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Financial terms starting with "S"

1. Sprinkling trust

2. sacking

3. Seasonal Adjustment Metadata - MetaStore

4. Standard Policy

5. s-beam

6. short-term support

7. shareholder meeting

8. sleep insurance

9. SCR

10. spiral staircase

11. Stair-Carry Charge -

12. structural silicone glazing

13. Straight Bill of Lading

14. small business incubator

15. synthetic call

16. Sustainable Yield

17. sectional switch box

18. S&P/Case-Shiller U.S. National Home Price Index

19. Schism

20. Stock index swap

21. Source of funds seller

22. State Oil Fund

23. Seller Carry-Back

24. stepped up basis

25. Synthetic stock

26. South Sea Bubble

27. schematic design

28. Sao Paulo Stock Exchange

29. Sea Transport Enterprise

30. sewer brick

31. Schedule F

32. Service Business

33. Short-run operating activities

34. sociedad anĂłnima

35. Section 8 Declaration of Excusable Nonuse

36. saturation

37. Strike

38. superintendent

39. Sedimentation

40. Structure Error

41. Structured Notes

42. synthetic asset

43. steam heating

44. shed

45. sconce

46. start rate

47. Sector Neutral

48. Survey

49. Sample Description Space

50. sheathing paper

51. share appreciation mortgage

52. Six Thinking Hats

53. soldier

54. Sick Building Syndrome

55. Smidge

56. Sewerage

57. Simple linear regression

58. self-dealing

59. stock life insurance company

60. Stocks

61. spruce

62. Shareholders’ Equity

63. SVN

64. SPC

65. smooth-surfaced roofing

66. Suitability

67. sales executive

68. stockpiling

69. Scrip

70. Special bid

71. Scrub

72. smelt

73. Swap Curve

74. shear

75. seller carryback

76. Sampled Product

77. SMI

78. subsistence allowance

79. Super Bowl indicator

80. specie

81. Search And Seizure

82. swell

83. Safety Interval

84. straight mortgage

85. Suit

86. spanner

87. swap

88. Swap fund

89. subletting

90. subchapter C

91. Secular market

92. Short Covering

93. steadiness

94. subindex

95. stab rod

96. settlement programs

97. Stop And Frisk

98. Springing Durable Power Of Attorney

99. supplies

100. Strapline

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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.

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