 million, as of the annual index reconstitution, qualify for inclusion in the series. Countries are grouped into 27 developed markets and 26 emerging markets.
S&P/LSTA Leveraged Loan Index (LLI)The S&P/LSTA Leveraged Loan Index (LLI) is an unmanaged index of U.S. leveraged loans.
S&P/LSTA U.S. Leveraged Loan 100 IndexThe S&P/LSTA U.S. Leveraged Loan 100 Index is designed to reflect the performance of the largest facilities in the leveraged loan market.
Safe AssetA “safe asset” refers to one that is considered to have low levels of default risk, like a US Treasury security.
SAREBSAREB (Spanish: Sociedad de Gestión de Activos procedentes de la Reestructuración Bancaria - English: Company for the Management of Assets proceeding from Restructuring of the Banking System) is a company responsible for managing assets transferred by the four nationalized Spanish financial institutions (BFA-Bankia, Catalunya Banc, NGC Banco-Banco Gallego and Banco de Valencia).
Schedule K-1A Schedule K-1 is used to report income, losses, dividend receipts, and capital gains of partners, or of shareholders of s corporations or from some trusts.
SEBSEB (Skandinaviska Enskilda Banken) is a Swedish financial group for corporate customers, institutions and private individuals with headquarters in Stockholm, Sweden.
Second lien (2L)Second lien (2L) debt is subordinate to the rights of other, more senior debts issued against the same collateral, or a portion of the same collateral. If a borrower defaults, second lien debts stand behind higher lien debts in terms of rights to collect proceeds from the debt's underlying collateral.
Second-Lien LoansSecond-lien loans are forms of secured debt in that they require backing by a specific asset of a company, but the pledged assets can be the same or overlap with the assets pledged as collateral to a first lien loan. Second lien loans also have priority over subordinated debt and obligations to the common shareholders.
Securities Exchange Commission (SEC)The Securities Exchange Commission (SEC) is a government commission created by Congress to regulate the securities markets and protect investors.
Selling Pressure IndexThe Selling Pressure Index is Lowry's way of representing the force of supply.  It is computed in the same manner as the Buying Power Index, but it is constructed from the action of declining stocks in terms of points lost and downside volume.
Senior secured bondsSenior secured bonds refers to debt that a company must repay first if it goes out of business that is secured by collateral, and that collateral can be sold to repay the senior debt holders.
Senior unsecured bondsSenior unsecured bonds refers to credit obligations or bonds issued by corporations that are junior to the priority claims of other debt that is secured or collateralized.
Senior Unsecurized DebtSenior unsecured debt refers to credit obligations or bonds issued by corporations that are junior to the priority claims of other debt that is secured or collateralized, but that have priority ahead of all other unsecured or subordinated debt for payment in the event of default. 
SequestrationSequestration refers to automatic spending cuts to US federal government spending that went into effect March 1, 2013.
Shadow BankingShadow banking refers to financial intermediaries involved in facilitating the creation of credit across the global financial system, but whose members are not subject to regulatory oversight.
Shanghai SE Composite The Shanghai SE Composite is an index of all stocks (A shares and B shares) that are traded at the Shanghai Stock Exchange.
Shanghai Stock Exchange Composite IndexThe Shanghai Stock Exchange Composite Index is a capitalization-weighted index. The index tracks the daily price performance of all A-shares and B-shares listed on the Shanghai Stock Exchange. 
Shares MSCI Emerging Markets ETFThe Shares MSCI Emerging Markets ETF is an exchanged-trade fund incorporated in the USA. The ETF seeks results that correspond generally to the price and yield performance of the MSCI Total Return Emerging Markets Index. The MSCI Emerging Markets (EM) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
Sharpe RatioSharpe ratio is a risk-adjusted measure of investment return. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.
Shenzhen 300 IndexThe Shenzhen 300 Index is a cap-weighted index that tracks the daily price performance of the 300 most representative class A share stocks listed on the Shanghai or Shenzhen Stock Exchanges.
