Financial Glossary
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G
- A Nasdaq stock symbol specifying that it is the first preferred bond of the company.
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Gadfly
- A slang term for an investor who attends the annual shareholders meeting to criticize the corporation's executives. A gadfly addresses many issues for the shareholders, often grilling the management by asking difficult or embarrassing questions.
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Gain
- An increase in the value of an asset or property. A gain is measured as the amount of capital realized from selling a good at a price higher than the original purchase price.
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Gambler's Fallacy
- When an individual erroneously believes that the onset of a certain random event is less likely to happen following an event or a series of events. This line of thinking is incorrect because past events do not change the probability that certain events will occur in the future.
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Gambling Income
- Any income that is the result of games of chance or wagers on events with uncertain outcomes (gambling). This income is subject to taxation.
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Gambling Loss
- A loss resulting from games of chance or wagers on events with uncertain outcomes (gambling). These losses can only be claimed against gambling income.
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Game Theory
- A model of optimality taking into consideration not only benefits less costs, but also the interaction between participants.
The prisoner's dilemma described above is illustrated in the following diagram:
- A model of optimality taking into consideration not only benefits less costs, but also the interaction between participants.
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Gamma
- The rate of change for delta with respect to the underlying asset's price.
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Gamma Neutral
- An asset portfolio whose delta rate of change is zero.
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Gann Angles
- Created by W.D. Gann, a method of predicting price movements through the relation of geometric angles in charts depicting time and price.
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Gap
- A break between prices on a chart that occurs when the price of a stock makes a sharp move up or down with no trading occurring in between. Gaps can be created by factors such as regular buying or selling pressure, earnings announcements, a change in an analyst's outlook or any other type of news release.
- A break between prices on a chart that occurs when the price of a stock makes a sharp move up or down with no trading occurring in between. Gaps can be created by factors such as regular buying or selling pressure, earnings announcements, a change in an analyst's outlook or any other type of news release.
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Gap Insurance
- A type of auto insurance that car owners can buy to protect themselves against losses that can arise when the amount of compensation received from a total loss does not fully cover the amount the insured owes on the vehicle's financing or lease agreement. This situation arises when the balance owed on a car loan is greater than the book value of the vehicle.
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Gap Risk
- The risk that an investment's price will change from one level to another with no trading in between. Usually such movements occur when there are adverse news announcements, which can cause a stock price to drop substantially from the previous day's closing price.
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Gapping
- In general, a trading strategy in which the participant borrows short and lends long. This strategy gives the lender an overall better interest rate as short rates are generally lower than long rates. Also in technical analysis, gapping can refer to the use of a gap strategy which looks at stocks that display price gaps from previous closes.
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Garbage Fees
- Unnecessary fees tacked onto mortgage closing costs by lenders to pad the lender's profit. Garbage fees may have names such as "administrative fee", "application fee", appraisal review fee", "courier fee", "document preparation fee", "document review fee","loan origination fee" and "settlement fee". These charges are usually either blatantly illegitimate or are typical costs of business but either way, they are dramatically exaggerated before being passed on to the customer.
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Garbatrage
- An increase in price and trading volume in a particular sector of the economy that occurs as a result of a recent takeover, which initiates a change in sentiment toward the sector.
Garbatrage is also known as "rumortrage".
- An increase in price and trading volume in a particular sector of the economy that occurs as a result of a recent takeover, which initiates a change in sentiment toward the sector.
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Garn-St. Germain Depository Institutions Act
- A law enacted by Congress in 1982 to enable banks and other savings institutions to compete more readily in the money market. It got rid of the interest rate ceiling that they once had to abide by, authorized them to make commercial loans and gave the federal agencies the ability to approve bank acquisitions.
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Garnishment
- Money withheld from an individual's paycheck and remitted to another party, usually a creditor.
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Gartley Pattern
- In technical analysis, it is a complex price pattern based on Fibonacci numbers/ratios. It is used to determine buy and sell signals by measuring price retracements of a stock's up and down movement in stock price.
Source: www.harmonictrader.com
- In technical analysis, it is a complex price pattern based on Fibonacci numbers/ratios. It is used to determine buy and sell signals by measuring price retracements of a stock's up and down movement in stock price.
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Gas Guzzler Tax
- An additional tax on the sale of vehicles that have poor fuel economy.
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Gate Provision
- A restriction placed on a hedge fund limiting the amount of withdrawals from the fund during a redemption period. The implementation of a gate on a hedge fund is up to the hedge fund manager. The purpose of the provision is to prevent a run on the fund, which could cripple its operations, as a large number of withdrawals from the fund would force the manager to sell off a large number of positions.
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Gatekeeper
- Requirements that must be met before an individual can qualify for a long-term care plan. A person must qualify for the plan's benefits before he or she can be paid out.
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Gather In The Stops
- A trading strategy of driving down a stock's price by selling large amounts of stock in order to trigger preset stop-loss orders, which in turn enhances the decline of the stock.
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Gator
- The name of a software company best known for its adware products. Adware is pop-up interest advertising and Gator was one of the first companies to promote widespread adware. In addition to pop-up advertising, Gator adware tracks an online user's browsing habits and also silently downloads its software which can create significant computer problems for users by creating arbitrary coding. Some of the most common sites that utilized Gator adware and software installation include Limewire, eWallet and KaZaa.
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Gazelle Company
- A company growing at an annual rate of 20% or more.
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Gazump
- A situation in which the price for real estate or land is raised to a higher price than what was previously verbally agreed upon.
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Gazunder
- When a buyer reduces his or her bid for a property before the transaction has been signed and finalized.
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GBP
- The abbreviation for the British pound sterling, the official currency of the United Kingdom, the British Overseas Territories of South Georgia, the South Sandwich Islands and British Antarctic Territory and the UK's Crown Dependencies: the Isle of Man and the Channel Islands. The African country of Zimbabwe also uses the pound. The British pound is pegged to the Falkland Islands pound, Gibraltar pound, Saint Helenian pound, Jersey pound (JEP), Guernsey pound (GGP), Manx pounds, Scotland notes and Northern Ireland notes.
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GBP/USD (British Pound/U.S. Dollar)
- The abbreviation for the British pound and U.S. dollar (GBP/USD) currency pair or cross. The currency pair tells the reader how many U.S. dollars (the quote currency) are needed to purchase one British pound (the base currency).
Trading the GBP/USD currency pair is also known as trading the "Cable".
- The abbreviation for the British pound and U.S. dollar (GBP/USD) currency pair or cross. The currency pair tells the reader how many U.S. dollars (the quote currency) are needed to purchase one British pound (the base currency).
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GDP Gap
- The forfeited output of a country's economy resulting from the failure to create sufficient jobs for all those willing to work.
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GDP Price Deflator
- An economic metric that accounts for inflation by converting output measured at current prices into constant-dollar GDP. The GDP deflator shows how much a change in the base year's GDP relies upon changes in the price level. Also known as the "GDP implicit price deflator".
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Gearing
- A fundamental analysis ratio of a company's level of long-term debt compared to its equity capital. Gearing is expressed in percentage form.
Companies with high gearing - more long-term liabilities than shareholder equity - are considered speculative.
Also known as "financial leverage".
- A fundamental analysis ratio of a company's level of long-term debt compared to its equity capital. Gearing is expressed in percentage form.
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Gearing Ratio
- A general term describing a financial ratio that compares some form of owner's equity (or capital) to borrowed funds. Gearing is a measure of financial leverage, demonstrating the degree to which a firm's activities are funded by owner's funds versus creditor's funds.
Also known as the Net Gearing Ratio.
- A general term describing a financial ratio that compares some form of owner's equity (or capital) to borrowed funds. Gearing is a measure of financial leverage, demonstrating the degree to which a firm's activities are funded by owner's funds versus creditor's funds.
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Gemology
- The combined art and science of studying, cutting, valuing, buying and selling precious stones. Some of the most precious stones that gemologists deal in include diamonds, rubies, sapphires and emeralds.
Gemology is spelled gemmology outside of North America.
- The combined art and science of studying, cutting, valuing, buying and selling precious stones. Some of the most precious stones that gemologists deal in include diamonds, rubies, sapphires and emeralds.
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Gen-Saki
- A secondary market in Japan, also known as a repo market for its similarity to repurchase agreements. It is a medium for government bonds, in the Japanese market only, to be reissued and resold at the new rate. Gen-Saki is available to both corporations and financial institutions.
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General Agreement On Tariffs And Trade
- A treaty created following the conclusion of World War II. The General Agreement on Tariffs and Trade (GATT) was implemented to further regulate world trade to aide in the economic recovery following the war. GATT's main objective was to reduce the barriers of international trade through the reduction of tariffs, quotas and subsidies.
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General Agreement On Tariffs And Trade - GATT
- A treaty created following the conclusion of World War II. The General Agreement on Tariffs and Trade (GATT) was implemented to further regulate world trade to aide in the economic recovery following the war. GATT's main objective was to reduce the barriers of international trade through the reduction of tariffs, quotas and subsidies.
