Mark Berch: Clean

Mark Berch

Escrow receipt
A document provided by a bank in optionstrading to guarantee that the underlying security is on deposit and available for potential delivery.

Best-efforts sale
A method of securitiesdistribution/underwriting in which the securities firm agrees to sell as much of the offering as possible and return any unsold shares to the issuer. As opposed to a guaranteed or fixed-pricesale or bought deal, in which the underwriter agrees to sell a specific number of shares (and holds any unsold shares in its own account if necessary).

Notice Period
The time during which the buyer of a futures contract can be called upon to accept delivery. Typically, the 3 to 6 weeks preceding the expiration of the contract.( - Mark Berch)

Mark Berch: Clean
In the context of general equities, block trade that matches buy or sell orders/interests, sparing the block trader any inventoryrisk (no net position and hence none available for additional customers). Natural. Antithesis of open.

"Put it on "
Used for listed equity securities. "Go to the floor to transact." See: Print.

B2B
An Internet strategy of dealing directly with businesses, rather than consumers, i.e. business to (2) business. ( Mark Berch )

Accounting insolvency
Total liabilities exceed total assets. A firm with a negative net worth is insolvent on the books.

Mark Berch

Disintermediation
Withdrawal of funds from a financial_institution in order to invest them directly.

Mark Berch: Guaranteed Mortgage Certificates (GMC)
First issued by Freddie Mac in 1975, G.M.C.s, like PCs, represent undivided interest in specified conventional whole loans and participations previously purchased by Freddie Mac.

Mark Berch: Term Fed funds
Fed funds sold for a period of time longer than overnight.