Short SellingShort selling refers to the practice of selling securities or other financial instruments that are not currently owned, with the intention of subsequently repurchasing them ("covering") at a lower price. In the event of an interim price decline, the short seller will profit, since the cost of repurchase will be less than the proceeds received upon the initial (short) sale. Conversely, the short seller will incur a loss in the event that the price of a shorted instrument should rise prior to repurchase.
Silk RoadThe Silk Road refers to an ancient international trade route and cultural bridge that linked the cultures of China, India, Persia, Arabia, Greek and Rome.
Simpson-Bowles CommissionThe Simpson-Bowles Commission is an unofficial name given to The National Commission on Fiscal Responsibility and Reform that was co-chaired by Alan Simpson and Erskine Bowles. It was a Presidential Commission created in 2010 by President Barack Obama to identify "policies to improve the fiscal situation in the medium term and to achieve fiscal sustainability over the long run.”
Small CapSmall cap refers to stocks with a relatively small market capitalization. Market capitalization is the total dollar market value of all of a company's outstanding shares; it is calculated by multiplying a company's shares outstanding by the current market price of one share.
Smart BetaSmart beta is an umbrella term for rules based investment strategies that attempt to deliver a better risk and return trade-off than conventional market capitalization weighted indexes by using alternative weighting schemes based on measures such as volatility or dividends.
Smid-CapSmid-Cap refers to small-cap stocks plus smaller mid-cap stocks. The commonly used Smid-Cap benchmark is the Russell 2500 Index, which 2500 is an unmanaged index of 2.500 small and midsize companies in the Russell 3000 Index.
SocGenSocGen (Société Générale S.A.) is a French multinational banking and financial services company headquartered in Paris.
Sortino RatioThe Sortino ratio is a measure of risk-adjusted return that differentiates harmful volatility from general volatility by taking into account the standard deviation of negative asset returns, called downside deviation. It subtracts the risk-free rate of return from the portfolio’s return, and then divides that by the downside deviation. A large Sortino ratio indicates there is a low probability of a large loss.
Sovereign DebtSovereign debt refers to bonds issued by a national government in a foreign currency, in order to finance the issuing country's growth. Sovereign debt is generally a riskier investment when it comes from a developing country, and a safer investment when it comes from a developed country.
Sovereign Wealth FundsSovereign wealth funds are pools of money derived from a country's reserves, which are set aside for investment purposes for the benefit of the country's economy and citizens.
Special Drawing Rights (SDR)Special Drawing Rights (SDR) is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.
Speed DurationSpread duration is the sensitivity of the price of a bond to a 100 basis point change to its option-adjusted spread.
SpreadA spread is the difference in yield between two different types of fixed income securities. 
Spread per Unit of Leverage (SPL)Spread per unit of leverage (SPL) is a comparison of the yield spread (the difference in yield) to an issuer’s or sector’s indebtedness (measured as a ratio such as debt/EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization). 
Spread ProductSpread product refers to taxable bonds that are not Treasury securities and include securities such as agency securities, asset-backed securities, corporate bonds, high-yield bonds and mortgage-backed securities.
Spread SectorsSpread sectors refers to sectors of the bond market, such as taxable bonds that are not Treasury securities, and includes securities such as agency securities, asset-backed securities, corporate bonds, high-yield bonds and mortgage-backed securities.
StagflationStagflation refers to a situation where inflation is high, economic growth slows down, and unemployment remains steadily high. The term is used to invoke the policy dilemma that actions designed to lower inflation may exacerbate unemployment, and vice versa.
Standard & Poor's (S&P)Standard & Poor's (S&P) is an American financial services company that publishes financial research and analysis on stocks and bonds and is also known for its stock market indices such as the U.S.-based S&P 500.