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General Agreements To Borrow - GAB
- A borrowing/lending medium for members of the Group of Ten. Members of the lending country deposit funds into the International Monetary Fund (IMF), which are made available to be withdrawn by the borrowing member in need. One of the advantages of this is that each country deals in their own currency, leaving all conversions to the IMF.
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General And Administrative Leverage
- A variable within a cost benefit analysis of an acquisition where the potential reduction in overall general and administrative expenses of the combined company are considered. Through synergies and cost-saving programs, the general and administrative costs of the combined company often will be considerably less than the sum of the general and administrative costs of the two independent companies. The more the potential savings, the more attractive the acquisition becomes, when all else is equal.
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General Collateral Financing Trades - GCF
- General collateral repurchase agreements executed on a blind broker basis through the Government Securities Clearing Corporation.
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General Depreciation System - GDS
- The most commonly used modified accelerated cost recovery system (MACRS) for calculating depreciation. A general depreciation system uses the declining-balance method to depreciate personal property.
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General Examination
- A regulatory measure set up to give a detailed examination of all aspects of a bank. The examination is conducted by the governing body of different levels of banks. For example, the state banking regulators would provide an overview of all state-run banking institutions.
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General Ledger
- A company's accounting records. This formal ledger contains all the financial accounts and statements of a business.
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General Motors (GM) Indicator
- An indicator based on the theory that the performance of
- An indicator based on the theory that the performance of
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General Obligation Bond - GO
- A municipal bond backed by the credit and "taxing power" of the issuing jurisdiction rather than the revenue from a given project.
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General Order - GO
- A status given to imported goods that are missing the proper documentation or are not quickly cleared through customs. Merchandise may be held under general order if the proper duties or taxes are not paid, or if the owner fails to complete the required customs paperwork. Goods will be held under general order if they remain uncleared for more than 15 days.
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General Partner
- A partner in a business who has unlimited liability.
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General Partnership
- A arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.
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General Provisions
- A balance sheet item representing funds set aside by a company to pay for losses that are anticipated to occur in the future. The actual losses for the earmarked funds have not yet occured, but the general provisions account is counted as an asset on the balance sheet. For banks, a general provision is considered to be supplementary capital under the first Basel Accord.
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General Public Distribution
- A type of primary market offering in which the securities being issued are available to anyone who has the ability to purchase them. This differs from conventional public distributions of securities in which underwriting investment banks sell large blocks of the issued securities to large investors.
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Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) Process
- An econometric term developed in 1982 by Robert F. Engle, an economist and 2003 winner of the Nobel Prize for Economics to describe an approach to estimate volatility in financial markets. There are several forms of GARCH modeling. The GARCH process is often preferred by financial modeling professionals because it provides a more real-world context than other forms when trying to predict the prices and rates of financial instruments.
- An econometric term developed in 1982 by Robert F. Engle, an economist and 2003 winner of the Nobel Prize for Economics to describe an approach to estimate volatility in financial markets. There are several forms of GARCH modeling. The GARCH process is often preferred by financial modeling professionals because it provides a more real-world context than other forms when trying to predict the prices and rates of financial instruments.
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Generalized AutoRegressive Conditional Heteroskedasticity - GARCH
- A statistical model used by financial institutions to estimate the volatility of stock returns. This information is used by banks to help determine what stocks will potentially provide higher returns, as well as to forecast the returns of current investments to help in the budgeting process.
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Generally Accepted Accounting Principles - GAAP
- The common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information.
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Generation-Skipping Trust
- A type of legally binding trust agreement in which the contributed assets are passed down to the grantor's grandchildren, not the grantor's children. The generation to which the grantor's children belong skips the opportunity to receive the assets in order to avoid the estate taxes that would apply if the assets were transferred to them.
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Generational Accounting
- An accounting method that considers how current fiscal policies affect future generations. Generational accounting analyzes whether government spending and tax programs that benefit current members of society will produce an unfair tax obligation for future generations. The purpose of this accounting style is to achieve generational balance, where current and future generations have equivalent lifetime net tax rates, which allows for fiscal sustainability.
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Generic Securities
- A security backed by recently issued loans or mortgages. Its value is less than that of a security whose backing is over one year old. Securities over a year old are called seasoned securities.
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Gentleman's Agreement
- An unwritten agreement or transaction backed only by the integrity of the counterparty to actually abide by the terms of the agreement. An agreement like this is not legally binding and could have a negative effect on business relationships if one party decides to default on their promise.
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Genuine Progress Indicator - GPI
- A metric used to measure the economic growth of a country. It is often considered as a replacement to the more well known gross domestic product (GDP) economic indicator. The GPI indicator takes everything the GDP uses into account, but also adds other figures that represent the cost of the negative effects related to economic activity (such as the cost of crime, cost of ozone depletion and cost of resource depletion, among others). The GPI nets the positive and negative results of economic growth to examine whether or not it has benefited people overall.
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Geographical Labor Mobility
- This refers to the level of freedom that workers have to relocate in order to find gainful employment that reflects their training and occupational interests. Embracing this concept, which is most commonly encountered within the European Union (EU), seeks to ensure individual, corporate, and national economic growth by helping qualified workers easily cross state and national boundaries to find "best fit" employment.
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Geometric Mean
- The average of a set of products, the calculation of which is commonly used to determine the performance results of an investment or portfolio. Technically defined as "the 'n'th root product of 'n' numbers", the formula for calculating geometric mean is most easily written as:
Where 'n' represents the number of returns in the series.
The geometric mean must be used when working with percentages (which are derived from values), whereas the standard arithmetic mean will work with the values themselves.
- The average of a set of products, the calculation of which is commonly used to determine the performance results of an investment or portfolio. Technically defined as "the 'n'th root product of 'n' numbers", the formula for calculating geometric mean is most easily written as:
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George Soros
- Born in Budapest, Hungary, in 1930, George Soros is considered by many to be one of the world's greatest investors. A famous hedge fund manager, Soros managed the Quantum Fund, a fund that achieved an average annual return of 30% from 1970-2000. Besides his investing prowess, Soros is also known for his vast philanthropic activities, donating billions of dollars to various causes through the Soros Foundation.
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Gharar
- An Islamic finance term describing a risky or hazardous sale, where details concerning the sale item are unknown or uncertain. Gharar is forbidden by the Qur'an, which explicitly forbids trades that are considered to have excessive risk due to uncertainty.
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GHC
- The currency abbreviation for the Ghanaian cedi - the official currency of the Republic of Ghana. The GHC was introduced on July 3, 2007. The word "cedi" derives from the African word for cowry shell, which was a prior form of Ghanian currency. Banknotes are issued in 1, 5, 10, 20 and 50 denominations. The currency is overseen and issued by the Bank of Ghana.
- The currency abbreviation for the Ghanaian cedi - the official currency of the Republic of Ghana. The GHC was introduced on July 3, 2007. The word "cedi" derives from the African word for cowry shell, which was a prior form of Ghanian currency. Banknotes are issued in 1, 5, 10, 20 and 50 denominations. The currency is overseen and issued by the Bank of Ghana.
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Ghosting
- An illegal practice whereby two or more market makers collectively attempt to influence and change the price of a stock. Ghosting is used by corrupt companies to affect stock prices so they can profit from the price movement.
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Gibson's Paradox
- An economic observation made by J. M. Keynes during the period of the gold standard that there is a correlation between interest rates and the general price level. Keynes' finding, which he discusses in "A Treatise on Money" (1930), is a paradox because it is contrary to the view generally held by economists at the time, which was that interest rates were correlated to the rate of inflation.
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Gift
- Property, money or asset that one person transfers to another while receiving nothing in return.
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Gift Causa Mortis
- A gift to be given at a later date in anticipation of the giver's death. If the giver dies of an ailment differing from the expected one, the gift is not effective. The gift may be revoked by the giver on any date prior to the expected date as long as no property, whether concrete or symbolic, has been delivered to the recipient.
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Gift Inter Vivos
- A gift given during the life of the grantor. Following a gift inter vivos, the grantor no longer has any rights to the property, and can not get it back without the permission of the party it was gifted to.
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Gift Of Equity
- The sale of a home, made to a family member or someone with whom the seller has had a previous relationship, at a price below the current market value. The difference between the actual sales price and the market value of the home is called the gift of equity. Most lenders allow the gift to count as a down payment on the home.
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Gift Splitting
- A taxation rule that allows a married couple to split a gift's total value between each spouse as if each contributed half of the amount. Gift splitting allows a couple to increase the gift tax exemption amount by combining individual allowances.
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Gift Tax
- A federal tax applied to an individual giving anything of value to another person. For something to be considered a gift, the receiving party cannot pay the giver full value for the gift, but may pay an amount less than its full value. It is the giver of the gift who is required to pay the gift tax. The receiver of the gift may pay the gift tax, or a percentage of it, on the giver's behalf in the event that the giver has exceeded his/her annual personal gift tax deduction limit.
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Gifting Phase
- The stage in an investor's life where he or she seeks to use his or her accumulated wealth to provide for the current and future needs of family and friends, as well as to leave a mark on the world by funding charities of his or her choice through philanthropy. The investor's concerns during this phase shift from matters of capital accumulation to estate planning and tax minimization.
