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Financial terms in "Retirement and Pension"

1. Integrated pension plan

2. deferred nominal life annuity

3. earned benefit

4. pension reversion

5. net unrealized appreciation

6. self-employed pension

7. employer's contribution

8. forward averaging

9. National Insurance

10. designated beneficiary

11. CODA

12. reconversion

13. personal pension plan

14. summary annual report

15. Single-Premium Deferred Annuity

16. matching funds

17. pension entitlement

18. overcontribution

19. indirect rollover

20. portable pension

21. age-weighted plan

22. Conversion

23. loanback

24. four percent rule

25. occupational pension

26. OASDI

27. qualified joint and survivor annuity

28. Qualified Professional Asset Manager (QPAM)

29. flexible benefit plan

30. alternate payee

31. Required beginning date (RBD)

32. investment policy

33. nondeductible contribution

34. income replacement ratio

35. graduated vesting

36. SEP-IRA

37. Deferred annuity

38. full surrender

39. survivor benefit

40. universal savings account

41. tax-deferred savings plan

42. registered retirement income fund

43. Nonqualified annuity

44. prosperity

45. actuarial adjustment

46. 401(k) plan

47. Education IRA

48. Buyout

49. FICA

50. defined contribution plan

51. summary plan description

52. enrolled actuary

53. retirement pension

54. Individual Retirement Account

55. NI

56. rule 72(t)

57. deferred payment annuity

58. Surrender Charge

59. qualified trust

60. matured RRSP

61. Collectible

62. revoked IRA

63. home buyers' plan (HBP)

64. earnings-related pension

65. GUST restatement

66. automatic rollover

67. group IRA

68. RRSP

69. target retirement fund

70. service credit

71. extended IRA

72. vesting

73. certain annuity

74. hybrid pension plan

75. Accumulation unit

76. qualified plan

77. sequence risk

78. consulting actuary

79. PIMCO

80. non-insured plan

81. Death Benefit

82. money purchase pension plan

83. cliff vesting

84. contingent pension liability

85. funded pension plan

86. 457 plan

87. SPDA

88. Guardian IRA

89. after-tax contributions

90. eligible automatic contribution arrangement (EACA)

91. National Pensions Reserve Fund

92. SIMPLE 401(k) Plan

93. National Social Security Fund

94. IRA Transfer

95. accumulated postretirement benefit obligation (APBO)

96. Social Security Act

97. Annuity

98. non-contributory plan

99. Cafeteria Plan

100. Retirement Equity Act of 1984

Note: Maximum 100 records reached. Please narrow your search.

Featured term of the day

Definition / Meaning of

Stale Price Arbitrage

Categories: Finance,

for a number of assets, the most recent transaction price at 4PM ET does not fully reflect all available market information. One example is international equities that trade on exchanges that are located in different time zones and close 2-15 hours before U.S. markets. In addition, domestic small-capitalization equities and high-yield and convertible bonds often trade infrequently and have wide bid-ask spreads. This can cause the most recent transaction price to be much different from the price that one would see in a liquid market at 4 PM, even for assets that trade on exchanges that are open at that time. Investors can take advantage of mutual funds that calculate their NAVs using stale closing prices by trading based on recent market movements. For example, if the U.S. market has risen since the close of overseas equity markets, investors can expect that overseas markets will open higher the following morning. Investors can buy a fund with a stale-price NAV for less than its current value, and they can likewise sell a fund for more than its current value on a day that the U.S. market has fallen. Similar opportunities exist when the values of infrequently or illiquidly-traded domestic assets have recently changed. With normal market arbitrage, as more traders learn where to buy an item at relatively low cost and where to sell it at relatively high value, market pressures from such traders tend to stabilize prices. With stale price arbitrage, there is no corresponding pressure for market correction. That is, a fund always pays the going market rate even if that fund has an agreement with its customers to only charge them the price from the prior day closing. Accordingly, even if such agreements ultimately impact the prices of trades by the mutual funds, there is no impact on the price paid by the customer of the mutual fund. In that sense, the stale price arbitrage opportunity can last as long as a mutual fund honors its stale price agreement with its customers. Also referred to as net asset value arbitrage or nav arbitrage.

Most popular terms

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6. Family Of Funds
7. Call Option
8. Sublimit
9. Anniversary Rating Date
10. Americans With Disabilities Act (ADA) Of 1990

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