Standard DeviationStandard deviation is a statistic used as a measure of the dispersion or variation in a distribution, or dataset, from its mean, or average; it measures the volatility of an investment’s return over a particular time period; the greater the number, the greater the volatility.
STOXX 600 Banks (Price) IndexDJ Stoxx 600 Banks Index: The STOXX 600 Banks (Price) Index is capitalization-weighted index which includes European companies that are involved in the bank sector. 
STOXX Europe 600 IndexThe STOXX Europe 600 Index is derived from the STOXX Europe Total Market Index (TMI) and is a subset of the STOXX Global 1800 Index. With a fixed number of 600 components, the STOXX Europe 600 Index represents large, mid and small capitalization companies across 18 countries of the European region: Austria, Belgium, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.
STOXX Europe 600 IndexThe STOXX Europe 600 Index is derived from the STOXX Europe Total Market Index and is a subset of the STOXX Global 1800 Index. 
STRIPSTRIP is an acronym for 'separate trading of registered interest and principal securities. Treasury STRIPS are fixed-income securities sold at a significant discount to face value and offer no interest payments because they mature at par.
Structured Credit InvestmentsStructured credit investments include collateralized bond obligations (CBOs), collateralized debt obligations (CDOs), syndicated loans and synthetic financial instruments.  A CBO is understood to be of investment grade, but is backed with the use of a pool of below-investment-grade bonds. CDOs are a kind of asset-backed security, holding a pool of collateralized debt, such as mortgages and auto loans, that may be subdivided into various tranches representing different levels of risk.  A syndicated loan is a loan offered by a group of lenders (called a syndicate) who work together to provide funds for a single borrower. Synthetic financial instruments are artificially created investment vehicles or instruments intended to meet requirements not met by existing, conventional instruments. They are designed to reduce risk, increase diversification or offer a higher return. A synthetic floating rate instrument can be produced by combining a fixed-rate bond and an interest rate swap. Or an asset with the same risks and rewards as the underlying share can be created by the purchase of a call option and the simultaneous sale of a put option on the same share.
Subordinated BondsSubordinated bonds refer to debt, which in the case of default will not get paid out until after the senior debtholders are paid in full.
Subprime MortgageA subprime mortgage is a type of mortgage that is normally made out to borrowers with lower credit ratings who the lender views as having a larger-than-average risk of defaulting on the loan.
SupranationalSupranational refers to debt of international organizations or unions such as the World Bank, the International Monetary Fund, Eurozone, regional multilateral development banks, etc..
Swap RateA swap rate is the interest-rate on a swap agreement between two parties (known as counterparties) where one stream of future interest payments is exchanged for another based on a specified principal amount.
Swaption (swap option)A swaption (swap option) is the option to enter into an interest rate swap. In exchange for an option premium, the buyer gains the right but not the obligation to enter into a specified swap agreement with the issuer on a specified future date.
Swiss National Bank (SNB)The Swiss National Bank (SNB) is responsible for the currency of Switzerland, the Swiss franc (CHF)
Systematic RiskSystematic risk is the risk inherent to the entire market or entire market segment. Also known as "un-diversifiable risk" or "market risk."
Tactical“Tactical” refers to shorter-term portfolio actions intended to take advantage of – or to avoid — short-term market conditions.
Tail RiskTail risk is a form of portfolio risk that arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution.
Tall HedgesTail hedges are tactics used to protect against tail risk, which is a form of portfolio risk that arises when the possibility that an investment will move more than three standard deviations from the mean is greater than what is shown by a normal distribution.
Tankan SurveyThe Tankan Survey is an economic survey of Japanese business issued by the central Bank of Japan.
Taper Tantrum“Taper tantrum” refers to the financial markets’ reactions, in May-August 2013, to the announcement by the Federal Reserve that it was planning to decrease, or “taper” its $70 bn per month bond buying program.
TaperingTapering refers to the Fed’s approach to reduce the pace of its monthly asset purchases gradually instead of ending the purchases all at once.