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Gilt Edged Bond
- A bond that is issued by a blue chip company. These bonds are considered to be high grade, with little risk of interest payment interruption or default.
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Gilt Fund
- A mutual fund that invests in several different types of medium and long-term government securities in addition to top quality corporate debt. Gilts originated in Britain.
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Gilts
- Risk-free bonds issued by the British government. They are the equivalent of U.S. Treasury securities.
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Gini Index
- A measurement of the income distribution of a country's residents. This number, which ranges between 0 and 1 and is based on residents' net income, helps define the gap between the rich and the poor, with 0 representing perfect equality and 1 representing perfect inequality.
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Ginnie Mae - Government National Mortgage Association - GNMA
- A U.S. government corporation within the U.S. Department of Housing and Urban Development (HUD). Ginnie May aims to:
1. Ensure liquidity for government-insured mortgages, including those insured by the Federal Housing Administration (FHA), the Veterans Administration (VA) and the Rural Housing Administration (RHA).
2. Bring investors' capital into the market for these types of loans, so that the issuers have the means to issue more.
Most of the mortgages securitized as Ginnie Mae mortgage-backed securities (MBSs) are those guaranteed by FHA, which are typically mortgages for first-time home buyers and low-income borrowers.
- A U.S. government corporation within the U.S. Department of Housing and Urban Development (HUD). Ginnie May aims to:
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Ginzy Trading
- An illegal trading practice used by floor brokers. It is considered to be non-competitive, as it involves the execution of large trades at different prices.
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GIP
- The abbreviation for the Gibraltar pound, the official currency for the country of Gibraltar. The Gibraltar pound is pegged at par value with the British pound sterling. The government of Gibraltar issues the GIP, and mints coins in 1, 2, 5, 10, 20 and 50 pence as well as £1 and £2 denominations. It prints banknotes in 5, 10, 20 and 50 pound notes.
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Give Up
- A procedure in securities or commodities trading where the executing broker places a trade on behalf of another broker as if he/she actually executed the trade. This is usually done because a broker is too busy to place a trade for a client and asks another broker to place the trade for him/her. On the record books, the trade will not show the executing broker's information, but the broker to whom the client belongs. Thus, the broker of the client and the broker on the other side of the trade will receive the commission, while the executing trader will get nothing. This is a grey area of law governing reimbursement of brokers for services (e.g. research).
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Glass-Steagall Act
- An act passed by Congress in 1933 that prohibited commercial banks from collaborating with full-service brokerage firms or participating in investment banking activities.
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Glide Path
- Refers to a formula that defines the asset allocation mix of a target date fund, based on the number of years to the target date. The glide path creates an asset allocation that becomes more conservative (i.e., includes more fixed-income assets and fewer equities) the closer a fund gets to the target date.
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Global Bond
- Bonds that can be offered within the euromarket and several other markets simultaneously.
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Global Crossing
- A communication services company that filed for bankruptcy protection amid an accounting scandal where it had allegedly inflated earnings by using capacity swaps, among other things. Capacity swaps are the exchange of telecommunications capacity between carriers that is booked as revenue without money ever being exchanged.
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Global Depositary Receipt - GDR
- 1. A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. The shares trade as domestic shares, but are offered for sale globally through the various bank branches.
2. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or euros.
- 1. A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. The shares trade as domestic shares, but are offered for sale globally through the various bank branches.
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Global Financial Stability Report - GFSR
- A semiannual report by the International Monetary Fund (IMF) that assesses the stability of global financial markets and emerging market financing. The Global Financial Stability Report focuses on current conditions, especially financial and structural imbalances, that could risk an upset in global financial stability and access to financing by emerging market countries. It emphasizes the ramifications of financial and economic imbalances that are highlighted in one of the IMF's other publications, the World Economic Outlook.
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Global Fund
- A type of mutual fund, closed-end fund or exchange-traded fund that can invest in companies located anywhere in the world, including the investor's own country. These funds provide more global opportunities for diversification and act as a hedge against inflation and currency risks.
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Global Industry Classification Standard - GICS
- A standardized classification system for equities developed jointly by Morgan Stanley Capital International (MSCI) and Standard & Poor's. The GICS methodology is used by the MSCI indexes, which include domestic and international stocks, as well as by a large portion of the professional investment management community.
The GICS hierarchy begins with 10 sectors and is followed by 24 industry groups, 67 industries and 147 sub-industries. Each stock that is classified will have a coding at all four of these levels.
- A standardized classification system for equities developed jointly by Morgan Stanley Capital International (MSCI) and Standard & Poor's. The GICS methodology is used by the MSCI indexes, which include domestic and international stocks, as well as by a large portion of the professional investment management community.
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Global Investment Performance Standards - GIPS
- Ethical standards to be used by investment managers for creating performance presentations that ensure fair representation and full disclosure of investment performance results. Global Investment Professional Standards were created by the Chartered Financial Analyst Institute and governed by the GIPS Executive Committee. They are standardized guidelines for reporting the ability of an investment firm to make profits for investors.
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Global Macro Strategy
- A hedge fund strategy that bases its holdings--such as long and short positions in various equity, fixed income, currency, and futures markets--primarily on overall economic and political views of various countries (macroeconomic principles).
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Global Recession
- An extended period of international economic downturn. Generally, the International Monetary Fund (IMF) considers a global recession as a period where gross domestic product (GDP) growth is at 3% or less. In addition to that, the IMF looks at declines in real per-capita world GDP along with several global macroeconomic factors before confirming a global recession.
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Global Recovery Rate
- A global measurement in the proportion of businesses that managed to recover more than 60% of their financial losses arising from corporate fraud. Acquiring economic crime insurance and earlier detection of fraudulent activities from controls is two of the best methods in increasing the likelihood of recovering stolen assets.
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Global Registered Share
- A share issued and registered in multiple markets around the world. Global registered shares represent the same class of shares. Also known as a "global share".
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Globalization
- The tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. Globalization has had the effect of markedly increasing not only international trade, but also cultural exchange.
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Globally Floored Contract
- A guarantee found in structured investment products that provides a minimum payoff at maturity. A globally floored contract will protect the investor or minimize his loss in case the underlying investment loses its value.
- A guarantee found in structured investment products that provides a minimum payoff at maturity. A globally floored contract will protect the investor or minimize his loss in case the underlying investment loses its value.
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Globex
- An electronic trading platform used for derivative, futures, and commodity contracts. Globex runs continuously, so it is not restricted by borders or time zones.
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Glocalization
- A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market. This means that the product or service may be tailored to conform with local laws, customs or consumer preferences. Products or services that are effectively "glocalized" are, by definition, going to be of much greater interest to the end user.
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GMD
- The ISO 4217 abbreviation for the Gambian dalasi, the official currency of the West African country of Gambia. The Gambian dalasi (GMD) was introduced in 1971 to replace the former national currency - the Gambian pound. The country gained independence from its former British ruler (which brought its currency along with its rule) in 1965.
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GNF - Guinea Franc
- The currency abbreviation for the Guinea franc, the national currency of Guinea. The GNF is actually the second franc for the country; the first was issued in 1959 and replaced the previously used CFA franc. That franc was replaced by the Guinean syli, which was used in the country from 1971–1985. The second Guinean franc replaced the syli in 1985.
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Gnomes
- The 15-year pass-through securities offered under Freddie Mac's cash program.
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Gnomes of Zurich
- A term used by British labor ministers during the 1964 Sterling Crisis to refer to Swiss banks.
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Go-Around
- A strategy used by the Federal Reserve to receive the highest return on securities. The Federal Reserve solicits bids/offers from the primary dealers to receive the best deal whether it be for buying, selling, reversals or repurchase agreements.
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Go-Go Fund
- A slang name for a mutual fund that has an investment strategy that focuses on high-risk securities in an attempt to capture above average returns. A go-go fund's aggressive approach usually involves holding large positions in growth stocks.
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Godfather Offer
- An irrefutable takeover offer made to a target company by an acquiring company. Typically, the acquisition price's premium is extemely generous compared to the prevailing market price. Therefore, if the target company's management refuses the offer, shareholders may initiate lawsuits or other forms of revolt against the target company for not performing their fidiciary duty of looking out for the best interests of the shareholders.
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Going Concern
- A term for a company that has the resources needed in order to continue to operate indefinitely. If a company is not a going concern, it means the company has gone bankrupt.
Also known as "Going Concern Value".
- A term for a company that has the resources needed in order to continue to operate indefinitely. If a company is not a going concern, it means the company has gone bankrupt.
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Going Public
- The process of selling shares that were formerly privately held to new investors for the first time. Otherwise known as an initial public offering (IPO).
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Going-Concern Value
- The value of a company as an ongoing entity. This value differs from the value of a liquidated company's assets, because an ongoing operation has the ability to continue to earn profit, while a liquidated company does not.
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Gold Bug
- An individual who is bullish on gold. Gold bugs believe that gold is still a stable source of wealth like it was during the years of the gold standard international currency system. A gold bug invests in gold for what he or she perceives as financial security in the event of a currency devaluation, and often also believes that the price of gold will continue to rise in the future. The term also refers to analysts who consistently recommend gold buys.
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Gold Bull
- A slang term for a market or investor who is bullish on gold. A gold bull anticipates the price of gold increasing over the next period of time. A gold bull market is one where the value of gold has a rising trend.
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Gold Certificate
- A certificate of ownership that gold investors hold instead of storing the actual gold bullion.
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Gold Fix
- The twice-daily act of setting gold prices by the five members of the London gold pool. This rate is used as a benchmark for pricing the majority of global gold products and derivatives.
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Gold Fund
- A mutual fund or exchange-traded fund (ETF) that invests primarily in gold-producing companies or gold bullion. The price of shares within a gold fund should correlate very closely to the spot price of gold itself, assuming the fund holds the majority of its assets in bullion or in the stocks and bonds of gold miners and manufacturers.
- A mutual fund or exchange-traded fund (ETF) that invests primarily in gold-producing companies or gold bullion. The price of shares within a gold fund should correlate very closely to the spot price of gold itself, assuming the fund holds the majority of its assets in bullion or in the stocks and bonds of gold miners and manufacturers.
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Gold Option
- An option to buy or sell gold bullion at a future date at a set price. The date (delivery date), quantity and price (strike price), are all predetermined. The option is just that, an option, and is therefore not an obligation on the part of the investor to either buy or sell the gold.
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Gold Reserve Act Of 1934
- An act that took away title to all gold and gold certificates that were held by the Federal Reserve Bank. The Gold Reserve Act of 1934 made the trade and possession of gold a criminal offense for the citizens of the U.S. Sole title of this gold was given to the U.S. Treasury. It was not until 1975 that Americans could again own or trade gold.
- An act that took away title to all gold and gold certificates that were held by the Federal Reserve Bank. The Gold Reserve Act of 1934 made the trade and possession of gold a criminal offense for the citizens of the U.S. Sole title of this gold was given to the U.S. Treasury. It was not until 1975 that Americans could again own or trade gold.
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Gold Standard
- A monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold and vice versa. The exchange rate under the gold standard monetary system is determined by the economic difference for an ounce of gold between two currencies. The gold standard was mainly used from 1875 to 1914 and also during the interwar years.
- A monetary system in which a country's government allows its currency unit to be freely converted into fixed amounts of gold and vice versa. The exchange rate under the gold standard monetary system is determined by the economic difference for an ounce of gold between two currencies. The gold standard was mainly used from 1875 to 1914 and also during the interwar years.
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Goldbrick Shares
- A stock that bears the surface appearance of quality and worth, but is in fact worth very little.
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Golden Boot
- An inducement, using maximum incentives and financial benefits, for an older worker to take "voluntary" early retirement.
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Golden Coffin
- A lucrative death-benefit policy given to top executives. A golden coffin is a death-benefit package awarded to the heirs of high ranking executives who die while still employed with a company. Benefits awarded can include unearned salary, accelerated stock options and insurance proceeds.
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Golden Cross
- A crossover involving a security's short-term moving average (such as 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) or resistance level.
- A crossover involving a security's short-term moving average (such as 15-day moving average) breaking above its long-term moving average (such as 50-day moving average) or resistance level.
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Golden Handcuffs
- An incentive given to existing employees in hopes that they will decide to stay with the company.
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Golden Handshake
- A stipulation in an employment agreement which states that the employer will provide a significant severance package if the employee loses their job. A golden handshake is usually provided to top executives for loss of employment through layoffs, firing or even retirement. Payment can be made several ways, such as cash, or stock options.
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Golden Hello
- A signing bonus offered by a securities firm to a key executive from a competing firm.
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Golden Life Jacket
- An exceptional compensation package offered by the acquiring company to the top executives of the company being bought. The offer is meant to keep those executives interested in retaining their positions.
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Golden Parachute
- Lucrative benefits given to top executives in the event that a company is taken over by another firm, resulting in the loss of their job. Benefits include items such as stock options, bonuses, severance pay, etc.
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Golden Share
- A type of share that gives its shareholder veto power over changes to the company's charter.
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Goldilocks Economy
- An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to describe the U.S. economy of the mid- to late-1990s - it was "not too hot, not too cold, but just right."
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Goldman 360
- A business platform developed by Goldman Sachs that is widely used by investment managers to assist them with money management and maximizing trading performance. The Goldman 360 platform includes a research database that generates investment ideas and investment research. Other services include trade execution, order management and other portfolio calculation services.
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Goldman Sachs Commodity Index - GSCI
- A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures.
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Good 'Til Canceled - GTC
- An order to buy or sell a security at a set price that is active until the investor decides to cancel it or the trade is executed. If an order does not have a good-'til-canceled instruction then the order will expire at the end of the trading day the order was placed.
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Good Delivery
- When an exchange-traded security meets a set of requirements for being in proper form for transfer of title to the buyer.
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Good Faith Estimate
- An estimate of the fees due at closing for a mortgage loan that must be provided by a lender to a borrower within three days of the lender taking a borrower's loan application. A good faith estimate is required by the Real Estate Settlement Procedures Act (RESPA). While the form of the estimate is standardized across the industry to allow borrowers to compare costs between lenders, it is key to note that it is only an estimate, and the true figure can sometimes be different.
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Good Faith Money
- The deposit of money into an account by a buyer to show that he or she has the intention of completing the deal. In most cases, the deposit amount will be a percent of the amount owed.
The money in an account can also be known as "margin" or a "performance bond", depending on the type of transaction.
- The deposit of money into an account by a buyer to show that he or she has the intention of completing the deal. In most cases, the deposit amount will be a percent of the amount owed.
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Good This Month - GTM
- A limit order placed with a broker that will last until the end of the current month.
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Good This Week - GTW
- A market order that is only valid in the week of its placement. If the order is not filled during the week of issue, it will be canceled. A GTW order is only active for the current week, meaning it will not last seven days from when it was placed.
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Good Through
- An order to buy or sell a security or commodity at a certain price for a certain period of time, unless it is canceled or changed.
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Goods and Services Tax - GST
- A Canadian value-added tax levied on most goods and services sold for domestic consumption. The tax is levied in order to provide revenue for the federal government. The Goods and Services Tax is paid by consumers, but it is levied and remitted to the government by businesses.
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Goods In Process
- An inventory account that is usually identified on the balance sheets of manufacturing companies. Goods in process relates to the partially completed goods that are somewhere in the manufacturing process and are not ready for sale. It is calculated as:
Also known as "work in process".
- An inventory account that is usually identified on the balance sheets of manufacturing companies. Goods in process relates to the partially completed goods that are somewhere in the manufacturing process and are not ready for sale. It is calculated as:
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Goodwill
- An account that can be found in the assets portion of a company's balance sheet. Goodwill can often arise when one company is purchased by another company. In an acquisition, the amount paid for the company over book value usually accounts for the target firm's intangible assets.
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Goodwill To Assets Ratio
- A ratio that measures how much goodwill a company is recording compared to the total level of its assets. The goodwill to assets ratio is useful for monitoring a company's use of goodwill. Although many companies record some form of goodwill, excessive use can lead to problems.
Goodwill to assets is calculated as:Goodwill To Assets = Unamortized Goodwill / Total Assets
- A ratio that measures how much goodwill a company is recording compared to the total level of its assets. The goodwill to assets ratio is useful for monitoring a company's use of goodwill. Although many companies record some form of goodwill, excessive use can lead to problems.
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Gordon Growth Model
- A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. Given a dividend per share that is payable in one year, and the assumption that the dividend grows at a constant rate in perpetuity, the model solves for the present value of the infinite series of future dividends.
Where:
D = Expected dividend per share one year from now
k = Required rate of return for equity investor
G = Growth rate in dividends (in perpetuity)
- A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. Given a dividend per share that is payable in one year, and the assumption that the dividend grows at a constant rate in perpetuity, the model solves for the present value of the infinite series of future dividends.
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Gorilla
- A company that dominates an industry without having a complete monopoly.
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Governance, Risk Management and Compliance - GRC
- An integrated approach used by corporations to act in accordance with the guidelines set for each category. Governance, risk management and compliance (GRC) is not a single activity, but rather a firm-wide approach to acheiving high standards in all three overlapping categories.
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Government Accounting Standards Board - GASB
- An organization whose main purpose is to improve and create accounting reporting standards or generally accepted accounting principles (GAAP). These standards make it easier for users to understand and use the financial records of both state and local governments. The Government Accounting Standards Board (GASB) is funded and monitored by the Financial Accounting Foundation (FAF).
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Government Bond
- A debt security issued by a government to support government spending, most often issued in the country's domestic currency. Government debt is money owed by any level of government and is backed by the full faith of the government. Federal government bonds in the
- A debt security issued by a government to support government spending, most often issued in the country's domestic currency. Government debt is money owed by any level of government and is backed by the full faith of the government. Federal government bonds in the
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Government Purchases
- Expenditures made in the private sector by all levels of government, such as when a government entity contracts a construction company to build office space or pave highways.
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Government Securities Clearing Corporation - GSCC
- A division of the U.S. Fixed Income Clearing Corporation (FICC). The GSCC was first established in 1986 to provide clearing and settlement of U.S. government securities. The GSCC handles both new issues and resales of government securities.