Targeted Longer-Term Refinancing Operations (LTRO)Targeted longer-term refinancing operations (LTRO) is a program of the European Central Bank designed to provide liquidity to the financial sector
Taxable Equivalent Yield (TEY)A taxable equivalent yield (TEY) is the pretax yield that a taxable bond needs to possess for its yield to be equal to that of a tax-free municipal bond.
Taylor RuleThe Taylor Rule is a guideline for setting interest rates that is based on 3 factors: (1) actual versus targeted inflation levels; (2) Actual employment versus full employment levels; and (3) the appropriate short-term interest rate consistent with full employment.
Technical AnalysisTechnical analysis uses changes in prices and trading volume to determine sentiment and potential future trends. Practitioners are often referred to as technicians.
TED SpreadThe TED spread measures the difference in yield between the U.S. 3-month Treasury and 3-month London Interbank Offered Rate (LIBOR), which is the daily rate banks charge each other for loans in London.
Tequila CrisisThe tequila crisis refers to the sudden devaluation in the Mexican peso in 1994, which other Latin American currencies to decline and an economic crisis in Mexico and other Latin American nations.
Term PremiumTerm premium is the amount by which the yield-to-maturity of a long-term bond exceeds that of a short-term bond.
The German Stock Index (DAX)DAX: The German Stock Index is a total return index of 30 selected German blue chip stocks traded on the Frankfurt Stock Exchange. 
The Institute for Supply Management's composite PMI IndexThe Institute for Supply Management's composite PMI Index is based on a survey of purchasing executives who buy the raw materials for manufacturing at more than 350 companies. It offers an early reading on the health of the manufacturing sector.  
Tier 1 CapitalTier 1 capital refers to the core capital, which includes equity capital and disclosed reserves, of a bank or financial institution. 
Tier 2 CapitalTier 2 capital is supplementary bank capital that includes items such as revaluation reserves, undisclosed reserves, hybrid instruments and subordinated term debt. A bank's reserve requirements include its Tier 2 capital in its calculation, but it is considered less reliable than its Tier 1 capital
TINATINA is acronym for There is no alternative. It was a slogan often used by the Conservative British Prime Minister Margaret Thatcher to imply that there’s no alternative to  economic liberalism—that free markets, free trade, and capitalist globalization are the best or the only way for modern societies to develop. More recently it has been adopted by those who feel that stocks are the most attractive investment because bonds offer historically low interest rates.
Tokyo Stock Exchange Index (TOPIX)The Tokyo Stock Exchange Index (TOPIX) is a market-capitalization-weighted index of over 1,100 stocks traded in the Japanese market."
Tracking ErrorTracking error is a divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark.
Treasury International Capital (TIC)Treasury International Capital (TIC) is a US Treasury Department measure of capital flows to and from the US.
TRIN (Traders Index)TRIN (Traders Index) is a technical analysis indicator that compares advancing and declining stock issues and trading volume as an indicator of overall market sentiment. 
Triple-A RatedTriple-A rated is the highest credit rating that can be given a country, bond or corporation. 
TroikaTroika refers to the three organizations involved in eurozone bailouts: The European Commission (EC), the International Monetary Fund (IMF), and the European Central Bank (ECB). 
Troubled Asset Relief Program (TARP)The Troubled Asset Relief Program (TARP) is a government program created for the establishment and management of a Treasury fund, in an attempt to curb the financial crisis of 2007-2008.
TurnoverTurnover is a measure of trading activity usually over the previous 12 months and expressed as a percentage of average total assets. There is no guarantee low turnover would continue.
U.S. Dollar IndexThe U.S. Dollar Index indicates the general international value of the U.s. dollar, and is calculated with a weighted average of the exchange rates between the dollar and six major world currencies. The InterContinental Exchange computes the index using rates supplied by 500 banks.