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Government Security
- A government debt obligation (local or national) backed by the credit and taxing power of a country with very little risk of default.
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Government-Sponsored Enterprise - GSE
- Privately held corporations with public purposes created by the U.S. Congress to reduce the cost of capital for certain borrowing sectors of the economy. Members of these sectors include students, farmers and homeowners.
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Government-Sponsored Retirement Arrangement - GSRA
- A Canadian retirement plan for individuals who are not employees of a local, provincial or federal government body, but who are paid for their services from public funds. This type of retirement plan is not registered with the Canadian Revenue Agency and therefore does not qualify for tax-deferred status.
- A Canadian retirement plan for individuals who are not employees of a local, provincial or federal government body, but who are paid for their services from public funds. This type of retirement plan is not registered with the Canadian Revenue Agency and therefore does not qualify for tax-deferred status.
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Grace Period
- A provision in most loan and insurance contracts which allows payment to be received for a certain period of time after the actual due date. During this period no late fees will be charged, and the late payment will not result in default or cancellation of the loan. A typical grace period is 15 days.
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Grading Certificate
- A document, issued by inspectors or approved graders, that formally signifies the quality of a commodity.
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Graduate Management Admission Test - GMAT
- A standardized test intended to measure a test taker's aptitude in mathematics and the English language. The GMAT is most commonly used as the primary exam reviewed by business schools to gain entrance into an MBA program. The exam is generally offered by computer only; in areas of the world where computer networks are limited the exam may be given as a paper-based test.
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Graduate Record Examination - GRE
- A standardized exam used to measure one's aptitude for abstract thinking in the areas of analytical writing, mathematics and vocabulary. The GRE is commonly used by many graduate schools to determine an applicant's eligibility for the program. The GRE is only offered via computer, however in areas which lack the appropriate computer networks, a paper-based exam may be given.
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Graduated Lease
- A lease (usually long-term) that is periodically adjusted to reflect the appraised value of the asset being leased.
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Graduated Payment Mortgage
- A type of fixed-rate mortgage in which the payment increases gradually from an initial low base level to a desired, final level. Typically, the payments will grow 7-12% annually from their initial base payment amount until the full payment is reached.
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Graduated Security
- An equity security that has moved its listing from one stock exchange to another, often more prestigious, exchange. By moving to a new exchange, the firm hopes to increase trading activity in its stock and gain some extra publicity.
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Graduation Period
- The period of time on a graduated payment mortgage during which the monthly payment rises by a certain percentage at set intervals, usually annually. The interest rate at which monthly payments are set to increase by is fixed over the entire graduation period. If the actual payment is less than what an interest-only payment would be, negative amortization is created.
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Graduation Rate
- The percentage increase in the monthly payment on a graduated payment mortgage. The increase occurs at set intervals, usually annually. The interest rate on a graduated payment mortgage is fixed for the life of the loan. The initial monthly payments are set below a fully amortizing payment, and increase at the graduation rate over the graduation period until the payment becomes large enough to amortize the mortgage over its remaining term.
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Grain Futures Act of 1922
- A federal statute passed in 1922 by the U.S Government that established the restriction that all grain futures need to be traded on regulated futures exchanges. The act also required exchanges to make more information public and limit the amount of market manipulation.
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Gramm-Leach-Bliley Act of 1999 - GLBA
- A regulation that Congress passed on November 12, 1999, which attempts to update and modernize the financial industry. The main function of the Act was to repeal the Glass-Steagall Act that said banks and other financial institutions were not allowed to offer financial services, like investments and insurance-related services, as part of normal operations.
The act is also known as Gramm-Leach-Bliley Financial Services Modernization Act.
- A regulation that Congress passed on November 12, 1999, which attempts to update and modernize the financial industry. The main function of the Act was to repeal the Glass-Steagall Act that said banks and other financial institutions were not allowed to offer financial services, like investments and insurance-related services, as part of normal operations.
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Grandfather Clause
- An exemption that allows persons or entities to continue with an activity they were engaging in before it became illegal through a change in regulation.
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Grandfathered Activities
- Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the
- Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the
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Grandfathered Bond
- A classification for bonds in the European Union that excludes the payments made on these bonds from retention taxes. For a bond to fall into this classification it has to have been issued before March 1, 2001, or had its prospectus certified before this date, and has not had any re-issues at any point after February 28, 2002.
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Grant
- The issuance of an award, such as a stock option, to key employees under a stock plan. A stock option grants the employee the right to purchase a certain number of shares of the company's stock at a predetermined price. There is usually a waiting period before an employee can exercise their stock options.
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Grantor
- 1. A seller of either call or put options who profits from the premium for which the options are sold. Synonymous with option writer.
2. The creator of a trust, meaning the individual whose assets are put into the trust.
- 1. A seller of either call or put options who profits from the premium for which the options are sold. Synonymous with option writer.
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Grantor Retained Annuity Trust - GRAT
- An estate planning technique that minimizes the tax liability existing when intergenerational transfers of estate assets occur. Under these plans, an irrevocable trust is created for a certain term or period of time. The individual establishing the trust pays a tax when the trust is established. Assets are placed under the trust and then an annuity is paid out every year. When the trust expires the beneficiary receives the assets tax free.
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Granular Portfolio
- A type of portfolio that is well diversified across a wide variety of areas, typically with a significant number of holdings. Because these portfolios contain a large number of positions over many areas, they are considered to have a lower overall risk profile. Conversely, portfolios that have "low granularity" have fewer positions or contain highly correlated assets, are less diversified and have a higher overall risk profile.
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Gravestone Doji
- A type of candlestick pattern that is formed when the opening and closing price of the underlying asset are equal and occur at the low of the day. The long upper shadow suggests that the day's buying buying pressure was countered by the sellers and that the forces of supply and demand are nearing a balance. This pattern is commonly used to suggest that the direction of the trend maybe be nearing a major turning point.
- A type of candlestick pattern that is formed when the opening and closing price of the underlying asset are equal and occur at the low of the day. The long upper shadow suggests that the day's buying buying pressure was countered by the sellers and that the forces of supply and demand are nearing a balance. This pattern is commonly used to suggest that the direction of the trend maybe be nearing a major turning point.
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Graveyard Market
- The period near the end of a prolonged bear market. In a graveyard market, long-time investors have taken large losses, while new investors prefer to stay liquid by sitting on the sidelines and keeping their money in cash or cash-equivalent securities until market conditions improve.
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Gray Knight
- A second, unsolicited bidder in a corporate takeover. A gray knight enters the scene in order to take advantage of any problems between the first bidder and the target company.
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Gray List
- A list of stocks that are ineligible for trade by an investment bank's risk arbitrage division. The gray list is composed of firms working with the investment bank, often in matters of mergers and acquisitions.
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Gray Market
- 1. An unofficial market where new issues of shares are bought and sold before they become officially available for trading on the stock exchange.
2. The sale or import of goods by unauthorized dealers.
- 1. An unofficial market where new issues of shares are bought and sold before they become officially available for trading on the stock exchange.
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Great Depression
- An economic recession that began on October 29, 1929, following the crash of the U.S. stock market. The Great Depression originated in the United States, but quickly spread to Europe and the rest of the world. Lasting nearly a decade, the Depression caused massive levels of poverty, hunger, unemployment and political unrest.
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Greater Fool Theory
- A theory that states it is possible to make money by buying securities, whether overvalued or not, and later selling them at a profit because there will always be someone (a bigger or greater fool) who is willing to pay the higher price.
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Greeks
- Dimensions of risk involved in taking a position in an option (or other derivative). Each risk variable is a result of an imperfect assumption or relationship of the option with another underlying variable. Various sophisticated hedging strategies are used to neutralize or decrease the effects of each variable of risk.
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Green Bond
- A tax-exempt bond which is issued by federally qualified organizations and/or municipalities for the development of brownfield sites. Brownfield sites are areas of land that are under utilized, have abandoned buildings, or are under developed. They often contain low levels of industrial pollution.
Green Bonds are short-hand for Qualified Green Building and Sustainable Design Project Bonds.
- A tax-exempt bond which is issued by federally qualified organizations and/or municipalities for the development of brownfield sites. Brownfield sites are areas of land that are under utilized, have abandoned buildings, or are under developed. They often contain low levels of industrial pollution.
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Green Book
- A comprehensive guide for financial institutions processing federal government automated clearing house (ACH) payments and collections. Federal guidelines ruling payment for goods and services with credit and debit cards and other electronic payment instruments.
- A comprehensive guide for financial institutions processing federal government automated clearing house (ACH) payments and collections. Federal guidelines ruling payment for goods and services with credit and debit cards and other electronic payment instruments.
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Green Economics
- A methodology of economics that supports the harmonious interaction between humans and nature and attempts to meet the needs of both simultaneously. The green economic theories encompass a wide range of ideas all dealing with the interconnected relationship between people and the environment. Green economists assert that the basis for all economic decisions should be in some way tied to the ecosystem.
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Green Field Investment
- A form of foreign direct investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up. In addition to building new facilities, most parent companies also create new long-term jobs in the foreign country by hiring new employees.
This is opposite to a brown field investment.
- A form of foreign direct investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up. In addition to building new facilities, most parent companies also create new long-term jobs in the foreign country by hiring new employees.
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Green Fund
- A mutual fund or other investment vehicle that will only invest in companies that are deemed socially conscious in their business dealings or directly promote environmental responsibility. A green fund can come in the form of a focused investment vehicle for companies engaged in environmentally supportive businesses, such as alternative energy, green transport, water and waste management, and sustainable living.
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Green Investing
- Investment activities that focus on companies or projects that are committed to the conservation of natural resources, the production and discovery of alternative energy sources, the implementation of clean air and water projects, and/or other environmentally conscious business practices.
Pure play green investments are those that derive all or most of their revenues and profits from green activities. Green investments can also be made in companies that have other lines of business but are focusing on green-based initiatives or product lines.
- Investment activities that focus on companies or projects that are committed to the conservation of natural resources, the production and discovery of alternative energy sources, the implementation of clean air and water projects, and/or other environmentally conscious business practices.
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Green Shoots
- A term used to describe signs of economic recovery or positive data during an economic downturn. The term green shoots is a reference to plant growth and recovery, and has been used during down economies to describe signs of similar growth.
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Green Tech
- 1. Technology that is considered environmentally friendly based on its production process or supply chain.
2. A means of energy production that is less harmful to the environment than more traditional ways of generating energy, such as burning fossil fuels.
Green technology is a relatively young marketplace but investor interest runs very high in response to global warming fears and the increasing scarcity of many natural resources.
- 1. Technology that is considered environmentally friendly based on its production process or supply chain.
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Greenback
- A slang term for
- A slang term for
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Greenmail
- A situation in which a large block of stock is held by an unfriendly company. This forces the target company to repurchase the stock at a substantial premium to prevent a takeover.
It is also known as a "bon voyage bonus" or a "goodbye kiss".
- A situation in which a large block of stock is held by an unfriendly company. This forces the target company to repurchase the stock at a substantial premium to prevent a takeover.
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Greensheet
- An information circular prepared by an underwriter that summarizes the main components of a new issue's prospectus.
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Greenshoe Option
- A provision contained in an underwriting agreement that gives the underwriter the right to sell investors more shares than originally planned by the issuer. This would normally be done if the demand for a security issue proves higher than expected. Legally referred to as an over-allotment option.
A greenshoe option can provide additional price stability to a security issue because the underwriter has the ability to increase supply and smooth out price fluctuations if demand surges.
- A provision contained in an underwriting agreement that gives the underwriter the right to sell investors more shares than originally planned by the issuer. This would normally be done if the demand for a security issue proves higher than expected. Legally referred to as an over-allotment option.
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Greenspan Put
- A description of the perceived attempt of then-chairman of the Federal Reserve Board, Alan Greenspan, of propping up the securities markets by lowering interest rates and thereby helping money flow into the markets.
Investors assumed that they would be able to liquidate their stocks at a set price at or before a future date as if there was a built-in put option. They believed that Greenspan would manipulate monetary policy and continue to maintain market stability. While the former Fed chair's actions did have an effect on the markets, it was not necessarily his objective.
- A description of the perceived attempt of then-chairman of the Federal Reserve Board, Alan Greenspan, of propping up the securities markets by lowering interest rates and thereby helping money flow into the markets.
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Greenwashing
- When a company, government or other group promotes green-based environmental initiatives or images but actually operates in a way that is damaging to the environment or in an opposite manner to the goal of the announced initiatives. This can also include misleading customers about the environmental benefits of a product through misleading advertising and unsubstantiated claims.
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Grey Market
- 1. A market where a product is bought and sold outside of the manufacturer's authorized trading channels.
2. The unofficial trading of a company's shares, usually before they are issued in an initial public offering (IPO).
- 1. A market where a product is bought and sold outside of the manufacturer's authorized trading channels.
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Gridlock
A government, business or institution's inability to function at a normal level due either to complex or conflicting procedures within the administrative framework or to impending change in the business.
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Grinder
- A slang term for a person who works in the investment industry and makes small amounts of money at a time on small investments, over and over again.
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Gross Coupon
- A term used to describe the coupon received from a mortgage pool security such as a mortgage backed security (MBS). Gross coupon refers to the average of all the interest rates in the pool paid by the owners of the mortgages and before any administration or service fees are deducted.
- A term used to describe the coupon received from a mortgage pool security such as a mortgage backed security (MBS). Gross coupon refers to the average of all the interest rates in the pool paid by the owners of the mortgages and before any administration or service fees are deducted.
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Gross Debt Service Ratio - GDS
- A debt service measure that financial lenders use as a rule of thumb to give a preliminary assessment about whether a potential borrower is already in too much debt. Receiving a ratio of less than 30% means that the potential borrower has an acceptable level of debt.
Calculated as:
- A debt service measure that financial lenders use as a rule of thumb to give a preliminary assessment about whether a potential borrower is already in too much debt. Receiving a ratio of less than 30% means that the potential borrower has an acceptable level of debt.
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Gross Domestic Income - GDI
- The sum of all income earned while producing goods and services within a nation's borders. Gross domestic income (GDI) is a lesser-known calculation stat used by the Federal Reserve to gauge economic activity based on income. It differs from gross domestic product (GDP), which gauges economic activity on expenditure.
GDI is calculated as the total income payable in GDP income accounts. It can be calculated in two ways:
1. GDI = compensation of employees + gross operating surplus + gross mixed income + taxes – subsidies on production and imports
Compensation of employees encompasses the total compensation to employees for services rendered. Gross operating surplus, also known as profits, refers to the surpluses of incorporated businesses. Gross mixed income is the same as gross operating surplus, but for unincorporated businesses.
2. GDI = rental income + interest income + profits + wages + statistical adjustments
Statistical adjustments may include corporate income tax, dividends and undistributed profits.
- The sum of all income earned while producing goods and services within a nation's borders. Gross domestic income (GDI) is a lesser-known calculation stat used by the Federal Reserve to gauge economic activity based on income. It differs from gross domestic product (GDP), which gauges economic activity on expenditure.
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Gross Domestic Product - GDP
- The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
GDP = C + G + I + NX
where:
"C" is equal to all private consumption, or consumer spending, in a nation's economy
"G" is the sum of government spending
"I" is the sum of all the country's businesses spending on capital
"NX" is the nation's total net exports, calculated as total exports minus total imports. (NX = Exports - Imports)
- The monetary value of all the finished goods and services produced within a country's borders in a specific time period, though GDP is usually calculated on an annual basis. It includes all of private and public consumption, government outlays, investments and exports less imports that occur within a defined territory.
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Gross Earnings
- 1. For individuals, the total income earned in a year, as calculated prior to any tax deductions or adjustments.
2. For public companies, gross earnings is an accounting convention, referring to the amount of initial profit left over from total revenues for a specified time period, once cost of goods sold have been deducted.
- 1. For individuals, the total income earned in a year, as calculated prior to any tax deductions or adjustments.
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Gross Estate
- The total dollar value of all property and assets in which an individual had an interest at the time of his or her death.
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Gross Income
- 1. An individual's total personal income before taking taxes or deductions into account.
2. A company's revenue minus cost of goods sold. Also called "gross margin" and "gross profit".
- 1. An individual's total personal income before taking taxes or deductions into account.
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Gross Margin
- A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company. The higher the percentage, the more the company retains on each dollar of sales to service its other costs and obligations.
- A company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company. The higher the percentage, the more the company retains on each dollar of sales to service its other costs and obligations.
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Gross Margin Return On Investment - GMROI
- An inventory profitability evaluation ratio that analyzes a firm's ability to turn inventory into cash above the cost of the inventory. It is calculated by dividing the gross margin by the average inventory cost and is used often in the retail industry. To illustrate:
Gross margin return on investment is also know as the "gross margin return on inventory investment" (GMROII).
- An inventory profitability evaluation ratio that analyzes a firm's ability to turn inventory into cash above the cost of the inventory. It is calculated by dividing the gross margin by the average inventory cost and is used often in the retail industry. To illustrate:
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Gross Merchandise Value
- The total value of merchandise sold over a given period of time through a customer to customer exhange site. It is a measure of the growth of the business, or use of the site to sell merchandise owned by others.
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Gross National Happiness - GNH
- An aggregate measure of a country's national production, in the vein of the gross national product or gross domestic product. Gross national happiness (GNH) attempts to measure the sum total not only of economic output, but also of net environmental impacts, the spiritual and cultural growth of citizens, mental and physical health and the strength of the corporate and political systems.
- An aggregate measure of a country's national production, in the vein of the gross national product or gross domestic product. Gross national happiness (GNH) attempts to measure the sum total not only of economic output, but also of net environmental impacts, the spiritual and cultural growth of citizens, mental and physical health and the strength of the corporate and political systems.
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Gross National Product (GNP) Deflator
- An economic metric that accounts for the effects of inflation in the current year's gross national product by converting its output to a level relative to a base period. The GNP deflator is calculated with the following formula:
- An economic metric that accounts for the effects of inflation in the current year's gross national product by converting its output to a level relative to a base period. The GNP deflator is calculated with the following formula:
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Gross National Product - GNP
- An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents.