U.S. Energy Information Administration (EIA)The U.S. Energy Information Administration (EIA) is a principal agency of the U.S. Federal Statistical System responsible for collecting, analyzing, and disseminating energy information to promote sound policymaking, efficient markets, and public understanding of energy and its interaction with the economy and the environment.
U.S. Federal Reserve ("Fed")The U.S. Federal Reserve, or “Fed,” is responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.
U.S. High-Yield Floating-Rate Note (FRN)The U.S. High-Yield Floating-Rate Note (FRN) Index tracks the market of non-investment-grade corporate floating rate debt.
U.S. Treasury DepartmentThe U.S. Treasury Department is responsible for issuing all Treasury bonds, notes and bills; it is responsible for the revenue of the U.S. government.
U.S. Treasury Inflation Protected Securities (“TIPS”)U.S. Treasury Inflation Protected Securities (“TIPS”) are bonds that receive a fixed, stated rate of return, But they also increase their principal by the changes in the CPI-U (the non-seasonally adjusted U.S. city average of the all-item consumer price index for all urban consumers, published by the Bureau of Labor Statistics). TIPS, like most fixed income instruments with long maturities, are subject to price risk.
U6 Unemployeement RateThe U6 unemployment rate, calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts "marginally attached workers and those working part-time for economic reasons." Some part-time workers counted as employed by U-3 could be working as little as an hour a week. And the "marginally attached workers" include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over.
UBS AGUBS AG is a Swiss global financial services company that is headquartered in Basel and Zürich, Switzerland.
UnconstrainedThe term “unconstrained” refers to investment strategies not constrained by traditional relative performance benchmarks.
UniCredit GroupUniCredit Group is an Italian global banking and financial services company with approximately 40 million customers and operations in 20 countries.
University of Michigan Consumer Sentiment IndexThe University of Michigan Consumer Sentiment Index is a consumer confidence index published monthly by the University of Michigan and Thomson Reuters. The index is normalized to have a value of 100 in December 1964. Each month at least 500 telephone interviews are conducted of a continental United States sample (Alaska and Hawaii are excluded). Fifty core questions are asked.
Unsubordinated DebtUnsubordinated debt is an unsecured loan without first priority in the repayment schedule. 
US Dollar LIBORThe US Dollar LIBOR interest rate is the average interbank interest rate at which a large number of banks on the London money market are prepared to lend one another unsecured funds denominated in US Dollars.
ValueValue refers to an investment approach that aims to select stocks that trade for less than their intrinsic values.
Value Added Tax (VAT)A value added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. The amount of value-added tax that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed.
Value Line Composite IndexThe Value Line Composite Index-Geometric is composed of the 1,700 stocks traded by the Value Line Investment Survey. 
Value StockA value stock is one that tends to trade at a lower price relative to its fundamentals (i.e. dividends, earnings, sales, etc.). Common characteristics of such stocks include a high dividend yield, low price-to-book ratio and/or low price-to-earnings ratio.
Value-Added ProductionValue-added production refers to the additional value created at a particular stage of production
Velocity of MoneyThe velocity of money is the rate at which money is exchanged from one transaction to another, and how much a unit of currency is used in a given period of time. Velocity of money is usually measured as a ratio of GNP to a country's total supply of money.
VIXThe Chicago Board Options Exchange (CBOE) Volatility Index (VIX) is a measure of market expectations of near-term volatility as conveyed by S&P 500 stock index option prices.
Volcker RuleThe Volcker rule separated investment banking, private equity and proprietary trading (hedge fund) sections of financial institutions from their consumer lending arms.
Wage Push InflationWage push inflation is a general increase in the cost of goods that is preceded by and results from an increase in wages. In order to maintain corporate profits after an increase in wages, employers must increase the prices they charge for the goods and services they provide.
WarrantA warrant is a derivative security that gives the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame.