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Gross Negative Fair Value - GNFV
- An assessment of the total fair value of a financial institution's (FI) contracts in which the FI currently has a balance outstanding to the counterparty. In order for the gross negative fair value to represent the maximum amount that would be lost by all counterparties if the FI becomes insolvent, it is assumed that contracts are not netted and that the other party does not have claims on the FI's assets.
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Gross Processing Margin - GPM
- The difference between the cost of a raw commodity and the income it generates once sold as a finished product.
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Gross Production Tax
- A state tax imposed primarily on mining companies for each unit mined.
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Gross Profit
- A company's revenue minus its cost of goods sold. Gross profit is a company's residual profit after selling a product or service and deducting the cost associated with its production and sale.
To calculate gross profit: examine the income statement, take the revenue and subtract the cost of goods sold. Also called "gross margin" and "gross income".
- A company's revenue minus its cost of goods sold. Gross profit is a company's residual profit after selling a product or service and deducting the cost associated with its production and sale.
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Gross Profit Margin
- A financial metric used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings.
Also known as "gross margin".
Calculated as:
Where:
COGS = Cost of Goods Sold
- A financial metric used to assess a firm's financial health by revealing the proportion of money left over from revenues after accounting for the cost of goods sold. Gross profit margin serves as the source for paying additional expenses and future savings.
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Gross Receipts
- A tax term relating to the total business revenue from services provided that must be reported for the fiscal period. Gross receipts do not account for sales returns and allowances, cost of goods sold or any other deductible expenses. Gross receipts can include both rental and interest income.
- A tax term relating to the total business revenue from services provided that must be reported for the fiscal period. Gross receipts do not account for sales returns and allowances, cost of goods sold or any other deductible expenses. Gross receipts can include both rental and interest income.
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Gross Revenue Pledge
- A stipulation in a municipal bond indenture that requires the issuer (the municipality selling the bonds to fund a given development project) first to use revenues to pay down the issue's debt-servicing costs, delegating operating costs as second priority and likely funding them from other revenue sources. These bonds are most often tax free at the federal level.
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Gross Sales
- A measure of overall sales that isn't adjusted for customer discounts or returns, calculated simply by adding all sales invoices, and not including operating expenses, cost of goods sold, payment of taxes, or any other charge.
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Gross Spread
- The difference between the underwriting price received by the issuing company and the actual price offered to the public.
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Gross Up
- A practice usually in reference to an employer reimbursing a worker for the taxes paid on some portion of their income, usually from a one-time payment such as relocation expenses. In other words, if an employee is promised $5,000 for relocation expenses, the actual check might be issued for $6,500. This would leave the promised $5,000 after the required taxes had been deducted.
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Gross Value Added - GVA
- A productivity metric that measures the difference between output and intermediate consumption. Gross value added provides a dollar value for the amount of goods and services that have been produced, less the cost of all inputs and raw materials that are directly attributable to that production.
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Group Carve-Out Plan
- A type of group term life insurance designed to appeal to well-paid executives by improving their employer-sponsored life insurance coverage. Under a group carve-out plan, the employee retains $50,000 of ordinary group term life insurance coverage, but the rest is provided by a universal life insurance policy. The group carve-out plan replaces the current group life insurance amount over $50,000 on the people the company wishes to carve out.
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Group Depreciation
- A method of calculating depreciation by amalgamating assets into a pool, or group, which is used for a depreciation cost base. The assets grouped together should be similar in the way they function, or each asset should be small enough that it is not considered material on its own, which will make group depreciation more relevant for financial accounting purposes.
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Group Health Insurance Plan
- An insurance plan that provides healthcare coverage to a select group of people. Group health insurance plans are one of the major benefits offered by many employers. These plans are generally uniform in nature, offering the same benefits to all employees or members of the group.
- An insurance plan that provides healthcare coverage to a select group of people. Group health insurance plans are one of the major benefits offered by many employers. These plans are generally uniform in nature, offering the same benefits to all employees or members of the group.
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Group Of 24 - G-24
- Twenty-four countries established in 1971 to work together to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters. G-24 is a chapter of the Group of 77 (G-77), the largest intergovernmental group of developing states in the United Nations.
- Twenty-four countries established in 1971 to work together to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters. G-24 is a chapter of the Group of 77 (G-77), the largest intergovernmental group of developing states in the United Nations.
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Group Of 30 - G30
- A consultive group composed of academics and financiers whose goal is to facilitate understanding of financial and economic issues in the private and public sectors. The Group of 30, or more commonly referred to as G30, was founded in 1978 and examines topics such as: foreign exchange, capital markets, central banks and macroeconomic issues.
- A consultive group composed of academics and financiers whose goal is to facilitate understanding of financial and economic issues in the private and public sectors. The Group of 30, or more commonly referred to as G30, was founded in 1978 and examines topics such as: foreign exchange, capital markets, central banks and macroeconomic issues.
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Group of Eight - G-8
- Eight of the world's economically leading countries that in a cooperative effort meet periodically to address international economic and monetary issues.
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Group of Five - G-5
- Name given to the five industrialized nations that meet periodically to achieve a cooperative effort on international economic and monetary issues.
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Group Of Seven - G-7
- Seven of the world's leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues.
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Group of Ten - G10
- Eleven industrialized nations that meet on an annual basis to consult each other, debate and cooperate on international financial matters. The member countries are: France, Germany, Belgium, Italy, Japan, the Netherlands, Sweden, the United Kingdom, the United States and Canada, with Switzerland playing a minor role.
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Group Of Twenty - G-20
- A group of finance ministers and central bank governors from 19 of the world's largest economies, and the European Union. The G-20 was formed in 1999 as a forum for member nations to discuss key issues related to the global economy. The mandate of the G-20 is to promote growth and economic development across the globe.
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Group Term Life Insurance
- A type of insurance coverage offered to a group of people. This coverage will provide a benefit to the beneficiaries if the covered individual dies during the defined covered period. As with other types of group benefits, group term life insurance is generally cheaper than comparable individual policy coverage. For this reason, group term life insurance is often a key component in employee benefit packages.
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Group-Home Care
- Care given to a group of people with similar disabilities within a residence. Those in a group home receive both custodial care and care that is provided by skilled and medically trained professionals. A common disability of people in group homes is Alzheimer's disease.
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Growing-Equity Mortgage
- A fixed rate mortgage on which the monthly payments increase over time according to a set schedule. The interest rate on the loan does not change, and there is never any negative amortization. In other words, the first payment is a fully amortizing payment. As the payments increase, the additional amount above and beyond what would be a fully amortizing payment is applied directly to the remaining balance of the mortgage, shortening the life of the mortgage and increasing interest savings.
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Growth Accounting
- A method whereby a set of economic techniques or theories are used to determine what specific factor, or factors, contributed to an economy's growth.
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Growth And Income Fund
- A mutual fund or ETF that has a dual strategy of capital appreciation (growth) and current income generation through dividends or interest payments. A growth and income fund may invest only in equities or in a combination of stocks, bonds, REITS and other securities.
- A mutual fund or ETF that has a dual strategy of capital appreciation (growth) and current income generation through dividends or interest payments. A growth and income fund may invest only in equities or in a combination of stocks, bonds, REITS and other securities.
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Growth At A Reasonable Price - GARP
- An equity investment strategy that seeks to combine tenets of both growth investing and value investing to find individual stocks. GARP investors look for companies that are showing consistent earnings growth above broad market levels (a tenet of growth investing ) while excluding companies that have very high valuations (value investing). The overarching goal is to avoid the extremes of either growth or value investing; this typically leads GARP investors to growth-oriented stocks with relatively low price/earnings (P/E) multiples in normal market conditions.
- An equity investment strategy that seeks to combine tenets of both growth investing and value investing to find individual stocks. GARP investors look for companies that are showing consistent earnings growth above broad market levels (a tenet of growth investing ) while excluding companies that have very high valuations (value investing). The overarching goal is to avoid the extremes of either growth or value investing; this typically leads GARP investors to growth-oriented stocks with relatively low price/earnings (P/E) multiples in normal market conditions.
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Growth Company
- Any firm whose business generates significant positive cash flows or earnings, which increase at significantly faster rates than the overall economy. A growth company tends to have very profitable reinvestment opportunities for its own retained earnings. Thus, it typically pays little to no dividends to stockholders, opting instead to plow most or all of its profits back into its expanding business.
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Growth Fund
- A diversified portfolio of stocks that has capital appreciation as its primary goal, with little or no dividend payouts. Portfolio companies would mainly consist of companies with above-average growth in earnings that reinvest their earnings into expansion, acquisitions, and/or research and development.
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Growth Industry
- A sector of the economy experiencing a higher-than-average growth rate.
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Growth Investing
- A strategy whereby an investor seeks out stocks with what they deem good growth potential. In most cases a growth stock is defined as a company whose earnings are expected to grow at an above-average rate compared to its industry or the overall market.
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Growth Rates
- The amount of increase that a specific variable has gained within a specific period and context. For investors, this typically represents the compounded annualized rate of growth of a company's revenues, earnings, dividends and even macro concepts - such as the economy as a whole.
Expected forward-looking or trailing growth rates are two common kinds of growth rates used for analysis.
- The amount of increase that a specific variable has gained within a specific period and context. For investors, this typically represents the compounded annualized rate of growth of a company's revenues, earnings, dividends and even macro concepts - such as the economy as a whole.
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Growth Recession
- An expression coined by economists to describe an economy that is growing at such a slow pace that more jobs are being lost than are being added. The lack of job creation makes it "feel" as if the economy is in a recession, even though the economy is still advancing.
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Growth Stock
- Shares in a company whose earnings are expected to grow at an above-average rate relative to the market.
Also known as a "glamor stock".
- Shares in a company whose earnings are expected to grow at an above-average rate relative to the market.
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Guarantee Fees
- Fees charged by mortgage-backed securities (MBS) providers, such as Freddie Mac and Fannie Mae, to lenders for bundling, servicing, selling and reporting MBS to investors. The main component of the guarantee fee is charged to protect against credit-related losses in the mortgage portfolio (think of it like MBS insurance), but small sub-fees are also deducted to cover internal expenses for such services as:
-Managing and administering the securitized mortgage pools
-Selling the MBS to investors
-Reporting to investors and the SEC
-Maintaining the MBS on the open market, and selling, general and administrative expense
- Fees charged by mortgage-backed securities (MBS) providers, such as Freddie Mac and Fannie Mae, to lenders for bundling, servicing, selling and reporting MBS to investors. The main component of the guarantee fee is charged to protect against credit-related losses in the mortgage portfolio (think of it like MBS insurance), but small sub-fees are also deducted to cover internal expenses for such services as:
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Guaranteed Bond
- A type of bond in which the interest and principal on the bond are guaranteed to be paid by a firm other than the issuer of the bond.
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Guaranteed Death Benefit
- A benefit term that guarantees that the beneficiary, as named in the contract, will receive a death benefit if the annuitant dies before the annuity begins paying benefits. The benefit received differs among companies and contracts, but the beneficiary is guaranteed an amount equal to what was invested or the value of the contract on the most recent policy anniversary statement, whichever is higher.
- A benefit term that guarantees that the beneficiary, as named in the contract, will receive a death benefit if the annuitant dies before the annuity begins paying benefits. The benefit received differs among companies and contracts, but the beneficiary is guaranteed an amount equal to what was invested or the value of the contract on the most recent policy anniversary statement, whichever is higher.
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Guaranteed Earning Increase Death Benefit
- A type of option that annuitants can purchase for their retirement annuities. This option would guarantee the beneficiary that the plan would receive an additional pre-determined amount of money that would be above and beyond the death benefit in the event that the annuitant dies before the annuity's maturity.
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Guaranteed Investment (Interest) Certificate - GIC
- A deposit investment security sold by Canadian banks and trust companies. They are often bought for retirement plans because they provide a low-risk fixed rate of return. The principal is at risk only if the bank defaults.
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Guaranteed Investment Contract - GIC
- Insurance contracts that guarantee the owner principal repayment and a fixed or floating interest rate for a predetermined period of time.
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Guaranteed Investment Fund - GIF
- A type of investment product offered by insurance companies that allows its client to invest in an equity, bond and/or index fund while providing a promise that some predefined minimum value of the fund (usually, the initial investment amount) will be available at the fund's maturity or when the client dies. Insurance companies usually charge up to 1% of the investment amount per year for this service.
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Guaranteed Lifetime Withdrawal Benefit - GLWB
- A rider on a variable annuity that allows minimum withdrawals from the invested amount without having to annuitize the investment. The amount that can be withdrawn is based on a percentage of the total amount invested in the annuity.
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Guaranteed Loan
- A loan guaranteed by a third party in the event that the borrower defaults. The loan is quite often guaranteed by a government agency which will purchase the debt from the lending financial institution and take on responsibility for the loan.
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Guaranteed Minimum Accumulation Benefit - GMAB
- A rider on a variable annuity, which guarantees the minimum amount received by the annuitant after the accumulation period, or a set period of time, is either the amount invested or is locked in gain. This protects the value of the annuity and the annuitant from market fluctuations.
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Guaranteed Minimum Income Benefit - GMIB
- A type of option that annuitants can purchase for their retirement annuities. When the annuity has been annuitized, this specific option guarantees that the annuitant will receive a minimum value's worth of payments.
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Guaranteed Minimum Withdrawal Benefit - GMWB
- A type of option that annuitants can purchase for their retirement annuities. This specific option gives annuitants the ability to protect their retirement investments against downside market risk by allowing the annuitant the right to withdraw a maximum percentage of their entire investment each year until the initial investment amount has been recouped.
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Guaranteed Mortgage Certificate - GMC
- A bond backed by a pool of mortgages. These bonds are issued by the Federal Home Loan Mortgage Corporation (Freddie Mac). These bonds pay out both interest and principal on a semiannual basis.
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Guaranteed Renewable Policy
- An insurance policy feature that obligates the insurer to continue coverage as long as premiums are paid on the policy. While re-insurability is guaranteed, premiums can rise based on the filing of a claim, injury, or other factor that could increase the risk of future claims.
Premiums can also be raised on an entire class of insured people during the life of a guaranteed renewable policy for health, life or disability insurance.
- An insurance policy feature that obligates the insurer to continue coverage as long as premiums are paid on the policy. While re-insurability is guaranteed, premiums can rise based on the filing of a claim, injury, or other factor that could increase the risk of future claims.
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Guaranteed Stock
- Common or preferred stock whose dividends are guaranteed.
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Guarantor
- A person who guarantees to pay for someone else's debt if he or she should default on a loan obligation.
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Guardian
- An individual who has been given the legal responsibility to care for a child or adult who does not have the capacity for self care. The appointed individual is often responsible for both the care of the ward (the child or incapable adult) and that person's affairs.
Also referred to as a "conservator" when referring to an adult in need of care.
- An individual who has been given the legal responsibility to care for a child or adult who does not have the capacity for self care. The appointed individual is often responsible for both the care of the ward (the child or incapable adult) and that person's affairs.
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Guardian IRA
- An IRA held in the name of a legal guardian or parent on behalf of either a child under the age of 18-21 (depending on state legislation) or an individual who is incapable of handling finances due to physical or mental disability.
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Guidance
- Information that a company provides as an indication or estimate of its future earnings. Also known as "earnings guidance."
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Guilder Share - New York Share
- Shares representing Dutch companies that are not permitted to trade outside of national borders. Also known as a "New York share".
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Guilt-Edged Investment
- A transaction that makes money by unethical means. Culprits supposedly feel guilty having made money in such an unscrupulous way.
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Gun Jumping
- 1. The illegal practice of soliciting orders to buy a new issue before registration of the initial public offering (IPO) has been approved by the Securities and Exchange Commission (SEC).
2. Trading securities on the basis of information that has not yet been disclosed to the public.
- 1. The illegal practice of soliciting orders to buy a new issue before registration of the initial public offering (IPO) has been approved by the Securities and Exchange Commission (SEC).
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Guns And Butter Curve
- The classic economic example of the production possibility curve, which demonstrates the idea of opportunity cost. In a theoretical economy with only two goods, a choice must be made between how much of each good to produce. As an economy produces more guns (military spending) it must reduce its production of butter (food), and vice versa.
- The classic economic example of the production possibility curve, which demonstrates the idea of opportunity cost. In a theoretical economy with only two goods, a choice must be made between how much of each good to produce. As an economy produces more guns (military spending) it must reduce its production of butter (food), and vice versa.
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Gunslinger
- A high-strung portfolio manager who, looking for high returns, invests in very high-risk stock.
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Guppy Multiple Moving Average - GMMA
- An indicator used in technical analysis to identify changing trends. The technique consists of combining two groups of moving averages with differing time periods.
One set of moving averages in the Guppy Multiple Moving Average (GMMA) has a relatively brief time frame and is used to determine the activity of short-term traders. The number of days used in the set of short-term averages is usually 3, 5, 8, 10, 12 or 15.
The other group of averages is created with extended time periods and is used to gauge the activity of long-term investors. The long-term averages usually use periods of 30, 35, 40, 45, 50 or 60 days.
- An indicator used in technical analysis to identify changing trends. The technique consists of combining two groups of moving averages with differing time periods.
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GUST Restatement
- As a result of changes to tax law in the United States, employers and retirement plan sponsors are required to complete new Adoption Agreements and restate their prototype qualified plans. In order for plans to maintain their qualified status, they must meet different statutory regulations.
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Gut Spread
- An option strategy created by selling an in-the-money put at the same time as an in-the-money call.
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GYD (Guyanese Dollar)
- The currency abbreviation or currency symbol for the Guyanese dollar (GYD), the currency for Guyana. The Guyanese dollar is made up of 100 cents and is often represented with the symbol G$. However, 1-cent coins are no longer used in Guyana due to inflation.
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Gypsy Swap
- An exchange of restricted shares for freely exchangeable shares between two separate parties.
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