Wealth Management Products (WMPs)Wealth management products (WMPs) are short-term investments that offer significantly higher returns than the deposit rates mandated by China’s central bank.
Weighted Average Cost of Capital (WACC)Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital (i.e. common stock, preferred stocks bonds, other long-term debt) is proportionately weighted.
West Texas Intermediate (WTI)West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of Chicago Mercantile Exchange's oil futures contracts.
Whole LoanA Whole Loan is a single residential or commercial mortgage that a lender has issued to a borrower and that has not been securitized. Whole loan lenders commonly sell their whole loans in the secondary mortgage market to buyers such as Fannie Mae. The lender no longer earns interest on the whole loans that it sells, but it gains cash to make additional loans. When the lender closes additional mortgages, it earns money from origination fees, points and other closing costs paid by borrowers. This liquidity also makes it easier for borrowers to get mortgages.
Wilshire 4500 Completion IndexThe Wilshire 4500 Completion Index measures the performance of all small and midcap stocks. It's constructed using the Wilshire 5000 securities with the companies in the S&P’s 500 Index removed. 
Wilshire 5000The Wilshire 5000 is designed to represent all U.S. equity securities that have readily available prices.
Wilshire 5000 Total Market IndexThe Wilshire 5000 Total Market Index is the broadest stock market indicator covering the performance of the entire U.S. equity market, which consists of over 7,000 U.S. headquartered equity securities individually weighted by market capitalization. 
Wilshire Large Cap 750 IndexThe Wilshire Large Cap 750 Index is a market capitalization weighted index, which measures the largest 750 stocks in the Wilshire 5000. 
Wilshire REIT IndexThe Wilshire REIT Index is a market capitalization-weighted index designed to measure the price performance of U.S. publicly traded equity Real Estate Investment Trusts. This index is a subset of the Wilshire Real Estate Securities Index.
World BankThe World Bank provides financial and technical assistance to developing countries around the world. Established in 1944, it is based in Washington, DC. 
World Trade Organization (WTO)The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade.
WritedownsWritedowns refers to reducing the book value of an asset because it is overvalued compared to the market value.
Yield CurveThe yield curve shows the relationship between yields and maturity dates for a similar class of bonds.
Yield to MaturityYield to maturity is the rate of return anticipated on a bond if it is held until the maturity date, expressed as an annual rate.
Yield To WorstThe yield to worst is the lowest potential yield that can be received on a bond without the issuer actually defaulting.
Yield to Worst (YTW)Yield to worst (YTW) is the lowest potential yield that can be received on a bond without the issuer actually defaulting. 
Yield-to-WorstYield-to-Worst is the yield generated assuming a bond is redeemed by the issuer on the least desirable date for the investor. Yield-to-Worst for the asset class is calculated as the weighted average yield to worst of the individual constituent bonds.
Z-ScoreA Z-Score is a statistical measurement of a score's relationship to the mean in a group of scores. A Z-score of 0 means the score is the same as the mean. A Z-score can also be positive or negative, indicating whether it is above or below the mean and by how many standard deviations.
Zero Interest Rate Policy (ZIRP)A Zero Interest Rate Policy (ZIRP) is a monetary policy that attempts to stimulate economic activity by keeping interest rates close to zero.
ZEW Index of Eurozone Expectations of Economic Growth The ZEW Index of Eurozone Expectations of Economic Growth is derived from the ZEW Financial Market Survey. It represents the net percentage of positive and negative responses of about 350 institutional investors and analysts on the question of economic growth improving or worsening in the next six months. 
Zombie Industries and CompaniesZombie industries and companies refer to those that are obsolete or no longer economically viable without subsidies, price controls or other special protections.

All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s webpage for specific details regarding investment objective, risks associated with hedge funds, alternative investments and other risks, performance and other important information. Review this information carefully before you make any investment decision.

An investor cannot invest directly in an index. Unmanaged index returns do not reflect any fees, expenses or sales charges.